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What interest rate hikes mean for renters, landlords, and variable mortgages: This week’s top real estate stories

The Globe and Mail

23-07-15 14:00


The recent interest rate hike by the Bank of Canada is expected to have ripple effects on renters and real estate investors. Higher interest rates may force potential homebuyers to continue renting instead of purchasing a home, leading to increased demand in the rental market. Additionally, some landlords may choose to sell their properties due to the higher costs associated with the rate hike. This could result in fewer rental units available, exacerbating the already high demand for rental housing.

Variable-rate mortgage holders are also feeling the pressure after the interest rate hike. These borrowers will face higher monthly payments as their amortization periods stretch due to the rate increase.

Vancouver and Copenhagen, both experiencing growth and in need of more housing supply, offer different approaches to achieving this. While Vancouver is turning to towers for housing supply, developers in Copenhagen have taken a more creative approach by repurposing old buildings and using demolished materials for new infrastructure. The focus is on creating a sense of familiarity and community within the housing developments.

In terms of mortgage rates, fixed rates may see a slight decrease due to a retreat in Canada’s five-year bond yield. However, variable rates have gone up.

Finally, the price gap between houses and condos is growing, with houses being close to 40% more expensive than condos in Canada overall.


https://www.theglobeandmail.com/business/article-real-estate-housing-news-july-15/

Alberta no longer tops in Canada in total farm real estate value, StatsCan says

CBC

23-07-15 14:00


The total value of farm real estate in Alberta has been surpassed by Ontario due to strong demand for farmland near urban areas and better growing conditions. The value of Canada's total farm real estate, including farmland and buildings, reached $652 billion in 2022. Alberta's total farm real estate value increased to $167 billion, compared to $201 billion for Ontario. The high cost of farmland is posing challenges for young Alberta farmers, but businesses are emerging to help farmers with the growing costs of expansion. Despite higher interest rates, the farmland market is expected to remain strong.

https://www.cbc.ca/news/canada/edmonton/alberta-no-longer-tops-in-canada-in-total-farm-real-estate-value-statscan-says-1.6906648
Ontario government plans to recoup COVID-19 loans to province’s doctors

The Toronto Star

23-07-15 13:50


The Ontario government in Canada plans to recoup loan payments issued to doctors at the start of the COVID-19 pandemic to cover their increased costs and loss of revenue. The province aims to recover over $521 million in outstanding loan payments in order to fund other priorities. Starting next month, the Ministry of Health will deduct pay from physicians' monthly OHIP (Ontario Health Insurance Plan) payments over a one-year period, instead of the original five-month timeline. The ministry stated that it was clear from the beginning of the COVID-19 Advance Payment Program that the loan payments would need to be repaid. Since repayments began in April 2021, nearly $139 million has been recovered out of the total $660 million provided.

https://www.thestar.com/business/2023/07/15/ontario-government-plans-to-recoup-covid-19-loans-to-provinces-doctors.html
Theatre festival Sidestream slides into Welland

The Toronto Star

23-07-15 17:07


Toronto-based theatre company Theatre Gargantua will be hosting a five-day theatre festival called "Sidestream" in Welland, Ontario this month. The festival will feature seven new shows in various stages of development and will showcase performers such as opera singer Teiya Kasahara and circus performer Holly Treddenick. Theatre Gargantua frequently takes new works to different Ontario communities to gain input from local artists and audiences. The festival will also partner with a local restaurant, Matteo's Ristorante, for dining options. The company aims to engage audiences and adapt to their needs and concerns in a post-pandemic world. Tickets for the festival are available for purchase online.

https://www.thestar.com/nd/news/niagara-region/2023/07/15/theatre-festival-sidestream-slides-into-welland.html
Alcaraz vs. Djokovic Wimbledon odds and best bet: Make this plus-money pick on Serbian in final

The Toronto Star

23-07-15 16:55


The article discusses the odds and predictions for the Wimbledon final between Carlos Alcaraz and Novak Djokovic. The author believes that Djokovic is heavily favored to win the match and cover the spread. Djokovic has a strong track record at Wimbledon, having won the tournament seven times, and has been dominant in his previous matches. The author also highlights Djokovic's impressive statistics, such as saving 16 of 19 break points and winning 15 consecutive tiebreaks. While acknowledging Alcaraz's skill, the author is skeptical that anyone can win two sets against Djokovic at Wimbledon.

https://www.thestar.com/sports/sports-betting/2023/07/15/alcaraz-vs-djokovic-wimbledon-odds-and-best-bet-make-this-plus-money-pick-on-serbian-in-final.html
Ottawa unveils pathway to permanent residency for Ukrainians who have fled to Canada

The Toronto Star

23-07-15 16:16


The Canadian government has announced that Ukrainians who have fled Russia's illegal invasion will be able to apply for permanent residency in Canada starting from October 23. Those eligible for permanent residency include Ukrainian spouses, common-law partners, parents, grandparents, siblings, and children or grandchildren of a Canadian citizen or permanent resident. This announcement comes on the same day that a program offering temporary emergency visas for Ukrainians fleeing Russian aggression officially closed. However, Ukrainians and their family members can still apply for a temporary resident visa to come to Canada under pre-existing immigration measures. Ukrainians holding a visa will have until March 31, 2024, to travel to Canada under the temporary special measures.

https://www.thestar.com/politics/federal/2023/07/15/ottawa-unveils-pathway-to-permanent-residency-for-ukrainians-who-have-fled-to-canada.html
MLB parlay picks July 15: Bet on Braves, Astros to win

The Toronto Star

23-07-15 16:04


The San Francisco Giants, Atlanta Braves, and Houston Astros are all good picks to win in Saturday's MLB slate, according to NorthStar Bets. The Giants have a pitching advantage over the Pittsburgh Pirates, the Braves are in great form and sending their ace to the mound against the struggling Chicago White Sox, and the Astros have a consistent pitcher and are up against a Los Angeles Angels side that has lost six consecutive games. NorthStar Bets recommends a parlay of Giants, Braves, and Astros moneylines.

https://www.thestar.com/sports/sports-betting/2023/07/15/mlb-parlay-picks-july-15-bet-on-braves-astros-to-win.html
MLB prop bets July 15: Bet on Elly De La Cruz and Ronald Acuna

The Toronto Star

23-07-15 15:37


The article discusses two MLB prop bets for July 15. The first bet is on Elly De La Cruz of the Cincinnati Reds to score over 0.5 runs. The Reds offense has been performing well lately, averaging 5.66 runs per game since De La Cruz's promotion. De La Cruz has been a major contributor to this offensive success, scoring 28 runs in 31 games. The second bet is on Ronald Acuna Jr. of the Atlanta Braves to record over 1.5 hits. Acuna has 37 multi-hit outings this season and has been performing well against right-handed pitching, with a .330/.407/.576 slash line.

https://www.thestar.com/sports/sports-betting/2023/07/15/mlb-prop-bets-july-15-bet-on-elly-de-la-cruz-and-ronald-acuna.html
Merrifield, Bichette HR as Blue Jays beat Diamondbacks for seventh win in eight games

The Toronto Star

23-07-15 22:07


The Toronto Blue Jays defeated the Arizona Diamondbacks 5-2 on Saturday, winning their seventh game out of their last eight. Whit Merrifield and Bo Bichette hit solo home runs, while George Springer drove in two runs. Emergency starter Chris Bassitt pitched six strong innings, allowing two runs and seven hits with five strikeouts and no walks. The Blue Jays moved to a season-best 11 games above .500 with a record of 52-41. The Diamondbacks have lost nine of their last 13 games. Zac Gallen took the loss for Arizona, giving up three runs and six hits in five innings.

https://www.thestar.com/sports/bluejays/2023/07/15/merrifield-bichette-hr-as-blue-jays-beat-diamondbacks-for-seventh-win-in-eight-games.html
Merrifield, Blue Jays top Diamondbacks 5-2 for third consecutive victory

The Toronto Star

23-07-15 21:56


The Toronto Blue Jays defeated the Arizona Diamondbacks 5-2, extending their winning streak to three games. All-Stars Whit Merrifield and Bo Bichette both hit home runs, while George Springer and Merrifield each had two RBIs. Blue Jays starter Chris Bassitt pitched six innings, giving up seven hits and zero walks. The Diamondbacks' Zac Gallen, who was the National League starter in the All-Star game, surrendered six hits and three walks in five innings. Nate Pearson, Erik Swanson, and Yimi Garcia held the Diamondbacks scoreless in relief.

https://www.thestar.com/sports/bluejays/2023/07/15/merrifield-blue-jays-top-diamondbacks-5-2-for-third-consecutive-victory.html
Ontario government plans to recoup COVID-19 loans to province's doctors

CBC

23-07-15 21:00


The Ontario government plans to recoup over $521 million in outstanding loan payments from doctors who received loans during the COVID-19 pandemic. The loans were provided to cover increased costs and offset revenue losses resulting from lower patient volumes. Doctors will now have one year to pay back the loans, with deductions being made from their monthly OHIP payments. The government stated that the funds are needed for other priorities, such as expanding access to primary care, home care, and mental health services. The ministry is confident that physicians will be able to repay the loans, but is willing to consider extending the timeline for recovery if necessary.

https://www.cbc.ca/news/canada/toronto/ont-doctor-loans-1.6908143
Lundgaard takes pole at Honda Indy Toronto, IndyCar season leader Palou 15th

The Toronto Star

23-07-15 20:33


Christian Lundgaard has secured the pole position for the Honda Indy Toronto race. Lundgaard had the fastest lap in the qualifying round held on a wet street course. Scott McLaughlin and Pato O'Ward finished second and third, respectively. Alex Palou, the current leader in the IndyCar standings, was eliminated in the first round of qualifying and will start 15th in the race. Reigning champion Scott Dixon also did not advance past the second round and will start seventh. The qualifying session was disrupted by heavy rain, causing some drivers to spin out but without significant damage. The race will take place on Sunday.

https://www.thestar.com/sports/auto-racing/2023/07/15/lundgaard-takes-pole-at-honda-indy-toronto-indycar-season-leader-palou-15th.html
Women’s World Cup top goalscorer odds: Alex Morgan is favoured, Christine Sinclair is a longshot

The Toronto Star

23-07-15 19:57


Alex Morgan and Sophia Smith are the favourites to win the top goalscorer title at the upcoming Women's World Cup, according to the latest odds. Morgan, who has 121 goals in 207 international caps, and Smith, who has 12 goals in 30 international caps, both have +400 odds to win. Jennifer Hermoso of Spain is seen as the best value play, while Canada's Christine Sinclair is considered a longshot at 40-to-1 in her final World Cup appearance.

https://www.thestar.com/sports/sports-betting/2023/07/15/womens-world-cup-top-goalscorer-odds-alex-morgan-is-favoured-christine-sinclair-is-a-longshot.html
Weston highrise tenants take to the streets to protest ‘unfair’ rent hikes

The Toronto Star

23-07-16 00:41


Tenants of two high-rise buildings in Toronto are refusing to pay rent until their landlord rescinds a provincially approved rent hike. The rent increases, which exceed the annual rent-controlled cap, have made it difficult for tenants to afford basic necessities. The tenants, joined by members of labor unions, tenant organizations, and food banks, held a march to raise awareness of their situation and demand affordable housing. The buildings in question have been the subject of controversy due to significant increases in rent over the years. The landlord has received Above Guideline Increases (AGIs) to fund capital improvements, but tenants claim that the increases have gone toward cosmetic changes rather than necessary repairs. The situation highlights the lack of affordable housing in Toronto and the need for stronger rent control legislation. Tenant advocates and the Ontario NDP have called for legislation that would make it illegal for landlords to raise rent on new tenants beyond the legal annual limit. The tenants are standing their ground and refusing to back down despite eviction notices and repeated calls from the landlord.

https://www.thestar.com/news/gta/2023/07/15/weston-highrise-tenants-take-to-the-streets-to-protest-unfair-rent-hikes.html
Redblacks, Crum rally to stun Blue Bombers 31-28 in overtime

The Toronto Star

23-07-15 23:18


The Ottawa Redblacks pulled off an upset victory over the Winnipeg Blue Bombers, winning 31-28 in overtime thanks to the late heroics of rookie quarterback Dustin Crum. Trailing by 16 points in the final three minutes, Crum managed to lead the Redblacks down the field for a touchdown and a two-point conversion to tie the game. In overtime, Crum ran in a 29-yard touchdown to complete the comeback. The Redblacks improve to 2-3 on the season, while the Bombers slip to 4-2. Crum finished the game passing 26-for-42 for 261 yards and rushed for 103 yards.

https://www.thestar.com/sports/football/cfl/2023/07/15/redblacks-crum-rally-to-stun-blue-bombers-31-28-in-overtime.html
Retaining older physicians is a short-term solution to GP crisis

The Toronto Star

23-07-16 10:00


The influx of new residents to Southwest Ontario due to the opening of two major car plants will place additional strain on the region's shortage of family physicians and medical specialists. Ontario is already experiencing a shortage of doctors, with 2.2 million residents lacking a family physician. To mitigate the crisis, the region should consider re-hiring retired doctors and reimbursing medical license fees, as well as providing short-term disability coverage for physicians off work for medical reasons, according to Dr. Charles S. Shaver, past-chair of the Section on General Internal Medicine of the Ontario Medical Association.

https://www.thestar.com/opinion/contributors/2023/07/16/retaining-older-physicians-is-a-short-term-solution-to-gp-crisis.html
‘What is that?’: The city doesn’t want you to use them. But for some riders, these oddball devices are the best way to get around Toronto

The Toronto Star

23-07-16 10:00


Toronto residents are increasingly turning to personal electric vehicles (PEVs) as a means of transportation due to traffic congestion and cuts to public transit services. PEVs, such as electric scooters, electric unicycles, and onewheels, offer a more convenient and enjoyable way to navigate the city. However, most PEVs are currently illegal in Toronto, although enforcement is rare. The city council has voted against allowing e-scooters on city streets due to concerns about safety, accessibility, and liability. However, there are plans to debate a possible e-scooter rental pilot in the future. Despite the legal restrictions, the popularity of PEVs is growing, with a vibrant community of riders forming in the city. PEV riders argue that legalizing these devices would help solve Toronto's transportation problems and provide a more sustainable mode of transport. They also emphasize the need for improved infrastructure, such as protected cycling paths, to make riding PEVs safer and more accessible. The lack of regulation surrounding PEVs poses a risk, and there are calls for city officials to take the lead and guide Toronto through the transportation revolution.

https://www.thestar.com/news/gta/2023/07/16/what-is-that-the-city-doesnt-want-you-to-use-them-but-for-some-riders-these-oddball-devices-are-the-best-way-to-get-around-toronto.html
Foreign interference shows need for Canada to get serious on media literacy: advocate

The Toronto Star

23-07-16 10:00


Canadian media-literacy charity, MediaSmarts, is urging the government and schools to do more to prevent citizens from being manipulated by foreign interference. The organization argues that a media-literate population is crucial in defending against disinformation, including foreign interference. It highlights incidents such as the spread of false claims on Twitter during the Alberta wildfires and the circulation of a phony image of the Pentagon on fire. MediaSmarts suggests that foreign actors can easily disrupt Canadian democracy due to the amplification of false information. The former special rapporteur on foreign interference, David Johnston, has warned about the risks of foreign states spreading divisive content that affects voting behavior. The Canadian Press has also had to warn its audiences about fabricated screenshots and phony news reports. MediaSmarts believes that Canada should look to peer countries such as Finland and Sweden, which have long included critical thinking and media literacy in their national curricula to combat foreign interference. MediaSmarts suggests bolstering tools for both children and adults and introducing national standards for media literacy in school curriculums.

https://www.thestar.com/politics/federal/2023/07/16/foreign-interference-shows-need-for-canada-to-get-serious-on-media-literacy-advocate.html
Niagara highway closures for planned roadwork (July 16, 2023)

The Toronto Star

23-07-16 09:26


The Ministry of Transportation has announced six road closures on the Queen Elizabeth Way in Niagara on July 16, 2023, for roadwork. The closures include two alternating lanes closed between Garden City Skyway and Sandplant Hill, one right lane closed between Netherby Road and Bowen Road, all lanes closed at the Bowen Road on-ramp and off-ramp, and one right lane closed between Gilmore Road and Bowen Road. The closures will be in effect until July 31, 2023. Travelers are advised to expect delays or plan an alternative route.

https://www.thestar.com/nd/news/highway-closures/2023/07/16/niagara-highway-closures-for-planned-roadwork-july-16-2023.html
Waterloo highway closures for planned roadwork (July 16, 2023)

The Toronto Star

23-07-16 09:26


The Ministry of Transportation has scheduled 10 closures in Waterloo on July 16, 2023 for roadwork on various highways. The closures include two alternating lanes on Highway 401 eastbound, one right lane on Highway 401 eastbound, one alternating lane on Highway 6 northbound, one alternating lane on Highway 7/8 eastbound, one right lane on Highway 7/8 eastbound, one right lane on Highway 7/8 westbound, one right lane on Highway 85 northbound, one right lane on Highway 85 northbound, one right lane on Highway 85 southbound, and one right lane on Highway 85 southbound. These closures are for short-term or emergency repairs and maintenance and may be subject to change due to weather or other factors.

https://www.thestar.com/tr/news/highway-closures/2023/07/16/waterloo-highway-closures-for-planned-roadwork-july-16-2023.html