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2023 News Index

Children of homeowners more likely to buy homes
House and condominium apartment prices have increased markedly in recent years. There are various reasons why younger Canadians are able to buy homes.

Saving for first home
The Tax-Free First Home Savings Account allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment.

Land shortage threatens Ontario's housing targets
BILD and OHBA want the province to ensure ample land is available for a market-based housing supply to meet forecasted growth to 2051.

Federal government unveils pre-approved home designs to tackle housing crisis in 2024
Post World War II strategy to ramp up housing construction across Canada inspires the federal government.

Empowering workforce development through apprenticeship
The Canadian Apprenticeship Service (CAS) program serves as a beacon for employers seeking to bolster their workforce in the dynamic landscape of skilled trades. This not-for-profit, federally-funded program aims to provide crucial support to companies by offering non-repayable grants...

Affordable homes for women underway in Vancouver
The federal government recently announced construction has started on 135 homes for women and women-led families in Vancouver.

MX FUEL battery now charges faster and lasts longer
Compared to the previous MX FUEL model, Milwaukee's MX FUEL REDLITHIUM FORGE HD12.0 battery pack provides twice as much runtime.

Ontario Government trying to reach housing targets
Ontario’s Minister of Municipal Affairs and Housing, Paul Calandra, told representatives from over 75 organizations that collaborative effort is required to address the ambitious goal of constructing at least 1.5 million new homes by 2031.

Home sales continue downward trend
Recent figures released by the Canadian Real Estate Association (CREA) show national home sales declined 5.6 per cent on a month-over-month basis in October 2023.

Residential construction costs on the rise
The construction landscape is evolving and Statistics Canada data provides a glimpse into the changing dynamics of the industry.

CMHC Mortgage Consumer Survey: Buyer Profiles
50% of respondents said that their financial situation was impacted by the rise in mortgage interest rates. This jumps to 74% when including those who anticipate being impacted soon.

CREA sees sales, price rebound in 2024
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity and average home prices of Canadian real estate boards and associations for 2023 and 2024.

B.C. mandates super density near transit stations
The government of British Columbia has planned legislation to speed up delivery of homes and mandate very high density near transit hubs.

Immigrants matched to hard-hat labour gaps
The Canadian Construction Association (CCA) supports the federal government’s new immigration plan which recognizes that immigration levels need to be matched to labour needs—including those of the construction sector.

Metro Vancouver defies feds to boost DCC rates
British Columbia’s Metro Vancouver regional district has defied a warning from the federal housing minister by voting for dramatic increases on its development cost charges (DCCs) on new residential development.

Reno hack: low-cost ‘marble’ countertop
Real marble kitchen countertops are cool and beautiful. They are also expensive and susceptible to staining. But a new line of faux marble countertop resurfacing paint kits offer a very low-cost solution.

BoC holds target rate at 5 per cent
As expected, the Bank of Canada (BoC) left its overnight target rate at 5.00 per cent at its October 2023 setting, which means the prime rate will stay at 7.20 per cent for variable-rate mortgage borrowers.

3D concrete homes printed in Alberta
An Alberta First Nation is building the largest 3D concrete printed housing project in the province with a series of fourplexes near Calgary.

Toronto’s The One luxury tower falls into receivership
The One, a Toronto luxury development billed as Canada’s tallest commercial condo building, has entered receivership because of unpaid debts to senior secured lenders.

Housing starts fall far behind immigration growth
Canada is falling farther behind the projected new homes required to meet soaring immigration levels, a new report from the Fraser Institute confirms.

Sales “surprise” at luxury Vancouver condo tower
Even veteran real estate broker Jacky Chan is surprised at the buyer action that met the Curv in Vancouver—the tallest Passive House tower in the world and among the most expensive condo developments the city has ever seen.

Construction group cheers end of Impact Assessment Act
The Supreme Court of Canada ruled October 13, 2023 that the Impact Assessment Act, formerly known as Bill C-69, as unconstitutional. The Independent Contractors and Businesses Association (ICBA) is calling the decision an unequivocal victory for Canada’s economy and workers.

Rental GST waiver eases financing costs
The federal government has waived the goods and service tax (GST) on new rental construction, easing the pain of higher lending rates for rental developers offered via Canada Mortgage and Housing Corp.-insured loans.

Experts see interest rate cuts in 2024
BMO Economics released its updated interest rate forecast on October 5, 2023. The new forecast is for a total of 50 basis points (0.50 per cent) of rate cuts in 2024, down from its previous forecast of 0.75 per cent.

Calgary home sales on record-setting roll
Calgary housing sales reached another record high in September 2023 with 2,441 transactions, but a housing shortage is looming in this current seller’s market, according to the Calgary Real Estate Board (CREB).

Montreal starts plunge 58 per cent in first half of 2023
Montreal housing starts plunged 58 per cent during the first six months of 2023, to 5,927, compared to the first half of 2022, the worst performance of six major cities in Canada, according to Canada Mortgage and Housing Corp. data.

Feds increase rental funding by 50 per cent
The federal government announced a significant increase in the annual limit for Canada Mortgage Bonds from $40 billion to $60 billion—unlocking $20 billion in new financing to facilitate the construction of an additional 30,000 rental apartments per year.

Annual study snapshots renovation spending
HomeStars has released its annual Reno Report based on a national survey of Canadian homeowners who have renovated in the past 12 months, which includes an outlook into spending into 2024.

August home sales slow across Canada
The Canadian Real Estate Association (CREA) reports seasonally adjusted home sales totalled 38,345 in August 2023—down 4.1 per cent from July 2023.

Vancouver building permit takes nearly a year
The City of Vancouver’s own data refutes its pledge to speed up approvals for residential building permits to help overcome a housing shortage.

As GTA land vanishes, Calgary opens another 400 acres
Two Canadian cities are a study in contrast when it comes to residential land.

New mortgages fall to 18-year low as rates rise
Mortgage borrowing fell in the second quarter (Q2) of 2023 fell to its lowest level since 2020, and to its second-lowest level since 2003. Households borrowed $17.1 billion in funds in Q2, extending the trend of slower borrowing demand seen over the past three quarters.

Vancouver rezones single lots for higher density
The City of Vancouver unanimously approved a plan to rezone nearly every single-family detached house lot in the city to allow for four to six housing units on each site.

Rate hikes may not be over: Bank of Canada
The Bank of Canada (BoC) did not raise interest rates during its September 6, 2023, meeting but has warned it is willing to do so if inflation rears its head.

Residential conversions pays off for Calgary office owner
The August 2023 sale of a downtown Calgary mixed-use tower is showing the benefits of converting office space to housing units.

Metro Vancouver pushes for prefab homes
During a housing supply crisis and a looming shortage of construction worker, Metro Vancouver has endorsed a plan to promote prefabricated construction of multi-family buildings.

What’s hot in faucets for 2024
The Interior Design Show will be held September 21 to 24, 2023, in Vancouver and runs from January 18 to 24, 2024, in Toronto. And kitchen technology promises to be a highlight of both shows.

Premium plywood hits Canadian market
A new composite plywood developed in Europe is now on the Canadian market. Purchased in 2022 by U.S.-based Carlyle Group for $725 million, Garnica, a Spain-based manufacturer of premium sustainable plywood using various wood species and even waste wood, is now selling its products through four Canadian distributors.

Greater Toronto sales cooled in summer
The Greater Toronto Area (GTA) new home market slowed down considerably in July 2023, as rising interest rates left prospective buyers cautious during a typically a quiet month for new home sales, the Building Industry and Land Development Association (BILD) announced August 23.

Verdict: Feds to blame for housing woes
Three recent and separate national surveys conducted by different polling companies suggest a large proportion of Canadians believe the federal government is the leading factor for Canada’s current housing affordability and supply crisis.

Canada needs to build 5.8 million homes in 10 years
Canada, encouraged by housing experts and the non-profit sector, needs to build 5.8 million homes over the next decade, including 2.2 million dedicated rental units, according to an August 15, 2023, report by the Real Property Association of Canada (REALPAC) and the Canadian Alliance to End Homelessness.

Home prices spiked month over month
July 2023 Canadian resale home prices posted the second-highest increase recorded in a single month since July 2006, according to the Teranet-National Bank composite index.

B.C. to mandate AC in new homes
A recent modification to the British Columbia building code will mandate that at least one room in a new home be equipped with an air cooling system.

First homes retrofitted in $500M federal pilot
A new national pilot project will see up to 15 homes in Vernon, B.C., retrofitted with energy-saving upgrades—and more could be on the way right across Canada.

Canadians big buyers of U.S. homes
While American citizens—like all foreigners—are currently banned from buying homes in Canada for two years, Canadians have become the second-largest buyer of residential properties in the United States.

Feds recruit immigrants as home builders
Facing a new housing shortage during an immigration surge and lack of tradespeople, the federal government is recruiting more immigrants into the construction trades.

Calgary not alone in home sales surge
Despite recent back-to-back Bank of Canada interest rate hikes, housing sales in Calgary reached an all-time high of 2,467 transactions for July 2023—up 18 per cent from a year earlier according to the Calgary Real Estate Board (CREB).

“Missing middle” a miss for house owners
A widespread government proposal to create more affordable housing through large-scale rezoning of detached-house neighbourhoods into multi-unit housing rentals has run into a problem.

Top five landscaping mistakes to avoid
U.S.-based TurfMutt Foundation, which encourages outdoor renovations and landscaping, has released the following top back yarding renovation mistakes to avoid:

Vancouver residential land sales plunge 80 per cent
Metro Vancouver has seen an 80 per cent decline in sales of land for residential development in the first half of 2023 compared to a year earlier, according to commercial real estate brokerage Avison Young.

Ontario cities fall behind housing targets
Most Ontario cities are falling far behind the housing construction targets set by the provincial government, new housing starts date shows.

Multi-unit housing starts revived in June
A declining trend in housing starts seen over the last several months reversed slightly due to a significant increase in actual housing starts in June 2023 with multi-family action leading the way, according to Canada Mortgage and Housing Corporation (CMHC).

Move-up buyers led market surge
Buyers looking to upsize their homes drove the surge of housing activity between interest rate hikes in the first half of 2023, according to a new report from Re/Max Canada.

Solar roof shingles a hard sell
Solar roof shingles, a new product that mimics asphalt roof shingles while providing solar power to a house, continue to be a hard sell in sun-challenged Canada.

National rents hit record high
Average rent prices in Canada hit a record high in June, driven higher by strong population growth and continued demand outpacing new supply.

Latest rate hike spooks housing market
Housing sales in Canada will drop 6.8 per cent year-over-year in 2023 as rising mortgage rates derail what appeared a recovering market, according to the Canadian Real Estate Association (CREA).

Vancouver home sales soared 194 per cent from January
Housing sales in Metro Vancouver increased 194 per cent through the first half of 2023 as detached houses and condo apartments neared record high prices according to the Real Estate Board of Greater Vancouver (REBGV).

City of Montreal is “obstructing” new housing starts
City of Montreal administration has obstructed construction of 23,760 new housing units over the past six years charges a study published by the Montreal Economic Institute (MEI).

Markham tower bucks condo sales trend
As sales of new and pre-construction condos in the Greater Toronto Area (GTA) hit a 14-year low in the first quarter of 2023, a new Markham residential tower was meeting aggressive sales targets.

Immigration flow tops 48,000 per month
Canada welcomed more than 145,000 immigrants during the first three months of the year, according to Statistics Canada, a record pace of more than 48,000 newcomers a month.

Homebuilding cost has “never been higher”: RBC
Residential construction costs in Canada have increased 51 per cent since the first quarter of 2020, outpacing the 13 per cent gain for the consumer price index, Royal Bank of Canada economists said in a report published June 28, 2023.

GTA housing demand outstrips supply
The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023, according to the Toronto Regional Real Estate Board (TRREB).

Guest opinion: Multigenerational living could ease housing crisis
Multigenerational living can help reduce financial burdens for all family members, which should be a priority in Canada’s expensive and undersupplied housing markets.

Where to buy homes for under $200,000
The cost of housing in B.C. and Ontario is a major barrier as young people struggle to get careers and families started. In fact, a recent survey found that only 10 per cent of all homes listed for sale in Canada are priced at $200,000 or less.

First Nation home build doubles in Vancouver
Three B.C. First Nations, with the approval of the City of Vancouver, have more than doubled the number of homes they will build on a 90-acre site in the city’s Point Grey area.

Multi-family starts plunged in May
Canadian housing starts fell 23 per cent in May 2023 from a month earlier. And, in a troublesome statistic due to a government push to create affordable housing, multi-family urban starts plunged 30 per cent month-over-month to 139,900 units.

Latest rate hike proving costly
It may have been the surprisingly robust housing market that pushed the Bank of Canada (BoC) to raise the overnight rate by 25 basis points on June 7 bringing the rate to 4.75 per cent and the prime rate up to 6.95 per cent.

AI aids real estate, but it’s not perfect
ChatGPT, developed by tech company OpenAI, is a chatbot capable of generating human-like text based on the prompts it’s given. The tool has captured the attention of real estate professionals—some of whom claim ChatGPT has the ability to revolutionize the business.

New condo projects stalling in Metro Vancouver
Haris Thiara, president of Everest Development Group, of Edmonton, is defending a four-year delay in construction of a nearly sold-out Surrey condo project that is now not expected to complete until December 2024.

Calgary home sales set record in May
Thanks to a significant gain in apartment condominium sales, May 2023 sales rose to 3,120—a new record high for the month—according to the Calgary Real Estate Board (CREB).

Nova Scotia luxury island goes to NYC auction
A luxury residence complete with its own island in Nova Scotia will go to live auction June 14, 2023, in New York City—marking the debut of Canadian luxury homes at the iconic Sotheby’s New York auction house.

More investing in real estate: Royal LePage
According to a recent Royal LePage survey conducted by Leger, 11 per cent of Canadians—approximately 4.4 million people—currently invest in residential real estate.

Residential-density land sales slump in GTA
Sales of development land for high-density residential development have slumped in the Greater Toronto Area (GTA), falling more than 50 per cent from 2022 during the first quarter of 2023.

Calgary resale home prices hit record high
After four months of persistent gains, Calgary resale home prices hit a record benchmark price of $550,800 in April 2023, according to the Calgary Real Estate Board (CREB).

World’s tallest, most expensive, Passive homes rising
Vancouver’s Curv condo tower—expected to break ground in 2024—is slated to be the tallest residential tower in Vancouver at 60 storeys. It will also be the tallest Passive House building in the world according to Montreal-based developer Brivia Group.

Housing starts up 22 per cent month-to-month
Housing starts in Canada increased 22 per cent based on the seasonally adjusted annual rate (SAAR) in April 2023 from a month earlier according to Canada Mortgage and Housing Corp. (CMHC), but a slowdown is expected this year.

Rising mortgage rates spooked homebuyers
After a year of quickly rising interest rates, many mortgage consumers are struggling to make ends meet and to manage debt, as indicated in the 2023 Mortgage Consumer Survey released May 12 by Canada Mortgage and Housing Corporation (CMHC).

Vancouver land values point to higher home prices
Land has become the most sought-after commodity in Metro Vancouver’s real estate market and residential land prices—some at more than $90 million per acre—point to higher housing prices ahead.

Canada’s first 3D-printed homes completed
Huntsman Building Solutions (HBS), Nidus3D, Great Northern Insulation (GNI), and Habitat for Humanity Windsor-Essex have completed the first 3D-printed homes in Canada with plans for more to come in the following years.

Tallest modular housing tower approved
Bird Construction Inc. (Bird) has been awarded a construction management contract to build a 14-storey modular housing project. It would be the tallest modular tower ever built in Canada.

Five more Calgary office towers converted to housing
The City of Calgary has added five more office towers to its office-to-housing conversion program—doubling the number of buildings since the Downtown Calgary Development Incentive Program launched in 2021.

B.C. stonewalling on whether condos allowed under density plan
The B.C. government introduced its Homes for People action plan in April 2023. It calls for a blanket rezoning of all single-detached house lots in the province to accommodate three to four housing units.

Housing starts could fall 32 per cent this year: CMHC
New home construction in Canada could fall by nearly a third (32 per cent) this year compared to 2022 and may not see a recovery until 2025, according to the spring Housing Market Outlook 2023 from Canada Mortgage and Housing Corp.(CMHC)

Home price drop worst in history: Teranet
The Canadian home price index saw a year-over-year decline even worse than the previous record during the 2008 financial crisis, according to a report released April 16. But three cities bucked the trend.

B.C. builders brace for mandatory Energy Step Code
The mandatory Energy Step Code comes into effect across British Columbia on May 1, 2023, after being introduced in a patchwork way through a number of municipalities over the past few years.

Building taxes should go to housing supply
The Residential Construction Council of Ontario (RESCON) is calling on the federal government to begin directing more of the tax revenue it collects from new home construction into housing supply and public infrastructure..

Manitoba contractors cheer prompt payment legislation
Manitoba construction contractors are cheering pending legislation on prompt payment in the industry.

Home sales and prices trending up: CREA
Canadian housing sales increased 4.2 per cent in March 2023 compared to February, and the average house price across the country is up $70,000 from January 1, 2023, to $686,371, according to the Canadian Real Estate Association (CREA).

Houses moved rather than demolished
Two houses being moved to make way for a condominium project in the Greater Victoria community of Esquimalt are going to B.C.’s Songhees First Nation to help alleviate a housing crunch on the reserve.

B.C. home development largest in nearly 20 years
Vancouver-based Edgar Development has launched pre-sales and will begin construction in summer 2023 on the first master-planned residential community approved and moving forward in Port Moody, B.C., in nearly 20 years.

Toronto and Vancouver’s stealthy housing boom
The two biggest housing markets in Canada are in midst of a stealthy housing boom that is running below the radar of media and even real estate boards.

Homebuyer incentive delayed to late 2023
Prospective homebuyers wanting to take advantage of the federal government’s new Tax-Free First Home Savings Account will have to wait longer despite the program’s official launch date of April 1, 2023.

Ottawa amends flawed foreign-homebuyer ban
The federal government has amended its Prohibition on the Purchase of Residential Property by Non-Canadians Act, a two-year ban on foreign buyers that came into force January 1, 2023.

Alberta new home prices stable despite population surge
Big-city Alberta new home prices are holding relatively stable despite a nation-leading increase in population growth due to newcomers.

Metropia launches giant housing project in Markham
Toronto-based developer Metropia has launched Union City, a 12-acre, mixed-use residential community in Markham, Ontario, reflecting a surge in Greater Toronto Area (GTA) housing starts.

Two surprise as most affordable cities ranked
St. John’s, New Brunswick, is, not surprisingly, Canada’s most affordable city for first-time homebuyers according to a new study, but the survey by digital real estate research hub Edmonton Homes (formed by Alberta real estate professionals) holds some surprises.

Housing sales up month-to-month, down annually
Home sales recorded over Canadian multiple-listing serv ices (MLS) posted a 2.3 per cent increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and Greater Vancouver and, for most markets, were the firstr monthly increases in nearly a year.

LEGAL BRIEF: B.C. developers can pre-sell before permits issued
The BC Financial Services Authority (“BCFSA”) has issued a notice to developers , advising that the Superintendent of Real Estate’s Policy Statements 5 and 6 have been amended, effective March 8, 2023.

National sees no mortgage stress at higher rates
Canada’s largest non-bank lender, First National Financial LP, says it hasn’t seen any signs of stress among its adjustable-rate or fixed-rate borrowers who are renewing at higher rates, according to a report in Canadian Mortgage Trends.

RBC can see the bottom from here
The Canadian housing market has not reached bottom yet, but the Royal Bank of Canada (RBC) claims it can see the bottom from here.

Housing starts should increase 50 per cent: study
Canada must increase housing starts by almost 50 per cent to keep fundamental demand from racing ahead of supply given the country's immigration targets, according Desjardins' recent Economic Viewpoint report.

Small, sustainable houses pitched as future trend
A European builder of small houses is extending its pitch to North America by offering tiny houses built to Passive House standards.

Toronto, Vancouver home sales rise in February
Housing sales in Canada’s two bellwether markets increased month-over-month in February perhaps signalling a market recovery could be coming sooner than expected—especially in the western market.

Foreign-buyer ban threatens new multi-family housing
British-based Grosvenor Group is currently developing a large-scale project in Burnaby, B.C., that will deliver 450 below-market rental homes and 2,100 market rental units into a market starved for rental housing.

Canada could see one million immigrants this year: report
The true level of foreign newcomers to Canada in 2023 could be more than double official targets, according to economist Benjamin Tal of CIBC Capital markets, which looked at the housing demand linked to immigration.

Toronto developer plans to “decarbonize” new homes
Toronto-based builder and developer Daniels Corp has unveiled a ‘decarbonization roadmap’ as it develops Brampton, Ontario’s largest low-carbon, master-planned community.

Housing starts tumble and Ottawa leads the slide
Canadian housing starts fell 13 per cent in January 2023 from a year earlier, but they plunged dramatically in some parts of the country—including Ottawa.

Massive Alberta subdivision underway
Centron Real Estate Development has broken ground on a massive 580-acre subdivision in Chestermere that will be developed into more than 3,500 homes for south central Alberta.

TRREB sees GTA sales rally in second half
Home sales and prices in the Greater Toronto Area (GTA) are expected to start rising in the second half of 2023, according to the city’s real estate board, with competition among buyers also expected to heat up.

Three kitchen trends that are expected to last
Caesarstone, Thermador and AvA Kitchens has outlined what the companies believe are three 2023 kitchen trends that will last.

Major Vancouver developer files for credit protection
A major Vancouver developer specializing in high-rise condominium towers has filed for creditor protection with $700 million of debt tied to 16 active residential real estate projects in the city.

GTA developers cautious on new condo projects
At the Toronto Under Construction conference held January 25, 2023 attendees heard Greater Toronto developers may see a failure to launch new condo projects into the headwinds of higher lending and construction costs.

Vancouver realtors put brave face on bad numbers
The Real Estate Board of Greater Vancouver (REBGV) has released a rather bullish forecast in the face of what it concedes is one of the worst months for sales in its history.

Construction outlook solid amid rising costs
The home building industry appears poised for continued growth this year—even amid rising construction and financing costs—according to the 2023 Construction Cost Guide released by Altus January 26, 2023.

BoC rate hikes may be over for 2023
Some analysts see the Bank of Canada (BoC) halting interest rate increases after it boosted the overnight rate by 25 basis points to 4.50 per cent on January 25, 2023. BoC marked an unprecedented eight straight increases in the past twelve months.

Rental vacancies tumbled to 1.9 per cent
Despite a marked increase in rental supply in many of Canada’s largest cities, surging demand pushed the national vacancy rate for purpose-built rental apartments down from 3.1 per cent to 1.9 per cent in 2022.

B.C. promises “one-stop shop” permit approvals
British Columbia unveiled a “one-stop shop” approach to provincial permitting to help speed up construction of new homes in the face of a housing crisis.

Edmonton tops in building permits approvals, GTA last
Alberta’s biggest cities topped 2022 Municipal Benchmarking Study released by the Canadian Home Builders’ Association (CHBA) released its ranking how local development processes, approvals, and charges affect housing affordability and supply across Canada.

Mortgage regulations could tighten further
As Canada’s housing sales plunge and prices in different markets plateau or tumble, the Office of the Superintendent of Financial Institutions (OSFI) is dreaming up new ways to make it even harder to afford a home.

Caesarstone brings triple threat to Interior Design Show
Caesarstone, considered one of world’s largest suppliers of solid-surface kitchen countertops, has unveiled a triple threat of multi-materials at design shows this winter.

Bankers more bullish than realtors in price outlook
While a recent Point2PointHomes national survey showed that housing costs have increased 14 per cent in the past five years, despite the recent dip in prices, analysts have different opinions on where prices are headed this year.

Strong job growth may signal interest rate hikes
Strong and growing job creation in Canada is not all good news, a mortgage broker warns, because it may lead to fears of inflation and further hikes in lending rates by the Bank of Canada (BOC).

Indigenous group seeks control of $300M housing fund
A new Indigenous group is seeking control of $300 million in federal government funds meant to deliver housing to First Nations across Canada.

New suite renovation tax credit launched
Canada's new federal Multigenerational Home Renovation Tax Credit (tax credit) came into effect January 1, 2023, to help provide more living space in an existing house.

Five social-housing contractors charged with fraud
The Public Prosecution Service of Canada has filed a preferred indictment against five contractors in Brandon, Manitoba, according to Construct Canada.

“Cooling off period” comes to a cold market
Despite a swiftly cooling housing market in British Columbia—with sales down about 50 per cent from a year ago and it now taking weeks for an average home to sell—the provincial government has introduced a “cooling off period” for homebuyers.

Housing starts ‘flat’ as 2022 nears end
The standalone monthly seasonally-adjusted annual rate (SAAR) of total housing starts for all areas in Canada was flat in November, with a minor decline of 0.2 per cent (to 264,159 units) compared to October (264,581 units), according to Canada Mortgage and Housing Corporation (CMHC).

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