Bindu Johal’s Post

Are you tired of watching housing costs soar in Pickering-Brooklin while the NDP-Liberal government fails to act? Today’s Statistics Canada report shows that the value of building permits dropped by 7% in August, leaving Canadians with fewer homes and higher rents. Under Trudeau, housing affordability has become a nightmare, with mortgage payments and down payments doubling. It's time for a new approach. Only a Conservative government will cut through the red tape, hold officials accountable, and ensure that federal infrastructure dollars lead to real homes being built in our community. Let’s bring affordable housing back to Pickering-Brooklin. Let’s #BringItHome, Pickering-Brooklin. 🏠 #HousingCrisis #AffordableHomes #CommonSenseConservatism #PickeringBrooklin

Canada To Lease Government Land To Affordable Housing Developers The plan still falls 1.2 million units short of what is needed from 2023 to 2030, according to national housing agency Canada Mortgage and Housing Corp. #CanadaHousingPlan #AffordableHousing #PublicLandLeasing #HousingShortage #GovernmentIntervention #HousingCrisis #NationalHousingStrategy #ImmigrationImpact #FederalBudgetPriorities #PolicyMeasures

The property market is expected to experience increased supply due to government policies aimed at supporting infrastructure and promoting faster development of housing projects. However, there are concerns about the success of high-density developments in attracting families and generating long-term wealth, as seen in previous oversupply periods. While demand may rise with incentives like stamp duty concessions, the overall impact will depend on careful policy execution and balancing supply with buyer preferences. Affordability, particularly for units, could appeal to younger buyers, but challenges around quality and market dynamics remain. #HousingMarket #RealEstate #PropertyDevelopment #GovernmentPolicy #AffordableHousing #MarketTrends #MortgageBroker #Homeloan #Mortgage #Firsthomeowner

The Affordable Rental Housing Estimator launches in 8 days! The tool will offer comprehensive insights into #housing affordability by location and income across Canada. Canada Mortgage and Housing Corporation (CMHC) Société canadienne d'hypothèques et de logement(SCHL), Infrastructure Canada, Jim Dunn, Ph.D., Canadian Housing and Renewal Association, Housing Research Collaborative

Federal housing minister Clare O'Neil has delivered strong words about housing supply and affordability. “Australia is in the middle of a housing crisis which has been decades in the making,” she said in a speech to the AFR Property Summit. “This chart shows us that incomes and house prices were diverging in the 1980s, and that this problem accelerated acutely from the late 1990s. At the turn of the century, the median household price was about 4 times average incomes. Today it is nearly 8 times. “Why have prices gone up in this way? Because for a long, long time in our country, we have not been building enough homes.” Minister Clare O’Neil said Australia has less housing per person than comparable countries, such as Canada, the UK and France. “Fewer homes means less affordable housing. Because the same number of buyers and renters are spread across fewer homes. It sounds trite – but what happens when we build more homes? Housing becomes more affordable.” The federal government is aiming to facilitate the building of 1.2 million homes in the five years from July 2024, but many experts believe it will struggle to achieve its target. #property #realestate #homeloans #distinctfinancial #mortgagebroker #mortgages

🏗️ Canada’s Housing Starts See Modest Growth in September According to the Canada Mortgage and Housing Corporation (CMHC), housing starts increased by 5% in September compared to August, reaching an annualized rate of 223,808 units. While this is a positive sign, the figure fell short of economists’ expectations of 237,500 units. The boost came largely from increased activity in both multi-unit and single-family urban homes, signaling some recovery after a slower August. However, construction activity remains well below the levels needed to address Canada’s growing housing affordability crisis. CMHC estimates that 3.5 million additional units are needed by 2030 to ensure all Canadians can afford a home, with Ontario and British Columbia in particular facing a critical need for new builds. High interest rates and borrowing costs continue to challenge homebuilders, as reflected in a recent sharp decline in builder sentiment, according to the Canadian Home Builders’ Association. What do you think are the biggest hurdles to ramping up housing construction in Canada? #HousingMarket #RealEstate #Construction #HomeBuilding #CMHC #CanadaEconomy #AffordabilityCrisis #InterestRates #MortgageIndustry

Some much needed-good news for PEI today from Canada Mortgage and Housing Corporation (CMHC) Société canadienne d'hypothèques et de logement(SCHL). The 2024 summer construction season was the Island's best in 50 years. Over 600 housing starts in July, August, and September - including over 400 starts within multi-unit housing developments like apartments and row houses. This past quarter was also one of PEI's best ever for purpose-built rental starts in the Charlottetown and Summerside areas - a sign of the effectiveness of taxation and regulatory changes that have helped correct the slump of the 2023 construction season. While it's still below the 1970s peak of 2,100 starts in a single one-year period, the Island has seen nearly 1,600 starts since Q3 2023 - close to the provincial government's target. That is still below what I believe the Island needs to even keep up growth, but the Island's 2024 housing output is trending in the right direction nonetheless.

Canadian housing issues - are the big 5 playing a role to become a source of solutions. All Canadian bank operating in south of the borders have channeled millions$$$$ in supporting affordable housing in #unitedstates why are they not coming forward in #canada ? #td #cibc #rbc #bmo #scotiabank What is the hidden agenda no to ease the issue in Canada?…. “The Globe and Mail reports in its Friday edition that Prime Minister Justin Trudeau made housing announcements on Tuesday, Wednesday and Thursday, in Halifax, Toronto and Winnipeg. The Globe's Tony Keller writes that sending half the cabinet on a barnstorming tour, all performing the same song and dance numbers, is old-hat politics, but give the government this much: The actual housing announcements were real -- and substantial. The most important are the Apartment Construction Loan Program, an existing $40-billion pot of loan guarantees for rental housing developers, which is getting another $15-billion; and the new $6-billion Canada Housing Infrastructure Fund. According to a Canada Mortgage and Housing Corp. analysis from last year, getting shelter prices down to reasonable levels calls for building 5.8 milion homes over a decade. CIBC economist Benjamin Tal updated that estimate this year, and concluded the shortfall is a million homes higher. We need to build around seven million homes over a decade. According to CMHC, Canada had 271,000 housing starts in 2021 and 262,000 in 2022. That is higher than at any time since the 1970s -- and still nowhere near enough. We need to build at around three times that pace.”

CREA chief executive Janice Myers criticized the extension as groundless, highlighting a lack of supportive analysis or data from key national institutions. "The newly announced two-year extension is completely unnecessary, considering the fact there is no analysis, evidence or data from Statistics Canada, CMHC, or Finance Canada, to support the government’s intended impact on housing affordability in Canada,” Myers stated through a written consultation to the Canada Mortgage and Housing Corporation (CMHC). #realestate #foreignbuyersban #sothebysinternationalrealty

My suspicion is that the first line of this article placing the blame of a "doubling" of costs solely on construction costs is innaccurate, unless they were relying on a really bad estimate back in 2020. We've witnessed hard costs rise ~30%-40% in that time but have painfully experienced financing costs due to construction loan rates being the real driver of these types of massive increases. Obviously, both are negative and have been challenging to manage, however let's not gloss over the central role that the Bank of Canada has played in the skyrocketing of the cost of shelter. This story highlites a great example, in my view, of how fanning the flames of inflation through poor monetary and punitive tax policy really ends up hurting those in our society who most need financial assistance. Also presents another example of how new construction can only be "affordable" with the aid of heavy gov't subsidy. #rentalmarket #affordablehousing