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The Government of Ontario announced the Cutting Red Tape to Build More Homes Act, the Province’s sixth piece of housing legislation since 2018.
OREA is pleased to see progress on several important solutions from our recent housing supply report and our advocacy on modular construction, aimed at streamlining approvals and getting more homes built.
While we commend the actions put forward in this legislation, we hope to see the Province go further to accomplish the goal of building 1.5 million new homes by 2031.
Read the full statement here.
Ford government unveils sweeping new changes to housing rules (Global News)
London Free Press – How's this for a move-in bonus? Buy a house, get a Tesla
Hamilton real estate market shows signs of balance for first time in a decade (Hamilton Spectator)
Here is where you can buy a home for under $500K in Ontario (insuaga)
Brantford Expositor - Brant County landowners could face drainage bill of up to $50,000
Brantford Expositor - New safety measures to be added at Wilkes Dam
Brantford Expositor - Residents pan apartment building proposal in Brantford
Tracy Valko
Starting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey.
This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689.
Beyond the updates on purchasing new builds, the federal government has also addressed various aspects of housing affordability.
📈 Increase in RRSP withdrawal limit for first-time homebuyers from $35,000 to $60,000, starting April 16.
💼 Budget focusing on housing measures to be unveiled on April 16.
⏰ Repayment period for RRSP withdrawals extended to five years from two, for withdrawals between January 1, 2022, and December 31, 2025.
💰 Over 750,000 First Home Savings Accounts opened since last year, offering a tax-free savings option for home down payments up to $40,000.
BREAKING NEWS - The Bank of Canada has left its benchmark rate unchanged at 5.00%
As expected, the Bank of Canada has left its overnight target rate unchanged at 5.00% today.
In its statement, the Bank said, “While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained.”
In its latest forecast, the Bank said it expects headline inflation to remain near 3% for the first half of this year before moving below 2.50% in the second half and reaching the 2% inflation target in 2025.
This is the Bank’s sixth consecutive rate hold, though expectations are that rate cuts will be forthcoming by the middle or second half of the year.
The next rate announcement is scheduled for June 5th, 2024. Read Bank's Full Statement Here READ THE MONETARY POLICY REPORT
The federal government announced it will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes!
CBC News - Freeland announces housing affordability measures for first-time buyers, current owners
Strong U.S. inflation could delay rate cuts on both sides of the border (Canadian Mortgage Trends)
What's the most expensive home you could afford? (CBC News)
Overbidding wave sweeps the GTA’s housing market in March (Real Estate Magazine)
Mortgage Minute: Your questions answered (CTV News)
Canadian Mortgages Just Had One of The Slowest Quarters Ever (Better Dwelling)
A ‘weird’ March shows real estate market still off balance (The Globe and Mail)
What to expect from the spring housing market (CTV News)
Spring housing market surge unlikely as affordability, cost of living weigh on buyers (Canadian Mortgage Trends)
Canada’s unemployment rate surges in wake of strong population growth (Canadian Mortgage Trends)
'Extremely stressful for Canadians’: Housing affordability unlikely to improve anytime soon, RBC says (Toronto Star)
Financial Post – Home prices set to hit record in 2026 amid unrelenting demand: CMHC
Financial Post – Surge in luxury home sales signals stronger spring market, Re/Max says
Globe and Mail – Home prices could reach peak levels by next year, set new highs in 2026, CMHC report shows
Canadian Mortgage Professional – Homebuyers ready to return – report
Population surge and the impact on housing (Global News)
Bloomberg - Canada to Cut Temporary Residents by 20% Over Three Years
Canada likely to avoid recession, begin recovering in second half of 2024 (City News)
Canada’s luxury property market going strong as buyers benefit from lower prices (Real Estate Magazine)
Near-term inflation expectations remain high, BoC surveys show (Canadian Mortgage Trends)
Financial Post – Canada to allow 30-year mortgages for first-time homebuyers
Financial Post – RBC urges Canada to prioritize construction skills in immigrants to tackle housing crisis
Globe and Mail – First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change
Globe and Mail – Canada’s housing crisis poised to worsen without major reforms, RBC report says
Toronto Star – Entry to housing market feels out of reach for 76% of non-owners: CIBC poll
Storeys – No regrets: Vast majority of Canadian homeowners don’t have buyers’ remorse
Canadian Mortgage Professional – Why Multiple Listing Service Canada is a game-changer for agents and brokers
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