Trudeau on housing prices and the Home of the Week: Canadian real estate news for June 1

Trudeau on housing prices and the Home of the Week: Canadian real estate news for June 1
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Home of the Week, 499 Carlisle Rd., Campbellville, Ont.Helicopix

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 says home prices need to retain their value to protect Canadians’ retirement plans

In an interview with The Globe’s City Space podcast, Prime Minister Justin Trudeau says his government aims to make housing more affordable for younger Canadians without bringing down home prices for existing homeowners. “Housing needs to retain its value,” Trudeau said. “It’s a huge part of people’s potential for retirement and future nest egg.”

Over the past two decades, the value of residential real estate has tripled and has made homeowners more prosperous. Many Canadians view their homes as their single largest asset and as a way to support their retirement and pass on wealth to their children. However, the significant rise in home prices has contributed to the widening wealth gap between homeowners and renters, who do not have the same opportunity to amass equity in their home.

Ontario extends cooling off period, bans some liens on homes by vendors

Decades after creating a 10-day cooling-off period for purchasers to reconsider a new-build condominium contract, the Ontario government has extended the same right to purchasers of detached and freehold newly constructed new homes, writes Shane Dingman. The measure is among a raft of consumer protections that have been advocated for by opposition politicians and citizen groups.

Advocates say the cooling-off period will help buyers who experienced high-pressure sales centre situations and were pushed into a purchase without all the requisite knowledge. However, missing among the new measures was one long-time ask from consumers: rules for safeguarding deposits for new home purchases that would match the condo-builder requirements that deposits be held in legal trust accounts.

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Divorcing parents face tough choices amid sky-high real estate prices

Whether a couple owns a home or rents, housing is most likely their single biggest household expense. When homeowning spouses face a divorce, one might want to buy out the other. But increasingly, that’s financially out of reach, writes Anita Bruinsma. In Toronto, buying your spouse out of an average-priced home could cost just under $300,000. Some are choosing to take on big mortgages to keep the matrimonial home, and others are buying homes further away from their current neighbourhood in order to find something less expensive. Some couples even decide to continue living together after separation due to affordability.

New condo occupancy contracts under dispute over late permits

An Ontario builder is facing investigations from new home regulators after it moved some residents into a new condominium building before it obtained occupancy permits from City of Toronto building inspectors, writes Shane Dingman. Some tenants said their units were unfinished when they moved in, with missing glass doors and unpainted walls.

There is a great deal of ambiguity over when residents can legally move into a new-constructed condominium. The unit may be livable, but the building has not yet been official registered, the process that allows the subdividing of titles to each individual owner. Documents showed that tenants were moved in days before the builder received the necessary permits. Since the residents don’t yet legally own their units, the developers charge them occupancy fees as a type of short-term rental agreement. But if builders announce an occupancy date but aren’t able to meet it without giving proper notice, buyers can make a claim for compensation of up to $7,500.

Home of the week: Campbellville home from 1868 restored by owner-stewards

  • Trudeau on housing prices and the Home of the Week: Canadian real estate news for June 1

    Home of the Week, 499 Carlisle Rd., Campbellville, Ont.Helicopix

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499 Carlisle Rd., Campbellville, Ont.

Originally built in 1868 and known locally as the Van Norman House, the 156-year-old home has been slowly restored to its former glory. From the outside, the house looks unchanged from the Victorian era and is surrounded by lush green space. The former owners repainted the three-bedroom house to their closest approximation of the original colours, and upgraded the electrical work. There is also a formal living room, with a fireplace and wooden mantel bordered on either side by tall windows. But the best feature is the home’s original front door, which features an antique-finish brass door handle and leaded-glass panels from the 1800s.

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

a. $1,575,000

b. $1,886,000

c. $2,299,000

d. $2,697,000

d. The asking price is $2,697,000.