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Frustrated millennials zeroing in on election housing pledges

Drew Roberts couldn’t wait to get out of Toronto.

After he and his girlfriend managed to find work in Kingston, Ont. they found the same problem: even 260 kilometres to the east, the dream of home ownership was still out of reach.

“We left Toronto in search of a more stable career in our respective fields,” said Roberts, a 32-year-old scientist. “We wanted a city with a slower pace in which we could grow our roots.”

When planning to make the move in spring of 2021, Roberts said he kept an eye on the local real estate market, but said prices had already swelled beyond their budget so they instead moved into a rental…read more.

Canada Hid A Foreign Capital & Housing Study While Dismissing Intelligence Warnings

Canadian tax authorities confirmed they knew about illicit foreign capital inflating real estate. They first found out over two decades ago, but only confirmed it to the South China Morning Post (SCMP) this week. A whistleblowing, retired auditor first told SCMP journalist Ian Young about the report in 2016. He waited half a decade for a response from the agency, which confirmed the study took place 25 years ago. The situation shares odd circumstances with an intelligence report mentioning foreign capital and real estate, called Sidewinder. Whistleblowers allege both reports, written one year apart, were suppressed for political reasons.

In 1996, the Canada Revenue Agency (CRA) studied millionaire migrants and homeownership. The tax authority was looking into reports of mansion buyers with poverty-level incomes. Not one or two either, it was a systemic issue.

The secret report was unknown to the public until 2016, when a CRA whistleblower told the SCMP about it. At the time, he alleged the study was suppressed from above. Five years after SCMP filed a freedom of information request, the agency confirmed it does exist…read more.

Canadian Housing Affordability Got Worse Under Trudeau, But Did He Do The Worst?

Prime Minister Justin Trudeau did the worst job with housing in the history of leaders. No, it was definitely Prime Minister Stephen Harper that oversaw the worst… No… this goes back to… Brian Mulroney? Uh, that was 30 years ago, but whatever.

Ever since Canada’s election kicked off, everyone’s been arguing about housing. More specifically, whether the current Prime Minister (PM) dropped the ball on affordability. We hate data-less arguments, so we thought we would crunch the numbers to provide some gas to pour on those dumpster fire arguments. Consider it our little gift to the world.

The truth is PM Justin Trudeau has overseen one of the fastest declines in affordability. However, he didn’t oversee the worst drop in the past 40 years — he was just close to it. Let’s take a look at who did the worst…read more.

The best journey takes you home: Trudeau vows two-year ban on foreign homebuyers if re-elected

Prime Minister Justin Trudeau promised to introduce a two-year ban on foreign home buyers to tackle housing affordability in Canada if he’s re-elected.

The proposed restriction is an attempt to cool a housing market that has soared during the Covid-19 pandemic. Surging prices have become a central issue in the campaign for the Sept. 20 vote, in which Trudeau hopes to regain a majority in parliament, with all three major parties promising crackdowns…read more.

End of housing market on ‘steroids’ to hit growth: Macquarie

Macquarie Group is warning the slowdown in Canadian housing activity may have a material impact on the country’s economic growth.

David Doyle, the head of North America economics and strategy at Macquarie, said in an interview Tuesday the decline in existing home sales is likely to weigh on growth through the back half of the year by about one percentage point due to the domestic economy’s outsized reliance on the housing sector.

“I don’t foresee a significant pullback in price imminently, interest rates are likely to remain low, and when the [Bank of Canada] does start to hike, probably will be very gradual in its approach,” he said…read more.