Exorbitant building costs, and should parents charge their kids for rent? Canadian real estate news for July 1
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.
The struggle of exorbitant building costs
Construction costs for residential real estate across much the country are exacerbating Canada’s housing affordability crisis, reports Erica Alini. In 11 major Canadian cities, the cost of building homes and apartment complexes was up 54 per cent in the first three months of 2023 compared to 2019, StatsCan data shows. Labour shortages, the high cost of materials, and rising interest rates all contribute to high financing costs for developers.
Should parents ask their adult kids to pay rent?
With housing and rental costs on the rise, as well as