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Home of the Week: 53 Dunn St., Oakville, Ont.Outside The Bx Inc.

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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The housing measures announced to help with affordability in the 2024 federal budget

Prime Minister Justin Trudeau and his cabinet have been under pressure to deal with the housing crisis, which has largely been driven by supply and demand, immigration, rental inflation, high interest rates, labour shortages and more. In an effort to address the issues, the Liberals’ 2024 federal budget introduced a spate of new initiatives. From the new 30-year mortgages to the federal government leasing out government lands to build housing, here’s everything you need to know in the new budget.

Rob Carrick: A reality check on 30-year mortgages

Of all the housing measures federal government has announced lately, the one with the most immediate impact will be expanding the availability of 30-year mortgages, writes the Globe’s personal finance columnist Rob Carrick. Focusing strictly on newly built homes reduces the risk that opening up 30-year mortgages to more buyers will stoke demand and push prices higher. But Toronto mortgage broker Victor Tran said most developers require a deposit of at least 20 per cent for new homes, “because they need the funding to get the construction going.” As for the impact of amortizing a home over 30 years instead of 25, Tran pegged the savings at about $250 per month on a $500,000 mortgage at a 5 per cent rate.

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New homes under construction by Albion Building Consultant Inc. at 57A Jeavons Ave, in Scarborough.Shane Dingman/The Globe and Mail

Ontario regulator freezes assets of unlicensed builder

Back in March, the Home Construction Regulatory Authority (HCRA) froze the assets of Albion Building Consultant Inc., a Toronto builder who allegedly took money for more than 50 homes it did not have proper licenses to build or sell, writes Shane Dingman. The HCRA said it doesn’t often invoke its powers, but took action after an investigation found evidence that the number of homes illegally built by Albion is several times larger than previously believed. Albion’s business has been to tear down a single detached home, split the lot and then construct two new homes on the old site. A search warrant filed by the HCRA suggests the majority of the 53 suspected unlicensed homes are lot-splits located mainly in Scarborough.

Some B.C. seniors endure a quiet housing crisis

In Vancouver, a growing segment of people over the age of 55 are sliding into homelessness for the first time in their lives, writes Kerry Gold. In 2023, 22 per cent of homeless people in the region were seniors, according to the Homelessness Services Association of B.C. But despite the growing crisis, advocates say the funding is just not there. Often, seniors are represented in mainstream media as wealthy NIMBYs who are living in large houses. But according to a United Way report released last year, one in four B.C. seniors are barely making ends meet, with after-tax incomes of $21,800. The province’s recent $110-a-month increase to rental subsidies for seniors was a welcome start, available for seniors with incomes up to $37,240. But that is a small increase in the face of growing rents.

Home of the week: Old Oakville heritage home ready for the next generation

  • Home of the Week: 53 Dunn St., Oakville, Ont.Outside The Bx Inc.

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53 Dunn St., Oakville, Ont.

This five-bedroom in Oakville’s heritage district was built in 1838 by one of the first merchants to settle in the town. In 2003, the previous owners built a two-storey, 1,500-square-foot addition to the home, to accommodate a growing family. The kitchen was modernized in 2017, with white custom cabinetry and Caesarstone countertops. The kitchen’s centrepiece is the 14-foot kitchen island, which also acts as a dinner table for five. The French doors from the spacious dining room open into a four-season sunroom, which has a 9 1/2-foot tall wood paneled ceiling, heated stone flooring and a gas fireplace. In the summer, the floor-to-ceiling windows can be converted to screens. In winter, the fireplace creates a cozy atmosphere.

Guess the price

What do you think is the asking price for the property?
a. $2.5-million
b. $3.27-million
c. $4.99-million
d. $5.35-million

d. The asking price is $5.35-million.

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