Mirvish Village developer Westbank faces lawsuits over unpaid bills and more of this week's top real estate stories | Canada News Media
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Mirvish Village developer Westbank faces lawsuits over unpaid bills and more of this week’s top real estate stories

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Home of the Week, 29 Swanwick Ave., TorontoRaffi Tutundjian/Raffi Tutundijan/Jagged Lens

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

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Property developer Westbank faces lawsuits over sprawling Mirvish Village redevelopment project

High-profile Canadian real estate developer Westbank Corp. is being sued by four construction companies for more than $25-million in unpaid work at the large Mirvish Village rental apartment project in Toronto, writes Shane Dingman and Rachelle Younglai. In a statement, Westbank said the issues stem from disruptions after it took over as its own construction manager on the site, and said that construction is “progressing” as it plans to finish the residential portion of the Mirvish project in 2024.

Westbank said is in the process of settling claims with three of the four companies, though not all the money those companies are demanding has been paid and it is unclear whether they are back at work on the site.

Reluctant landlords: Condo buyers find they are unable to evict tenants

A group of buyers in a Cambridge, Ont., townhouse project are warning that an obscure section of Ontario tenant law can turn the dream of purchasing your first property into a nightmare, writes Shane Dingman. Because the townhouse was part of a complex that had been converted from purpose-built rentals to condominiums, new buyers were not going to be able to move in so long as the tenants they inherited wanted to stay – citing a rarely-used section of the Ontario Residential Tenancies Act which protects tenants in this unique situation. The section is so arcane even specialists in landlord-tenant law have rarely seen a case rely on it.

This week’s lowest available mortgage rates

There’s downward progress on mortgage rates again, with leading fixed rates falling 0.05 to 0.35 percentage points in the past week, depending on the lender and term, writes Robert McLister. But markets often do what we least expect. Moreover, expectations of lower rates could actually boost spending and home buying – underpinning inflation and keeping rates higher for longer.

Opinion: To solve the housing crisis, we need to do something about ‘mom-and-pop’ investors

A growing number of home sales are being made by investors and not people who intended to live in those homes, which has put an upward pressure on price and crowded out first-time homebuyers. If we cut investors’ share of future home sales in half, writes Jon Shell, the impact would be both immediate and dramatic. It would open up about 75,000 homes next year for first-time homebuyers and, as the supply of homes ramps up, could make upward of a million available over the next decade.

Home of the week: Upper Beach home in Toronto has spa space above, gym below

Home of the Week, 29 Swanwick Ave., TorontoRaffi Tutundjian/Raffi Tutundijan/Jagged Lens

29 Swanwick Ave., Toronto

Located in the Upper Beaches neighbourhood, this three-level house opens up to a renovated living room and kitchen – which comes with its own “kitchen garage” to store all those occasional cooking appliances. Down a few steps from the kitchen is a sun-roofed solarium, which the previous owners used as an office. The basement has been renovated into an extended living space with a home gym, and a guest bedroom to the side. The best feature? The “upstairs oasis,” an entire second floor opened up like a loft apartment, with a huge spa-like space featuring a soaker tub.

What do you think is the asking price for the property?

a. $1,999,999

b. $2,789,000

c. $1,280,000

d. $1,574,000

d. The asking price is $1,574,000.

 

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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.

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