Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30

Daisy Ratnasari
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The four-bedroom loft is situated in The Merchandise Building, a live/work complex renovated from the shell of a 1910 brick warehouse in Toronto.Michael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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Trudeau announces renter-focused measures ahead of 2024 budget

Prime Minister Justin Trudeau announced a series of measures to help renters in Canada, including a $15-million tenant protection fund and a Canadian renters’ bill of rights, write Bill Curry and Marieke Walsh. A third measure is to amend the Canadian Mortgage Charter, so that it calls on landlords, banks, credit bureaus and fintech companies to take rental history into account when assessing credit worthiness. The government hopes that by dropping budget details in advance, it will be able to garner more attention for the measures being rolled out.

Business leaders see housing crisis as biggest risk to Canadian economy, survey shows

The KPMG survey, which questioned 534 businesses in Canada, found 94 per cent of respondents agreed that high housing costs and a lack of supply are the top risk to the economy, and that housing should be a main focus in the coming federal budget. Housing issues are forcing businesses to increase pay to better attract talent and budget for higher labour costs, 87 per cent of respondents agreed, and almost 90 per cent of businesses responded that they want to see more public-private collaboration to help solve the crisis.

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A new housing development is constructed just outside the edge of the Duffins Rouge Agricultural Preserve, part of Ontario’s Greenbelt, on May 15, 2023.Chris Young/The Canadian Press

Rob Carrick: Five thoughts on mortgages, investments and savings as we count down to interest rate cuts ahead

A spring project for your personal finances: Get ready for lower interest rates this summer, writes Globe personal finance columnist Rob Carrick. The central bank could be convinced to start unwinding the hefty rate increase of the past two years, and big bank economics teams currently think rate cuts could start as soon as June or July. If you want to prepare for the shift, buy one-year GICs and bonds, invest in dividend stocks, take stock of your borrowing costs, and if you’re shopping for a home, check the mortgage rate hold from your lender.

Housing starts stable in 2023, but demand still outpaces growing supply of apartments

Canada Mortgage and Housing Corp.’s biannual housing supply report showed construction began on 137,915 new units last year across the country’s major cities, but experts warn those levels are still not enough to address the country’s long-term housing shortage. The CMHC said new housing projects are projected to decrease in 2024, despite its forecast that Canada will require an additional 3.5 million units by 2030, on top of what is currently projected to be built, to restore housing prices to more affordable levels.

Home of the week: A double downtown loft with room for city kids to grow

  • Home of the Week, 155 Dalhousie St., No. 1054, TorontoMichael Peart Photography

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155 Dalhousie St., No. 1054, Toronto

The four-bedroom loft is situated in The Merchandise Building, a live/work complex renovated from the shell of a 1910 brick warehouse in Toronto. Unusually big for the building, the loft is actually made up of two separate units that were combined just over ten years ago, as the previous tenants needed more space for a budding family. Now featuring 3,164 square feet of living space, the loft opens up with 12-foot-high ceilings and huge windows to allow light into the many rooms. Built-in bookshelves and a gas fireplace were added to the living room, and a floating buffet was added to the dining room, to create a more comfortable space for entertaining. During renovations, the previous owners also left the door open to split the loft back into two, if ever needed.

What do you think is the asking price for the property?

a. $1,299,900

b. $1,687,000

c. $2,295,000

d. $2,750,000

d. The asking price is $2,750,000.

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