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

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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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Official Press Release Updated June 9th, 2021

(via WinonaPeach.com)

The 54^th Anniversary of the Winona Peach Festival has cancelled its 2021 event.  After much deliberation and ongoing informed discussions with the 19 member organizations, it is with heavy and sad hearts that the 2021 Winona Peach Festival will not be held on August 27, 28, 29, 2021.  

Official News Release

2021 CANCELLATION OF WINONA PEACH FESTIVAL

The 54^th Anniversary of the famous Stoney Creek‘s “Winona Peach Festival” has cancelled its 2021 event.  After much deliberation and ongoing informed discussions with the 19 member organizations, it is with heavy and sad hearts that the 2021 Winona Peach Festival will not be held on August 27, 28, 29, 2021.  

The Board of Directors along with the member organizations feel very strongly in being proactive keeping the safety of our community as well as all our many volunteers in the fore front. We feel this is the right and responsible decision to cancel the event during this critical time to protect everyone’s health and well being.  

The Winona Peach Festival with everyone’s collective efforts feels very strongly to curb this global pandemic, and we will all do our part to ensure it happens.   The Winona Peach Festival truly feels that the sacrifices we make in cancelling the 2021 Winona Peach Festival will make us return in 2022 a stronger and better festival.

Linda Shuker | Winona Peach Festival President (via WinonaPeach.com)

Still Want to Support the Winona Peach Festival?

Despite the festival being cancelled, the 2021 Winona Peach Festival 50/50 Draw is still available now!!  Support a good local cause and buy your tickets today!

View Details on the  Draw Lottery page

Winona Peach Festival Fun Fact: Did you know that the Winona Peach Festival is made up of 19 community organizations who are all volunteers.   In fact, Winona Peach Festival is entirely run by volunteers!!

About The Winona Peach Festival

7 Attractions and Things To Do at the Stoney Creek “Winona Peach Festival”

The Winona Peach Festival has many great attractions and there is something for everyone!  You can click on any of the links on this page (in the peach colour) and it will take you directly to the page, where you can find additional information.

1. The Winona Peach Festival Arts & Crafts area is located in our treed area, where you can wander around, look at the amazing hand made crafts, watch some of the artists make their craft and buy amazing articles to decorate your home.

2. There is also a Peach Festival Commercial Exhibits area, which holds approximately 100 various vendors, who bring in varied articles for you to view and purchase.   Don’t forget the area farmers who bring in fresh fruits and vegetables just for you!

3. The Draw Lottery has been a Peach Festival guest favourite for many years!  We always have a draw with a great list of additional prizes that can by won by buying your $5 ticket!

4. The Peach Festival  Entertainment stage has the E.D. Smith Fun Factory with entertainment for children of all ages, during the day Saturday.  You can find a schedule of all the great family fun entertainment for the entire weekend on the official Winona Entertainment page.                                                                    

5. If you love different foods, the Peach Festival international Food Court is where you want to go!  Take a look on their Food Court page to see the available foods provided by our organizations, including gluten free, vegetarian, etc. 

6. The Midway area is presented by Robertson’s Amusements and has been with the Winona Peach Festival for over 20 years!   Enjoy rides and games for all ages, click on the page link so you can see the various rides coming in this year!

7. The festival finale the “Peach of a Car Show” always brings in vintage cars for everyone to look at and enjoy!

Have Any Questions? Contact Us Using the Form Below

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The federal government of Canada has launched a new Home Energy Savings Grant program that offers homeowners grants to retrofit their homes and make them more energy efficient. The Canada Greener Home Grants program, funded to the tune of $2.6 billion, will offer homeowners grants of up to $5,000 that can be put toward energy-saving projects such as:

• Improved insulation;
• Air sealing, thermostats;
• Energy efficient heating and cooling equipment;
• Solar panels; and
• Energy-efficient windows and doors.

Additional Grant For Home Energy Audit

The home energy savings grant program will also include grants of up to $600 that can be used for EnerGuide home energy audits. The Canada Greener Home Grants program is expected to award 700,000 grants over seven years.

Home Grant Eligibility Criteria

There are certain eligibility criteria that must be met in order for the homeowner to take advantage of the grants, including but not limited to:

• Provide proof of ownership;
• Program applies to a homeowner’s primary residence only;
• Eligible property types include ground-related homes and small multi-unit residential buildings up to 3 storeys);
• Applies to homes built six months ago or older;
• Complete a pre- and post-retrofit EnerGuide evaluation;
• Complete at least one retrofit that is both eligible and recommended by the energy advisor in order to be reimbursed.

How To Apply for Canada Home Energy Savings Grant

Applications are now available on the Natural Resources Canada website. An application starts with an energy evaluation by a certified adviser. That adviser visits an applicant’s home and determines which energy-saving measures would qualify for reimbursement. If the homeowner chooses to proceed, a licensed contractor would then be hired to conduct the retrofits. After an inspection of the completed work, the homeowner would be reimbursed.

Please check for additional information on program eligibility and to learn more about the initiative.

Employment Opportunity as a New Energy Auditor

To support the anticipated need for energy advisors, the government recently announced that it is providing up to $10 million to recruit, train and mentor 2,000 new energy auditors.

The Canada Greener Homes Grant program, the hiring of 2,000 new energy advisers, and the yet-to-be-launched $40,000 retrofit loan program through CMHC are all part of a bigger greener homes initiatives that is expected to be announced soon in 2021.

Additional Homeowners Interest-free Loans

In this year’s federal budget, the government proposed creating a separate fund of $4.4 billion over seven years through which the Canada Mortgage and Housing Corporation (CMHC) could offer homeowners interest-free loans of up to $40,000 in exchange for authorized energy-efficient retrofit projects. These loans could be available as soon as this summer, and it is believed that more than 200,000 households would take part in that program.

We will update Members as soon as more details become available, and encourage you to familiarize yourself with the Canada Home Grant program so that you can advise your clients accordingly about this opportunity.

For any Questions / Inquiries Contact Realtor Sean Findlay using the form below:

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The Ontario government released its Roadmap to Reopen, a three-step plan to safely and cautiously reopen the province and gradually lift public health measures based on the provincewide vaccination rate and improvements in key public health and health care indicators.

The province of Ontario will remain in each step for at least 21 days to evaluate any impacts on key public health and health system indicators. Based on current trends in key health indicators, including the provincial vaccination rate, the province expects to enter Step One of the Roadmap the week of June 14, 2021.

The Ontario province-wide emergency brake restrictions remain in effect with the Stay-at-Home order expiring on June 2, 2021.

How does this impact REALTORS^®?

For now, Members should continue to follow all public health guidance, use virtual business tools first, refrain from in-person open houses and only conduct scheduled showings when absolutely necessary.

With respect to tenant eviction orders, the government has indicated that the moratorium is tied directly to the Stay-at-Home order and that is expected to be lifted June 3, 2021; however, it is not clear at this point whether or not the province will lift the ban on residential evictions at the same time.

Real estate remains an essential business; therefore, real estate transactions can continue, provided that all public health measures and safety protocols are followed.

Key highlights in each step of the Ontario 3 Step Roadmap to Reopen are outlined in the chart below:

In response to recent public health improvements, effective May 22, 2021, at 12:01 a.m., the province will reopen outdoor recreational amenities with restrictions in place. These amenities include, but are not limited to, golf courses and driving ranges, soccer and other sports fields, tennis and basketball courts, and skate parks. No outdoor sports or recreational classes are permitted. Outdoor limits for social gatherings and organized public events will be expanded to five people, which will allow these amenities to be used for up to five people, including with members of different households. All other public health and workplace safety measures under the provincewide emergency brake will remain in effect.

Ontario has scrapped the idea of lifting restrictions by region, as was prescribed under the previous colour-coded reopening framework. Instead, the entire province will be evaluated as a group based on overall vaccination rates as well as improvements in key public health and health system indicators.

The province will remain in each of the three steps “for at least 21 days to evaluate any impacts.” If, at the end of each 21 day period, vaccination thresholds and other criteria have been met, we will move forward as a group into the next step.

Here’s what we can expect from each step, and what we need to do to get there, per the provincial government:

Step One:  60 per cent of adults vaccinated with one dose

“An initial focus on resuming outdoor activities with smaller crowds where the risk of transmission is lower, and permitting retail with restrictions. This includes allowing outdoor gatherings of up to 10 people, outdoor dining with up to four people per table and nonessential retail at 15 per cent capacity.

Step Two: 70 per cent of adults vaccinated with one dose and 20 per cent vaccinated with two

“Further expanding outdoor activities and resuming limited indoor services with small numbers of people where face coverings are worn. This includes outdoor gatherings of up to 25 people, outdoor sports and leagues, personal care services where face coverings can be worn and with capacity limits, as well as indoor religious services, rites or ceremony gatherings at 15 per cent capacity.”

Step Three: 70 to 80 per cent of adults vaccinated with one dose and 25 per cent vaccinated with two doses

“Expanding access to indoor settings, with restrictions, including where there are larger numbers of people and where face coverings can’t always be worn. This includes indoor sports and recreational fitness; indoor dining, museums, art galleries and libraries, and casinos and bingo halls, with capacity limits.”

As of today, Thursday, May 20, per the Ministry of Health’s most-recent data, approximately 48.2 per cent of all Ontario residents (children and adults) have now been vaccinated.

For more on what you need to know about the pandemic, visit the TRREB COVID-19 Information Centre.

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