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National News:
Payroll employment, earnings and hours, and job vacancies, July 2022 – Statistics Canada
The number of employees receiving pay or benefits from their employer—measured by the Survey of Employment, Payrolls and Hours (SEPH)—edged up by 12,900 (+0.1%) in July, bringing the total increase to nearly 1.3 million (+7.9%) since July 2021. Gains in Alberta (+8,100; +0.4%) and British Columbia (+6,500; +0.3%) were partially offset by a decline in Newfoundland and Labrador (-4,300; -1.9%), while little change was reported in the remaining provinces.
Commentary: According to Statistics Canada, payroll employment was little changed in the goods-producing sector in July. Gains in construction (+4,600; +0.4%) and mining, quarrying, and oil and gas extraction (+900; +0.4%) were partially offset by a decline in forestry, logging and support services (-400; -1.1%) and little change in the remaining goods-producing sectors. The number of job vacancies was also little changed – but remained elevated – with 81,600 vacancies in construction.
Canadian economy grew 0.1 per cent in July, Statistics Canada says – CTV News
The Canadian economy grew slightly in July with the latest reading on real gross domestic product coming in higher than expected. Statistics Canada says the economy grew by 0.1 per cent, outperforming its preliminary estimate that pointed to a contraction of 0.1 per cent. The federal agency says growth in the goods-producing industries was partially offset by a decline in the services-producing industries. Statistics Canada also notes the mining, quarrying, oil and gas sector grew by 1.9 per cent in July, following slight declines in the two previous months. The latest reading follows similar growth in June, when the economy expanded by 0.1 per cent. A preliminary estimate for August indicates real GDP for that month was essentially unchanged.
Commentary: Statistics Canada reported today that building materials and supplies saw a notable decline, contracting 2.5% in July. The decrease was predominantly due to lower sales of lumber, millwork, hardware and other building supplies. The real estate and rental and leasing sector was also essentially unchanged in July, following four consecutive monthly declines. Activity at the offices of real estate agents and brokers dropped 3.4% in July, down for the fifth consecutive month, as the rising cost of borrowing further dampened home resale activity across the country. CHBA continues to monitor these trends.
Housing crash won't solve affordability crisis – analyst – Canadian Mortgage Professional
Contrary to expectations, a housing crash won’t entice buyers back with more affordable units so long as the Canadian housing sector’s fundamentals remain broken, according to a new analysis by veteran public policy observer Steve Lafleur. While Lafleur stressed that he doesn’t think a major price decrease is imminent, “even if we rolled back five years of price appreciation, Canadian housing will remain expensive,” he said. “And that’s not even accounting for the fact that rising interest rates increase the cost of borrowing. So even if prices go down, mortgage payments (and rents) can still go up.” […] “At this rate we’d need to double housing construction to keep housing prices from rising further. Affordability should remain the overall goal of policymakers, but Lafleur said that “we need to re-balance housing markets, not crush them. … A sharp downturn in prices would just compound problems by leading developers to cancel projects, preventing pent-up supply from meeting demand.”
Commentary: Canadians, particularly first-time home buyers, are feeling the effects of rising interest rates. And just because the market is seeing a softening of house prices as a result of increasing rates, it does not mean affordability is improving because the cost of financing has increased. Add to this, not having enough supply is a key factor in high home prices. CHBA continues to actively advocate with government stakeholders for increasing market-rate supply as well as implementing policies that will improve stability and help first-time buyers.
The growing role of institutional investors in multifamily rental housing has been criticized for eroding affordability in Canada and elsewhere, leading many to ask governments to limit or restrict their abilities to buy properties. Providing affordable shelter for low-income households and social housing for those who cannot bear the cheapest market rent is the state’s and society’s collective commitment. But providing multifamily housing is a capital-intensive enterprise, which begs a few questions: if large investors are prevented from investing in multifamily rental housing, who is going to pick up the tab? Forcing private landlords to bear the costs of affordable rental housing will not solve the problem. The government must facilitate the increased supply of both market and non-market rental housing. The three tiers of governments must make Crown land in and near urban centres available for social housing, reducing or eliminating development charges for those who build affordable housing, and streamlining the approval process so that the private sector can expedite the supply of housing.
Commentary: The reason housing has become such an in-demand commodity is because of chronic lack of supply, including rentals – not because of investors. Well-qualified first-time buyers are being pushed out of the market due to affordability challenges brought on by not enough supply, which is contributed to by investors buying homes to be rental units, because there is not enough rental stock either. CHBA continues to advocate for increasing market-rate housing supply – both for rental and for owner-occupied homeownership – to better meet demand, stabilize prices, and take pressure off other parts of the housing continuum.
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Other National News:
Survey finds local residents worried about housing affordability – Brantford Expositor
A deep-dive into the mortgage stress tests: Did they serve their purpose? – Canadian Mortgage Trends
Bidding makes a comeback in Toronto real estate – The Globe and Mail
How Climate Change is Affecting Property Insurance, Mortgages, and Buyers – Storeys
Racism in Ontario's home buying and selling process is real, says new report – CBC News
Canada’s Renter Population is Growing at More Than Twice the Rate of Homeowners – Storeys
N.B. receiving less than nothing on softwood pulpwood after Crown timber royalty changes – CBC News
'Messy out there': New analysis predicts continued home-price drops – London Free Press
e builders association host mayoral candidate debate on housing affordability – Castanet
Slow sales in Windsor-Essex housing market causing angst among sellers – CBC News
National Average Rents Climbed Nearly 17% in August, Topping the 2019 Peak: Report – Storeys
Local News:
Campbellford Bridge to undergo minor repairs resulting in lane closures
Brighton, Ontario, Canada / Brighton Today.ca
93.3 myFM News/Classic Rock staff
Sep 29, 2022 | 9:19 AM
Photo Credit: Northumberland County
Minor repairs to Campbellford Bridge planned for next week
Northumberland County will begin minor repair work to the expansion joint anchors as an interim measure until full replacement happens next year.
Work will take place in the evenings from 7 pm to 6am from Monday Oct 3 to Friday October 7.
The bridge remains safe to use, the work is to minimize movement of the joints and reduce noise.
Access to the bridge will be reduced to one lane while work takes place and only one sidewalk will be available for pedestrian use.
Skyway Bridge night closure planned for Oct. 6; all day closure of road under Oct. 4
Administrator | Sep 30, 2022 | Comments 0
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A full night closure of Highway 49 at the Bay of Quinte Skyway Bridge is planned for 9 p.m. on Thursday, Oct, 6, to 6 a.m. on Friday, Oct. 7. The closure is intended for jacking the superstructure at Pier 14.
Three full daytime closures of County Road 35 under the Bay of Quinte Skyway Bridge are planned:
‐ Wednesday, Sept. 28 from 9 a.m. to 3 p.m.
‐ Thursday, Sept. 29 from 9 a.m. to 3 p.m.
‐ Tuesday, Oct. 4 from 9 a.m. to 3 p.m.
These closures are required for the installation of steel girders which will consist of placing cranes either on or above the road to perform the lifts required.
During these time periods, this portion of County Road 35 will be closed, and no traffic will be permitted to pass through the area under the bridge.
Enbridge Gas: Construction Heat & Appliance Installer Validation Form Refresher
Add to Calendar
WHEN:
November 3, 2022 @ 1:00 pm – 2:30 pm
COST:
Free
CONTACT:
Stacy Cooper
ENBRIDGE GAS REGIONAL BUILDER WEBINAR SERIES
IN PARTNERSHIP WITH: ENBRIDGE GAS AND BUILDING KNOWLEDGE CANADA
Just in time for heating season!
Listen in for a review of what is required before we visit:
- The use of natural gas prior to initial putting into use inspection (final inspection), during construction, and prior to occupancy.
- A review of the appliance installer validation form & process.
Have a question for the Enbridge construction/operation team? Ask it now by emailing joanne.vanpanhuis(@)enbridge(dot)com and we’ll get back to you with the answer.
Sponsor: Enbridge Gas
Host: Building Knowledge Canada
