According to a recent Edge Realty report, as of the first quarter of 2024, Ontario has been experiencing mixed trends this quarter, with some metrics showing a change in direction from the year-over-year trends. Sales In the first quarter of 2024, the real estate market in Ontario saw a significant rise in sales activity. Sales increased by 12.4% quarter-over-quarter. Furthermore, year-over-year, sales also rose by 6.8%. Listings The number of new listings in Ontario’s real estate market experienced a decline of 3.8% in the first quarter of 2024 from the previous quarter. Despite this quarterl ..read more

The Manitoba Real Estate Association reported that the province experienced the third-best MLS® home sales numbers. The number of homes sold through MLS® Systems reached 1,522 units in April 2024, up 23.7% from April 2023. According to a recent Edge Realty report, this is part of a larger trend, as reported in its quarterly market overview for Q1 2024 for Manitoba. Sales Sales in the Manitoba real estate market experienced a strong increase. Quarter-over-quarter, sales rose by 5.8%, while the year-over-year numbers showed an even more notable increase of 23.2%. The Manitoba Real Estate Associa ..read more

According to a recent Edge Realty report, Saskatchewan is experiencing a relatively stable housing market, although there are fluctuations and some concerning indicators, such as increasing mortgage arrears. Sales In the first quarter of 2024, the number of sales in the Saskatchewan real estate market decreased by 3.1% compared to the previous quarter. However, there was a notable year-over-year increase of 7.7%, suggesting potential growth overall. Listings New listings in the first quarter dropped by 5.3% from the last quarter of 2023. Similar to sales on a year-over-year basis, a different ..read more

The Canada Revenue Agency (CRA) has introduced a new regulation that requires tenants renting from landlords residing outside of Canada to withhold a portion of their rent and remit it directly to the CRA. The CRA has released a guide to explain the details of the tax-reporting requirements. Tax Obligations of a Non-Resident Landlord Those who earn rental income from property in Canada but live outside the country have specific tax obligations.  Now, when a tenant pays rent to a non-resident landlord, the tenant is required to withhold a non-resident tax of 25% on the total rent amount. T ..read more

Calgary has been the subject of discussion lately, with the city council’s decision to go ahead with blanket rezoning. How much impact this will have on the market will remain to be seen.  In the meantime, however, the CMHC released its Spring Housing Market Outlook. While the rezoning changes could lead to greater housing diversification with denser housing in the future, once it takes effect on August 6th, the CMHC’s forecast for Calgary, as of May, predicted a period of growth and activity for the next couple of years, driven by various factors such as population expansion, stable econ ..read more

If we are to put a significant dent in the housing crisis, we must tear down the overabundance of ridiculous and unnecessary barriers as well as bureaucracy and red tape standing in the way. Despite recent positive policy shifts, substantial obstacles still hinder housing development. Varied and substantial layers of regulation and approvals surrounding housing only add to costs. Developers looking to build homes must have deep pockets to absorb the price associated with navigating the labyrinth of approvals. The larger the project, the more likely it is to require changes to zoning and site p ..read more

Nearly a month after discussions began at Calgary’s City Hall, on May 14th, councillors narrowly approved moving forward with blanket rezoning, allowing for increased housing density in single-family residential areas. The decision followed a lengthy 15-day Public Hearing, during which 736 Calgarians spoke, and 6,101 submitted written statements. Nearly 70% expressed their opposition to blanket rezoning. However, under the City’s Housing Needs Assessment, one in five Calgary households is unable to afford where they currently live. In a close 9-6 vote, the council approved the proposal with so ..read more

The CMHC recently released its Impact Of Minimum Parking Requirements For Multi-Family Residential Buildings On Housing Affordability And Sustainability report. It analyzed the potential impact of minimum parking requirements on multi-family residential buildings in Canada, including improving housing affordability and reducing environmental impact. Historically, Canadian municipalities mandated minimum specific parking space provisions for builders, often based on the number of dwelling units. However, changing trends, such as decreased car ownership, may mean these requirements may no longer ..read more

A CMHC study on Evaluating the Impacts of Increasing Housing Supply in Canada was released in March. According to CMHC’s estimations, an additional 3.5 million housing units would be required by 2030 to restore affordability, surpassing the current construction pace. However, the introduction of new housing options at different price points could affect households with varying socioeconomic backgrounds in disparate ways. The study aimed to identify which types of new constructions could provide the most favourable outcomes overall. The study used a sorting model calibrated with Canadian data f ..read more

The City of Victoria is pushing forward with various housing initiatives and targets. In September 2023, the City of Victoria was among 10 B.C. municipalities tasked with a housing target of 4,902 homes over five years by the Province. Victoria surpassed its first-year target of 659 new housing units by delivering 753 homes within the first six months, marking 15% progress towards the Province’s five-year goal.  It is also undergoing a 10-year update to its Official Community Plan (OCP), which will shape its future development trajectory. In 2022, Victoria saw a net gain of 1,008 homes, o ..read more