Home of the Week, 20100 Highline Road, D’Arcy, B.C.Jorge Alvarez and Filip Hrkel/Jorge Alvarez and Filip Hrkel
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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Post-secondary students skipping meals, dodging scams amid housing crunch
Post-secondary students across Canada are skipping meals and facing an increasing number of housing scams as they contend with skyrocketing rental costs and a lack of on-campus housing, writes Shane Dingman. According to a survey done by the University of Alberta’s student union, 17 per cent of students had unstable housing situations last year, which includes evictions, homelessness and even sleeping in campus common areas. Across the country rents of all types have been rising: The CMHC’s rental market report for 2023 found that vacancies of new rental builds in Canada’s major cities reached new all-time lows of 1.5 per cent with rents rising to a new high of 8 per cent.
Multi-generational living is getting more common. Here’s how to share costs – and a mortgage
Co-owning a home with multiple generations of your family can be a great way to participate in home ownership while keeping costs down. But it can also be tricky if you don’t get into the agreement with eyes wide open, writes Penelope Graham. According to the latest data from Statistics Canada, the number of multi-generational households grew by 21 per cent from 2011 to 2021, representing 3 per cent of all Canadian households. There are two main mortgage arrangements in Canada that cater to multi-generational families, and it’s vital to to hammer out what will happen to the mortgage if someone wants to leave, sell or passes away. Blood may be thicker than water, but an iron-clad legal agreement will keep things harmonious.
Landlords are dealing with the shift to remote working and a slower-than-expected return to the office, and the failed sale of 2 Queen St. E. in 2022 was a sign of how difficult the market has become for commercial real estate deals.EUGEN SAKHNENKO/The New York Times News Service
CPPIB, AIMCo and Brookfield put downtown Toronto office building back on the market
Two major Canadian pension funds are working with Brookfield to try and sell their 20-storey Toronto office building after failing to get the price they wanted in 2022. The sale of the property is likely to be closely watched as it will provide a litmus test on buyer appetite amid a years-long downturn in the commercial real estate sector, write Rachelle Younglai and James Bradshaw. Landlords are dealing with the shift to remote working and a slower-than-expected return to the office, and the failed sale in 2022 was a sign of how difficult the market has become for commercial real estate deals. Because there have been so few office building sales in recent years, landlords hope a potential sale of 2 Queen St. E. could help gauge the value of their own buildings.
Rob Carrick: In a tough mortgage market, here’s how to score the biggest rate discount
When the Bank of Canada finally began the process of cutting its trendsetting overnight rate a few weeks ago, it was expected that lower rates would filter into mortgages and improve affordability. But with prices staying at elevated levels and mortgage rates coming down only marginally, if you want or need to buy now, affordability may depend on getting the best possible mortgage rate discount, writes personal finance columnist Rob Carrick. Experts say that banks don’t often advertise their lowest rate, and a borrower’s best bet is to try and negotiate a better deal. A bigger mortgage and a sooner closing date would give some more leverage towards a better discount, and a higher credit score doesn’t hurt.
Home of the week: Lakeside property encapsulates British Columbia’s past
Home of the Week, 20100 Highline Road, D’Arcy, B.C.Jorge Alvarez and Filip Hrkel/Jorge Alvarez and Filip Hrkel
20100 Highline Road, D’Arcy, B.C. – Full gallery here
Hidden in the mountains, an hour and 40 minutes away from Whistler, this three-bedroom lakeside property encapsulates British Columbia’s past. The idyllic home is nestled at the intersection of two historic roads: one a gold-rush era railroad where an oxen cart had transported riders for a 25-cent fare, the other a cattle trail that connected the 80,000-acre Douglas Lake Ranch to civilization. The property features two buildings – a log home with a wraparound deck, a wine cellar and custom-made furniture featuring sixties-log-cabin aesthetic, and the “Earthship”, a one-bedroom stone house built from the granite of the rugged B.C. terrain, which keeps cool in the summer. The land around the property is lush with fruit trees and grapevines for any aspiring winemakers.
Guess the price
a. The asking price is $2,999,000.
Editor’s note: An earlier version of this article contained incorrect information about the driving time from Whistler. This version has been corrected.