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Home Construction Dipped Slightly in December | Economy
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Home Construction Dipped Slightly in December | Economy

New home construction slipped modestly in December as mortgage rates remained high, the Census Bureau and the Department of Housing and Urban Development reported on Thursday.Building permits declined 1.6% from a month earlier, and housing starts were down 1.4%. While the permit numbers came in below estimates, housing starts were better. Still, the numbers were a little better than estimates but still reflect the slowdown in the housing market from the Federal Reserve’s campaign to raise interest rates to arrest inflation. Mortgage rates have doubled in the past year, affecting the affordability of new homes.However, recent improvement in the trajectory of inflation over the past two months and a general slowdown in the economy have brought mortgage rates down by about one point and bu...
Ontario passes law boosting ‘strong mayor’ powers in Toronto, Ottawa
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Ontario passes law boosting ‘strong mayor’ powers in Toronto, Ottawa

By Staff The Canadian Press Posted December 8, 2022 12:30 pm Descrease article font size Increase article font size TORONTO — Ontario has passed legislation that allows Toronto and Ottawa to enact certain bylaws even if a minority of councillors are in favour, capping off a whirlwind of widely criticized housing-related moves. The latest bill allows the province to appoint the regional chairs in Niagara, Peel and York, and boosts so-called strong mayor powers that the government gave to Toronto and Ottawa earlier this year.The first set of powers allowed the leaders to v...
Pending Homes Fall 4.6% in October, Fifth Month of Decline | Economy
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Pending Homes Fall 4.6% in October, Fifth Month of Decline | Economy

Pending home sales fell for the fifth consecutive month in October, as high mortgage rates dampened demand, the National Association of Realtors reported on Wednesday.Three of four U.S. regions recorded month-over-month decreases, but the entire country saw year-over-year drops in transaction activity."October was a difficult month for home buyers as they faced 20-year-high mortgage rates," said NAR Chief Economist Lawrence Yun. "The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain."The housing sector has been the area of the economy most affected by higher interest rates as the Federal Reserve attempts to corral inflation, now running at a 7.7% annual pace.“Contract signings for existing hom...
Guelph mayor in favour of most proposed legislation to build more housing – Guelph
Global News

Guelph mayor in favour of most proposed legislation to build more housing – Guelph

The Mayor of Guelph is intrigued with the prospect of more housing being built in the Royal City. The Ford government recently introduced the More Homes Built Faster Act, a bill that, if passed, would ensure cities, towns and rural communities grow with a mix of ownership and rental housing types that meet the needs of residents.Minister of Municipal Affairs and Housing Steve Clark said in a news release on Tuesday, “This is not just a big-city crisis: the housing supply shortage affects all Ontarians, including rural, urban and suburban, north and south, young and old.”He said, “Our Housing Supply Action Plan is creating a strong foundation on which 1.5 million homes can be built over the next 10 years.”In that plan, 18,000 homes would be built in the city of Guelph, according to...
Calgary rally calls for rent control across Alberta as prices continue to rise – Calgary
Global News

Calgary rally calls for rent control across Alberta as prices continue to rise – Calgary

A group representing renters’ rights called for rental rates to be capped during a rally in Calgary on Saturday. The ACORN Tenant Union organized the rally outside of the Boardwalk head office in southwest Calgary to advocate for rent control across the province.ACORN Canada is a national independent organization of low and moderate-income people with more than 140,000 members in more than 20 neighbourhood chapters across nine cities. Read more: Renter households in Calgary growing faster than home ownership rates: census Read More Renter households in Calgary growing faster than home ownership rates: census “What tenants are going through is unacceptable for the ...