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Strata insurance costs creating new crisis

Increasing rates adding to housing affordability pressures Skyrocketing strata insurance costs need addressing by the provincial government before B.C.’s housing crisis worsens as a result, Union of B.C. Municipalities delegates voted Sept. 23. Delegates voted 92% in favour of the resolution. Coun. Craig Hodge said rates have gone up 40% and deductibles in some cases tripled. A resolution before delegates said increased costs are making it harder for stratas, and non-profit housing providers have experienced substantial cost increases to insurance premiums and have found it difficult to secure insurers. Victoria recently announced it is proceeding with several regulatory changes to address a

House prices will fall even if worst-case scenario averted: CMHC CEO

Canada Mortgage and Housing Corporation President and CEO Evan Siddall is warning the domestic housing market isn’t out of the woods just yet. In an interview with BNN Bloomberg’s Amanda Lang broadcast Thursday, Siddall said that while the most bearish case for home prices doesn’t seem likely to come to pass, he still sees a price decline by just shy of 10 per cent due to the economic shocks of the COVID-19 pandemic. “The number of people on income support, the number of people on mortgage deferral, means that at some point, probably early next year through the middle part of next year, there will probably be a negative adjustment in house prices,” he said. “In general, we think high single-

Hot August for home sales

Canada’s housing market has yet to take its summer vacation. August numbers from the Canadian Real Estate Association show sales rose 33.5% compared to a year ago and were up more than 6% from July’s record setting pace. Nearly 59,000 properties changed hands last month, making it the busiest August ever. Prices took a hike in August as well. The national average rose 18.5% year-over-year to $586,000. As usual, Toronto and Vancouver had an outsized influence on the number. When those two markets are factored out the national average price drops to $464,000, up 18% year-over-year. CREA’s Home Price Index, which compensates for anomalies like Vancouver and Toronto, posted a 9.4% y-o-y incr

Housing market 'moderately' vulnerable amid potential overvaluation of homes: CMHC

Overvalued homes continue to be a feature of Canada’s largest cities during the second quarter as the pandemic bit into the number of houses entering the market, according to the country’s largest public mortgage provider. And other Canadian cities are also seeing home prices heat up. “There was sharp pullback in new listings and resulting low levels of inventory,” the Canadian Mortgage and Housing Corporation said in its second quarter housing market assessment report Monday. “This maintained some pressure on house prices in local housing markets that were seeing strong activity prior to the crisis.” This triggered increased levels of overvaluations in Vancouver and Toronto, and to a lesser

Is real estate still a good investment for Canadians?

Long before the stock market existed, before salt was considered as valuable as gold, and before humans first struck oil, the asset that was most sought after was land. Real estate investing has evolved, but today investors still seek out land as a way to diversify their assets, earn income, and increase their net worth. These days, however, many are asking whether or not real estate is still a good investment. The question is timely given the recent governmental focus on the nation’s housing market. Starting in 2016—when the Greater Toronto and Greater Vancouver market were thought to be in bubble-territory—governments began to introduce a series of taxes and mortgage rules. The aim was to

Alleyway home in Toronto makes room splitting into 5 levels

Toronto is the fastest growing city in North America, but rather than simply grow up and out, city planners are relaxing zoning on its 250 kilometers of laneways so owners can turn garages and sheds intosmall downtown homes(limited to 8 meters wide (26 feet)). Zeke Kaplan’s home had a 100-year-old shack occupying the lane before he began construction to convert it into a modern 2 bedroom home. As a contractor, he was prepared to bore through the backyard to connect services from the main house all the way back to the small secondary unit. The new dwelling had to match the old footprint so Brock James (LGA Architectural Partners) cut levels into the space to create essentially 5 different flo

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