Rights for Renters, and How to Live Like a Millionaire for Under $1M

This week’s top real estate stories.

By  Jared Lindzon | 2 minute read

Every Friday, Wahi brings you the most important real estate stories from the past week.

Feds Say Renters Have Rights, Too

Between renovictions, skyrocketing rates, and the depressing reality that their unstable housing situation is likely permanent, life as a renter in Canada can be rough. That’s why the federal government is proposing a handful of measures aimed at making things a little easier for renters. The “Renters Bill of Rights,” proposed by Prime Minister Trudeau last week — and expected to land in the upcoming budget — includes a national standard lease agreement, requirements for landlords to disclose pricing history, and a $15 million legal fund to fight renovictions. Payments may also count towards credit scores, helping renters borrow in the future.    

Inflation Optimism Could Spark Another Housing Market Frenzy  

Canadians are feeling pretty good about the economy, and that could inspire some unhinged housing market activity this summer. According to a new Bank of Canada survey, business leaders expect inflation to continue falling. While consumers aren’t so sure, everyone seems to think that the worst of the economic turbulence is behind us, leaving significant implications for the housing market. According to the survey, 15% of consumers plan to buy a house or condo in the coming year, up from 13% in 2023, further fuelling speculation that a rate cut will kickstart a wet hot Canadian summer buying season.

How to Live Like a Millionaire for Under a Million Bucks

The high life is still affordable in Canada, as long as you’re flexible on location. According to a recent report, the luxury real estate market is booming, particularly in the prairies. Luxury sales in Saskatoon climbed 57% since 2023, where high-end homes start at just $700,000. Montreal and Calgary also saw sales growth exceed 50%. But don’t break out the monocle and top hat yet! While luxury living starts at or below the $1 million mark in Edmonton, Winnipeg, and London, Ont.,  it’ll take at least $3 million to live like a big shot in Toronto and Vancouver.

Trudeau Incentivises Provinces with $6 Billion Infrastructure Fund 

The federal government can’t force provinces to follow its housing plans and priorities, but it can wave a giant bundle of cash in front of them to inspire a change in perspective. On Tuesday, Prime Minister Trudeau announced a $6 billion fund for developing water, wastewater, stormwater, and solid waste infrastructure. One of those billions will go to urgent needs, while the remainder will only be available to provinces and territories that commit to density-friendly policies, like allowing fourplexes without a permit, something the Ford government has rejected. We’ll soon find out if a few billion dollars changes anything.

Toronto Inventory Increase Suggests an Active Spring Market  

Torontonians love a good line. Whether they’re waiting for TIFF tickets, restaurant openings, jobs, night club admission, free food of any kind, sneaker drops, COVID tests or solar eclipse glasses,  queuing up is a cornerstone of the Toronto experience. Now the same appears to be true in the housing market. According to a report by TRREB, sellers are getting in line to post their homes on the MLS system, where listings jumped 15% compared to last March, and 18.3% in the first quarter. The sudden jump in inventory suggests many are confident buyers will also be lining up this spring.   

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