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Calgary real estate mogul Bob Dhillon is ready to provide a helping hand to those Ukrainians fleeing their war-torn homeland who seek shelter in Western Canada.
Calgary real estate mogul Bob Dhillon is ready to provide a helping hand to those Ukrainians fleeing their war-torn homeland who seek shelter in Western Canada.
Dhillon, founder and CEO of the Mainstreet Equity rental property organization that currently has 16,000 apartments spread from Winnipeg to Vancouver Island, said he is determined to do whatever he can to provide support for people displaced by the fighting.
He is waiting to find out exact details of how the federal government plans to help those Ukrainians but expects many refugees and temporary visitors to make their way to the Prairie provinces, given the long history of Ukrainian settlement in the West.
“Just tell me what to do and I’m there for you,” he said.
Dhillon has offered temporary shelter to those displaced by turbulent events before, from residents fleeing the massive Slave Lake fire, to Syrian and Afghan refugees. Mainstreet works with both government and social agencies to provide subsidized housing but also directly with private groups to give free accommodation for several months, which helps displaced people find their feet without worrying about having a roof over their heads.
“We gave two suites to Afghan refugees who landed just yesterday. We are doing this all the time,” said Dhillon.
“Previously, we have provided two months free rent and that allows people to work with social assistance programs so they can get settled in during a very difficult time for them.
“I’m sure there will be some Ukrainian refugees who come and we will be more than happy to help. We have a very large portfolio of rental units spread across Western Canada so we have a ready supply of empty renovated suites.”
He added that it isn’t just the historical ties and the large Ukrainian diaspora that makes the West such an attractive choice for potential newcomers, whether they are immigrants or refugees.
“It’s about affordability. People can settle in Manitoba, Saskatchewan or Alberta and, within a few years, they can start thinking about buying a house, or getting their children into university,” he said. “If they settle instead in Toronto or Montreal, that becomes so much harder.”
Meanwhile, in Ottawa, the federal government is working urgently on what is quickly becoming a global humanitarian crisis, as more than a million Ukrainians have fled their country so far since the Russian invasion.
The United Nations refugee agency is warning millions more could be displaced if the conflict continues, sparking what would be Europe’s largest refugee crisis this century.
Immigration Minister Sean Fraser has announced Canada will let Ukrainians apply for an expedited visa to stay for two years, without the usual conditions such as language requirements or labour market assessments.
Prime Minister Justin Trudeau said that under the expedited system, his government hopes to process temporary visas within weeks rather than the usual one-year timeline.
“We’re creating a new program for Ukrainians who want to come to Canada temporarily. This will eliminate many of the normal visa requirements — and it’ll be the fastest and safest way to come to Canada,” he said.
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.
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.
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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