Industry relevant major event news articles being posted here for your reference. Please view Weekly Headlines to view all news posts for the week, and previous weeks.
November 1st, 2024 Headlines
Shelter price inflation remained high at 5.0% in September, driven partly by elevated mortgage rates
mortgage interest costs rose 16.7% - main contributor to headline inflation
Home resales expected to grow by 2.0% in 2024, and 13.4% in 2025
average resale price is projected to increase by 0.3% in 2024, and 4.7% in 2025.
Key Highlights:
Investments in Municipal Housing Infrastructure:
Nearly $2B directed to municipal housing-enabling infrastructure through the Housing-Enabling Water Systems Fund (HEWSF) and Municipal Housing Infrastructure Program (MHIP)
includes funding 54 water infrastructure for approximately 500,000 new homes across Ontario.
Cutting Red Tape to Build More Homes Act: New legislation aims to reduce costs and speed up home construction by reducing regulatory barriers
( EX: flexible parking requirements near transit)
Building Faster Fund: rewarded municipalities that meet or exceed 80% of their housing goals, providing over $260 million in funding.
HST Reduction on New Purpose-Built Rentals:
provincial portion HST removed on qualifying new purpose-built rental housing
Homeowner Protection Act:
bans the registration of Notices of Security Interest (NOSI) on titles for consumer goods, providing stronger protections for homeowners.
revised housing start projections: 81,300 for 2024
87,900 predicted in the budget
125,000-home target—highlight the need for continued, focused action
October 25th, 2024 Headlines
I'm glad to pass on the news from the Bank of Canada announcement today of a 50 basis point reduction in interest rates, bringing the BoC rate down to 3.75%. This brings in opportunity in the market for both buyers and sellers to take advantage of. For further advice on how to navigate through this market as a buyer or seller, feel free to reach out at any time.
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