Here's where Canadians are living abroad: report
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
In Canada's six largest cities, 2023 started with stagnated housing construction, with a 20 per cent drop in the construction of single-detached homes compared to the year before.
In a report released by the Canada Mortgage and Housing Corporation (CMHC) on Wednesday, housing started with a dip of 0.5 per cent in 2023, with 137,915 units built in Montreal, Toronto, Ottawa, Edmonton, Vancouver and Calgary.
In the same period, apartment construction started with an increase of 7 per cent, reaching a record-high of 98,774 units. A notable exception was Montreal, where apartment construction hit an 8-year low. Purpose-built rentals represented the largest share of new apartment builds at 42 per cent.
“There’s huge demand for rentals, I think single-detached is just coming out of reach, it’s becoming unfordable, it’s practically impossible to build those in city centres anymore,” said Aled ab lowerth, CMHC Deputy Chief Economist, in an interview with CTV News.
During a federal announcement to protect renters in Vancouver, Prime Minister Justin Trudeau defended his government’s efforts to fix housing.
“We’re going to continue to work with provinces right across the country, who recognize the challenges of, and the need to step up in partnership on solving the housing crisis,” he said, during a press conference with reporters.
While experts acknowledge improvements in government policy in relation to the housing market, many say it’s not enough in the face of challenging economic conditions.
“We’ve had some policy wins at all levels of government. We are starting to see some reforms, some positive tax changes, but those aren’t enough to make up for the global economic conditions of slower growth and higher interest rates,” said housing policy expert Mike Moffatt, during an interview with CTV News.
Despite increases in purpose-built rentals, experts say Canada needs to double the number of builds every year if it wants to meet the federal government's affordability target in 2030. The executive director of REALPack Micheal Brooks says Canada should be building roughly 700,000 new purpose-built rentals every year, a number that far exceeds the current reality.
"We have to probably double that pace to hit the 2030 targets the CMHC has hit, and it’s going to be extremely difficult when interest rates have effectively doubled since June of 2022," he said.
Today's CMHC report warns that high interest rates, and a lack of skilled labourers, are likely to slow the construction of apartments and condominiums next year. The report points out that many of the apartments and condominiums currently on the market were started, or financed, in "lower interest rate environments."
In Montreal, for example, the CMHC says they are seeing fewer apartments started due to higher financing and construction costs.
"Higher interest rates and the cost of labour will slow down apartment construction nationally," he said. "It is very difficult to find projects where the math works these days, not withstanding high rental rates in many markets and so that is reflected in the starts we are going to see moving forward, I think they will tail off."
Brooks says there are a number of levers that the federal government can use to try accelerate supply in rental housing, including reducing immigration, the introduction of new tax incentives and more low interest loans for construction companies.
"One thing they can do is offer low interest financing," he said. "Let's take mortgages from 7 per cent to 4 per cent, which would likely spur a lot more construction."
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
Polish President Andrzej Duda says while no decision has been made around whether Poland will host nuclear weapons as part of an expansion of the NATO alliance’s nuclear sharing program, his country is willing and prepared to do so.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Harvey Weinstein’s lawyer said Saturday that the onetime movie mogul has been hospitalized for a battery of tests after his return to New York City following an appeals court ruling nullifying his 2020 rape conviction.
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A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.
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Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
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A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”