Ottawa looks at limiting Airbnbs and more Canadian real estate news for October 7

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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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Ottawa looks at limiting number of Airbnbs to free up rentals

The Liberal government is planning limits to Airbnbs to free up more rental units as part of a broader political strategy to win over Canadians who are upset about the rising cost of living, writes Robert Fife and Marieke Walsh. The plan is to induce municipalities to limit the number of Airbnb units through bylaw changes to boost long-term rentals, which could alleviate rental shortages in big cities but also in more tourism-focused communities where there aren’t enough homes for staff.

Home sales in the GTA drop 7.1 per cent in September as higher rates bite

On top of the 7.1 per cent drop, last month’s 4,642 home sales also marked a 12.1 per cent month-over-month decline from August, according the Toronto Regional Real Estate Board’s latest market watch report. The average home price in the area reached $1,119,428, a rise of 3.4 per cent from August and a three per cent increase from last September.

This week’s lowest available mortgage rates

More and more Canadians are racking up debt, and your credit score can do a swan dive if you use too much of your available credit. That, in turn, can affect people’s chances of getting the best mortgage rate from top lenders, writes Robert McLister in his weekly column. It’s best to take a peek at your credit score before making any moves on a new home or mortgage renegotiation, and take some action if needed.

Fast track rezoning to turn farmland into a film studio goes bust

A developer who received fast-tracked rezoning from the Ontario provincial government is fighting a lender’s attempts to obtain a court-ordered sale of its assets after it defaulted on a $30-million loan, writes Shane Dingman. The case, involving a plan to build a film studio on 99 acres of former farmland in Markham, highlights the risks that can accompany lightning-quick approval of major land deals using Ontario’s ministerial zoning orders, known as MZOs.

Home of the week: A grand home for a ton of books

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3746 Highway 1, Annapolis Royal, N.S.

The monumental 7,570-square-foot house built in 1935 features five bedrooms, walls fortified by three layers of construction, massive cement footings and tough steel girders supporting all three floors. Its sturdiness was a big selling point for the previous owners, who ran a bookshop and needed a space that could handle their 20,000-book collection. The house underwent major renovations, including combining the main house and the former servants’ quarters. Outside, the grounds include an apple orchard, woodlands and meadows.