Frontline workers and singles over 50 will receive “a leg up” into the New South Wales property market, with the Australian state government to introduce a shared equity housing scheme in this week’s budget. Premier Dominic Perrottet says housing affordability is becoming a challenge for families across the state. “Whether you’re in the city, or you’re…
Can Biden Help Housing?
Commentary At one time or another, every politician—local, state, and federal—promises to help create “affordable housing.” The issue has become especially critical of late with rents and housing prices rising and higher interest rates making it more difficult to support a mortgage. The Biden administration has responded with a five-point program. Some of its elements…
Study Finds Non-Homeowners Are Pessimistic About Buying Homes Despite Cooling Prices
A new study conducted by Chartered Professional Accountants of Canada (CPA Canada) finds that Canadians who don’t own homes think home ownership remains far out of reach despite prices cooling slightly across the country. CPA Canada says half of non-homeowners surveyed believe it’s unlikely they ever will buy a home, 21 percent think it’s very…
Mortgage Payment Costs Rise 45 Percent This Year, Worsening Home Affordability
The monthly mortgage payment for a typical home in the United States for new buyers has climbed by 45 percent or about $600 over the previous year, according to the estimates by the National Association of Realtors (NAR). In April, the average monthly mortgage payment for a single-family home increased to $1,900, based on a…
About 76% of Homes in Quebec Back on the Grid After Powerful Weekend Storm
Quebec’s hydro utility says more than 130,000 customers are still without power after a powerful weekend storm uprooted trees and power lines across a large swath of the province. Hydro-Québec said today it deployed about 700 employees to restore power to customers and that 76 percent of affected clients are back on the grid. One…
Military Members Urged to Contact Habitat for Humanity Amid Housing Crisis
An email encouraging members of the Canadian Armed Forces to consider contacting Habitat for Humanity if they can’t find affordable housing is casting a spotlight on a growing challenge facing many military personnel and their families. The email was sent by a senior officer at 19 Wing Comox to other members at the Royal Canadian…
32% of GTA Residents Don’t Know Neighbours’ Names: Survey
Around one-third of residents living in the Greater Toronto Area (GTA) don’t know their neighbours’ names, according to a new survey. Conducted online by networking service Nextdoor among 500 GTA residents, the survey found 32 percent of respondents couldn’t name their neighbours. A majority (59 percent) of those who didn’t know their neighbours’ names lived in condos,…
Housing Affordability Declining Fastest in Ontario: Report
In recent years, housing affordability has eroded at a faster rate in Ontario than in any other province, says a new report by Vancouver-based non-profit Generation Squeeze. “During the first two years of the pandemic, the Ontario government presided over the worst erosion of housing affordability witnessed by any Canadian province over a two-year period in the…
White House Unveils Plan to Address Housing Supply Shortages
The White House on May 16 released a new plan aimed at increasing the housing supply in America. Pillars of the plan include giving incentives to jurisdictions that allow more dense building, making it easier to build newly manufactured housing units, and exploring ways to lower the cost of items crucial for constructing homes. President…
Housing Beat: Mortgage Rates Keep Climbing as Inventory Levels Slowly Expand
More homebuyers were taking out mortgages despite climbing rates while the tight housing inventory is showing signs of improving. Nonetheless, many homebuyers are not optimistic about the housing market’s near future. On the Homebuying Front Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.30 percent as of May 12, up from last week when it averaged…
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