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    • Home prices could hit peak levels by next year, set new highs in 2026: CMHC report

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    The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026.

    The agency's latest housing market outlook, released Thursday, says despite an increase in rental housing coming on the market in 2023, supply is not forecast to keep up with demand, leading to higher rents and lower vacancy rates in the coming years.

    "Unfavourable financing conditions are expected to make it more difficult for homebuilders to start new rental projects in 2024," CMHC chief economist Bob Dugan said in a statement.

    "We anticipate by 2025-2026 lower interest rates, continued government support, and policies encouraging greater density in urban centres should make more projects viable."

    The CMHC said affordability in the home ownership market will also be a concern for the next three years, as declining mortgage rates and the country's strongest population growth since the 1950s will likely spur a rebound in home sales and prices.

    Home sales dropped by around one-third from their peak in early 2021 to the end of 2023, while prices fell by nearly 15 per cent over that time, CMHC said.

    "During this time, the pool of potential homebuyers grew through robust population growth, increased savings and higher incomes," the report said.

    "As mortgage rates and economic uncertainty decrease in the second half of 2024, we expect buyers to start returning to the market."

    It said the resurgence would also be driven by a shift in demand toward lower-priced homes and markets across Canada.

    The agency predicts sales activity from 2025 to 2026 will slightly surpass the past 10-year average but remain below the record levels recorded from 2020 to 2021, due to how expensive housing remains.

    CMHC also says housing starts in Canada are expected to decline this year before recovering in 2025 and 2026, reflecting the lagged effect of higher interest rates on new construction.

    A report last week from the agency showed construction began on 137,915 new units last year across Canada's six largest cities, a level that was roughly in line with those of the past three years due to a surge of new apartments.

    On a regional basis, the CMHC forecasts Ontario and B.C. will drive the decline in national housing starts this year, warning developers may struggle to boost even apartment construction amid challenges such as financing costs.

    It expects the Prairie provinces to perform well, citing affordable home prices and a stronger economic outlook which will likely attract homebuyers and job seekers, leading to increased construction.

    In Quebec, housing starts are expected to grow but remain below post-pandemic levels after a sharp decline in new home construction last year.

    It said the Atlantic region will likely see less pressure on new home construction than it has since 2022 from unusually strong migration, as starts in certain eastern provinces "will remain historically robust but will realign more closely with weaker population growth."

    This report by The Canadian Press was first published April 4, 2024 

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    The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

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    The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    Canada

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

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    • The University of Ottawa's special advisor on antisemitism says he has resigned following posts he made on social media celebrating the pager explosions in Lebanon this week.

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    Local Spotlight

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    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

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    • The 'Namgis First Nation says a fish farm it owns near Port McNeill shows the potential of land-based aquaculture in B.C.

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

    • Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.

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    • BREAKING NEWS

      BREAKING NEWS

      A man has been taken to hospital in life-threatening condition following a stabbing incident that happened on Baseline Road in the early hours of Friday morning, according to the Ottawa Paramedic Service.

    • Police say a man who was taken to hospital in critical condition after being shot Thursday night has died.

    • Higher than average temperatures are in the forecast for Ottawa this Friday.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    N.L.

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