April 15, 2024

Ottawa considers building housing on federal land: Canadian real estate news for February 17

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Home of the Week, Ridge House, 395910 11th Line, Clarksburg, Ont.Mitchell Hubble/Mitchell Hubble/Modern Movement Creative

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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Federal land could be used for housing to bring down costs, minister says

As Ottawa attempts to accelerate its strategy to create cheaper housing options, new ideas on how to use federally owned land have been taking shape, write Rachelle Younglai and Erin Anderssen. Housing Minister Sean Fraser said Monday that there’s an opportunity to create housing on existing federal land — adding 60 storeys-worth of new housing on top of a Canada Post building, for example. Non-profit housing developers have said access to land is one of the most critical components of delivering affordable housing because land is scarce and expensive to purchase. Fraser said developing on top of existing federal property would allow the government to help the housing crisis without permanently losing the land to private developers.

Condo buyers get an unpleasant surprise: a stiff bill for rental equipment

Residents and owners of a recently-built Toronto condominium building facing collection letters and demands for thousands of dollars are warning others to beware of vague references to HVAC rental contracts in closing documents and sales agreements, writes Shane Dingman. Residents of an east-Toronto condo say Reliance Home Comfort Inc. presented them with pricey rental contracts for air-conditioning units installed in their homes. Some say the rental contract never appeared in their purchasing agreement, and others say a small line was included last-minute. But residents who made even a single rental payment to Reliance get hooked even deeper in their contract.

Rob Carrick: What’s the bigger risk to your retirement – cuts to the CPP or declines for stocks and real estate?

A recent report from the National Institute on Ageing says the top worries of people aged 50 and up are inflation, running out of money and a reduction in payments from the Canada Pension Plan or other government benefits. But the CPP isn’t what you should be concerned about, writes Rob Carrick in his weekly column. In the NIA study, just 12 per cent of people said they were worried about a major real estate or stock crisis. Are people really such savvy, confident investors, or has it been a while since they’re tasted the fear of a full-on stock market crash? The volatility of stocks, real estate and other assets makes the stability of the CPP all the more valuable and comforting, even with its flaws.

Home of the Week: Home on a ridge, and 25 acres of peace

  • Home of the Week, Ridge House, 395910 11th Line, Clarksburg, Ont.Mitchell Hubble/Mitchell Hubble/Modern Movement Creative

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Ridge House, 395910 11th Line, Clarksburg, Ont.

The three-bedroom home located near Collingwood, Ont. was designed by Toronto-based architecture firm Superkül. Sitting on 25 acres, Ridge House is designed to enjoy the land surrounding the home. Skylights are positioned to allow the light to move around the structure during the day, and the kitchen, dining room and living room are in the centre of the one-storey building. The best feature is a small haven carved out of a chunk of the south-west corner of the home, warmed by a gas fireplace under a vaulted ceiling clad in marine-grade mahogany, designed to sit and relax during any season.

What do you think is the asking price for the property?

a. $3,999,000

b. $4,495,000

c. $5,235,000

d. $6,089,000

b. The asking price is $4,495,000.