Financial Post - Canada's housing market rebound has defied expectations, but don't expect it to last Canada’s housing market roared back to life this spring, with a vigour that surprised observers, and likely dismayed the Bank of Canada. Home sales rose 5.1 per cent in May from April in the fourth monthly increase in a row, pushing activity 1.4 per cent higher than a year ago, the first national year-over-year sales increase in almost two years. CBC B.C. - Blaming immigration for the country's housing crisis disguises the real problem, analysts say It's an argument that comes up time after time whenever there is a discussion about the housing crisis that plagues Metro Vancouver or anywhere else in Canada. If Canada can't house the people who already live here, we should stop letting more people into the country. In a written statement, the feds said immigration accounts for nearly 100 per cent of Canada's labour force growth and is expected to account for 100 per cent of the country's population growth by 2032. By then, the ratio of workers to retirees is expected to shift from seven to one 50 years ago to two to one. Financial Post - Money remains Canadians' top stressor for sixth year in a row Canadians are losing even more sleep over money this year than last as it remains their leading source of stress for the sixth consecutive year, according to FP Canada’s 2023 Financial Stress Index. The not-for-profit organization, which interviewed 2,004 Canadians, said people are more worried about money (40%) than their personal health (23%), relationships (17 %) or work (16%). Toronto Star - Canadians opting for shorter mortgage terms as they hope for declining interest rates With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn’t forget about term length. Financial Post - HAIDER & MORANIS: Canada's housing market may not be as risky as the IMF thinks Statements from normally credible sources about Canada’s heightened housing market risks have alarmed consumers, investors, lenders and policymakers alike, but perhaps the pictures they are painting shouldn’t be taken at face value. CBC B.C. - More B.C. renters are spending 'crisis-level' amounts on housing, rental housing index finds British Columbia has the highest proportion of renters spending more than half of their income on rent and utilities in Canada, according to new data released Monday. Financial Post - Here are 14 Canadian cities where renters can afford to buy a house Rising home prices and higher mortgage rates are making it increasingly difficult for renters to switch to homeownership, but first-time homebuyers in a handful of Canadian cities may have reason to hope. Storeys - Canada is facing a severe construction labour shortage, and it’s poised to get worse The Canadian population hit the 40M mark on Friday, and at the same time, housing supply has plainly not kept pace. A new report from CIBC Economics delves into the particulars of Canada’s housing shortfall, saying that while there is some debate on its extent, there’s no denying that the situation requires immediate attention.
Financial Post - 3 Canadian cities ranked among world's top 10 most livable places Three Canadian cities have made a list of the world’s top 10 most livable, though two slipped in the rankings from last year as other cities muscled their way to higher scores, according to a long-running ranking of 173 metropolises. Globe and Mail – Wildfire nearby? It could complicate your real estate deal Victoria Times Colonist – Provincial funding for EV charging stations runs out, leaving stratas in limbo Victoria Times Colonist – Esquimalt seeks to formalize sidewalk and bike lane requirements for developers Victoria Times Colonist – Point Hope shipyard marks 150 years and counting on the Upper Harbour Victoria Times Colonist – Saanich sets terms for missing middle housing study Business in Vancouver – Province not being transparent with BC Housing report, watchdog alleges Business in Vancouver – Can B.C. infrastructure keep up with population growth? Vancouver Sun – Vancouver second most expensive Canadian city, but a relative bargain globally: Report Victoria Times Colonist – CRD warns beachgoers to stay away from Island View Beach waters CBC B.C. – B.C. Hydro set to launch search for new, clean electricity sources Victoria Times Colonist – Sooke waterfront property owners pack meeting to speak against development restrictions Victoria Times Colonist – Terry Fox Ride gears up for Saturday More B.C. renters are spending half their income on housing than anywhere else in Canada: Index (Global News) Vancouver Sun – More than 100,000 B.C. households at risk of homelessness due to rental crisis Victoria Times Colonist – Langford staff exploring options to restore public access to Bear Mountain trails Vancouver Sun – Vancouver landlord 'pleads for common sense' after being hit with a $69,000 empty homes tax bill Victoria Times Colonist – Six-storey rental building proposed for former Esquimalt bingo hall site Construction constraints, charges exacerbating affordable housing crisis in B.C.: ICBA (BIV) 41 per cent of first-time homebuyers in B.C. borrow money from family: Report (Global News) Langford expands program that provides down-payment help for condo buyers (Times Colonist) Victoria Times Colonist – Victoria adds three parks to sheltering ban, including Topaz Storeys – B.C. municipality approves 5-year property tax exemption to spark affordable housing Saanich Canadian Mortgage Professional – Where does opportunity lie in Canada's housing market? Financial Post – Housing affordability will deteriorate unless we act soon: CMHC chief economist Canadian Mortgage Professional – Why are so few homes being listed in Canada's housing market? Canadian Mortgage Professional – Canada housing starts likely to remain sluggish, suggests CHBA chief Mortgage interest costs surge by nearly 70% in the past year (Canadian Mortgage Trends) Housing affordability crisis requires "all hands on deck" response: CMHC (BNN Bloomberg) High government spending means more inflation? It's complicated, economists say (BNN Bloomberg) To fix the housing crisis, overhaul city taxes to incentivize building affordable units (Globe and Mail) BNN Bloomberg – VIDEO: Most of the damage from this rate hike cycle has been done - CREA economist Shaun Cathcart CTV News – While most real estate markets see monthly gains, here's where home prices are falling Financial Post – Canada's average home price rises year over year, marking turning point in market Storeys – Canadian home sales continued to climb in May, with gains recorded in 70% of local markets Storeys – Labour shortages, construction costs lead to drop in housing starts in May Canadian Mortgage Professional – Canada housing market: What's in store for the rest of 2023? Latest in mortgage news: Popularity of variable-rate mortgages plummets to pre-pandemic levels (Canadian Mortgage Trends) Labour shortages are the real problem behind housing affordability (Globe and Mail) Canadians opting for shorter-term mortgages on hopes interest rates will drop (Financial Post) Here's how to make your dream of owning a home in Canada come true (Financial Post) Optimism prevails among first-time and prospective homebuyers despite economic challenges, survey finds (Canadian Mortgage Trends) These are the Canadian cities where homes have become more affordable since 2022 (BNN Bloomberg) Canada Is Facing A Severe Construction Labour Shortage, And It’s Poised To Get Worse (Storeys) Where Renters Can Afford To Buy A Starter Home In Canada (Storeys) B.C. leads country with highest proportion of renters living in unaffordable conditions (Business in Vancouver) Banks ordered to set aside billions more as consumer debt grows (Toronto Star) National Post – HOLMES: Why do my floors squeak and creak? Toronto Star – Changing amortization, cap on insured mortgages not the answer to affordability: CMHC CBC London – How housing affordability's 'crisis levels' damage the economy Globe and Mail – Larger investors dominate condo ownership in smaller cities in Ontario and B.C. Canadian Mortgage Professional – Canada housing market: How will it react to higher rates? Canadian Mortgage Professional – Construction costs fuel new home price growth Canadian Mortgage Professional – What's needed to improve affordability in Canada's housing market? Globe and Mail – Canadian retail spending picks up, in defiance of rate hikes Bloomberg – Home listings plummet as high mortgage rates tie owners down Business Insider – Brace for a short drop in house prices before dwindling supply drives the market back up, analyst says Forbes – The true cost of owning a second home A quarter of first-time buyers getting help to pay their mortgage, survey finds (Global News) Renters in 36 of Canada's largest cities can't afford to buy a starter home: report (CTV News) Is it smart to invest in property right now? (Rates Dot Ca) Bank of Mom and Dad funds a significant share of first-home buying (Wealth Professional) Globe and Mail – Labour shortages are the real problem behind housing affordability Storeys – Where renters can afford to buy a starter home in Canada How Indigenous-led projects are building 'pride of place' (Business in Vancouver) Renters in majority of Canada's major cities cannot afford to purchase a starter home: study (CTV News Vancouver) This is how many first time home buyers got help from family to cover down payment (CP24) 63% of Canadians Worried They Will Miss The Boat on Housing (Investing.com) Central banks aren’t done raising interest rates, even if that means recession (The Globe and Mail) Globe and Mail – The It-List: Canada’s coolest neighbourhoods Globe and Mail – MCLISTER: The next 60 days will be crucial for central banks and variable-rate mortgage borrowers Globe and Mail – PARKINSON: Signs suggest the Bank of Canada may deliver another rate hike in July Bloomberg – The world’s empty office buildings have become a debt time bomb Business Insider – 5 signs a home isn't worth your money, according to real-estate experts | 
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