MoneyToronto leads new housing starts in August

10:05  11 september  2019
10:05  11 september  2019 Source:   thestar.com

Short-term rental rules won’t solve housing crisis but they will help, city planner tells tribunal

Short-term rental rules won’t solve housing crisis but they will help, city planner tells tribunal Toronto’s short-term rental regulations won’t solve the city’s housing crisis but they will help stabilize the supply of homes and reduce the nuisance issues of noise, garbage and parking afflicting residential neighbourhoods and condos following five years of proliferating Airbnb-type units. That was the testimony of a senior city planner, the opening witness at a tribunal that will decide whether the new rules ever take effect. Caroline

Calgary Total housing starts in the Calgary CMA declined in August 2019 compared to the same month Guelph New home starts in the Guelph CMA continued their upward trend for the second Multi-unit home starts are being led by condominium apartments breaking ground because of strong

Indeed, Ontario led the building charge in August , with more than 92,000 starts annualized, up Starts in the Toronto market were at their highest in 17 months in August – despite evidence that the city's housing market had moderated significantly since the government's new rules took effect.

Toronto leads new housing starts in August© Steve Russell Toronto was tops in metropolitan areas with 3,131 new housing starts in August. Montreal placed second with 2,031.

Population growth and solid labour markets continue to drive home building activity in Canada, especially in Ontario and Quebec, according to the latest data, which shows the pace of new housing starts in August climbing a better-than-forecast 1.9 per cent compared with July.

According to the Canada Mortgage and Housing Corp., Ontario led the increase with seasonally adjusted starts jumping to 81,457, followed by Quebec at 48,772. Toronto was tops in metropolitan areas with 3,131 starts in August, while Montreal placed second with 2,031.

North York residents upset over losing parking lot to affordable housing

North York residents upset over losing parking lot to affordable housing If Klara Maidenberg gets to the commuter parking lot at 50 Wilson Heights Blvd. after 8:45 a.m., chances are she won’t find a spot. The North York resident uses the subway daily to get to her job downtown and finds parking at Wilson station’s main lot can be a challenge given it’s the last major lot directly serving the station. The 885-spot lot was once one of four lots; two others, a 541-spot lot and a 610-spot lot, were declared surplus by the city and sold off. However, 50 Wilson Heights may soon follow suit given the land is slated for redevelopment into affordable housing as part of the city’s Housing Now project. As a result, a 72-spot lot on Transit Rd.

TORONTO (Reuters) - Canadian housing starts unexpectedly jumped in August from July as condo building surged to meet demand for lower-cost "(This is) the strongest level for housing starts since September 2012, and comes entirely on the back of a jump in new condo starts in Toronto ," BMO

Housing starts measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector. A higher than expected reading should be taken as positive/bullish for the CAD

Total new home starts trended higher in Toronto in August for all housing types except for semi-detached. Multi-unit home starts were led by condominium apartments because of strong pre-construction sales over the past two years. Despite single-detached homes trending higher in August, demand for this housing type continues to wane due to rising home ownership costs, the housing agency said.

The CMHC says the seasonally adjusted annual rate of starts rose to 226,639, up from 222,467 units the month before. Economists on average had expected an annual pace of 215,000, according to financial markets data firm Refinitiv.

The results reflect strong demographic demand from international immigration and new households created within the country, BMO Capital Markets senior economist Robert Kavcic said in a note.

New rules would put a third of Airbnb listings out of business, and boost housing supply, tribunal told

New rules would put a third of Airbnb listings out of business, and boost housing supply, tribunal told More than a third of the city’s 21,000 Airbnb listings would disappear if the city’s short-term rental bylaws take effect. Those are the units operated by landlords with multiple listings that violate a key provision that would require hosts of short-term rentals to be the principal occupant of the home, according to the testimony of a McGill University researcher, who appeared before a tribunal considering an appeal of council’s approved rules. Planning professor David Wachsmuth, who holds a Canada Research Chair in Urban Governance, has led academic studies of the impact of Airbnb in several cities, including Toronto.

TORONTO (Reuters) - New home construction in Canada was nearly unchanged in September as a decline in Housing starts inched to a seasonally adjusted annualized rate of 217,600 units from an upwardly revised 217,400 units in August , Canada Mortgage and Housing Corp. said on Wednesday.

Housing starts is an economic indicator that reflects the number of privately owned new houses (technically housing units) on which construction has been started in a given period. These data are divided into three types: single-family houses , townhouses or small condos

“The construction side of the Canadian housing market still looks rock solid,” said Kavcic, adding that the rate of increase in Ontario over the past two years is high by historical standards, “but not out of whack given heated population inflows.”

In a separate report, TD Bank economist Rishi Sondhi noted that “moving forward, homebuilding is likely to remain strong through the remainder of this year, as solid demand fundamentals — namely low mortgage rates, healthy population growth and solid labour markets — underpin construction.”

According to Bob Dugan, the CMHC’s chief economist, the agency’s latest outlook forecasts a general cooling in the level of activity. “Specifically, housing starts were forecast to slow gradually over the 2018 to 2020 forecast horizon, moderating from the 10-year high recorded in 2017 to levels more in line with a moderating economic outlook and demographic conditions,” he said in an email.

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound

Real Estate In Toronto, Vancouver Sees Another Month Of Rebound Canada’s priciest housing markets, Toronto and Vancouver, continued their sales rebound in August, but while Toronto is seeing a return to moderate price growth, Vancouver’s steep declines in selling prices continued. Sales were up by 15.7 per cent in Greater Vancouver in August, the region’s real estate board reported, although that compares to a very weak August a year ago. “With more demand from homebuyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” said Ashley Smith, president of the Real Estate Board of Greater Vancouver.

Housing starts up in August : CMHC report--OTTAWA - The pace of housing starts picked up August "The higher level of starts recorded in Atlantic Canada and British Columbia in August reflect low levels of activity in July rather than an increasing trend that was registered in August .

The Canada Mortgage and Housing Corp. reported Tuesday housing starts for September totalled 19,750. In a new global outlook released Monday, the International Monetary Fund “As expected, the number of multiples starts in Ontario, particularly in Toronto , reverted back to a level more in line

“By 2020, demand is expected to continue to shift towards relatively less expensive housing options such as apartment condominiums. This combined with slowing growth in economic conditions will lead to modest average price growth over the forecast horizon.”

The housing market cooled last year after a rise in mortgage rates and tighter mortgage qualification rules aimed at curbing runaway price inflation. The market regained strength this year as offers from lenders for fixed-rate mortgages moved lower.

The CMHC report is in line with recent data that suggests the nation’s housing sector is stabilizing from a recent slump, easing concerns that some of the country’s more expensive markets like Toronto and Vancouver were poised for a major correction.

Earlier this week, Bank of Canada Governor Stephen Poloz said he’s confident housing will return to growth later this year, once some of the “froth” in those two markets dissipates. On Sept. 4 the central bank left its overnight interest rate unchanged but noted that housing activity “regained strength more quickly than expected,” which could add to already high household debt levels.

With a file from The Canadian Press

Michael Lewis is a Toronto-based reporter covering business. Follow him on Twitter: @MLewisStar

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