2023 News Index
Housing sales up month-to-month, down annually
Home sales recorded over Canadian multiple-listing serv ices (MLS) posted a 2.3 per cent increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and Greater Vancouver and, for most markets, were the firstr monthly increases in nearly a year.
LEGAL BRIEF: B.C. developers can pre-sell before permits issued
The BC Financial Services Authority (“BCFSA”) has issued a notice to developers , advising that the Superintendent of Real Estate’s Policy Statements 5 and 6 have been amended, effective March 8, 2023.
National sees no mortgage stress at higher rates
Canada’s largest non-bank lender, First National Financial LP, says it hasn’t seen any signs of stress among its adjustable-rate or fixed-rate borrowers who are renewing at higher rates, according to a report in Canadian Mortgage Trends.
RBC can see the bottom from here
The Canadian housing market has not reached bottom yet, but the Royal Bank of Canada (RBC) claims it can see the bottom from here.
Housing starts should increase 50 per cent: study
Canada must increase housing starts by almost 50 per cent to keep fundamental demand from racing ahead of supply given the country's immigration targets, according Desjardins' recent Economic Viewpoint report.
Small, sustainable houses pitched as future trend
A European builder of small houses is extending its pitch to North America by offering tiny houses built to Passive House standards.
Toronto, Vancouver home sales rise in February
Housing sales in Canada’s two bellwether markets increased month-over-month in February perhaps signalling a market recovery could be coming sooner than expected—especially in the western market.
Foreign-buyer ban threatens new multi-family housing
British-based Grosvenor Group is currently developing a large-scale project in Burnaby, B.C., that will deliver 450 below-market rental homes and 2,100 market rental units into a market starved for rental housing.
Canada could see one million immigrants this year: report
The true level of foreign newcomers to Canada in 2023 could be more than double official targets, according to economist Benjamin Tal of CIBC Capital markets, which looked at the housing demand linked to immigration.
Toronto developer plans to “decarbonize” new homes
Toronto-based builder and developer Daniels Corp has unveiled a ‘decarbonization roadmap’ as it develops Brampton, Ontario’s largest low-carbon, master-planned community.
Housing starts tumble and Ottawa leads the slide
Canadian housing starts fell 13 per cent in January 2023 from a year earlier, but they plunged dramatically in some parts of the country—including Ottawa.
Massive Alberta subdivision underway
Centron Real Estate Development has broken ground on a massive 580-acre subdivision in Chestermere that will be developed into more than 3,500 homes for south central Alberta.
TRREB sees GTA sales rally in second half
Home sales and prices in the Greater Toronto Area (GTA) are expected to start rising in the second half of 2023, according to the city’s real estate board, with competition among buyers also expected to heat up.
Three kitchen trends that are expected to last
Caesarstone, Thermador and AvA Kitchens has outlined what the companies believe are three 2023 kitchen trends that will last.
Major Vancouver developer files for credit protection
A major Vancouver developer specializing in high-rise condominium towers has filed for creditor protection with $700 million of debt tied to 16 active residential real estate projects in the city.
GTA developers cautious on new condo projects
At the Toronto Under Construction conference held January 25, 2023 attendees heard Greater Toronto developers may see a failure to launch new condo projects into the headwinds of higher lending and construction costs.
Vancouver realtors put brave face on bad numbers
The Real Estate Board of Greater Vancouver (REBGV) has released a rather bullish forecast in the face of what it concedes is one of the worst months for sales in its history.
Construction outlook solid amid rising costs
The home building industry appears poised for continued growth this year—even amid rising construction and financing costs—according to the 2023 Construction Cost Guide released by Altus January 26, 2023.
BoC rate hikes may be over for 2023
Some analysts see the Bank of Canada (BoC) halting interest rate increases after it boosted the overnight rate by 25 basis points to 4.50 per cent on January 25, 2023. BoC marked an unprecedented eight straight increases in the past twelve months.
Rental vacancies tumbled to 1.9 per cent
Despite a marked increase in rental supply in many of Canada’s largest cities, surging demand pushed the national vacancy rate for purpose-built rental apartments down from 3.1 per cent to 1.9 per cent in 2022.
B.C. promises “one-stop shop” permit approvals
British Columbia unveiled a “one-stop shop” approach to provincial permitting to help speed up construction of new homes in the face of a housing crisis.
Edmonton tops in building permits approvals, GTA last
Alberta’s biggest cities topped 2022 Municipal Benchmarking Study released by the Canadian Home Builders’ Association (CHBA) released its ranking how local development processes, approvals, and charges affect housing affordability and supply across Canada.
Mortgage regulations could tighten further
As Canada’s housing sales plunge and prices in different markets plateau or tumble, the Office of the Superintendent of Financial Institutions (OSFI) is dreaming up new ways to make it even harder to afford a home.
Caesarstone brings triple threat to Interior Design Show
Caesarstone, considered one of world’s largest suppliers of solid-surface kitchen countertops, has unveiled a triple threat of multi-materials at design shows this winter.
Bankers more bullish than realtors in price outlook
While a recent Point2PointHomes national survey showed that housing costs have increased 14 per cent in the past five years, despite the recent dip in prices, analysts have different opinions on where prices are headed this year.
Strong job growth may signal interest rate hikes
Strong and growing job creation in Canada is not all good news, a mortgage broker warns, because it may lead to fears of inflation and further hikes in lending rates by the Bank of Canada (BOC).
Indigenous group seeks control of $300M housing fund
A new Indigenous group is seeking control of $300 million in federal government funds meant to deliver housing to First Nations across Canada.
New suite renovation tax credit launched
Canada's new federal Multigenerational Home Renovation Tax Credit (tax credit) came into effect January 1, 2023, to help provide more living space in an existing house.
Five social-housing contractors charged with fraud
The Public Prosecution Service of Canada has filed a preferred indictment against five contractors in Brandon, Manitoba, according to Construct Canada.
“Cooling off period” comes to a cold market
Despite a swiftly cooling housing market in British Columbia—with sales down about 50 per cent from a year ago and it now taking weeks for an average home to sell—the provincial government has introduced a “cooling off period” for homebuyers.
Housing starts ‘flat’ as 2022 nears end
The standalone monthly seasonally-adjusted annual rate (SAAR) of total housing starts for all areas in Canada was flat in November, with a minor decline of 0.2 per cent (to 264,159 units) compared to October (264,581 units), according to Canada Mortgage and Housing Corporation (CMHC).
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