Feds bring in a New Mortgage Charter
Shelter costs dominate falling inflation, and Statcan quantifies the Bank of Mom & Dad
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Market Highlights
The Federal Government presented their Fall Economic Outlook this week. This verified the Toronto Star leak that Airbnb investments would see changes to their tax treatment.
Freeland introduced a new Canadian Mortgage Charter, which brings note to a number of policies. Time will tell if the administration’s attention to these items leads to a more widespread adoption of these policies, as the charter is optional for lenders, and most of the policies already exist:
The federal government quantified just how much capital they’ve put into housing development over the last few years, and how much the plan to this coming fiscal year:
Finally, the feds took a guess at what they feel unemployment could hit next year… this would put us in a technical recession alongside GDP (although their report states they expect we’ll avoid recession). Do we think a 6.5% unemployment rate could be enough to compel Tiff to reduce rates next year?
Stat central
🏠 95%
CentreCourt sold 95% of its pre-construction condo units during the first-phase launch of Pickering City Centre — a sprawling high-rise development planned for the site of the Pickering Town Centre mall. This is not the same experience for many other developers across the country as pre-con continues to struggle.
💸 $ 281,525
The Average house price in Newfoundland & Labrador, making it the cheapest province.
🧔♂️ 33,958
33,958 people moved to Alberta from other provinces in the second quarter of 2023, up 5.8% from a year earlier.
Headlines
New standardized designs will help build more homes quicker
Homeowners and builders will soon be able to develop new housing quicker and with less cost as the Province works to create new standardized designs for small-scale, multi-unit homes, such as townhomes, triplexes and laneway homes.
‘Bank of Mom and Dad’: StatCan report shows home ownership runs in the family
Within this group, StatCan found that the adult children of non-homeowners had a home ownership rate of 8.1 per cent as of 2021. But for those whose parents were homeowners, the ownership rate rose to 17.4 per cent. If a parent owned multiple properties, the odds of their children owning a home rose to 23.1 per cent — nearly triple the odds of kids without home-owning parents.
National Housing Day: A Cheat Sheet For The State Of Housing In Canada
Tuesday, November 22, was National Housing Day in Canada. Recognized each year by all levels of government, it's intended to highlight the work of housing providers who are improving access to safe and affordable housing for Canadians. Storeys complies the highlights from some of their recent best articles to shed some insight and perspective on the state of the Canadian housing.
Tweets & Charts
What we’re reading
To Spend or Not to Spend? That is the Monetary Question
Scotiabank estimates that government consumption and pandemic transfers to households account for about 200 basis points of the 475 basis points increase in the Bank of Canada’s policy rate.
Still Renovating: A History of Canadian Social Housing Policy
Greg Suttor tells the story of the rise and fall of Canadian social housing policy. Focusing on the main turning points through the past seven decades, and the forces that shaped policy, this volume makes new use of archival sources and interviews, pays particular attention to institutional momentum, and describes key housing programs.
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Catch ya next week!
-Padder
Great insights!