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Housing Starts Blues

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Stupidity and Greed. They often come hand in hand do they not? Canada’s Housing Crisis is such a thing. The population of Canada often moves to large urban centers, where the jobs and services are. This creates demand for housing. Those who have homes in Toronto, Vancouver, and Montreal are pleased that their property values are continually increasing. Soon the demand for housing overtakes the supply of housing. The Real Estate and Developer Sector realize the gold mine that has been created for them and those who own homes already. Greed sets in. The existing homeowners realize their home is very much an investment nest egg that will continue to increase in value. The Real Estate Agent will drive the cost of these homes higher so they can get paid more commission. Developers build expensive houses so that they can charge big bucks for them. A cozy group of land speculators developed.

Along comes Premier Ford and His Conservative Fellowship. They see an opportunity to grow the economy, create housing for thousands, incorporate the hunger for profits and housing starts the public and developers have been salivating for for decades. The Liberal Administration’s lack of understanding of the big picture allowed housing bubbles to develop all over this nation. The very concept of affordable housing was ignored as administration after administration continued to let the market, the developers, and the real estate sector lead the way, taking their advice and possible largess as well. Fanned by the pandemic’s platform of rising costs due to a lack of supply(supply chain) the cost of housing goes sky high, beyond the public’s financial reach.

The Federal Government jumps in to control this crisis but calls it an attempt to control an overburdened economy. Interest rates rise, and bankruptcies begin to increase too. Building starts to break ground but is not fast or affordable enough. The greed we saw at the beginning of this process remains. If a developer can charge massive amounts for a larger home, why can they not do so for smaller housing units? Who is going to stop them? The public, who needs a place to live will not. The government, worried about its image will not. Premier Ford will certainly not stop capitalists from making massive profits. How could he, as a conservative and friend to all things corporate?

Where does the public stand? For the next few years out in the cold. It takes time to revamp a system, build housing starts, and decide who will build the needed infrastructure for these new sub-divisions. Still lots of red tape and political wrangling to deal with. Does local government have the time or ability to accomplish the promised 1.5 million housing starts Premier Ford promised? Why is the hold-up, the stagnation, and the increasing crescendo of noise about this crisis yet accomplishments not yet visible?

Politicians Promise Much. Money, expertise, and commitment. Has anyone actually sat down and asked some important questions like…

a. What type of housing units make sense?
b. Where should these units be made?
c. Who should benefit from this construction? Type of construction…lead by public or private concerns.
d. Can urban centers not build up instead of outward?
e. Should the Province detail plans for the type and # of units to be built? High rises, 3-4 story townhomes vs. single units!
f. Are Environmental factors of primary concern to these housing builds?

Have not heard these questions asked? How about asking if politicians, both local and Provincial are getting a share of this housing starts bonanza? You know, the Alexandre Duplessis and Huey Long Effect. Is there a chance of large-scale corruption tied to various public-private developments and what is being done about it?

Transparency demands accountability. Do you see any of this in what is going on?

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

Real eState

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.

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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.

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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.

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