adplus-dvertising
Connect with us

Real eState

Quebec moving day could see record number of tenants without somewhere to live

Published

 on

MONTREAL — A Quebec housing advocacy group says it’s worried there will be a record number of households left without somewhere to live on the province’s July 1 moving day.

“On the eve of July 1, in Quebec, we count 750 renter households that have not found housing,” said Véronique Laflamme, a spokeswoman for the Front d’action populaire en réaménagement urbain, in an interview.

That estimate is based on requests for aid received by municipal housing offices in the province, Laflamme said, and could change if families find housing in the meantime.

The number is much higher than the 420 renter households who were without housing at the same time last year, she said.

She said the number of households that called a housing assistance service this year also rose to 3,500, up from 2,000 the year before.

In Montreal on Friday, 107 households were being helped by city staff and had “still not found a permanent solution,” the city’s communication department said in an email. Among those “some have been able to negotiate a short-term lease extension, while others will be able to be housed by relatives.”

The city said it is able to temporarily house everyone in need.

According to Laflamme, “these numbers are the tip of the iceberg of the housing crisis” in Quebec. She said more families are living in substandard housing, housing that is too small for their needs or housing that is too expensive.

According to the most recent annual report by the Canada Mortgage and Housing Corporation, published last February, around 30 municipalities in Quebec have vacancy rates below one per cent.

In the Montreal region, the vacancy rate is higher, at 3 per cent.

On Wednesday, Quebec announced it will increase a financial assistance program for low-income households starting Oct. 1.

The government also said it would spend $2 million as part of “Operation July 1” to help people find housing, and to provide temporary housing and furniture storage for people who can’t find somewhere to live.

“There is absolutely no reason for people to sleep in the street tonight if those people call the emergency teams of our housing offices,” Municipal Affairs and Housing Minister Andrée Laforest said in an email, adding that the government has set aside a record amount of money to provide “immediate assistance for tenants in need.”

However, Laflamme said the government isn’t getting to the root of the problem. Her group would like to see the Quebec government take action against real estate speculation and evictions that take advantage of grey areas in the province’s housing laws.

According to the province’s housing department, more than 8,000 “social and affordable” housing units have been built, or are under construction, since 2018.

The City of Montreal said it’s waiting for Quebec and Ottawa to reach a funding agreement that will allow it to build or renovate 6,000 social housing units.

While the start date of residential leases has not been fixed by the Quebec government since the 1970s, the far majority start July 1. The practice began with a 1750 law that established May 1 as the start date of residential leases – a move by the government of what was then New France to protect tenant farmers from being evicted over the winter.

This report by The Canadian Press was first published July 1, 2022.

 

Clara Descurninges, The Canadian Press

Real eState

Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

Published

 on

 

TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Published

 on

 

OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

 on

 

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending