Latest news with #MissingMiddle
Yahoo
26-06-2025
- Business
- Yahoo
Is Canada setting itself up for a big home price spike in 2030?
Prime Minister Mark Carney has said he wants housing to be more affordable for Canadians. It won't be easy: Housing prices across Canada fell two per cent year-over-year, as of May, but there would need to be much larger drops to make housing affordable for many people. On this episode, we talk to Mike Moffatt, founding director of the Missing Middle Initiative at the University of Ottawa, and co-host of the podcast on housing, the Missing Middle. The name, Missing Middle references many things — the decline in the young urban middle class, the polarization of our politics, and also the missing middle in housing — we have giant condo towers, mid-rise towers and houses, but not enough of the multiunit housing complexes that lie in the middle. Moffatt explains his theory of why housing prices have soared, how the politics of the past few decades have brought us to where we are today, and his view on what needs to happen to bring housing prices back down to earth. If you have any questions about the show, or if there are topics you want us to tackle, email us: downtobusiness@ • Email: gfriedman@ | Twitter: GabeFriedz Canada's auto industry at 'hinge moment' between survival and slow death Canada gets wakeup call that world 'unstable and dangerous place Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Calgary Herald
26-06-2025
- Business
- Calgary Herald
Is Canada setting itself up for a big home price spike in 2030?
Article content It won't be easy: Housing prices across Canada fell two per cent year-over-year, as of May, but there would need to be much larger drops to make housing affordable for many people. Article content On this episode, we talk to Mike Moffatt, founding director of the Missing Middle Initiative at the University of Ottawa, and co-host of the podcast on housing, the Missing Middle. Article content Article content The name, Missing Middle references many things — the decline in the young urban middle class, the polarization of our politics, and also the missing middle in housing — we have giant condo towers, mid-rise towers and houses, but not enough of the multiunit housing complexes that lie in the middle. Article content
National Post
26-06-2025
- Business
- National Post
Housing supply, employment and economic activity in the GTA are at risk without broad GST/HST relief for new homes
An article released earlier this month by Altus Group, prepared for the Building Industry and Land Development Association (BILD) and the Ontario Home Builders' Association, indicates that without significant intervention to jump-start the housing sector, almost 50 per cent of residential construction sector jobs in the Greater Toronto Area (GTA) are at risk. The report further outlines, by 2027, housing starts could drop by more than 60 per cent and construction investment will decrease by over $10 billion in the region versus 2024 levels. This data adds to a growing body of research that points to the need to urgently cut the GST/HST on all new homes. Article content Article content Based on other analysis undertaken by the Missing Middle initiative, we now know the costs for the provincial and federal governments to mitigate against this risk by eliminating the GST/HST on new owner-occupied housing and substantially renovated homes could go a long way to jump-start the sector and treat the new home buyers of today more equitably. Article content Article content The Altus paper, published June 23, provides analysis on the need to increase the urgency of addressing barriers (such as excessive government taxation) now, before these longer-term implications on the pipeline of construction, and ultimately on jobs and the broader economy, set in. Article content The work undertaken by the Missing Middle Initiative, an Ottawa-based think tank, analyzed the costs of expanding the GST/HST exemption to all new owner-occupied housing, rather than the very narrow current federal government approach. The think tank estimated the total cost to extend GST/HST relief to all owner-occupied new home purchases to be $2 billion nationally and $900 million provincially. Article content This one measure taken in tandem by the provincial and federal governments can immediately lower housing costs, jump-start demand, and protect against future supply shocks that spike prices. Parking the generational equality and affordability issues, it is important to remember that the government cost estimates are province-wide and nationwide, with housing starts in the GTA being approximately 20 to 25 per cent of the national average and 40 to 45 per cent of the provincial average. That means the cost to protect 41,000 jobs, 23,000 annual starts, and over $10 billion in investment — with all the spinoff associated with that — is less than a billion dollars; if this were any other industrial sector, this wouldn't even be a question. Article content Housing is not a just-in-time product — the pipeline is long. Regulators observing lagging indicators of sector health are looking in the rearview mirror and risk missing the opportunity to effect change to avoid a looming crisis. The time for action on the GST/HST exemption for all new housing, both provincially and federally, is now. Article content
Yahoo
02-05-2025
- Business
- Yahoo
Donors boost city efforts to build more affordable housing in Knoxville
KNOXVILLE, Tenn. (WATE) — The City of Knoxville continues to support local housing projects through its affordable rental development fund and is now getting a boost from private donors. Councilmembers on Tuesday approved the allocation of funds towards three local developments. One year since Missing Middle passed: Where does Knoxville's housing shortage stand? Over $500,000 from the affordable rental development fund will support the development of 10 affordable multi-family apartments at 2226 Parkview Avenue and 15 affordable units at 2501 Edgewood Avenue. The United Way of Greater Knoxville provided $570,000 in philanthropic funding for the Parkview Apartments and Edgewood Apartments. Knoxville budget proposal gets preliminary approval ahead of public hearing, final vote Several private donors have partnered with the city on the development of affordable housing including the Randy Boyd, the Haslam Family, Clayton Homes, and the Lawson Family Foundations. Additionally, the City Council also authorized the awarding of $1 million of federal funds from the HOME American Rescue Plan Program to develop 18 apartments at 1585 Coleman Road to support youth who are aging out of foster care. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Journals
22-04-2025
- Business
- Business Journals
Lennar buys 94 acres in east Raleigh for new housing development
Story Highlights Lennar Carolinas acquired 94 acres in east Raleigh for $19.4 million. The property is entitled for 257 single-family lots and 200 townhomes. East Raleigh attracts residential development due to available land and affordability. Nearly 100 acres in east Raleigh has been sold as plans form for hundreds of new homes. Lennar Carolinas, via a land bank, acquired 94 acres on Old Milburnie Road next to the Neuse River — on the other side of the river is the Hedingham Golf Club. The homebuilder spent $19.4 million on the land, according to Wake County deed records. The property is already entitled for 257 single-family lots. The purchase price comes to about $206,404 per acre. The seller was Darlington Advisors LLC, owned by Carlton Midyette. His son, Carlton Midyette III, represented the seller in the transaction. Midyette III said the former owner had the site rezoned to residential 6 to take advantage of the city's Missing Middle zoning rules. An approved site plan includes the entitlement for single-family homes and a future plan to add about 200 townhomes. Darlington Advisors has been working with Miami-based Lennar (NYSE: LEN) to close the deal. Originally, a different homebuilder was under contract to buy the land but dropped out a year ago. Situated at 1539 Old Milburnie Road, it's Lennar's second residential community on Old Milburnie Road. It's planning to build about 500 single-family homes and townhomes on 242 acres. Lennar is the largest homebuilder in the Triangle, completing 2,865 homes in 2024 and closing $1.165 billion worth of contracts. The east and northeast parts of Raleigh and Wake County are drawing lots of residential development as there is more room for new neighborhoods and prices can stay on the lower side. 'Residential housing growth is — it's all about going east. To the north, you're starting to get capped. You're capped with utility capacity. The south is getting expensive. You're not going west unless you go all the way to Chatham. But as you move east, you're going to move through a lot of developable land. … and the extension of Interstate 540 is going to open that up even more,' Midyette III said.
