Housing affordability in Canada will not return to pre-pandemic levels in the next two years, according to Desjardins’ latest housing outlook, even if economic weakness weighs down home buying activity. Housing affordability in Canada will not return to pre-pandemic levels in the next two years, according to Desjardins’ latest housing outlook, even if economic weakness weighs down home buying activity.
“We also still expect residential construction activity to slow meaningfully this year across the country,” Desormeaux wrote in his report. “The housing shortage issue is largely a planning issue with official planning targets falling notably short of actual population growth. You cannot build an adequate supply of housing for population growth that you fail to forecast.”
The volcano in southwestern Iceland that erupted two times in December and January erupted for the third time in less than two months, leaving many people without hot water and even electricity. The lava flowed west, crossing the road that connects Grindavik to Reykjanesbraut, the main road on Reykjanes peninsula between the international airport and the capital, Reykjavik.
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Canada's record-level immigration rates blamed for housing crisisWith rising rents and house prices making it increasingly hard to find an affordable place to live, some are pointing the finger at Canada's record-level immigration rates. Both the Liberals and Conservatives agree that immigration is contributing to the housing crisis, but experts and economists say that targeting immigration broadly won't bring the cost of housing down.
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Ajax to receive $22M funding for housing constructionAjax will receive nearly $22M funding from the Housing Accelerator Fund (HAF) to fast-track the construction of over 580 housing units in the next three years. The funding will lead to the creation of almost 11,000 homes in the city over the next decade.
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Canada to Slash New Student Visas Amid Housing PressureNew visas for international students will be slashed by more than one-third this year as the federal government tries to slow a rapid increase in temporary residents that has put immense pressure on Canada’s housing system.
Source: CHEK_News - 🏆 59. / 55 Read more »
CMHC Launches Request for Proposals for National Indigenous Housing CentreThe Canadian Mortgage and Housing Corporation (CMHC) has officially launched its request for proposals process towards creating an Indigenous-led National Indigenous Housing Centre. The centre will deliver funding to address the housing needs of Indigenous Peoples in various areas. Interested Indigenous governments and organizations are encouraged to submit their proposals outlining their visions for the centre.
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Canada to Reduce International Study Permits to Address Housing ShortfallCanada will be reducing the number of international study permits for the next two years in order to alleviate pressure on housing demands. The federal government will issue 364,000 new international student permits this year, a 35% reduction from 2023. The new cap also targets 'bad actor' educational institutions.
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Toronto Moves Forward with Large Affordable Housing DevelopmentToronto is one step closer to realizing one of the largest affordable housing projects in the last 25 years. The new development on Eglinton Avenue East will provide approximately 918 homes, including 612 rent-geared-to-income affordable homes.
Source: CBCToronto - 🏆 51. / 61 Read more »