Builders say HST removal on rentals isn’t enough and more of this week’s top real estate stories

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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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Builders say HST removal is step one in many needed to tackle housing crisis

Rental housing builders are warning they may need still more financial incentives from government to help tackle the housing crisis even as provinces are joining Ottawa to remove sales taxes from new rental projects, Shane Dingman writes. They say the tax waivers set costs back to where they were a few years ago, but suggest other policies like tax abatements, loosening certain strict building requirements, or faster approvals could help tip the scales.

Opinion: The real estate crisis beyond housing: Canada’s economy lacks land for industrial use

The provincial government has been investing heavily in reindustrializing Ontario after decades of underinvestment. But for this policy to be successful, land has to be made available, writes Giles Gherson. Earlier this year, the Ontario government announced new policies to address the housing crisis. While the changes are primarily designed to increase housing supply, some significantly weaken protections for critical employment lands, Mr. Gherson notes, saying we must find the right balance between housing supply and land for industry, for the well-being of our communities and the health of our economy, because if the lands go, so will the jobs.

This week’s lowest available mortgage rates

Canadians are living longer than ever. But as they get older, an increasing number are having trouble holding on to their homes, writes Robert McLister in his weekly column. New research from Canada Mortgage and Housing Corp. indicates. most Canadians start selling their homes at 85. If you’re one of the many who want to hold onto your homes in your old age, applying for a reverse mortgage, a HELOC, or carving out some space for a renter could help boost your savings.

B.C. begins effort to protect existing rental supply

B.C.’s new strategy to acquire existing apartment buildings has begun, as the Rental Protection Fund already targeted multiple buildings to acquire by the end of 2023, writes Kerry Gold. The goal of the fund is to protect affordable housing units in the province – rent increases, conversions, and redevelopment are the leading causes for the growing loss in cheap rentals. The province contributed $500-million to grow the sector, as the fund builds their portfolio of properties and leverage them into more housing.

Home of the week: A historic Guelph home gracefully preserved

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20 Stuart St., Guelph, Ont.

The almost-170-year-old home sparks local stories of the Reverend Arthur Palmer, an Anglican priest who lived in the house in the 1800s and was known to regularly walk around town. The house and surrounding property has changed a lot since those times, but it still retains a lot of its historic charm – in part thanks to its official designation as a heritage property in the ‘80s. The large wooden staircase in the main hall, the built-in mahogany bookshelf in the library, and nine-panel stained glass window are perfectly preserved. But the home still has some more modern elements, such as the renovated kitchen and bathrooms, that manage to cohabitate with the more classic designs.