Pollievre proposes new housing bill and more Canadian real estate news for September 23

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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 call Ottawa’s tax break ‘major needle mover’ on construction of rental units

Real estate companies say Ottawa’s new GST break on new rental builds will spur them to develop thousands of units by offsetting rising financing and building costs, reports Rachelle Younglai. The higher costs had made it unprofitable for real estate companies to develop rental units. Many developers either put their rental buildings on hold or turned them into condos, where profits are realized as soon as the unit is sold. Some developers said the 5-per-cent tax discount would allow them to build thousands of new rental units.

Under Pierre Poilievre’s housing plan, missed construction targets would see cities lose funding

Federal Conservative Leader Pierre Pollievre introduced a new bill which would require cities to increase home building by 15 per cent each year to receive their regular infrastructure spending, reports Marieke Walsh. In contrast to the Liberals’ new plan to remove GST off all new rental builds, Pollievre’s bill would only remove the tax on developments that offer below-market rent prices. The bill is unlikely to pass, considering the Liberals pre-emptively said they won’t support it.

This week’s lowest available mortgage rates

For years, the Smith Manoeuvre has been a go-to strategy for turning non-deductible mortgage debt into tax-deductible debt, writes Robert McLister in his weekly column, but is it still relevant in a world of higher interest rates and tighter borrowing rules? A lot has changed, but experts still say yes. Having a solid plan and a lot of patience is essential to maximize success and avoid any pitfalls.

Accusation of crypto investment by condo board highlights lack of protections for owners

In early September, condo lawyer Evan Holt sent a letter to residents of York Condominium Corp. No. 25 in Toronto, alleging the condominium corporation had invested $500,000 in a cryptocurrency exchange, Shane Dingman writes. The investment in “Pink Piggy Investment Group Inc.” has highlighted gaps in provincial protections for condo owners. Notably, the lack of clarity on the process for investigating alleged financial mismanagement.

Home of the week: A work of art in steel

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1056 Groveland Rd., West Vancouver, B.C.

Eppich House II, a 6,486-square-foot house named after its original owners, Hugo and Helmut Eppich, is a sprawling steel structure which appears to roll into the natural landscape of the neighbouring creek. Designed by architect Arthur Erickson — known for landmark buildings such as the Museum of Anthropology at the University of British Columbia and Toronto’s Roy Thomson Hall — it’s been upgraded in recent years with new plumbing, wood ceilings, and a one-bedroom guest house by the pool.

“To be in the living room when there’s snow outside – there’s nothing like it,” said Monica Feldman, daughter of the couple who commissioned the house. It has stayed in the family ever since. “And the reflection of the Christmas lights in the glass – it’s a very tranquil place to be.”