OREA In the News

 Canadian Press: Liberals look to ease affordability concerns with release of housing strategy 

The federal government will unveil its highly anticipated national housing strategy today, with the Liberals looking to ease the concerns of Canadians who fear being priced out of the market. The plan will put a heavy focus on housing supply — building tens of thousands of affordable housing units over the next decade — and repurposing other cash to maintain housing supplements. 

Toronto Star: National housing strategy to include rental benefit 

Canada’s long-awaited federal housing strategy will include a new national housing benefit, the Star has learned. A housing benefit, or rent supplement for low-income tenants, has been high on the list of supports that housing advocates have pushed for to better ensure that all Canadians can find stable and safe places to live. That benefit program could be in place in as early as two to three years, a source told the Star. 

Mortgage Broker News: Core housing need remains stable in Canada – CMHC 

Culling data from the 2016 Census, Canada Mortgage and Housing Corporation and Statistics Canada has announced that rate of core housing need in Canada stood at 12.7%, representing 1.7 million households. This indicates that the proportion of Canadian households in housing need has remained stable since 2006. CMHC defines “core housing need” as the indicator for identifying households not living in, and not able to access, acceptable housing – that is, households in dwellings considered inadequate in condition, not suitable in size, and unaffordable. 

Mortgage Broker News: Developers do not find Toronto real estate affordable 

Toronto-area land prices have gotten so high that developers are struggling to build new homes that people can afford. Buyers are no longer lining up despite discounts and incentives, industry players added. Data from Altus Group Ltd. showed that the cost of land has nearly tripled in some areas the past five years. Land prices now account for roughly half the price of a new home, a stark contrast to 2011 conditions when it was a little more than a third. 

REW News: Torontonians Raise Home Values by Digging Down 

Toronto homeowners tend to dig down before they build up – or back, or to the side – because a finished basement delivers the usable space they want more quickly, simply and cost-effectively, say local renovators. “We’ve always seen basement lowering projects in higher-end neighborhoods, but in the past five years, people all over Toronto are digging down to maximize their available square footage and get a seven-to eight-foot ceiling height with underpinning or benching,” says Erik Calhoun of Re:Placement Design Inc., Toronto. “A third floor or an addition will cost at least double, require a wait of six months or more to get a hearing with the Committee of Adjustment and it’s possible you’ll still need to strengthen the foundation to support any additional storeys.” 


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988