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Developer spending $1B to acquire thousands of homes across Canada


The $1 billion in acquisitions will include both the purchasing of existing homes and the creation of new built-to-rent inventory.
“Our aim is to inject the market with more rental supply through these models, providing turnkey ready and high-quality finished homes for tenants and easing common burdens tenants face by way of renting from individual or foreign investors in the single-family rental market,” Core Development Group said in a statement.
The developer plans to purchase and renovate “underutilized and underinvested houses” that have the potential for a legal second unit.
“This adds gentle density to neighbourhoods without disturbing the characteristics of the community,” Core Development Group’s statement reads. “We are also substantially renovating these units to provide a safer living environment, including upgrades to heating, plumbing, insulation and lighting to the highest energy standards.” ....

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Ontario NDP to table motion on speculation tax in Toronto real estate


NDP housing critic motions for speculation and vacancy tax
The motion urges the Ford government to use tax policy to deal with record prices in Toronto real estate
By Radheyan Simonpillai
Juan Rojas / Unsplash
Ontario NDP housing critic Jessica Bell introduced a motion at Queen’s Park for a speculation and vacant home tax bill just as prices in the Toronto real estate market reached the highest levels ever.
For the month of May, the average price for a detached home was $1,716,272 in Toronto and $1,331,176 in the 905, according to the Toronto Regional Real Estate Board (TRREB). Premier Doug Ford’s majority government will likely defeat the motion, which takes a policy approach to remedying those prices, and stick to using Municipal Zoning Orders, which can override environmental concerns, to fast-track developments. ....

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