Project Headlines # 62 // April 3-April 9, 2022

Frank Farhangi

Project Headlines Digest by Frank Farhangi __ Call or text +1-647-296-5489 for more information. – April 3-April 9, 2022

“On April 7, 2022, the federal government announced the details of its 2022 budget. Housing affordability is a major consideration of this budget and, as such, the federal government is proposing to take numerous actions targeted at housing and the real estate sector. A summary of key items is provided below.

The budget includes numerous actions targeted at increasing the supply of housing available for purchase and rent, which TRREB has been strongly advocating for. TRREB is continuing to analyze the budget announcements and will be working closely with the Canadian Real Estate Association to address issues, as necessary. The announced budget has not yet been approved by Parliament, but it is expected to be approved and implemented.”

Summary of Budget Proposals

The federal budget proposes the following actions with regard to housing and real estate:

  • Provide $4 billion over five years, starting in 2022–23, to the Canada Mortgage and Housing Corporation to launch a new Housing Accelerator Fund. The fund will be designed to be flexible to the needs and realities of cities and communities and could include support, such as an annual per-door incentive for municipalities or up-front funding for investments in municipal housing planning and delivery processes, that will speed up housing development. Its focus will be on increasing supply, but government supports will be targeted to ensure a balanced supply that includes a needed increase to the supply of affordable housing.
  • Introduce a Multigenerational Home Renovation Tax Credit which would provide up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability. Starting in 2023, this refundable credit would allow families to claim 15 per cent of up to $50,000 in eligible renovation and construction costs incurred in order to construct a secondary suite.
  • Introduce the Tax-Free First Home Savings Account that would give prospective first-time home buyers the ability to save up to $40,000. Like an RRSP, contributions would be tax-deductible, and withdrawals to purchase a first home – including investment income – would be non-taxable, like a TFSA. The government intends to work with financial institutions to ensure that a Tax-Free First Home Savings Account could be opened and contributed to in 2023.
  • Double the First-Time Home Buyers’ Tax Credit amount to $10,000. The enhanced credit would provide up to $1,500 in direct support to home buyers. This measure would apply to homes purchased on or after January 1, 2022.
  • Extend the First-Time Home Buyer Incentive which allows eligible first-time home buyers to lower their borrowing costs by sharing the cost of buying a home with the government to March 31, 2025. The government is exploring options to make the program more flexible and responsive to the needs of first-time home buyers, including single-led households.
  • Provide $200 million in dedicated support under the existing Affordable Housing Innovation Fund to help develop and scale up rent-to-own projects across Canada. This will include $100 million to support non-profits, co-ops, developers, and rent-to-own companies building new rent-to-own units.
  • The budget announces the federal government’s intention to engage with provinces and territories over the next year to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding. Among other things, the Home Buyers’ Bill of Rights could also include ensuring a legal right to a home inspection and providing information on the history of sales prices on title searches. To support these efforts, Budget 2022 proposes to provide $5 million over two years, starting in 2022–23, to the Canada Mortgage and Housing Corporation.
  • Restrictions that would prohibit foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada for a period of two years. Refugees and people who have been authorized to come to Canada under emergency travel while fleeing international crises would be exempted. International students on the path to permanent residency would also be exempt in certain circumstances, as would individuals on work permits who are residing in Canada.
  • Introduce new rules to ensure profits from flipping properties are taxed fully. Specifically, any person who sells a property they have held for less than 12 months would be considered to be flipping properties and would be subject to full taxation on their profits as business income. Exemptions would apply for Canadians who sell their home due to certain life circumstances, such as a death, disability, the birth of a child, a new job, or a divorce. Exemptions will be set in forthcoming rules and Canadians will be consulted on the draft legislative proposals. This measure would apply to residential properties sold on or after January 1, 2023.
  • Make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022.

Toronto sold market snapshot from TRREB Market Stats March 2022

Below you may find the list of the projects featured in this week’s digest.

My 3 favorite emails this week were:

  1. Queen Church – Official. Reveal. Queen Church: It’s Here.
  2. Express 2 – Express 2 – On The Map
  3. EXS – Now Introducing EXS | Coming this May
Ventura EastBarrie, OntarioDiscover Honeyfield Design AdvantagesHoneyfield Communities
Bristol PlaceBrampton, OntarioLuxury Condos in Downtown Brampton Coming SoonSolmar Development Corporation
Parkside HeightsBrampton, OntarioBrowse our Floorplans & Site Plan Today – Freehold Towns & Detached Homes Coming to BramptonParadises Developments
Hazel GlennCambridge, OntarioHazel Glenn – Towns & Singles Coming to CambridgeGreenpark Group
The BrixCreemore, Ontario4% Coop | Only A Few Suites Remain! | Starting from $745 PSFMDM Developments
88 QueenDowntown East Toronto, Ontario88 Queen | Penthouse Release | Private Elevator | Luxury Home in the Sky | Steps from Downtown TorontoSt Thomas Developments
Queen ChurchDowntown East Toronto, OntarioOfficial. Reveal. Queen Church: It’s Here.Bazis, Tridel
ALiASDowntown East Toronto, OntarioALiAS – Suites Designed for Family Living!Madison Group
The GeorgianDowntown East Toronto, OntarioSee You Tomorrow! The Georgian Presentation Centre Opens Tomorrow!Stafford
55C Bloor Yorkville ResidencesDowntown Toronto, Ontario50 Is The New 48. NOW SELLING w/5% Down This Year! 55C’s Two Additional Top Floors And New ReleaseMOD Developments
357 King WestDowntown West Toronto, OntarioView the Brand New Suite 08 Virtual Tour!Great Gulf
WE26East Toronto, OntarioFinal 3 New Detached in the City and 2.5% Co-broke!!insoho Developments
Linx CondominiumsEast Toronto, OntarioSpacious 3-Bed Suites At Danforth & Main!Tribute Communities, Greybrook Realty Partners
Fenelon Lakes ClubFenelon Falls, Ontario4% Commission! Floorplan Feature: Club AMDM Developments
Cornell RougeMarkham, OntarioDetached Homes in Markham – Only 2 Lots Remain and 2.5%Forest Hill Homes
Cornell RougeMarkham, OntarioCornell Rouge – Coach House & Loft Plans Available!Madison Group
Victory GreenMarkham, OntarioNew Limited Release of Traditional TownsRemington Homes
RegaliaMiami, FloridaThe Most Opulent Penthouse in Miami is Fully Furnished & Move-In ReadyRegalia Beach Developers LLC
Hometown HillsdaleMidhurst, OntarioHometown Hillsdale Floorplan Release 4% Commission Freehold DetachedCrystal Homes, Fernbrook Homes, Zancor Homes
The Capitol ResidencesMidtown Toronto, OntarioThe Capitol Residences – New Gallery Suites Release – Hotlist AvailableMadison Group
The FrederickMidtown Toronto, OntarioThe Frederick | Transit at your doorCamrost Felcorp
EXSMississauga, OntarioNow Introducing EXS | Coming this MayCamrost Felcorp
M5Mississauga, OntarioWelcome to M5, M City’s latest additionRogers Real Estate Development Limited, Urban Capital
1 Square Phillips 2Montreal, QuebecPhase 2 : HAUT LA LA , LA LA! A sister for Montreal’s tallest residential towerBrivia Group
Express 2North York, OntarioExpress 2 – On The MapMalibu Investments
Shore ClubOakville, OntarioShore Club – Take A Sneak Peak At Our Exclusive Luxury Towns!Sunfield Communities
The Saw WhetOakville, OntarioCaivan | The Saw Whet Comes to LifeCaivan Communities
The DeaneOakville, OntarioProject Video out now! The Deane’s coming very soon.Rise Developments
The ConservancyOttawa, OntarioCaivan | Coming This Month | The Conservancy, BarrhavenCaivan Communities
Cityside StouffvilleStouffville, OntarioFieldgate Homes – Cityside Stouffville – Grand Opening New Lots Released – Virtual Appointments Starting Now!Fieldgate Homes
Four Seasons Private Residences at the Surf ClubSurfside, FloridaFEATURED HOTEL RESIDENCE! N913 at The Surf ClubFort Partners
The SummitThornbury, OntarioIntroducing the Après Package, here for a limited time only!Primont
BLU ThornburyThornbury, OntarioVIEWS OF GEORGIAN BAY FROM YOUR LIVING ROOM at BLU!Richpark Homes Ltd
Upper West SideVaughan, OntarioLimited Opportunity at Upper West Side – Don’t Miss Out, Call Today!Conservatory Group
Eight Forty on St ClairWest Toronto, OntarioNo Interim Occupancy Fees | 4% Coop | Only 5% Down | Secure a suite today!Worsley Urban, DSV Building Group
XO2West Toronto, OntarioXO2 in the News!Lifetime Developments, Pinedale Properties
Whitby MeadowsWhitby, OntarioFieldgate Homes – Whitby Meadows – Grand Opening West Whitby – Virtual Appointments Starting Now!Fieldgate Homes
Sincerely, AcornWhitby, OntarioSincerely, Acorn – Whitby Towns – Limited Release!Acorn
HighcrestWhitby, OntarioFinal Release of Detached Homes At Highcrest in Whitby!Laurier Homes

Get information on these and other new properties in the project digest document. You may subscribe at the top of this page to receive the headlines, news, and promos for new development projects to your inbox every Saturday.

I suggest you view the document at 200% zoom on your computer or tablet for improved readability because there is so much information in the digest.

Let’s go get it!



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