Latest news with #rentalhomes
CBC
4 days ago
- Business
- CBC
Toronto to get $80M for affordable housing in Bedford Park from federal government
Social Sharing The federal government is spending over $80 million to build 159 new rental homes in Toronto's Bedford Park neighbourhood. Housing Minister Gregor Robertson announced the funding at a news conference Monday, saying the financing comes from the government's Apartment Construction Loan Program (ACLP), which aims to support construction of more than 131,000 rental homes across Canada by 2031-32. "Our goal will double the rate of home building in Canada with an industry that prioritizes Canadian technology, Canadian skilled workers, and Canadian lumber," Robertson said. The minister added that the cost of construction and of land in cities like Toronto, paired with no incentives to build rental housing, had "flatlined" the market. Funding under ACLP focuses on building affordable housing units for lower-income families under the National Housing Strategy, which is a more than decade-long project to build new homes across the country, the Canada Mortgage and Housing Corporation (CMHC) said in a news release Monday. The incentives offered by the ACLP program are expected to boost building of affordable homes, Robertson said. Federal government loans $650M for rental units near Scarborough Town Centre 12 days ago The federal government is providing a $650-million loan to support the construction of 1,285 new rental units in Scarborough. As CBC's Britnei Bilhete explains, advocates say it's a welcome addition to Toronto's housing stock but affordability is a major concern. The 159 new homes will be in a nine-storey building expected to be built by fall 2027, CMHC said in the news release. 'The kind of housing Toronto needs': developer Just over a quarter of the new units, roughly 43, will be built for people who fall below Toronto's median household income. According to CMHC, that was $85,000 after taxes in 2021. The building is close to public transit and a "vibrant" community with bakeries, shops and restaurants, CMHC said. Loans through ACLP are low-interest and no longer include minimum requirements relating to energy efficiency, the CMHC release said. Such programs are "essential" because they allow builders to include affordable rental units in an economically feasible manner, said Scott Cryer, chief financial officer of Medallion, the real estate and development corporation that will build the rentals. Cryer is also the rental operator for the new building. "This is the kind of housing Toronto needs right now, high quality, mixed-income rental housing, and we plan to build more of it in Toronto," Cryer said. 'More opportunity … to find homes' Medallion says it has built over 5,300 units in Ontario over the past two decades. WATCH | What you need to know about Kensington Market's new affordable housing project: What you need to know about Kensington Market's new affordable housing project 2 months ago The financing from the federal government will provide affordable housing for decades and simultaneously create more jobs for people, Vince Gasparro, MP for Eglinton—Lawrence, said at the Monday news conference. "The increase in housing supply means more opportunity for my constituents to find homes that meet their needs," Gasparro said. The federal government has spent around $23 billion through the ACLP to support more than 59,000 rental units as of March 2025. It's expecting to spend $55 billion total by the end of 2032, CMHC said in the news release.
RNZ News
23-07-2025
- Business
- RNZ News
Government and Ngāti Maniapoto iwi to build 40 affordable rental homes in Te Kūiti
The government is partnering with Ngāti Maniapoto to build 40 rental homes in Te Kūiti. Photo: Waitomo District Council / The government is partnering with Ngāti Maniapoto to build 40 affordable rental homes in Te Kūiti, as part of a Treaty of Waitangi settlement. The government has approved in principle $17 million for the partnership, while the iwi will contribute $11m - representing 50 percent of the housing supply costs and the land. Associate Housing Minister Tama Potaka said the area had a high housing need . "With over a third of Te Kūiti residents renting, the limited availability of rental properties makes it difficult for whānau to secure stable housing," he said. "We're taking action to help address this shortage, which will also help local businesses because employers can struggle to attract and retain staff due to the lack of affordable housing. This mahi can mean a world of difference for whānau in small rural communities that need stable employment and incomes. "The development, named Te Kirikiri, will feature affordable rentals of a mixed typology to meet the diverse needs of kaumātua and young whānau, consisting of 20 two-bedroom accessible homes for kaumātua, 13 three-bedroom homes and 7 four-bedroom homes." Building was scheduled to begin next month and would take about two years to complete. "These affordable rentals will support Ngāti Maniapoto's ambition to place 200 whānau in safe, secure, high-quality and affordable homes by 2030." Potaka said there had been very little residential development in Maniapoto over the last 40 years and this development would be one of the largest for many years. Only about 25 percent of iwi members owned a home, he said. The investment was part of a $200 million commitment announced earlier this year to accelerate Māori housing projects nationwide, and enable the delivery of 400 affordable rentals in high-need areas by the end of June 2027. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Times
20-07-2025
- Business
- Times
London rental growth slows as mortgage rates fall, says Hamptons
Demand for rental homes in Britain is slowing more quickly than economists and letting agents had expected, which means rents will barely grow this year. Hamptons, the estate agency, had anticipated that rents would rise by 4.5 per cent this year, but has now reduced its forecast to 1 per cent. If its estimate proves correct, it would be the smallest annual increase in rents since 2018. Aneisha Beveridge, head of research at Hamptons, which is owned by the Connells Group, said the 'faster-than-expected market slowdown' was due to a combination of falling mortgage rates and the weakening labour market. The number of people looking to rent, which had been tracking well ahead of pre-pandemic levels in recent years, has fallen by 11 per cent compared with last summer and 19 per cent below 2019 levels. 'The rental market has softened more quickly than we anticipated towards the end of last year,' Beveridge said. 'What initially appeared to be a London-centric slowdown has now spread across the country. More affluent renters are becoming first-time buyers, while the economic slowdown is limiting what others can afford.' The average rent on a newly-let property in June was 0.4 per cent higher than in the same month last year, which was the weakest annual rate of rental inflation since August 2020, according to Hamptons. Average rents fell in London, Scotland and Wales. The biggest increase was in the Midlands, where rents were up 3.3 per cent year-on-year, and in the northwest of England, where annual rental inflation was running at 2.8 per cent in June. • What does the Renters' Rights Bill mean for landlords and tenants? The data will be welcomed by the millions of renters around the country who have seen their costs jump over the past five years. Excluding London, the average cost of renting a home in the UK is now £1,133 a month, according to Hamptons, an increase of 39 per cent, or £317, since the start of 2020. Despite the recent slowdown, Beveridge said, 'this isn't the end of the rental growth story'. Although she has pulled back her forecasts slightly, she still expects rents to rise by 3.5 per cent next year, followed by 3 per cent in 2027. 'The structural shortage of rental homes remains unresolved and upcoming regulatory changes, such as the Renters' Rights Bill and new EPC [Energy performance certificate] requirements, are likely to constrain supply further and add to landlords' costs,' she said. 'A slowdown in build-to-rent development this year is also expected to result in fewer new rental homes entering the market in the coming years. These pressures will continue to underpin rental growth over the medium-term, even as the market recalibrates in the short-term.'
BBC News
09-07-2025
- Business
- BBC News
More than 18,000 rented homes on Jersey licensing scheme
More than 18,000 rented homes were added to the government's licensing scheme in its first year, a report has Rented Dwelling Licensing Scheme was introduced in 2024. It legally requires landlords to hold a licence for each home they rent out in Jersey, as required under the Public Health and Safety (Rented Dwellings) (Jersey) Law 2018.A government report found of the 44,583 houses in Jersey, 18,044 of the 20,713 rental properties had signed up to the Steve Luce, Minister for the Environment, said the figures had "set a strong foundation for the future". "Most rental homes are being well maintained, which speaks to the shared commitment we all have to improving housing quality," said Luce."This scheme is helping us raise standards while targeting interventions where they're needed most."
BBC News
07-07-2025
- Business
- BBC News
Cost of new laws 'will see Guernsey landlords sell up'
New laws brought in to make rental homes "safer" in Guernsey will prompt landlords to sell their properties, the chairman of the Guernsey Landlords Association Guilbert said four or five landlords a month were already leaving the industry and the cost of complying with the new laws could prompt others to follow."The bottom line is we're all running a business and, at the moment, our target area is 6% gross, but it's getting less and less."The legislation is part of work being carried out to tackle Guernsey's "significant housing pressures". The Housing Standards laws were designed to ensure rental homes are safe and fit for law states the minimum standards for rental accommodation should ensure buildings are structurally sound and comply with fire safety requirements as well as providing safe drinking will be required to ensure electrical installations are tested every five years and oil and gas installations are checked annually."Guernsey is a high cost for rental and that's reflected because of the high cost of property," said Mr Guilbert. "All these things, if we have to implement them, are just going to push the cost up."Mr Guilbert said he worried about the "availability of people to carry out the checks".He said he felt private landlords were being unfairly targeted."It technically applies to the private owner-occupier. I don't think any checks will be done on them."
