Timing the sale of your house and building community with small retailers: Canadian real estate news for August 5

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Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

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Real estate deals timed to mortgage rate moves

While home buyers who need a mortgage often try to speed up their purchases if they think the central bank is set to hike interest rates, some sellers are also now watching the announcements to decide whether they should sell, and when.

The Bank of Canada’s next announcement is scheduled for Sept. 6 and some sellers are considering going to market immediately if it seems that rates will stay where they are or move higher, reports Carolyn Ireland. Others will be watching for signals that the bank could begin cutting rates by the end of the year, which could make early 2024 a better time to list.

Small-scale retail boosts livability in Calgary neighbourhoods

Mom-and-pop shops are often the missing piece in building vibrant urban communities, writes Ximena Gonzalez. While many developers are resistant to building smaller commercial units for independent retailers, this Calgary-area developer is embracing the opportunity to cater to small-scale businesses and breath new life into his city’s neighbourhoods.

This week’s lowest available mortgage rates

Canada’s leading nationally advertised rates barely moved this week. But that’s expected to change very soon as five-year bond yields, which lead fixed mortgage pricing, are breaking out to new 16-year highs, writes Robert McLister.

New multiplex rules could stunt ‘stealth density’ projects

Critics say Vancouver’s new multiplex rules could disincentivize “stealth density” projects, where developers split character homes into multiple units, rather than bulldozing them for a new building. The city’s proposed new rules aim to streamline zoning, increase floor space limits, and allow up to six units on larger residential lots, reports Kerry Gold, but character homes will not be eligible for the higher density of a new multiplexes.

Home of the week: A family-friendly loft in Toronto’s Fashion District

477 Richmond St. W., No. 408/410, Toronto

This three-bedroom condo has 2,100 square feet of living space, with plenty of storage for everything a young family needs. The open-concept home has 11-foot, 4-inch high ceilings and large windows with views of the city that give the space a unique, airy feel.

Once two units, it is now a three-bedroom condo. The new rooms, which started out as offices, were turned into children’s bedrooms. The centerpiece of this home is a large chef’s kitchen, perfect for cooking and entertaining, that features a 120-bottle-wine fridge tucked beneath an enormous kitchen island. The loft’s master bedroom also has a walk-in closet and a large ensuite.