Market Insights
Bill 23 – More Homes Built Faster Act, 2022 passed… fast.
From Osler – On November, 28, 2022, Royal Assent was given to Bill 23, the More Homes Built Faster Act, 2022.
Ontario backtracks on Greenbelt pledge with plan to allow housing on 7,400 acres
From Toronto Star – The government wants to open up 15 areas of protected land for housing development in exchange for adding 2,000 acres to the Greenbelt, in what some fear is an unequal swap.
How Canada’s new immigration targets will help housing recover — and push prices higher long-term
From Toronto Star – Canada’s new immigration targets will bring in 465,000 new permanent residents next year, 485,000 in 2024 and 500,000 in 2025. Economists say that will help us build more houses and recover from the current slump.
Forget everything you thought you knew about planning approvals in Ontario…
From Osler – On Tuesday, October 25, 2022, the government of Ontario introduced Bill 23, the More Homes Built Faster Act, 2022 which proposes sweeping changes to the land use approvals system in the province, with the goal of facilitating the construction of 1.5 million new homes by 2031.
Pre-construction condo flippers may be left holding the bag as buyers disappear
From Financial Post – Nervous investors looking to offload their pre-construction condos in the secondary market may find themselves out of luck, industry watchers say, as a softening real estate market and rising interest rates send buyers to the sidelines.
GTHA housing market analyzed in ULI Toronto webinar
From Renx.ca – The Greater Toronto and Hamilton Area (GTHA) housing market has been in flux throughout 2022 and different perspectives were shared during a recent Urban Land Institute Toronto webinar.