National Trends

This decline follows significant rent increases in previous years, with growth rates of 8.6% in 2023 and 12.1% in 2022. Over the past five years, rents have risen by a total of 16.8%, averaging an annual increase of approximately 3.15%. The downward trend in 2024 was consistent over the latter part of the year, with December marking the fifth consecutive month of declining rents. Between September and December, average asking rents fell by 3.8%, indicating a steepening decline heading into 2025.

Provincial Overview

• Ontario: The province experienced a 4.7% year-over-year decrease in apartment rents, averaging $2,332 in December 2024. Despite this decline, Ontario remains one of the most expensive provinces for renters. BNN
• British Columbia: Average rents dipped slightly by 0.5% to $2,487, marking the second consecutive year of declines. Nevertheless, B.C. continues to be among the priciest provinces for renters. Mortgage Rates Canada
• Manitoba: The province led in rent growth, with a 5% annual increase bringing the average to $1,618. This consistent rise aligns with the 4.9% increase observed in 2023. BNN

Municipal Highlights

Here are the average rents for one-bedroom and two-bedroom units in select Canadian cities as of December 2024:

Factors Influencing the Market

Several factors contributed to the softening rental market in 2024:

• Increased Supply: A surge in apartment completions reached multi-decade highs, expanding the available rental inventory. BNN
• Slowing Population Growth: A deceleration in population inflows reduced the immediate demand for rental housing. Mortgage Rates Canada
• Economic Challenges: A weakening economy influenced renters’ ability to afford higher rents, contributing to downward pressure on prices. Mortgage Rates Canada

Outlook for 2025

Urbanation President Shaun Hildebrand suggests that while rents may experience further decreases in early 2025, these declines are expected to be temporary and minimal. The long-term under-supply of rental units in Canada is likely to exert upward pressure on rents in the coming years, especially as the current slowdown in construction may restrict future supply.

In conclusion, the Canadian rental market in 2024 saw a reversal of the upward trend in rents observed in previous years. While the recent declines offer some relief to renters, underlying supply constraints suggest that this trend may not persist in the long term. Stakeholders should monitor these dynamics closely as they plan for the future.

Get in Touch

If you have any questions, comments, or need help renting your home, or finding a rental home in Toronto, Hamilton or GTA, please contact Sean Findlay, Realtor at 1-888-450-8301 or click here to schedule a call.

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Rising energy and construction costs are placing a significant burden on families and individuals across the Greater Toronto Area (GTA). To address these challenges, the Government of Ontario, led by Energy and Electrification Minister Stephen Lecce, is launching the Home Renovation Savings Program on January 28, 2025. This forward-thinking initiative is designed to help homeowners lower energy bills and promote energy efficiency across the province.

Why Homeowners Should Take Advantage

1. Reduced Energy Costs: Affordable upgrades can lead to significant monthly utility bill savings, adding up to thousands over time.
2. Increased Property Value: Energy-efficient homes attract buyers and can command higher resale values.
3. Sustainability: The program supports environmentally friendly living by encouraging green technology adoption and reducing carbon footprints.
4. Improved Housing Affordability: Lower energy expenses help families manage the high costs of living in the GTA.

The Bigger Picture

The Home Renovation Savings Program exemplifies Ontario’s commitment to creating a sustainable future while alleviating financial pressures on residents. By making energy-efficient renovations more accessible, the initiative empowers homeowners to enhance their living spaces sustainably and affordably. It’s a win-win for families and the environment.

This program also aligns with the Toronto Regional Real Estate Board’s (TRREB) mission to support policies that empower homeowners. Rather than mandating costly energy upgrades, this incentive-driven approach allows individuals to make informed and eco-friendly choices.

Eligible Projects for Rebates

Part of Ontario’s $10.9 billion investment in energy efficiency, the Home Renovation Savings Program offers rebates of up to 30% for various home renovation projects.

Homeowners can claim rebates on a variety of energy-efficient upgrades, including:

• Windows and Doors: Enhance insulation and reduce heating or cooling loss.
• Insulation: Keep your home comfortable year-round while cutting energy costs.
• Smart Thermostats: Optimize heating and cooling systems for maximum efficiency.
• Heat Pumps: Transition to a sustainable heating and cooling solution.
• Rooftop Solar Panels: Harness renewable energy to power your home.
• Battery Storage Systems: Store excess energy and reduce reliance on the grid.

Later in 2025, the program will expand to include energy-efficient appliances such as refrigerators and freezers, offering even more opportunities for homeowners to save on utility bills.

How This Program Benefits Homeowners

1. Lower Energy Costs: By making energy-efficient upgrades more affordable, homeowners can significantly reduce their monthly utility bills. Over time, these savings can add up to thousands of dollars.
2. Increased Property Value: Energy-efficient homes are highly attractive to buyers. Upgrades such as solar panels, insulation, and smart systems can boost your home’s market value.
3. Sustainability: This program supports environmentally conscious living by encouraging the adoption of green technologies, reducing carbon footprints, and promoting renewable energy.
4. Housing Affordability: Lower energy bills contribute to overall affordability, especially for families and individuals balancing high living costs in the GTA.

Why This Program Matters

The Home Renovation Savings Program reflects Ontario’s commitment to a greener future while addressing the financial challenges faced by its residents. By reducing the upfront costs of energy-efficient renovations, the program ensures that homeowners can take meaningful steps toward sustainability without feeling the strain of large financial investments. It’s a win-win for families and the environment.

Furthermore, the program aligns with the Toronto Regional Real Estate Board’s (TRREB) advocacy for policies that benefit homeowners. Instead of imposing mandatory energy requirements, this initiative relies on incentives, empowering homeowners to make informed and environmentally friendly decisions.

How to Get Started

1. Assess Your Home’s Needs: Identify areas in your home that could benefit from energy-efficient upgrades, such as older windows or outdated HVAC systems.
2. Explore Eligible Upgrades: Research the specific projects covered under the program and determine which ones align with your goals.
3. Apply for Rebates: Visit the official program website (details to be announced) to learn about application requirements and timelines.
4. Partner with Professionals: Work with licensed contractors and suppliers to ensure your upgrades meet program criteria and maximize your rebate potential.

Conclusion

The Home Renovation Savings Program is a groundbreaking initiative that delivers financial relief, enhances property values, and promotes sustainability. It’s an opportunity for homeowners to invest in their homes while contributing to Ontario’s greener future.

Ready to make energy-efficient upgrades to your home? Stay tuned for more details on the program’s rollout and visit Findlay Real Estate for expert advice on how these renovations can impact your property’s value in today’s competitive market.

Questions?

Contact Realtor Sean Findlay at sean.findlay@century21.ca or call 1-888-450-8301

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This article provides an overview of the CMHC MLI Select Program, including its benefits, eligibility requirements, and how it works.

What is the CMHC MLI Select Program?

The CMHC MLI Select (Multi-Unit Mortgage Loan Insurance) Program focuses on multi-unit residential properties, such as apartment buildings. Its goal is to improve housing affordability and sustainability by rewarding projects that incorporate features like energy efficiency, accessibility, and affordability into their design or renovation plans.

Through this program, CMHC offers more favorable loan insurance terms, making it easier for property owners to finance projects that align with these priorities.

Key Benefits of the CMHC MLI Select Program

1. Preferred Financing Terms:
   Borrowers may qualify for higher loan amounts, longer amortization periods, and reduced interest rates based on the program’s scoring system.
2. Support for Sustainable Housing:
   Projects that include energy-efficient upgrades or meet environmental sustainability standards are incentivized through the program.
3. Promotion of Affordable Rent:
   Properties with a focus on providing affordable rental units can receive additional benefits, making it easier for property owners to maintain or develop low-cost housing.
4. Encouragement of Accessibility:
   Projects that include features to improve accessibility for individuals with disabilities receive higher scores, aligning with CMHC’s commitment to inclusive housing.

How the CMHC MLI Select Program Works

The MLI Select Program uses a scoring system to evaluate projects based on three pillars:

1. Affordability:
   Points are awarded based on the percentage of units offered at below-market rental rates.
2. Accessibility:
   Projects that integrate accessible units or enhance building accessibility can earn additional points.
3. Energy Efficiency:
   Higher scores are given to projects that include energy-saving measures or meet sustainability certifications.

The combined score determines the level of benefits a borrower can access, such as extended amortization periods (up to 50 years) or increased loan amounts.

Eligibility for the CMHC MLI Select Program

To qualify for the CMHC MLI Select Program, your project must:

• Be a multi-unit residential property (minimum of 5 units).
• Incorporate elements of affordability, accessibility, or sustainability into the design or renovations.
• Meet CMHC’s general mortgage insurance requirements.

Borrowers should also provide a detailed proposal outlining how their project aligns with the program’s objectives.

How to Apply for the CMHC MLI Select Program

1. Consult a Real Estate Expert:
   Work with a real estate professional who can help you find properties or projects suitable for the program.
2. Partner with CMHC-Approved Lenders:
   Ensure your lender is familiar with the MLI Select Program and can guide you through the application process.
3. Prepare a Strong Proposal:
   Highlight how your project meets the program’s criteria in affordability, accessibility, and energy efficiency.

Conclusion

The CMHC MLI Select Program is a game-changer for developers and property owners committed to creating sustainable and affordable housing solutions in Canada. By offering attractive financing options, the program makes it easier to bring impactful projects to life while addressing some of the country’s most pressing housing challenges.

Questions?

If you have any questions, or would like to setup a buyer or sellers consultation, contact Realtor Sean Findlay at 1-888-450-8301 or Sean.Findlay@Century21.ca

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In the wake of Federal Minister of Finance Chrystia Freeland’s unveiling of Canada’s 2023 Fall Economic Statement (FES), a paradigm shift emerges. Unlike the previous Spring 2023 budget, this statement stands out for its resolute inclusion of explicit spending measures tailored to combat the housing and affordability crisis gripping the nation.

The FES reflects the government’s commitment to addressing these issues by preparing to unveil a series of affordability policies. It’s a collaborative effort, working hand in hand with stakeholders to shape the upcoming year’s budget. This renewed focus underscores the Liberals’ dedication to core priorities like housing affordability and the overall cost of living while maintaining fiscal prudence.

A notable highlight in the statement is the allocation of an additional $15 billion in new low-interest financing, slated to commence in 2025–26. This funding, earmarked for the Apartment Construction Loan Program (formerly known as the Rental Construction Financing Initiative), aims to amass over $40 billion in loan funding, ultimately leading to the creation of more than 30,000 new homes across Canada.

Furthermore, a substantial allocation of $1 billion over three years, commencing in 2025–26, has been earmarked for the Affordable Housing Fund. This fund aims to bolster non-profit, co-op, and public housing providers in constructing over 7,000 new homes by 2028, a pivotal step towards addressing the pressing housing shortage.

Another noteworthy addition in the updated plan is the extension of HST removal eligibility to co-operative housing corporations engaged in long-term rental accommodation. These corporations, akin to new purpose-built rental housing projects, can now leverage this provision, provided they meet the prescribed conditions.

Canada’s 2023 Fall Economic Statement presents a strategic blueprint for addressing the critical challenges of housing affordability and cost of living. Stay informed as these measures unfold, aiming to reshape the real estate landscape and provide sustainable solutions for Canadians seeking affordable housing options.

Understanding the trajectory of these updates is vital as they shape the country’s real estate narrative, influencing decisions and paving the way for a more inclusive and accessible housing market for all Canadians.

Written by: Realtor Sean Findlay

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The report warns that this deficit could double the rental shortage numbers in GTA, Ontario to 177,000 units over the next decade if current levels of development are not increased. This could cause residential rental prices to skyrocket and leave many tenants struggling to find suitable accommodations.

The report states that the GTA needs to build more purpose-built rental housing faster to address this growing crisis.

“The majority of Ontario’s purpose-built rental housing stock was built before 1980, so new units are essential to provide more choice and take the pressure off aging units. We are calling on all levels of government to make new purpose-built rental housing a priority and to create a policy regime that recognizes the unique nature of this type of development,” said Tony Irwin, President and CEO of FRPO.

– Building Industry and Land Development Association (BILD)

According to the report, pre-construction projects will need to take action immediately and pick up the pace by doubling their work efforts, in order to prevent Toronto’s rental deficit from further escalating.

Nevertheless, it is essential to acknowledge that even with such action being implemented, it will take many years of aggressive planning and development in order to make up for the years of lack of building available rental homes.

Ultimately, the report concludes that without a firm commitment from the government and developers, the rental crisis in the GTA will only worsen.

Opportunities In The Making

Savvy buyers will take advantage of this rental home shortage and see rather see this as an opportunity to invest in a real estate property and become a landlord knowing that the supply and demand chain will bring forth a lot of real estate opportunities.

If you have been thinking about buying or have any questions about market conditions you can contact Realtor Sean Findlay and book a Free Buyers Consultation.

Source: CP24

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Canada’s ban on foreign homebuyers is now in effect, barring commercial enterprises and individuals outside of Canada from buying residential properties in the country. Passed by Parliament in June of last year, the ban officially began on Jan. 1 and will remain in place for two years.

High levels of demand for housing throughout the COVID-19 pandemic prompted average home prices to skyrocket, hitting a national peak of $816,720 in February 2022. Competition within Canadian housing markets also reached new levels, with properties often receiving multiple offers and buyers submitting purchase agreements with few terms and conditions, leading them to assume more risk.

Although average home prices in Canada have since dropped, housing affordability remains a concern among many Canadians. Fuelling some of this anxiety are rising interest rates. Those with variable-rate mortgages are already paying hundreds more per month, compared to early last year. Those with fixed-rate mortgages, who have yet to renew, also say they are “terrified” of rising interest rates.

As the foreign homebuyers ban takes effect in Canada, here’s what you need to know about the regulations.

WHICH PROPERTIES ARE INCLUDED IN THE BAN?

According to the Prohibition on the Purchase of Residential Property by Non-Canadians Act, a residential property includes detached homes or similar buildings, as well as semi-detached houses, rowhouse units, residential condominium units and other similar premises.

The legislation applies to residential properties that are located in a census metropolitan area or a census agglomeration, says the Canada Mortgage and Housing Corporation (CMHC). A census metropolitan area has a total population of at least 100,000 people, with at least 50,000 living in its core, while a census agglomeration has a core population of at least 10,000 people. The regulations also apply to vacant land that does not have any livable dwellings but is zoned for residential or mixed use.

•  Amid elevated interest rates, here’s what to expect from Canada’s housing market in 2023

Homes in municipalities with a core population of less than 10,000 are not subject to the ban, nor are recreational properties such as cottages and lake houses. Additionally, the law does not explicitly ban the purchase of larger buildings with multiple units.

WHY IS THE BAN IN EFFECT?

According to the CMHC, the legislation aims to “make homes more affordable” for those living in Canada by cracking down on foreign investment.

“Homes should not be commodities,” Housing Minister Ahmed Hussen said in a press release issued on Dec. 21. “Homes are meant to be lived in, a place where families can lay down roots, create memories and build a life together.”

Housing affordability continues to be a challenge in Canada. Although average home prices have dropped in recent months, an assessment published by the Parliamentary Budget Office in September shows the average cost of a house is 67 per cent more than what the average Canadian household can afford.

•  Here are some of the new laws and rules coming into effect in Canada in 2023

A separate report published by Re/Max in September also points to a housing supply crisis in major Canadian metropolitan areas. By limiting foreign investor activity among residential properties, market watchers expect the ban will create new buying opportunities for Canadians by opening up supply.

Despite this, statistics from the CMHC released in 2017 show foreign buyers owned a small percentage of residential properties in different Canadian cities. Additionally, real estate experts have offered mixed reactions to the regulations when it comes to the impact they will have on Canada’s housing market.

WHO IS EXEMPT FROM THE BAN?

Although the legislation targets non-Canadians, there are some exceptions. Those in Canada with temporary work permits are still allowed to buy residential properties, as are refugee claimants and international students who meet certain criteria.

The ban does not apply to those who are Canadian citizens or permanent residents, nor does it apply to non-Canadians who are looking to rent a residential property in Canada.

Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are also exempt from the ban.

WHAT HAPPENS TO THOSE WHO BREAK THE RULES?

Anyone who’s neither a Canadian citizen nor a permanent resident will not be able to purchase a residential property in Canada as of Jan. 1 for two years, according to this new rule.

The ban also includes non-Canadian company owners, which the regulations say will prevent them from avoiding the prohibition.

Non-Canadians found in contravention of the ban will be fined up to $10,000 and may be ordered to sell the property, according to the legislation.

The impact of foreign ownership has been a hot topic when it comes to Canadian real estate for years, even as attention grows on the impact of domestic investors who the Bank of Canada says make up roughly one-fifth of purchases in recent years.

Questions?

Have a question? Contact Realtor Sean Findlay at 905-450-8300

The post Canada’s Real Estate Ban on Foreign Home Buyers – What to know? appeared first on FINDLAY REAL ESTATE.

Congratulations to Findlay Real Estate’s very own Sean Findlay for being named Top 21 Realtors at Century 21 Millennium Brokerage Inc.

Thank you to all of our clients for trusting us with your real estate transactions.

If you are looking to buy or sell, contact Realtor Sean Findlay for a free real estate consultation at 905-450-8300.

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Need To Declutter Your Home? Yard Sales Return To Hamilton & Stoney Creek!

Thinking of selling your house? Need to declutter your home? What better way to get rid of old items through a yard sale! Province of Ontario Announces Yard Sales Can Return to select Canadian Cities, and guess what? Hamilton & Stoney Creek are on the approved list of cities allowed to now host yard sales. (Standard covid social distancing rules still apply)

Just a few days ago, Hamilton public health gave the green light for yard sales, and today, a street in Stoney Creek had their first spring cleaning garage sale in over a year. Emily Tayler of CHCH Hamilton news reports.

The first weekend of yard sales brought “Hundreds of shoppers to a Stoney Creek yard sale looking for someone else’s unwanted treasure”

CHCH Hamilton News | By Dominick Nagy  – June 5, 2021

Have any questions about Hamilton / Stoney Creek Real Estate? Looking to buy or sell your house? Contact Realtor Sean Findlay Today!

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A Ministry of Health mobile team has announced they will be visiting Hamilton and will be hosting additional outdoor mobile pop-up covid-19 vaccination clinics in June, July and August 2021 in Stoney Creek Ontario.

The next covid pop-up vaccine clinic is scheduled for June 15 & 16 in Stoney Creek.  These clinics have been located in areas of the City with lower vaccination coverage rates in order to improve access to the vaccine. Individuals 12 years of age and older who are eligible to receive a first or second dose of the Pfizer COVID-19 vaccine can book into the clinic.

These mobile pop-up clinics will be located outdoors. Individuals are encouraged to dress appropriately for the weather and protect themselves against the sun.

Please note, these clinics will be at this location on these days only and then will move onto another location. This team will return for scheduled second dose appointments.

The Hamilton healthcare partners announce that to date, we have administered approximately 387,127 doses of COVD-19 vaccine – with upwards of 68.3% of Hamiltonians over the age of 18 and 44% of youth ages 12+ receiving a vaccine to date.

Public Health Services recommends that everyone who is eligible for a vaccination receive the first vaccine that is available to them.

Source: https://bayobserver.ca/2021/06/13/pop-up-vaccination-clinic-for-stoney-creek-and-east-hamilton/

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City council has approved the Downtown Hamilton Entertainment Precinct master agreement, a multi-year deal between the city and the Hamilton Urban Precinct Entertainment Group L.P.

The group’s bid to renovate and revitalize several venues, including FirstOntario Centre, was selected by council in 2020.

Hamilton’s city council gave formal approval for a partnership with the Hamilton Urban Precinct Entertainment Group (HUPEG) which is set to spend more than $500 million on a mixed-use development, including an affordable housing project and a $50-million restoration of First Ontario Centre.

The bid proposed a $50 million renovation to revitalize FirstOntario Centre, including a new exterior facade and video board, transformation of the lower bowl and an expanded concourse level.

It also includes over $12 million in upgrades to the Hamilton Convention Centre and Concert Hall and a $2 million contribution to the Art Gallery of Hamilton.

City Council has approved the Downtown Entertainment Precinct master agreement that sets the stage for millions of dollars in investment in Hamilton’s downtown core, including a $50 million renovation of the FirstOntario Centre.

Release>>https://t.co/zd4mI9xS6T #HamOnt pic.twitter.com/u0pa6vkPEY

— City of Hamilton (@cityofhamilton) June 9, 2021

HUPEG is a consortium of local investors that includes Carmen’s Group, the LIUNA Pension Fund, Fengate Capital, Meridian Credit Union, Jetport Inc. and Paletta International.

The group was selected in July 2020 as the preferred redeveloper of FirstOntario Centre, the Hamilton Convention Centre and FirstOntario Concert Hall.

Under the new agreement, the groups will also take on operation and maintenance of the three settings for at least 30 years with options to continue to the 49-year mark with no monetary contribution from the city.

Initially, the plan called for total investments of more than $400 million within the city core which also included a development with the Art Gallery of Hamilton.

The new deal calls for at least $12.5 million in capital upgrades, expansion and aesthetic enhancements to the convention centre and concert hall, with a $2-million contribution to the gallery.

The arena development includes a new exterior façade and video board, comprehensive transformation of the lower bowl, expanded concourse level and a new flexible curtaining system for the upper bowl balcony.

Hamilton Urban Precinct Entertainment Group L.P.A sports lounge, e-Gaming zone, and additional food and beverage offerings are expected as well with the aid of local hospitality partners.

The project will include retail and office space in addition to new residential units allocating five per cent affordable housing – in keeping with current municipal bylaws HUPEG will be required to meet.

Ray Kessler, manager of real estate for Hamilton, says the overall deal is an “economic” exchange of the three properties in which a series of liabilities will be taken on by HUPEG.

“That’s where they (the city) will get their return, of course … in the future development or redevelopment of the properties,” said Kessler.

“The city in exchange gets properties that don’t have any financial implications to the city … we’re hoping for 49 years at minimum.”

A 2019 study by Ernst and Young estimated that privatizing the operation and maintenance of the entertainment venues would save Hamilton taxpayers $155 million over 30 years.

One example would be the York Boulevard parkade which Ryan McHugh, manager of tourism and events with the city, said had a “sizeable” backlog in capital needs.

“So by transacting that site, the city would actually be saving additional money on that front,” McHugh said.

An artist rendering of a new concourse at First Ontario Centre in Hamilton. City Council has approved a 49-year agreement with an entertainment group to create an entertainment hub in the downtown core.Mayor Fred Eisenberger said parking sites were “not a massive revenue picture on a per-site basis” and the new developments would generate additional tax dollars down the road.

“Council supported this because it had a revenue-positive scenario for the city of Hamilton or at least avoided cost-revenue scenario, as well as additional development opportunities that would generate more revenue into the future,” Eisenberger said.

The other bidder in the development was the Vrancor Group — which proposed a $200-million modernization of FirstOntario Centre and the Hamilton Convention Centre completed in just 12 to 14 months.

Mayor Fred Eisenberger said the execs with that group were supportive of the HUPEG plan despite losing out.

“It was determined that the HUPEG proposal was was better overall for taxpayers and for the facility upgrades,” Eisenberger said.

“They’re very comfortable with that, and they look forward to future developments there as they’re doing now in the city of Hamilton, in the downtown core precinct.”

Construction is expected to begin in the fall of 2022 and take place over two years.

The Precinct Group will work with current tenants and operator to minimize any operational impacts of the renovations.

Any questions about Hamilton Real Estate? Contact us today!

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