OTTAWA —
Conservative Leader Erin O’Toole is zeroing in on the housing crisis, pledging to build a million homes in three years and raise barriers to foreign investors.
On a quiet cul-de-sac in Ottawa, O’Toole said the supply of homes, including rental, has lagged behind the country’s growing population and that investors abroad are parking their cash in Canadian residential properties, prompting a “housing crisis.”
“All of this throws up barriers to young families looking for more space for their kids, people who found a good job and want to buy their first home and retired empty-nesters trying to downsize, none of whom can find the home they need,” he said.
In their platform, the Tories outline plans to create one million homes in the next three years by repurposing some federal buildings, banning foreign investors who live outside the country from buying property for at least two years and making changes to the mortgage stress test.
The party wants to release 15 per cent of federally owned buildings into the housing market, explore converting office space to housing and allow developers to defer capital gains taxes if they reinvest in rental properties.
“Our housing plan is comprehensive and it will be effective,” O’Toole said. “It will give all Canadians a chance to build the life they dream of, to live on a street with good neighbours.”
New Democrat Leader Jagmeet Singh says his party would build 500,000 homes and make housing affordable for Canadians, including rental prices, noting that one-in-three residents are renters.
Heftier personal savings, house-obsessed millennials and historically low interest rates during the COVID-19 pandemic have conspired to send residential prices soaring amid a dire shortage of units, and threaten to boost rents when provincial freezes thaw.
The Canadian Real Estate Association says the average home-sale price in Canada rose 26 per cent year-over-year in June to $679,000, with sales activity up by 14 per cent.
This report by The Canadian Press was first published Aug. 19, 2021.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
