Latest news with #JustinSherwood
Hamilton Spectator
2 hours ago
- Business
- Hamilton Spectator
Toronto-area new home sales are worse than during the 1990s housing market crash
New home sales in the Toronto area marked a seventh consecutive month of record all-time lows, eclipsing the 1990s downturn when the housing market crashed. During the 1990s housing crash — which lasted roughly from 1989 to 1996 — at the bottom of the market there were six consecutive months of record low sales, and sales were around double what they are today, according to the Wednesday report from the Building Industry and Land Development Association's (BILD), which called on the federal government to expand its GST relief to all new home purchasers. There were 310 new home sales in April, down 72 per cent from April 2024 and 89 per cent below the 10-year average. Historically, new home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average. 'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, research manager at Altus Group, BILD's source for new home market data. 'Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.' Broken out by housing type, condos performed the worst with 105 units sold in April, down 80 per cent from April 2024 and 94 per cent below the 10-year average. Condos include units in low, medium and highrise buildings. There were 205 single-family home sales in April, down 66 per cent from April 2024 and 77 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses. The benchmark price for new condos was $1.019 million — down 3.6 per cent over the last 12 months; while the benchmark price for new single-family homes was $1.53 million, down 5.4 per cent over the last 12 months. Total new home remaining inventory decreased slightly compared to the previous month. The inventory level — the time it would take to sell inventory on the market based on current demand — is 15 months. A healthy market level is around nine to 12 months. 'Because of the time lag between sales, starts and then finally adding new home supply to existing housing stock, the public is insulated at present from the magnitude of what is unfolding in the GTA market,' said Justin Sherwood, senior vice-president of communications, research, and stakeholder relations at BILD. 'The new housing industry is decelerating quickly and a massive supply deficit in the 2027 to 2029 period is taking shape.' The number of completed condo units in the Greater Toronto and Hamilton Area will plummet after 2025 , which is set to achieve the highest number of completions at 30,793, according to real estate research firm Urbanation. But in 2028 the number of forecasted completions is 9,561. BILD argues to build more housing, the federal government must expand its GST cut for all home purchasers, not just first-time homebuyers. On Tuesday, the Liberals tabled legislation for a GST cut limited to new homes under $1 million for only first-time buyers (saving up to $50,000), while lowering the rate for first-time buyers of homes that cost between $1 million and $1.5 million. 'Yesterday the federal government tabled its proposed measures to provide GST(HST) relief to first-time new home buyers. Unfortunately, this limitation to first-time buyers only will have a very small impact, as a very few new home buyers are first time buyers. It will not substantially help address affordability, nor will it help significantly stimulate sales and construction,' Sherwood said.
CTV News
3 days ago
- Business
- CTV News
Seventh consecutive month of record all-time lows for new home sales in GTA eclipses 1990s downturn
New home sales in the GTA hit a seventh consecutive month of record all-time lows according to a new report, eclipsing the 1990s downturn. The report from the Building Industry and Land Development Association (BILD) said that there were 310 new home sales in April in the region, which is down 72 per cent from April 2024 and 89 per cent less than the 10-year average. 'Historically, new home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average,' it read. Condos, including units in low, medium and high-rise buildings, accounted for just 105 units sold in the GTA in April, down 80 per cent from the same time last year and 94 per cent below the 10-year average. 'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, the research manager at Altus Group, which is BILD's source for new home market data. 'Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.' As for single-family home sales, the report says there were only 205 such sales in the GTA in April, down 66 per cent from last year. 'The government has reaped billions in additional tax revenue on new homes by not indexing GST price rebate thresholds since 1991 and instead has created a new mechanism that will apply to very few purchasers,' Justin Sherwood, BILD's senior vice-president of communications, research, and stakeholder relations, said in reference to proposed measures from the federal government to provide GST relief to first-time new home buyers. 'In order to have maximum impact and address the effects of GST/HST on eroding home affordability, the federal government must broaden the scope of the GST (HST) measures to all new home purchases.' The report also said that benchmark prices decreased in April for both single-family homes and condos in the GTA compared to the previous year. The benchmark price for new condos was $1,019,120, down 3.6 per cent, while the benchmark price for new single-family homes was $1,530,126, down 5.4 per cent.
CTV News
3 days ago
- Business
- CTV News
Seventh consecutive month of record all-time lows for new home sales in GTA eclipses 1990s downturn
New home sales in the GTA hit a seventh consecutive month of record all-time lows according to a new report, eclipsing the 1990s downturn. The report from the Building Industry and Land Development Association (BILD) said that there were 310 new home sales in April in the region, which is down 72 per cent from April 2024 and 89 per cent less than the 10-year average. 'Historically, new home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average,' it read. Condos, including units in low, medium and high-rise buildings, accounted for just 105 units sold in the GTA in April, down 80 per cent from the same time last year and 94 per cent below the 10-year average. 'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, the research manager at Altus Group, which is BILD's source for new home market data. 'Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.' As for single-family home sales, the report says there were only 205 such sales in the GTA in April, down 66 per cent from last year. 'The government has reaped billions in additional tax revenue on new homes by not indexing GST price rebate thresholds since 1991 and instead has created a new mechanism that will apply to very few purchasers,' Justin Sherwood, BILD's senior vice-president of communications, research, and stakeholder relations, said in reference to proposed measures from the federal government to provide GST relief to first-time new home buyers. 'In order to have maximum impact and address the effects of GST/HST on eroding home affordability, the federal government must broaden the scope of the GST (HST) measures to all new home purchases.' The report also said that benchmark prices decreased in April for both single-family homes and condos in the GTA compared to the previous year. The benchmark price for new condos was $1,019,120, down 3.6 per cent, while the benchmark price for new single-family homes was $1,530,126, down 5.4 per cent.
Yahoo
3 days ago
- Business
- Yahoo
GTA new home sales remained extremely low in April – Federal GST measures inadequate
Toronto, May 28, 2025 (GLOBE NEWSWIRE) -- Greater Toronto Area, May 28, 2025 – Greater Toronto Area (GTA) new home sales remained extremely low in April, showing little change from earlier months and marking a seventh consecutive month of record all-time lows, eclipsing the 1990 downturn, the Building Industry and Land Development Association (BILD) announced today. There were 310 new home sales in April which was down 72 per cent from April 2024 and 89 per cent below the 10-year average, according to Altus Group*, BILD's official source for new home market intelligence. Historically, new home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average. 'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, Research Manager at Altus Group. 'Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.' Condominium apartments, including units in low, medium and high-rise buildings, accounted for 105 units sold in the GTA in April, down 80 per cent from April 2024 and 94 per cent below the 10-year average. There were 205 single-family home sales in the GTA in April, down 66 per cent from April 2024 and 77 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses). New for 2025, BILD and Altus Group are now reporting on sales in Simcoe County. In April, there were 27 single-family new home sales in Simcoe County with the weighted average price at $1,120,438. Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,363 units. This includes 16,555 condominium apartment units and 4,808 single-family dwellings. This represents a combined inventory level of 15 months, based on average sales for the last 12 months. 'Yesterday the Federal Government tabled its proposed measures to provide GST(HST) relief to first-time new home buyers. Unfortunately, this limitation to first-time buyers only will have a very small impact, as very few new home buyers are first time buyers. It will not substantially help address affordability, nor will it help significantly stimulate sales and construction,' said Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD. 'The government has reaped billions in additional tax revenue on new homes by not indexing GST price rebate thresholds since 1991 and instead has created a new mechanism that will apply to very few purchasers. In order to have maximum impact and address the effects of GST/HST on eroding home affordability, the Federal government must broaden the scope of the GST (HST) measures to all new home purchases.' Benchmark prices decreased in April for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,019,120, which was down 3.6 per cent over the last 12 months. The benchmark price for new single-family homes was $1,530,126, which was down 5.4 per cent over the last 12 months. With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders' Associations. -30-For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@ (416-617-7994) *Altus Group should be credited as BILD's official source of new home market intelligence. Attachment Altus Data Solutions media backgrounder April 2025 BILD New Homes Sales CONTACT: Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@
Yahoo
03-05-2025
- General
- Yahoo
Bemidji fire chief receives Northwest Technical College's inaugural IMPACT Award
May 2—BEMIDJI — When Bemidji Fire Chief Justin Sherwood started his career more than 20 years ago, he considered himself "just a guy who loved the fire service." Since then, his role has blossomed into much more. On Thursday, he returned to the institution that helped kickstart his career to receive Northwest Technical College's inaugural Innovation, Mastery, Progress, Achievement, Community and Technology (IMPACT) Award. "(This award) is presented to a truly remarkable leader in both industries and public service," NTC Executive Vice President Ketmani Kouanchao noted during the program. "(Sherwood) has dedicated his career to advancing fire service technology, transforming challenges into opportunities and inspiring the next generation of first responders and innovators ... His dedication to excellence, leadership and service embodies the very spirit of this award." Sherwood was named fire chief in 2021; at the time, he had 18 years of fire service under his belt. He holds a bachelor's degree in elementary education from Bemidji State, a fire service technology certificate from NTC, an associate of applied science degree in fire service technology from the College of Western Idaho and is pursuing a master's degree in public safety leadership and administration at Arizona State. He also earned a chief fire officer certification from the Center for Public Safety Excellence, is a graduate of the National Fire Academy's Managing Officer Program, and serves as the Region 2 northern representative for the Minnesota State Fire Chiefs Association. In addition to his accolades, Sherwood is a writer with work published in the Minnesota Fire Chief and Firehouse magazines. Much of his writing focuses on the importance of mental health practices and work-life balance, values that play a huge factor in Sherwood's role as a leader and mentor. "I love the way that Justin's story ties to what we try to do here at NTC of career expertise, the technical, the work that (he has) done and learned in those spaces," BSU and NTC President John Hoffman said, "but also the commitments to mental health and holistic health and life beyond the workplace." During his acceptance speech, Sherwood took a moment to note the stigma surrounding mental health in the fire service. "This job is incredibly hard and I guess I get emotional because we put a lot of time into it," he said. "...Here I am being vulnerable because fire chiefs aren't supposed to be criers, but I'm probably the most emotional fire chief in the country. But I own it." Sherwood recalled the day he was notified that he would receive the award, expressing feelings of gratitude and relief. Looking out into the audience filled with his family, friends and colleagues, he credited his support system for getting him where he is today. "Regardless of the impostor syndrome, it isn't about my individual accomplishments or ... the types of awards I'm getting, but it is truly about those who support me," he said. "So I want to say thanks to my mentors and supporters in this room, my colleagues from the city ... but most importantly, my family. "You guys have really supported me even in those seasons that were really hard. So your love, and, I have to note, extreme patience, is what got me here." In closing, Sherwood thanked NTC for choosing him as the first-ever recipient of the IMPACT award and noted the symbolism of the item, which he plans to display at his office in the fire hall. "(This award) will always serve as a strong reminder for me and a powerful motivation to continue leading with purpose, integrity, motivation and dedication, because all we can do is give our best effort," he said. "When I started this path, (I) wanted to help people, but ultimately be a dreamer and do my best and try to always use my position to advocate for those who couldn't."
