| | Headlines, get your headlines here! | It's no secret that Canada needs to build a lot of new homes by 2030 in order to satiate demand, but is the magic number actually 5.8 million? Maybe not. (Maybe it's even more…) New inflation data came in this week, and it was something of a good news/bad news sitch. Though CPI has slowed to 2.9%, boding well for rate cuts to come, it seems that mortgage interest costs didn't get the memo, having surged more than 27% year over year. The City of Brampton will soon hit 'unpause' on a new landlord licensing program after putting it on hold last month. Three weeks after launching it. We have whiplash. Another week, another receivership order. Things have gone from bad to worse over at Ontario's Landlord and Tenant Board, where the case backlog has surged to some 53,000. If you feel like playing the blame game, it turns out you can go ahead and blame Doug Ford. The BC Supreme Court is not overruling the City of Vancouver's decision to block the sale of the Cinema Public House pub. The establishment is one of eight across Toronto and Vancouver that the Donnelly Group is attempting to sell off as part of the company's restructuring efforts.
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| | 30
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The percentage of Toronto households living in affordable housing, according to new data from Statistics Canada. |
175,000,000
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The amount, in dollars, that Edmonton will receive through the Housing Accelerator Fund, marking the largest HAF announcement of the week.
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38
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The number of homes that will be created through the conversion of a former Service Canada in Belleville, Ontario.
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114,000,000
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The amount, in dollars, that the Province of Ontario is awarding Toronto for exceeding its provincially mandated housing targets.
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2,000,000,000
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The amount, in dollars, that the feds have committed to British Columbia's new BC Builds program.
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| | "My guess would be that this is going to be something that all provinces will have to consider in the years ahead." | – the Honourable Ravi Kahlon on the new BC Builds program in an exclusive interview with STOREYS. |
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| | Test your real estate knowledge this week, smartypants. (Scroll to the bottom for the answer key.) | Toronto was one of a dozen Ontario municipalities to exceed its provincially mandated housing target in 2023. As a percentage, how much did Toronto surpass its target by? This week, the feds reached a $175M Housing Accelerator Fund deal with Edmonton. Is that amount less or more than what Calgary will receive? A high-rise development in Vancouver's West End is in jeopardy after the property was listed for sale as part of foreclosure proceedings. Who's the developer behind the project? How much can a homeowner whose interest rate increases from 3.5% (a typical bank rate in 2019) to 5.5% upon renewal in 2024 expect their monthly payment to jump?
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| | If you're in the market for a new home (or just like kickin' tires), these beauties are all currently for sale (or rent). |
| | We know it's only February, but we're already dreaming of summer days spent poolside thanks to this $3.2M home. (Toronto, ON)* Here's your chance to snag one of the very few gated Georgian estates in Rosedale. (Toronto, ON)* Speaking of gated estates, stand-up comedian and actress Sarah Silverman's childhood home is up for grabs. (Boca Raton, Florida)
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| | Pre-con, pre-sale, whatever you call it - the future is now! (Or, at least, on its way soon.) | | | A development proposal for Toronto's Yonge and Moore Park is looking a little different these days thanks to pushback from the City. Toronto-based Altree Developments has started development on Vie L'Ven: luxury resort that will include 280 residential units in St. Maarten. Loblaws is building 40 new stores and renovating 700 existing ones as part of $2B investment plan. We get it, Galen (jr.), you're thriving.
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| | | | All the movers and shakers (and promotions) in the wide world of real estate. | Fengate announces more than two dozen internal promotions. Marcie Zajdeman elected Vice Chair of the Board of Directors for CreateTO. Brianne Snell steps into Senior Manager, Investments & Asset Management position at Hullmark. Alexandre Ménard joins Maître Carré as partner. Royal LePage welcomes New Brunswick-based Royal LePage Prestige to its network. Pineapple Financial adds Mortgage Simplicity to its network of affiliated brokerages.
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| | Since knowing is half the battle, keep your eyes especially peeled for the following over the next week: | Toronto homeowners have less than one week to declare the occupancy status of their homes. The deadline to declare is February 29. New rules for rooming houses in Toronto will go into effect next month, and anyone with questions can attend an information session being hosted by the City at the North York Central Library on February 28. Vancouver City Council will consider the West End Community Hub Renewal Plan on February 27. The plan lays out a long-term vision for the renewal and optimization of the West End Community Centre. Statistics Canada will release data on housing in rural and small towns on March 1.
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