On April 12th, the government released the Solving the Housing Crisis: Canada’s Housing Plan, with the goal of unlocking 3.87 million new homes by 2031. This strategy involves adding 2 million net new homes, in addition to the 1.87 million homes expected to be built by 2031. Specifically, policy actions outlined in Budget 2024 and Canada’s Housing Plan, along with initiatives from fall 2023, are projected to support at least 1.2 million net new homes.  Prime Minister Trudeau emphasized the importance of collaboration among federal, provincial, and municipal governments, urging them to col ..read more

On March 22, 2024, the Canada Mortgage and Housing Corporation (CMHC) announced significant funding allocations from the Housing Accelerator Fund for Grand Bay-Westfield, Harvey Rural Community, and the Town of Sussex. The Housing Accelerator Fund is a $4 billion initiative by the Government of Canada scheduled to operate until 2027. This fund is a component of the National Housing Strategy that was launched in 2017. In collaboration with the federal government, agreements were reached with these municipalities to expedite the construction of over 160 homes within the next three years. The fun ..read more

On April 19th, Statistics Canada released data indicating a decrease in investment in building construction for the month of February. The total investment declined by 1.1% to $19.3 billion compared to the previous month, with drops in both residential and non-residential sectors. When considering inflationary effects, accounting for it using a constant dollar basis (with the base year being 2017), the decline in investment becomes more pronounced with a decreased investment in building construction of 1.2%, dropping to $11.9 billion. Residential Building Construction In February 2024, residen ..read more

According to an Edge Realty Analytics report, The Edge Report – March 2024, there are some notable trends being experienced by mortgage lenders that may have impacts beyond the banking sector. TD and BNS: Opposite Trends The growth trajectories of two major Canadian banks, TD and BNS, are currently diverging dramatically in regards to their residential mortgage loan portfolios. BNS is experiencing a significant contraction, with its residential loan book shrinking at a rate of nearly 5% annually, for a very pronounced decline. In the opposite direction, TD has achieved a new decade high with a ..read more

Increasingly, investors are discovering traditional avenues are no longer the sole pathway to success. This includes finding alternatives to conventional real estate ventures, such as becoming landlords, offering short-term rentals, or flipping properties, especially as regulations and policies make some of these options less lucrative.   Many investors are turning to private mortgage investing as a compelling alternative. Whole mortgage investments involve lending money directly to individuals, with borrowers’ real estate serving as collateral. Unlike direct real estate ownership, p ..read more

The recent announcement by the Office of the Superintendent of Financial Institutions (OSFI) regarding loan-to-income (LTI) limits in Canada has caused people to wonder about the implications. These new regulations aim to restrict the proportion of new mortgages with loans exceeding 450% of borrower income.  OSFI has not yet provided clear guidance on the exact proportion of loans exceeding 450% of borrower income that banks are expected to adhere to. Instead, OSFI plans to evaluate this threshold on a case-by-case basis, suggesting that each bank’s compliance will be assessed individuall ..read more

Buying your first home should be a cause for celebration – not instill fear like a trip to the dentist. Sadly, though, many young people today are no longer able to feel the exuberance of owning a home. High interest rates, hefty fees, taxes, levies and other charges and have killed that dream. Young, first-time buyers are being taxed on new housing at rates which would have crushed their parents and grandparents. In Ontario, the average selling price of a single-family home was $969,900 in March, an increase of 1.7 per cent over the previous month. Single-family home prices have increased by ..read more

In March 2024, lowered sales, increased prices, and other shifting trends, characterized the New Brunswick market. Sales In March 2024, 656 homes were sold, according to the MLS® System of the New Brunswick Real Estate Board, for a 13.2% decline from March 2023. Sales remained 23.9% below the five-year average and 10.4% below the ten-year average for March. Year-to-date sales reached 1,706 units, down 0.9% from 2023 for the same period.  Across the province, home sales decreased in all regions compared to March 2023: Saint John – 3.9% Greater Moncton -14.9% Fredericton -15.2% Northern an ..read more

In March 2024, Newfoundland and Labrador’s real estate market experienced mixed trends, with St. John’s seeing increases. Sales In March 2024, 310 homes were sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, with a 10.9% decrease from March 2023. These sales were 12.3% below the five-year average and 1.3% below the ten-year average for March. Year-to-date home sales totalled 855 units, down by 5% from the same period in 2023.  St. John’s In St. John’s, residential sales saw an 8.6% increase year-over-year in March, although the rest of the province ha ..read more

Guelph and the Oakville-Milton real estate markets are all within commuting distance of Toronto, and feature a strong demand for housing, as well as diverse housing options. They attract university students, faculty, and staff, creating rental demand, and offer other, varied housing and investment options, each area with its own, unique characteristics. March 2024 Market Updates – Guelph vs. Oakville-Milton Sales Guelph’s market showed sales trailing 23.9% below the five-year average, while Oakville-Milton was even more slowed, with sales lagging 31.1% below the five-year average.  Both m ..read more