Housing advocates protest Vancouver’s densification plan, the Home of the Week and more top real estate stories: Canadian real estate news for the week of Oct. 3

This week, home builders are waiting to get more details on the federal government’s big plans to roll out prefabricated homes across the country. Plus, how divorces late in life can throw a wrench in adult children’s financial plans, and one property worth a look.

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Housing policy

Home builders anxious for details on how Ottawa’s prefab policy will work

Three weeks ago, Prime Minister Mark Carney launched the $13-billion Build Canada Homes program and promised it will showcase “modern methods of construction,” including prefab and mass-timber, to cut costs and completion times. Since then, firms in this now heavily hyped corner of the development industry have been scrambling for scarce details on how the program will work and where they will fit in, writes John Lorinc. A growing number of policy-makers have been talking up the potential of partially preassembled homes to lower costs, waste and delays. But developers are waiting to hear who the BCH program will order these components from, and whether the priority is supporting Canadian materials companies, or the modular home industry itself.

The Listing

Agents say tax payments are missing as iPro Realty collapse fallout continues

The trail of wreckage continues to expand following the collapse of Ontario mega-brokerage iPro Realty Ltd. as more of those affected come forward to describe the growing tally of money lost and trust broken. As Shane Dingman writes, the Real Estate Council of Ontario, or RECO, has obtained a tracing and freezing order to help it track down the missing $10.5-million that was removed from iPro’s trust accounts. But even if that effort succeeds, it may do little for a growing list of creditors owed money by iPro, including many of its former realtors. Realtor Andrea Beitel, who used the tax program for the past two years, says the company owes her $70,000. Now, she says neither the CRA nor RECO have answers about what happened to the money intended for taxes.

This week’s lowest fixed and variable mortgage rates in Canada

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday, Oct. 2.

Redevelopment

Housing advocates protest as Vancouver doubles down on densification plan

The mass prezoning of areas throughout Vancouver’s Broadway and Cambie corridors – the city’s effort to fast-track redevelopment – went to a public hearing last week and triggered another letter from a group of housing advocates to the government. As Kerry Gold writes, city staff and council doubled down with the release of a 447-page technical report that would expedite development through prezoning. Landowners would no longer have to go through a rezoning application on an individual site, and they’d skip the need for a public hearing or feedback. Developers, architects, former city staff and other advocates have criticized the move as rushed and failing to consider the transformative impacts of the new zoning, which standardizes low-rise, mid-rise and high-rise housing throughout the corridors.

Best laid plans

Later-in-life divorces affecting plans to support adult children

More married Canadians over the age of 50 have been calling it quits in recent years, throwing a wrench in the plans to help their adult children financially. According to Statistics Canada, the divorce rate among people aged 50 and up rose by 26 per cent between 1991 and 2006. While the rate has levelled off since, the average age of divorce has steadily climbed. Meanwhile, for many Canadians, setting aside money for their children – from tuition and down payments, to inheritance – is typically a key part of financial plans. As Laura Hensley writes, divorcees advise people to seek legal counsel as soon as possible, get started on financial planning and don’t go in alone.

Home of the Week

A heritage Rosedale site gets a condo makeover

7 Dale Ave., suite 106, Toronto – Full gallery here

The land that now houses the boutique condo building in Toronto’s Rosedale neighbourhood has a storied past. In the mid-1800s, business magnate John Hoskin purchased a swathe of land near the Rosedale Valley ravine and built a Gothic Revival mansion he named The Dale. The home was demolished in the 1900s and the land was parcelled off and changed hands over the years. In the east wing of the newly-built condo building, suite 106 has two bedrooms, two bathrooms and one powder room in a little more than 3,250 square feet of living space. There is a gallery-style entrance with walls designed to accommodate art and a living area open to the kitchen with a large central island. Floor-to-ceiling windows and doors face manicured gardens and a private terrace sheltered by a bronze canopy. The building also has a fitness centre, spa and 24-hour concierge.