Tag: news
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Canada to put a cap on temporary residents for the first time
In a significant policy shift, Prime Minister Justin Trudeau’s administration is set to introduce caps on temporary residents entering Canada for the first time this fall, aiming to address the country’s housing crisis and mitigate inflation. Presently, temporary residents, including students, asylum seekers, and temporary workers, comprise approximately 2.5 million individuals or about 6.2% of…
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Canada slips to 15th place in the World Annual Happiness Report, with Canadians under 30 “very unhappy”
In the latest release from the 2024 World Happiness Report, Canada finds itself at the 15th position globally, revealing a subtle, yet significant shift in the nation’s overall happiness quotient. Despite Canada’s reputation for high quality of life and general contentment among its population, a deeper dive into the data uncovers a disturbing trend among…
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Canadian leaders are under fire for calling $1700/month 330sqft micro apartments “affordable housing”
Deputy Prime Minister Chrystia Freeland is facing criticism on social media for her recent comments promoting a new apartment complex in British Columbia as an affordable housing solution for low to middle-income earners in Canada. Freeland highlighted the Hudson House apartment building, which offers 227 units funded through the government’s Apartment Construction Loan program, in…
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Here’s how home prices compare to living costs in Canada
In recent years, the squeeze on affordability has become increasingly evident, with everything from daily groceries to housing costs witnessing significant upticks. This trend necessitates higher earnings for families to maintain a basic standard of living. Among these, housing stands out as one of the heftiest expenses, although the cost of various other goods and…
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Toronto city council has officially approved Olivia Chow’s 9.5% property tax hike
’80 cents extra a day, folks can afford it,’ Chow told reporters Wednesday In a landmark decision that marks the city’s largest property tax increase in over a quarter of a century, the Toronto City Council has greenlit a significant hike in property taxes, coupled with a $20 million boost to the police budget. This…
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Canada extends the ban on foreign home buyers to 2027 amid housing affordability crisis
The Canadian government has recently announced an extension of the foreign ownership ban on residential properties, a move aimed at addressing the country’s escalating housing crisis. Initially implemented on January 1, 2023, this ban prevents foreign businesses and individuals from buying homes in Canada. Originally set to expire on January 1, 2025, the ban is…
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Bank of Canada raises key interest rate for the 10th time since March 2022
The Bank of Canada made a significant decision by raising its benchmark interest rate by 25 basis points, bringing it to a notable five percent, a level unseen since April 2001. This move was widely expected by economists due to the positive indicators from the June labour force survey released by Statistics Canada. The survey…
Canada Housing Market 