2017 News Index
What it costs to build a house
Excluding land values and so-called “soft costs”, the construction cost to build a single-family detached house in Greater Toronto ranges from $105 per square foot to $200 per square foot.
Foreign buyers bought less than 900 properties
Data flowing in from the Ontario government shows that foreigners bought 5 per cent of homes sold in the Greater Golden Horseshoe region since a 15 per cent foreign-tax was announced in April.
Nova Scotia Builder Lien Act now law
As of June 30, 2017, changes to the Nova Scotia Builders' Lien Act came into ef-fect and are expected to protect the rights of subcontractors and suppliers.
The legislative amendments will allow financial holdbacks to be released earlier for building tradespersons once the work is completed.
OFSI aims to extend mortgage stress to every buyer
A stress test for uninsured mortgages is among proposals released this month by the Office of the Superintendent of Financial Institutions (OSFI) in a bid to further tighten mortgage underwriting standards.
Housing starts slump a surprise in Vancouver
New housing sales in Vancouver have been on a blistering pace over the past two years and the inventory of new condos is at historic lows, so it was a surprise to some when housing starts plunged through the first half of 2017.
Canadian housing starts increase
The annual pace of housing starts in Canada picked up in June, according to Canada Mortgage and Housing Corporation (CMHC).
Oshawa, PEI, Victoria hot spots for housing starts
While Canada-wide housing starts hit the seasonally adjusted highest level in nearly five years, June data shows some markets are out-performing the national average.
Stressed and scrambling: young Toronto buyers on the brink
The mortgage stress test now required for anyone who doesn’t have at least a 20 per cent down payment is creating near panic in some young would-be buyers in Toronto and Vancouver.
Banks jump gun on rate increase
At least four major banks have jumped the gun on mortgage rate increases as the Bank of Canada apparently prepares to pull the trigger on a rate hike this week.
First-time home buyers sheltered if mortgage rates rise
It is now widely expected that the Bank of Canada (BoC) will begin to raise its overnight lending rate this week – but first-time buyers using insured mortgages should not be restricted in the maximum amount they can borrow.
Renovation spending tops $72 billion record
Canadian homeowners are forecast to spend a record $72 billion on renovations in 2017, topping the $71.2 billion in 2016, and then ascend to another record of $74 billion in 2018.
‘Bone’ housing part of $400 million Ontario subdivision
Steel home builder Bone Structure has inked an agreement with Toronto-based Skyline Investments Inc. to complete 27 new detached houses in Deerhurst Sanctuary, a Skyline subdivision in Muskoka, Ontario.
GTA house sales down 35% as listings leap to 19,600
Sales of existing homes through the Toronto Real Estate Board (TREB) plunged 37.3 per cent in June, compared to June 2016, following a 20 per cent year-over-year decline a month earlier.
Housing generates 29% of Ontario’s economy growth
The Ontario government should pray that the recent slump in the housing market does not become more widespread, according to an eyeraising report released this month.
What single female buyers really want in a home
Single females are becoming a factor in the Canadian housing market, estimated at represented 20 per cent of first-time buyers and a growing proportion of repeat buyers and investors.
Montreal trumps Vancouver for China investors
Montreal will surpass Vancouver this year as the Canadian destination for mainland China-based real estate investors, according to China’s largest foreign-market real estate portal.
DIY renovators face higher risk from asbestos
There is a fresh danger for amateurs who tackle a do-it-yourself home renovation aside from shoddy work and busted thumbs.
“Overbuilding” cited in seven cities
Seven Canadian cities are seeing more new homes being built than demand suggests, according to a study by Canada Mortgage and Housing Corporation (CMHC) – and the worst offenders are on the Prairies.
Water view can raise condo price 60 per cent
How much more is a new condo worth if it has a water view?
Up to thousands of dollars more, based on study done of Vancouver condominiums by marketing firm MLA Canada.
Housing plan had little effect on GTA new home market
Ontario’s Fair Housing Plan has apparently had no effect on rising new home prices in the Toronto area, according to the 1,450-member BILD (Building Industry and Land Development Association).
Toronto edges Calgary as top U-Haul destination
Toronto has reclaimed the No. 1 destination city for U-Haul moving trucks, taking the top spot from Calgary, which slipped to second place after posting a 10.2 per cent decline in arrivals from a year earlier.
Cost of 2x4’s rise as lumber faces U.S. duties
Prices of standard building lumber are inching higher as Canada and the U.S. negotiate a revised Softwood Lumber Agreement, which expired in 2006.
More homeowners opt for renovations
More Canadian homeowners are choosing to renovate this year, but are spending less to do so, according to a May 2017 survey by CIBC. Homeowners will spend $11,800 on average in 2017 – the lowest in three years – the survey found.
Housing sales, starts head in different directions
Housing sales in Canada have plunged reports the Canadian Real Estate Association while starts of new homes have ramped up 13 per cent from a year ago, according to Canada Mortgage and Housing Corporation.
Canada's social ladder stumbles on housing costs
Canada’s global ranking on the Social Progress ladder would likely be higher if not for housing costs, according to an international survey of 100 countries.
First buyers turn to bank of mom and dad
As Canadian house prices increase, more young first-time buyers are turning to the ‘bank of mom and dad’ for help with the down payment.
Some renovations pay off. Others not so much.
Renovation spending in Canada is $12 billion a month pace and the typical consumer is dropping more than $13,000 into the effort, according to Statistics Canada and TD Bank.
Canadian home sales drop sharply in May
According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales posted a sizeable decline in May 2017.
CMHC survey provides insight into mortgage consumers
Canada Mortgage and Housing Corporation (CMHC) released its annual Mortgage Consumer Survey in June, the largest survey of its kind.
Victoria home first to be qualified under the new CHBA Net Zero Home Labelling Program
Falcon Heights Contracting in Victoria has built the first net-zero energy home in Canada to be qualified under the new Canadian Home Builders’ Association (CHBA) Net Zero Home Labelling Program.
Combatting the underground economy requires partnership
The CRA has produced several tools that can be used by anyone concerned about the underground economy to raise awareness of its impact and to reduce participation.
CaGBC honours Canada’s green building leaders at 2017 Leadership Awards
Canada Green Building Council (CaGBC) honoured the 2017 Leadership Award recipients as a part of Building Lasting Change, the 2017 CaGBC National Conference and Showcase.
118,000 Retiring Workers in Residential Construction Means Great Career Opportunities for Millennials
Over the next decade, Canada’s residential construction industry will need to attract some 94,100 new workers in order to meet the housing needs of Canadians.
Canadian Home Sales Drop in April
According to statistics released by The Canadian Real Estate Association (CREA), national home sales declined in April 2017.
CMHC releases 2016 Annual Report “Innovating for Better Housing Outcomes”
In 2016, CMHC supported over 500,000 Canadian households through long-term social housing commitments and provided mortgage loan insurance for more than 350,000 homes.
Economic Impacts of the Housing Industry 2016
CHBA reports on the significant economic impact of the residential construction industry across Canada at the national, provincial and community levels.
Net Zero Home Label to Recognize Homes that Produce as Much Energy as They Consume
The Canadian Home Builders’ Association (CHBA) officially launched its Net Zero Home Labelling Program.
Strong evidence of overall problematic conditions, with some centres showing improvement in housing market conditions
CMHC is reporting strong overall evidence of problematic housing market conditions nationally due to moderate evidence of overvaluation and price acceleration.
Government of Canada takes historic action to create new rental housing
The Rental Construction Financing initiative will provide $2.5 billion in low-cost loans to support the construction of new rental housing
Statistics Canada — New Housing Price Index
The The New Housing Price Index (NHPI) rose 0.4% in February compared with the previous month. Ontario accounted for the majority of the gain, as new house prices increased in all 10 of its surveyed metropolitan areas.
Bank of Canada maintains overnight rate target at 1/2 per cent
The Bank expects global GDP growth to increase from 3 1/4 per cent this year to about 3 1/2 per cent in 2018 and 2019.
Affordable housing — Budget 2017
Budget 2017 proposes to invest more than $11.2 billion over 11 years, in addition to preserving the baseline funding for Canada Mortgage and Housing Corporation related to expiring social housing agreements.
2017 CHBA National Awards for Housing Excellence Finalists Named
The Canadian Home Builders’ Association (CHBA) is pleased to announce the finalists for the 2017 National Awards for Housing Excellence.
Statistics Canada - Investment in New Housing Construction
Total spending on new housing construction increased 8.7% year over year to $4.0 billion in January. Six provinces posted increases, led by Ontario and British Columbia. Nationally, investment increased for every dwelling type.
Federal Budget 2017
A ‘Complete’ National Housing Strategy is Key to Addressing Housing Affordability - Home Builders
Sustainable plumbing guide for builders and plumbers
The residential sector in Canada uses 43% of municipal water supplies and accounts for 17% of secondary energy use. This guide suggests practical ways to make sustainable and cost-effective changes.
Drywall Decision Seeks to Remedy Excessive Duties Contrary To Canada’s Economic Interests
Announcement from the Minister of Finance reducing the anti-dumping duties on drywall from the U.S. coming into Western Canada.
PCR Created for Roof Coating Materials
Global public health organization NSF International, in cooperation with the Roof Coatings Manufacturers Association (RCMA), has created the first product category rule (PCR) in North America for roof coating materials.
BMO Financial Group: 2017 Economic Forecast
Canada’s regional economic growth landscape should become a little less rugged in 2017, with the gap between the best and worst performing provinces expected to narrow.
CMHC: Mortgage Performance Highlights
In its 2016 Q3 report, CMHC highlighted a few noteworthy mortgage performance insights found in the numbers.
Canadian home sales edge down from December to January
According to statistics released by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis.
Canadian House Price Growth Remains Elevated: CMHC Reports
Canada saw house prices grow by 7 per cent year-over-year at the end of the third quarter of 2016 after adjusting for inflation. However, removing Ontario from the calculation would have seen house prices remain flat through to the third quarter.
Canadian Home Sales Up From November to December
National home sales rose 2.2% from November to December.
CMHC: GTA Housing Prices Spilling Into Nearby Markets
According to a recent report by CMHC, the GTA’s high housing prices are spilling over into nearby markets, especially those within commuting distance.
Drywall Duty Report Recognizes Negative Impact on Builders, Renovators, Consumers and the Canadian Economy
The Tribunal has provided a number of recommendations to the Federal Government to mitigate the negative impacts on the residential industry.
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