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A Tale of Two Cities
A cornerstone of the federal housing strategy is to encourage municipalities to change their land use framework and make missing middle and affordable housing developments more accessible. A recent report by Frank Clayton at Metropolitan University examines why housing affordability in Toronto, Ontario’s largest metropolitan area, has deteriorated much more than Ottawa, the province’s second-largest…
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Shifting into Neutral
It seems safe to assume that we have seen the last of interest rate hikes in the policy cycle. Both Governor Macklem and Fed Governor Powell have indicated that rates are sufficiently high. Market watchers are now focusing on when and how quickly the Federal Reserve and the Bank of Canada will begin lowering interest…
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Lowering the First Rung on the Housing Ladder
A recent report by Ontario’s Municipal Property Assessment Corporation (MPAC) highlights the scarcity of homes under $500,000 in Ontario. In 2013, 74% of residential properties had a value below this threshold. Today, just 19% of homes are valued below $500,000. While this situation varies from province to province, it highlights the significant challenges faced by…
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Slow Progress on the Last Mile to 2% Inflation
The final mile on the road to achieving the Bank of Canada’s 2% inflation target will not be an easy one. After witnessing inflation surge to a four-decade high in 2022, most of the subsequent disinflation has been a result of falling oil prices and global supply chain improvements. Despite the Bank signalling a halt…
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The Façade of Affordable Housing
Urban planning tends to focus on architectural design and community needs without considering market forces. This can lead to potential mismatches between what is planned and what is feasible or sustainable from an economic perspective, impacting the long-term success and viability of urban projects. One crucial aspect often overlooked by politicians and urban planners is…
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Canadian Economy Dodges a Recession
Canada’s GDP saw another below trend performance in the fourth quarter of 2023. The economy grew by 0.99% quarter-over-quarter annualized (q/q) in Q4, with a revision for Q3 showing an improvement from -1.1% to -0.5% q/q. Additionally, January’s flash estimate indicated a monthly increase of +0.4%. Stripping out external factors, final domestic demand came in…
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Affordable Housing for Cars or People?
Developing government-held land is crucial to addressing the housing affordability crisis, but execution presents significant challenges. Last week, Hamilton city council faced a deadlock, with an 8-8 split vote rejecting a proposal to construct 67 new affordable homes on city-owned land currently being used as parking lots. Reaching consensus proved difficult, even though the plan…
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