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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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Quantitative Tightening – When Will the Paint Dry?
Global financial markets faced unprecedented disruption when economies shut down in response to the global COVID-19 pandemic. To support financial markets, the Bank of Canada launched 10 liquidity facilities and asset purchase programs. As markets recovered from the initial shock, the central bank refocused their operations from ensuring that markets functioned to using these tools…
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Housing Abundance is the Best Rent Control
Despite the presence of various rent control regulations and policies across Canada, doubts persist about their effectiveness in curbing inflation in the housing market. Rent control measures vary across Canadian provinces. Quebec publishes annual rent guidelines, while British Columbia had a 2% cap in 2023, rising to 3.5% in 2024. In Ontario, rent hikes are…
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