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Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30

Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30
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The four-bedroom loft is situated in The Merchandise Building, a live/work complex renovated from the shell of a 1910 brick warehouse in Toronto.Michael Peart Photography

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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Trudeau announces renter-focused measures ahead of 2024 budget

Prime Minister Justin Trudeau announced a series of measures to help renters in Canada, including a $15-million tenant protection fund and a Canadian renters’ bill of rights, write Bill Curry and Marieke Walsh. A third measure is to amend the Canadian Mortgage Charter, so that it calls on landlords, banks, credit bureaus and fintech companies to take rental history into account when assessing credit worthiness. The government hopes that by dropping budget details in advance, it will be able to garner more attention

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Commercial real estate crisis: Downtowns are dead, dying or on life support, says urban policy expert

Commercial real estate crisis: Downtowns are dead, dying or on life support, says urban policy expert

The hollowing out of U.S. cities’ office and commercial cores is a national trend with serious consequences for millions of Americans. As more people have stayed home following the COVID-19 pandemic, foot traffic has fallen. Major retail chains are closing stores, and even prestigious properties are having a hard time retaining tenants.

The shuttering of a Whole Foods market after only a year in downtown San Francisco in May 2023 received widespread coverage. Even more telling was the high-end department store Nordstrom’s decision to close its flagship store there in August after a 35-year run.

In New York City, office vacancy rates have risen by over 70% since 2019. Chicago’s Magnificent Mile, a stretch of high-end shops and restaurants, had a 26% vacancy rate in spring 2023.

A recent study from the University of Toronto found that across North America, downtowns are recovering from the pandemic more slowly than

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