OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages.
Superintendent Peter Routledge confirmed that OSFI will formally announce this change on November 21, 2024, as part of the regulator’s quarterly release pilot, with the change coming into effect that same day.
Condo living in 2024 is about more than just space; it’s about the carefully curated amenities that turn buildings into communities.
Gone are the days of a gym, party room, and concierge being most-appreciated amenities – today, they’re considered must-haves. And they’re now joined by things we once may have never imagined in our condo-dwelling lives, like remote offices, wellness spas, pet washes, and cold plunges.
Toronto’s housing crisis is on track to get “far worse” without government intervention as the region sees a “serious decline” in development applications, according to a new study commissioned by a group representing GTA developers.
According to the study, which was developed by Altus Group Economic Consulting on behalf of the Building Industry and Land Development Association (BILD), the number of new homes being built in the Greater Toronto Area is “lagging significantly behind” population growth.
It was just six months ago that Premier Danielle Smith was bragging about Alberta’s population growth and cheerfully predicting that we would hit 10 million people by 2050. Remember “Alberta is Calling?”
She even named the city of Red Deer — current population 160,000 — and said she could see it mushrooming to a million. “Because if you have that kind of population base, through the corridor, all of a sudden it makes sense to bring passenger rail from Calgary to Red Deer and on to Edmonton to connect this entire corridor. And I hope that’s what you’re looking forward to in a few years’ time,” she mused hopefully.
The $12-million conversion of the 10-floor office building at 30 Duke St. W. into apartments should be finished by year’s end, adding 128 one-bedroom units to the city core.
The first and second floors of the building will remain commercial and retail, but the eight floors above that will each have 16 one-bedroom units, said Denny Cybalski, of Setman Property Management Ltd.
The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities rose four per cent year-over-year during the first half of 2024, but housing starts were still not enough to meet growing demand.
The agency said Thursday the growth in housing starts was driven by significant gains in Calgary, Edmonton and Montreal, while Toronto, Vancouver and Ottawa saw declines ranging from 10 to 20 per cent from the same period last year.
If David Wallach, President and CEO of Barclay Street Real Estate, had been asked a year ago what the state of Calgary’s real estate industry was, his response wouldn’t have been far off from doom and gloom.
But one year on, the prospects for Calgary’s markets in commercial sectors like retail, industrial, and even downtown offices are looking up.
That, he said, is a blessing for everyone in the province.
Wallach, along with 85 other brokers and real estate professionals gathered for the TCN Worldwide Fall Conference in Calgary, which brought together some of the top independent real estate firms internationally from locales like Texas, Mexico, and Romania among others
The Greater Toronto Area‘s (GTA) housing crisis is intensifying, with new data revealing that high municipal fees and prolonged approval processes are driving up the cost of new homes.
The latest Municipal Benchmarking Study from the Building Industry and Land Development Association (BILD), developed by Altus Group Economic Consulting, warns that the region’s housing supply is lagging dangerously behind population growth, signalling an impending crisis if immediate action isn’t taken.
WASHINGTON – The Federal Reserve on Wednesday enacted its first interest rate cut since the early days of the Covid pandemic, slicing half a percentage point off benchmark rates in an effort to head off a slowdown in the labor market.
With both the jobs picture and inflation softening, the central bank’s Federal Open Market Committee chose to lower its key overnight borrowing rate by a half percentage point, or 50 basis points, affirming market expectations that had recently shifted from an outlook for a cut half that size.
After an “all time low” month for GTA new home sales in July, sales fell to new depths in August, posting a mere 464 transactions — a new”historical low,” according to the Building Industry and Land Development Association (BILD).
“August’s new home sales data paints a stark picture of a housing market that is struggling with deep structural issues that have made the cost to build too high,” says Justin Sherwood, SVP Communications & Stakeholder Relations at BILD. “A key component of those costs are the excessively high government taxes and fees, which add, on average, $355,000 to the cost of an average single family new home in the GTA.”