Real Estate

Celebrity real estate agent Mauricio Umansky warns 'perfect storm' of housing unaffordability brewing

Celebrity real estate agent Mauricio Umansky is sounding the alarm over the “perfect storm of total unaffordability” brewing in the housing market. 

Mauricio Umansky, The Agency founder and CEO, reacted to the state of the housing market after the 30-year fixed mortgage rate hit its highest level since early December.

“We’ve got super high interest rates above 7%. Mortgage applications are as low as they’ve been since 1995. And then we’ve got no supply,” he said during his appearance on “The Claman Countdown” Wednesday. 

Umansky said we should not expect to see prices drop until we start “seeing some pain and some supply.”

BEVERLY HILLS HOME RENOVATIONS BLOCKED OVER LACK OF AFFORDABLE HOUSING

“Until we start seeing the pain and prices drop, I don’t see the government

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Real Estate

Toronto's housing downturn has spurred an exodus of realtors

Not a lot surprises Cailey Heaps when it comes to buying and selling houses. Having spent more than 25 years as a broker in Toronto’s competitive real estate landscape, she has navigated almost every type of market, adapting to the ebbs and flows of sales activity.

That’s why, when she was hired to sell a classic, three-bedroom brick house in midtown’s tony Davisville Village in 2021, she knew what to expect — it would be business as usual. But it wasn’t: she and her team were met with a frenzy of inquiries, endlessly ringing phones, back-to-back showings, and packed open houses.

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Real Estate

City of Charlottetown renews push to see housing developed on Queens Wharf

There are renewed calls to develop a prime piece of real estate on Charlottetown’s waterfront into more housing. 

Queens Wharf, located at the bottom of Queen Street across from the Prince Edward Island Convention Centre, was decommissioned by the Canadian Coast Guard eight years ago. 

The P.E.I. government then took ownership of the wharf with plans to redevelop it. 

But the three-acre site is still being used as a leased parking lot operated by the Charlottetown Area Development Corporation (CADC), while the province is using the former Coast Guard building as storage space.

Charlottetown Mayor Philip Brown is now calling on the development corporation — which has members appointed by the province, the capital city and the neighbouring towns of Stratford and Cornwall — to take another look at the site.

“CADC or an NGO [non-governmental organization] or a private developer could look at more market and non-market housing that

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Real Estate

Housing affordability hit a new low in 2023 : NPR

A pending sale sign in Little Rock, Ark., in 2011. A new Redfin analysis finds the share of affordable homes for sale in 2023 was the lowest in at least a decade.

Danny Johnston/AP file photo


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Danny Johnston/AP file photo


A pending sale sign in Little Rock, Ark., in 2011. A new Redfin analysis finds the share of affordable homes for sale in 2023 was the lowest in at least a decade.

Danny Johnston/AP file photo

If you found the U.S. housing market impossible this year you were not alone. In fact, you were in the vast majority, according to a new analysis by the real estate group Redfin.

Just 15.5% of homes for sale were affordable for a typical U.S. household, the lowest share since Redfin started tracking this a decade ago. A home is deemed affordable if the estimated mortgage payment is no more

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Real Estate

Toronto reaches deal with Ottawa to build more housing, inflation holds steady: Canadian real estate news for December 23

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Canada’s Prime Minister Justin Trudeau makes a housing announcement with Toronto Mayor Olivia Chow and Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland at a press event in Toronto, on Dec. 21.CARLOS OSORIO/Reuters

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Take The Globe’s business and investing news quiz

Toronto reaches $471-million housing deal with Ottawa to build 53,000 units in the next decade

In an announcement in Toronto this week, Prime Minister Justin Trudeau said the $471-million deal will produce 12,000 homes in the first three years – the largest agreement yet through the federal Housing Accelerator Fund, writes Oliver Moore and Jeff Gray. One-quarter of the money will flow immediately, with the rest disbursed

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