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Housing costs have nearly four out of 10 Ontarians considering leaving: Angus Reid

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Nearly four out of 10 Ontarians say that they are considering leaving the province due to the high cost of housing, a new survey has found.

The Angus Reid Institute conducted an online survey of 4,204 Canadians last month and found that 28 per cent of all respondents were considering a move out of province due to concerns about the cost of housing.

But among Ontario residents that number jumped to 39 per cent, which was the highest in any Canadian province. British Columbia had the second highest percentage of residents mulling a move elsewhere (36 per cent), followed by residents in Nova Scotia (25 per cent).

Among Ontarians who said that they were “seriously” contemplating leaving the province, about 26 per cent listed “abroad” as their most likely destination while Alberta (17 per cent), the United States (17 per cent) and Atlantic Canada (14 per cent) were next on the list.

The results also pointed to a generational divide, with Ontarians between the ages of 18 and 34 nearly twice as likely (46 per cent) to say that they were contemplating moving due to the cost of housing compared to those 55 and up (26 per cent).

New immigrants were also more likely to say that they would consider leaving due to the cost of housing when compared to Canadians as a whole.

About 39 per cent of those who have been in Canada for 10 years or less said that they were considering a move due to housing costs compared to 28 per cent overall. The number dropped to 30 per cent among immigrants who have resided in Canada for 11 years or more.

“Historically, Canada has been viewed as a ‘role model’ by the OECD for labour migration and has outperformed most OECD countries when it comes to economically integrating immigrants. But many recent immigrants are departing the country because of the high cost of living, and especially housing, perhaps harming Canada’s reputation as a welcoming country for newcomers,” a release accompanying the poll states.

The average cost of a Toronto home decreased 3.5 per cent year-over-year in May but still stands at $1,117,400.

Real estate listing website Zoocasa has also previously warned that all Toronto neighbourhoods will hit the $2 million average price mark by 2034.

Ontarians may still have some optimism about housing costs, though.

Among Ontario residents 58 per cent of those surveyed said that they are hopeful housing affordability will “improve over the next few years.”

That number was 53 per cent among Canadians.

The survey was conducted between June 14 and June 20. Angus Reid says that a probability sample of the same size would typically carry a margin of error of 1.5 percentage points, 19 times out of 20.

 

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

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

The Canadian Press. All rights reserved.

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