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HBM 30 years

2022 News Index

Victoria to ban fossil fuels in new homes by 2025
Almost all new construction in Victoria, B.C., will be required to be “zero carbon” producers by 2025, meaning they can’t be heated with fossil fuels such as natural gas, propane or fuel oil.

Alberta lands wallboard plant
A new wallboard plant is set to begin construction in Wheatland County, Alberta, next year, adding a second producer to Western Canada and strengthening local supply chains.

Developer donates $15 million site for social housing
B.C. developer Bayview Place has donated land worth $15 million to the Greater Victoria Housing Society, which plans to build an 18-storey tower with 180 rental units of affordable housing on the site.

Eviction underlines challenge for tiny houses
A small-home community has run into bylaw infractions resulting in its eviction from a site on Vancouver Island, reports the Victoria Times Colonist.

Aloft aims small home plans at Ontario
A new Niagara-based company, Aloft, is launching a tiny home initiative as an affordable alternative to high-priced homes across southern Ontario.

Canada’s 10 most affordable housing markets
The 10 least expensive housing markets in Canada based on the price per square foot are primarily in Atlantic Canada and on the Prairies, and include two larger Canadian cities.

Foreign and first-time buyers driven out of B.C. market
Foreign home buyers stayed on the sidelines in B.C. during the two-year sales surge that started in April of 2020, and many first-time buyers fled Canada’s most expensive housing market during the first half of 2022.

Bank downgrades housing forecast
Canada’s largest bank has downgraded its forecast for Canada's housing market. Vancouver, Toronto and Victoria are the cities likely to suffer the most, according to Royal Bank of Canada.

Five ideas to address construction issues
Builders across Canada are facing similar challenges: rising costs for building materials; supply chain disruptions; rising interest rates; and the cost of scarcity of skilled labour.

CMHC verifies impact of government costs on new homes
Echoing and verifying what home builders have been saying for years, Canada Mortgage and Housing Corp. (CMHC) confirmed this month that government costs and fees add tens of thousands of dollars to the price of a new home.

Luxury home sales stay on record pace
According to Sotheby’s International Realty Canada’s new Top-Tier Real Estate: Mid-Year Report, to be released July 20, 2022, residential sales in Canada’s largest luxury real estate market stumbled but stayed on a record pace in the first half of 2022.

Bank of Canada shocks with 1 per cent rate hike
The Bank of Canada (BoC) raised the overnight rate by 100 basis points (bp) July 13, bringing it to 2.5 per cent to help rein in inflation that has shot up t 7.7 per cent inflation increase.

Toronto home sales plunge 41 per cent
Higher borrowing costs continued to impact Greater Toronto Area home sales in June 2022, according to the Toronto Regional Real Estate Board

Nine million Canadians say they may always rent
A national survey labelled Generation Rent reveals approximately nine million Canadians have accepted they will rent forever or have completely given up on the idea of home ownership.

Two trends now dominate renovations
The home renovation space has seen unprecedented fluctuation over the past two years. What was always a steadily moving industry became jolted by the pandemic, inundated with more demand than ever before yet challenged by supply chain setbacks and labour shortages.

Where home prices are falling fastest
The latest data from the Canadian Real Estate Association shows average prices at the national level trending down over the past few months.

Less renovations but much higher spending
Although more Canadians indicated an intention to pause home renovations into 2023, even with rising material and labour costs it is estimated that Canadian homeowners, on average, will double their total home reno spending.

Builders concerned over concrete supply
A B.C. concrete supplier strike at Rempel Bros. Concrete has ended, but concrete supplies are still spotty across B.C. and Alberta.

Luxury homes lead price declines
Median home prices in the most exclusive communities of Metro Vancouver have seen substantial drops over the past year, and overall Greater Vancouver home prices have been drifting downwards for five months.

Prairies will lead economy in 2022
Saskatchewan will lead Canadian provinces in economic growth in 2022, with Alberta and Manitoba ranked No. 2 and No. 3, according to a June 7 provincial forecast from economists at RBC Royal Bank.

Canada needs 400,0000 home starts a year
Canada needs to double its home building activity to 400,000 starts annually—up from the traditional level of 200,000—according to Canadian Home Builders’ Association (CHBA).

Guardian Glass raised prices 40 per cent this month
Guardian Glass, a major supplier of glazing to Canada’s construction industry, has raised the price of glass 40 per cent.

Victoria waterfront house sells for $13.1 million
Upturning the narrative of slowing home prices, a 12,000-square-foot waterfront house in Oak Bay, B.C., sold June 7, 2022, for $13.19 million—a record price for a sale through the Multiple Listing Service (MLS) in the Greater Victoria region.

Housing price slump defies logic for some
Canadian housing prices peaked in February 2022, analysts say, and have been wafting downward ever since in major markets. That is until May, when prices took the sharpest drop month over month since the fall of 2019.

Jeld-Wen won six of last 10 annual Energy Star awards
Jeld-Wen of Canada has been named the Energy Star Manufacturer of the Year in the Windows and Doors category for 2022.

B.C. tower engineer fined, fired for incompetence
The chief engineer on an 11-storey residential high-rise in Langford, B.C., that had to be evacuated after it was deemed structurally unsafe, has been fined $25,000 and stripped of his licence.

“Don’t panic” agent urges as May home sales tank
On June 2 a Vancouver real estate agent called on homebuyers and sellers not to panic as housing prices fell month-over-month for the first time in two years and May home sales cratered in Canada’s two largest housing markets.

Surprise: Gen Z want to buy in the suburbs
Most Gen Z homebuyers in Canada want to purchase in the suburbs of a major city, according to Sotheby’s International Real Estate Group and Mustel.

Where you can buy a home for $200,000 or less
The average home price in Canada in April 2022 was $746,000—down marginally from March but up about 25 per cent from April 2021—reports the Canadian Real Estate Association.

First Nation inks services agreement for 11 Vancouver towers
The Squamish Nation signed a services agreement May 25, 2022 with the City of Vancouver for an 11-tower, 6,000-unit residential project that is the largest First Nation-led development in British Columbia’s history.

Construction hiring to increase 36 per cent
According to the latest ManpowerGroup Employment Outlook Survey, Canadian employers anticipate a dynamic hiring climate for the third quarter (3Q) of 2022, including a 36 per cent increase in construction workers when compared with the second quarter.

Minto beat bids for shovel-ready 212-acres in Ottawa
Ottawa-based Minto Group beat out several competing bids to acquire 212 acres in suburban Ottawa that were already approved for development.

Small pools a top outdoor trend this summer
Small swimming pools, sometimes called cocktail pools, are a hot trend in the residential backyard renovation market this year, manufacturers say.

Soaring material costs may stall housing starts
Despite having the highest new home prices in Canada, housing starts in Metro Vancouver are down 40 per cent during the first quarter of 2022, compared to last year.

Housing sales plunge in Toronto and Vancouver
Canada’s two hottest housing markets—which have dictated headlines and government response to the residential market over the last two years—saw home sales crash in April 2022.

Housing shortage remains a problem according to CMHC
A shortage of housing supply has been the predominant issue impacting housing affordability, according to the Canada Mortgage and Housing Corporation (CMHC).

Calgary home sales hit another record
Following an all-time record high month for sales in March 2022, Calgary housing sales have set a record high for April, reports the Calgary Real Estate Board (CREB).

Cool new shower design floated
Montreal-based faucet manufacturer Baril is launching a new collection with luxury fashion house Maison Marie Saint Pierre.

Even with hikes, mortgage rates remain low
The Bank of Canada (BoC) warned it is prepared to raise interest rates “forcefully” to help tame inflation, including higher housing prices.

Tallest Passive House tower approved in Vancouver
Montreal-based developer Brivia Group plans on building the world’s tallest Passive House building with the 60-storey residential tower named Curv near downtown Vancouver.

B.C. union move shocks construction industry
The British Columbia NDP government is proposing changes that will make it easier for workplaces to unionize, a move that has “appalled” the B.C. Construction Association (BCCA).

Edmonton, Calgary “most affordable” cities
Edmonton is the most affordable major city for housing in Canada. Calgary is in among the top 10 most affordable cities in the world.

B.C. home builders rap municipalities for high costs, delays
The Canadian Home Builders’ Association of BC (CHBA BC) is disputing a new report from the Union of B.C. Municipalities (UBCM) that discusses progress made on affordable housing and the approach that should be taken to address the issue.

Nearly a third of new immigrants plan to leave Canada
A new national survey conducted by Leger on behalf of the Institute for Canadian Citizenship (ICC) challenges some cherished Canadian assumptions about immigration and citizenship.

Housing markets cooling, led by Greater Toronto
After nearly two years of a booming market and one of the highest March sales performances on record, data suggests signs Canada’s housing market is slowing down.

Federal budget heavy on housing
The budget promised to introduce tax-free savings accounts to give first-time home buyers the chance to save up to $40,000. Contributions would be tax-deductible and withdrawals to buy a first home would not be taxed.

Three hot ideas from the Interior Design Show
The Interior Design Show, held in Toronto over the April 8-10 weekend, had many great kitchen appliance ideas, but these three were the hottest, according to expert chef Devin Connell from Thermador and health and wellness expert Zehra Allibhai from Bosch.

“Affordable” homes go modular in Toronto
The City of Toronto received $440 million from the Canadian government’s Rapid Housing Initiative (RHI). This funding will help construct hundreds of new homes and create thousands of jobs for citizens in need, the federal government said in a release.

Home sales surge in small-town Saskatchewan
Small-town Saskatchewan real estate agents are reporting a substantial increase in housing sales with transactions hitting record highs for some of the lowest-cost homes in the country.

B.C. mandates ‘cooling off’ period for homebuyers
A cooling-off period is coming for resale homes in British Columbia, but the province has yet to announced the details of the regulation, including where and when it will be applied and how long the period would last.

High housing prices could push families out of GTA
As typical new condo apartment prices soared over $1.1 million in February and new detached house prices neared $1.9 million, the president of Toronto’s Building Industry and Land Development Association (BILD) warned high home prices may drive families out of the Greater Toronto Area (GTA).

Wood frame construction costs trump land values
The cost of residential construction in Metro Vancouver and the Greater Toronto Area (GTA) is now challenging land costs as the biggest factor in wood frame construction, according to builders.

Buyers moving back into urban condo market
Homebuyers are increasingly heading back into the urban condo market—reversing a trend seen during the COVID-19 pandemic.

29,000 tradespersons needed by 2027
BuildForce Canada estimates the country will be short as many as 29,000 skilled tradespersons over the next five years, due to retirement and demand for construction workers and other skilled trades.

Housing starts fall in Quebec and B.C.
Canada-wide housing starts reach 247,300, seasonally adjusted, in February 2022—up 8 per cent from January 2022. Four provinces saw starts decline, month-to-month, according to Canada Mortgage and Housing Corp (CMHC), including two of the largest.

PCA pledges construction jobs to Ukraine refugees
The Progressive Contractors Association of Canada (PCA), whose member companies build major infrastructure and capital projects across Canada, is offering to work with our federal and provincial governments to help Ukrainian refugees make Canada their home.

Contractors raising funds for Ukraine
The 3,500-member Independent Contractors and Businesses Association (ICBA) is spearheading a fundraising effort in B.C.’s construction industry to help the people of Ukraine.

Toronto, Vancouver set new home price highs
After three years of multiple government attempts to bring down the cost of housing in Canada’s two hottest housing markets one thing has become clear: They have all failed.

Bank of Canada raises rate – and rate hikes may continue
The Bank of Canada (BoC) raised its key overnight lending rate March 2 by 25 basis points to 0.50 per cent—first rate increase since 2018. This marks the first time the rate has been above 0.25 per cent since 2020.

Calgary home sales soared 80.5 per cent in February
Calgary’s economy is beginning to look at lot brighter as the global price of oil tips over US$115 and spills into a suddenly red-hot housing market.

Canada more affordable than most believe
With an average monthly mortgage payment of US$2,188 and average rent for a three-bedroom home at US$1,414 per month, Canada is ranked tenth in the world for having the widest gap between renting and buying a home.

Bank of Canada rate hike expected March 2
The Bank of Canada is widely expected to raise its overnight lending rate during a scheduled meeting March 2, 2022, for the first time since the pandemic started in 2020.

Canada’s rental vacancy holds steady at 3.2 per cent
The national vacancy rate remained the same in 2021 following a pandemic-induced spike in 2020.

Construction contractors needed in. B.C.
Construction workers in the rest of Canada should take notice: British Columbia will need to hire a lot of tradespeople starting in 2022.

Lumber, civic fees will drive home prices higher
Expect higher residential construction costs this year, experts say, because among other reasons lumber prices are starting to increase again and government fees are consistently rising.

New home purchases are the main driver of mortgage debt
Purchase of new property is the main driver of mortgage debt for chartered banks—notably in the uninsured space. In the third quarter of 2021, close to $58 billion worth of residential mortgages were extended—up more than 60 per cent compared to the same period in 2020.

Canada’s large urban centres continue to grow and spread
In 2021, nearly three in four Canadians (73.7 per cent) lived in one of Canada's large urban centres—up from 73.2 per cent five years earlier.

Vancouver losing people for first time in 40 years
According to the latest population estimates released by Statistics Canada, Vancouver’s population dropped by more than 6,780 people from 2020 to 2021.

Higher down payment eyed for housing investors
The federal government is considering raising the down payment required for those buying a second home.

B.C. home prices forecast to rise further 8.5 per cent
British Columbia, which already has the most expensive housing in Canada, will see average prices increase a further 8.5 per cent in 2022—going above $1 million provincewide for the first time, according to the latest forecast from the B.C. Real Estate Association (BCREA).

Kitchen trends to watch in 2022
Toronto-based AyA Kitchens, a leading Canadian cabinetry manufacturer, says the top kitchen trends for 20221 focus on “health, sustainable quality and a touch of country charm.”

Annual construction cost guide details price hikes
The annual Altus Group’s Canadian Cost Guide 2022, tracking hard construction costs across Canada, has been released and it shows a sharp increase in costs in 2021 compared to 2020.

Actual housing starts rose 21 per cent in 2021
The seasonal trend in Canadian housing starts was 260,567 units in December, down from 267,606 units in November, according to Canada Mortgage and Housing Corporation (CMHC), but actual starts for all of 2021 were higher.

Pandemic pushed luxury home sales to new highs
Demand for Canadian luxury properties shifted into high gear from coast to coast in 2021 as both domestic and non-resident consumption of residential real estate reached new levels, according to a new report from Re/Max Canada.

Construction price documents revised
The Canadian Construction Documents Committee’s (CCDC) standard prime contract between owners and general contractors is a well-known and widely-used document in the construction industry.

B.C. getting tough on asbestos risk
British Columbia is increasing regulations for asbestos work, including the registration of contractors.

Rebuild costs drive home insurance rates higher
A rush of renovations ,the cost of home building materials and is pushing home insurance costs higher in 2022, according to insurance industry experts.

Proposed tax on $1 million homes appears to be non-starter
A report from a group partly funded by Canada Mortgagee Housing Corp. (CMHC) is calling for tax on homes priced at $1 million or more.

Contractors will battle supply issues in 2022
An Independent Contractors and Businesses Association (ICBA) survey of its members found the majority of firms see supply chain issues as a prime concern.

Alberta drawing most U-Haul movers
Alberta welcomed more one-way U-Haul truck customers than any other province in 2021, according to data compiled for the annual U-Haul Growth Index.

Affluent Edmonton suburb expands by 3,000 acres
St. Albert, an affluent community of 66,000 within Greater Edmonton, will expand in January by more than 3,000 acres.

Big lenders banking on hot housing market in 2022
The majority of Canada’s biggest mortgage lenders are forecasting a robust housing market this year, with some seeing double-digit sale increases and sharp price hikes, despite rising lending rates and a shortage of homes for sale.

CREA says sales will slow but prices rise in 2022
The Canadian Real Estate Association (CREA) forecasts housing sales will moderate next year, but prices will remain high and will accelerate into 2022 due to a lack of supply.








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