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Real Estate
Mortgage stress tests unchanged despite housing market slowdown
Mortgage stress test levels were left unchanged Thursday as the federal banking regulator and Department of Finance favoured a cautious approach over calls to relax tests to help a slowing housing market.The Office of the…
Toronto’s housing plan could take years to improve affordability for renters: experts
Toronto's recently approved housing plan is a good step forward but it could take years before the increase in supply makes renting more affordable in the city, urban planners and experts say.Toronto city council voted on Wednesday…
Toronto city council approves plan to allow for greater density in residential areas
Toronto city council has approved a sweeping housing plan that will significantly transform zoning bylaws in an effort to address the affordability crisis.A majority of councillors -- 23 out of 26 -- voted in favour of Toronto Mayor…
Canadian Real Estate Association reports home sales down in November
OTTAWA — The Canadian Real Estate Association says seasonally adjusted home sales were down 3.3 per cent on a month-over-month basis in November.The association said Thursday the move lower more than erased the gain seen in October and…
CMHC reports annual pace of housing starts edged lower in November
OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in November edged down 0.2 per cent compared with October.The national housing agency says the seasonally adjusted annual rate of housing starts in…
Home prices to drop one per cent by Q4 2023: Royal LePage outlook
TORONTO — Royal LePage is forecasting the aggregate price of a home in Canada will drop by one per cent to $765,171 by the fourth quarter of 2023.The real estate company says it expects prices to flatten in the second quarter and then…
Bank of Canada governor says rate hikes are working but it needs to stay the course
The Bank of Canada expects to see a clear pullback in inflation by the spring, but it isn't taking any chances in its efforts to get the inflation rate back to two per cent, said governor Tiff Macklem on Monday.``Yes, we are going…
Affordable rent should be a priority in province’s housing plans, say East Toronto politicians
BEACH METRO COMMUNITY NEWS
If the Ontario government is serious about providing more affordable housing then it needs to move quickly to pass rent stabilization legislation, say a pair of East Toronto politicians.Both Scarborough…
Renting increased by three times the rate of home ownership in last decade: RBC
TORONTO – Royal Bank of Canada economists say the country has reached a record number of renters as the number of people renting has increased at three times the rate of homeowners in the past decade.Assistant chief economist Robert…
Ontario passes law boosting ‘strong mayor’ powers in Toronto, Ottawa
Toronto and Ottawa can now enact bylaws with the support of a minority of councillors and the provincial government can appoint certain regional chairs, with the passage Thursday of a ``strong mayor'' law that caps off a whirlwind of widely…