housing affordability

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

By:Building .caPosted: Jan 26th, 2023In: ConstructionNews

OTTAWA – The Bank of Canada delivered what it expects to be its last interest rate hike of the cycle as it pauses to assess the effects of higher rates on the economy. The central bank raised its key interest rate by a quarter of a percentage[...]

Residential construction industry raises funds for housing projects for homeless

By:Building .caPosted: Jan 20th, 2023In: ConstructionNews

The residential construction industry raised more than $1.4 million for construction of two projects in Toronto that provide housing to those who are experiencing homelessness or at risk of experiencing homelessness. The funds were used[...]

B.C. plans to streamline housing permit approval process to get more homes built

By:Building .caPosted: Jan 17th, 2023In: ConstructionNews

VANCOUVER — The British Columbia government is creating a single hub for developers to get provincial approval to build homes, in a bid to accelerate a housing permit process that has forced them to wait[...]

Vancouver market takes ‘wait and see’ approach as Dec. sales fall 52% from year ago

By:Building .caPosted: Jan 7th, 2023In: ConstructionNews

Greater Vancouver ended 2022 with another month of prospective homebuyers taking a “wait and see” approach, which the region’s real estate board said pushed down sales by 52 per cent and prices three per cent[...]

Toronto city council approves plan to allow for greater density in residential areas

By:Building .caPosted: Dec 21st, 2022In: ConstructionNews

Toronto city council has approved a sweeping housing plan that will significantly transform zoning bylaws in an effort to address the affordability crisis. A majority of councillors — 23 out of 26 — voted in[...]

Toronto’s housing plan could take years to improve affordability for renters: experts

By:Building .caPosted: Dec 20th, 2022In: ConstructionNews

Toronto’s recently approved housing plan is a good step forward but it could take years before the increase in supply makes renting more affordable in the city, urban planners and experts say. Toronto city council[...]

Mortgage stress tests unchanged despite housing market slowdown

By:Building .caPosted: Dec 19th, 2022In: ConstructionNews

Mortgage stress test levels were left unchanged Thursday as the federal banking regulator and Department of Finance favoured a cautious approach over calls to relax tests to help a slowing housing market. The Office of the Superintendent[...]

Bank of Canada governor says rate hikes are working but it needs to stay the course

By:Building .caPosted: Dec 13th, 2022In: ConstructionNews

The Bank of Canada expects to see a clear pullback in inflation by the spring, but it isn’t taking any chances in its efforts to get the inflation rate back to two per cent, said governor Tiff Macklem on[...]

Renting increased by three times the rate of home ownership in last decade: RBC

By:Building .caPosted: Dec 12th, 2022In: ConstructionNews

TORONTO – Royal Bank of Canada economists say the country has reached a record number of renters as the number of people renting has increased at three times the rate of homeowners in the past[...]

Ford to Crombie, mayors criticizing housing law: ‘Get on board’ and ‘stop whining’

By:Building .caPosted: Dec 9th, 2022In: ConstructionNews

The mayor of Mississauga and other municipal leaders who have voiced opposition to a new provincial housing law need to “get on board” and “stop whining,” Ontario Premier Doug Ford said Wednesday in an unprompted[...]