⚡Big news for first-time homebuyers

Feds allow 30-year insured mortgages, national rents continue to increase, GTA market shows signs of strength, and more news from across Canada.

Author

Recap Team
August 09, 2024

Good morning!☀️

Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.

⚡Top Story

First-Time Homebuyers Can Now Qualify for 30-Year Mortgages

First-time homebuyers can now apply for 30-year insured mortgages. Effective August 1, 2024, this policy aims to lower monthly payments, making homeownership more accessible. To qualify, the purchase must be for a new home under $1 million with less than 20% as a down payment.

📍British Columbia

MLA Identifies 3 Areas With High Growth Potential in BC

The latest MLA Black Book offers a comprehensive analysis of the Greater Vancouver and Fraser Valley presale markets, highlighting key development hubs. Langley’s 200th Street Corridor, Coquitlam Centre, and Port Moody are identified as prime areas for significant growth due to strategic locations and infrastructure investments.

BC Gives Burnaby and Langley Township an Ultimatum

The BC government has given Burnaby and Langley Township until Oct. 31 to meet density requirements for housing near transit hubs or face provincial enforcement. The mayors accuse the province of overreach and municipal interference, but the province maintains its stance. The original deadline was June 30.

Metro Vancouver Sales Drop Another 5% in July

In July, new listings in Metro Vancouver rose by 20%, and inventory grew by 39% to 14,326. However, residential sales dropped 5% to 2,333, 17.6% below the 10-year average. Despite a 0.5% cut in interest rates, buyer hesitation persists. A sales-to-active listings ratio of 16.9% indicates a balanced market.

💭Quote of the Day

"Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, 'I will try again tomorrow.'"

Mary Anne Radmacher

📍Ontario

Ontario Invests $1.2B in Infrastructure for New Housing

Ontario is investing $1.2 billion to build over 500,000 homes, starting with $970 million for 54 projects across 60 municipalities. This includes the Peel Region receiving $35 million for a water facility expansion, enabling nearly 47,000 homes. An additional $250 million will support the second round of applications.

Rate Cuts Give GTA Sales a Much-Needed Boost in July

GTA home sales in July increased by 3.3% year-over-year, while new listings surged 18.5%. The better-supplied market eased average prices, with the benchmark price down 5%. TRREB credits two Bank of Canada rate cuts for the sales boost and predicts further declines in borrowing costs will accelerate sales.

3 Towers Proposed to Replace Toronto’s Dufferin Plaza

Maplelands and RioCan propose a 22-, 24-, and 26-storey mixed-use development in Toronto’s Lawrence Heights neighbourhood. The development will add 1,062 residential units, a new street, and a public park. If approved, the project will replace Dufferin Plaza, which is located near Yorkdale Shopping Centre and major transit routes.

😯Random Fact of the Day

Did you know… the term "skyscraper" originated in Chicago! The first skyscraper was the Home Insurance Building in Chicago, completed in 1885. It stood 10 stories tall, a revolutionary structure at the time.

🍁National

Average Rents in Canada Rise, but Annual Growth Slows Down

Canadian rent growth hit its slowest pace in over two years this July. Average rents rose 5.9% year-over-year to $2,201. Month-over-month, rents increased by 0.8%, reversing June’s decline. Vancouver, Burnaby, and Toronto maintain the highest rent prices. Provincially, Saskatchewan led annual growth but is still below the national average.

Feds Investigate Property Controls in Commercial Real Estate

Canada’s Competition Bureau may impose fines on businesses using property controls in commercial real estate following an investigation into Loblaws and Sobeys. The Bureau targets exclusivity clauses in leases and restrictive covenants on land, which limit competition. Feedback from tenants, lessors, and landowners will be accepted until October 7.

Feds Invest $105M to Build and Repair Over 8,000 Homes

The federal government is providing over $105 million through the Affordable Housing Fund to build and repair 5,235 affordable homes in Toronto and $30 million to the Salvation Army for 3,000 unit repairs nationwide. To date, the program has funded $50.97 billion for 146,000 new units and 286,000 repairs.

📅Save These Dates

August 20, 2024, 5:30am | Inflation Rate

August 30, 2024, 5:30am | GDP Growth Rate

You’re all caught up! Enjoy the rest of your day.✅

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