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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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Cautious Optimism for the B.C. and Ontario Housing Markets
Momentum in the Ontario and B.C. housing markets persisted into the new year, with home sales continuing to rise in January. Seasonally adjusted MLS® sales were up 6.9% in Ontario and 4.5% in B.C. from the prior month. Home prices in B.C. rose in January after fluctuating up-and-down since mid-year 2023. However, prices are still…
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Federal Lands Affordability Initiative – Old Wine in a New Bottle
The federal government is looking at how to better leverage public land to support affordable housing initiatives, according to a recent announcement from Housing, Infrastructure and Communities Minister Sean Fraser. The intent of the initiative is to develop new housing on existing federal land. The minister cited examples of constructing a 60-story residential building on…
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