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2023 News Index

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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