Home of the Week, 41 Garden Place, Toronto.Ben Rahn/A-Frame
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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Trade war to wreak havoc on fragile home building industry in Canada
Looming U.S. tariffs are threatening to throw the Canadian home building industry into turmoil, with developers predicting higher construction costs and broken supply chains, along with a potential recession that would slam the brakes on new home purchases and real estate investment, write Rachelle Younglai and Pippa Norman. For decades, free trade with the U.S. and Mexico has facilitated the supply of critical home components such as HVAC systems, steel and drywall – as a result, manufacturers have built up major operations on both sides of the border that can easily provide products for housing developments. Some experts estimate that if the U.S. goes forward with tariffs, it could increase construction costs by about 4 per cent.
Halifax Harbour in Halifax on Wednesday evening, Feb. 28, 2018.Darren Calabrese/For The Globe and Mail
Death of Halifax real estate developer leaves a trail of unfinished business
Five businesses connected to Halifax-area property developer Steven M. Caryi – who was 54 when he died in his Florida home on Christmas Day, 2023 – owe more than $47-million to a handful of lenders. And, despite a grinding housing shortage in the Nova Scotia capital, the caretakers of his business estate have been unable to find buyers for several commercial properties in various stages of residential redevelopment. Among the properties affected is the 163-year-old Halifax Club, which has operated on Hollis Street since 1862, writes Shane Dingman. Commercial property experts warn some of the asking prices may have been set too high, perhaps to reflect potential worth, rather than current value.
Both the Canadian dollar and the stock market sank, confirming fears that tariffs and retaliatory tariffs would hit us hard.Reuters
Opinion: Lessons from this week’s tariff drama for investors and mortgage shoppers
On the brink of a U.S.-Canada trade war, Monday morning looked like a bruiser for the personal finances of the nation. But there were encouraging lessons about the personal finance impact of tariffs to be learned, writes columnist Rob Carrick. It’s possible stock market investors underestimate the damage that a long trade war could cause. But for now, it doesn’t look like the bottom will suddenly drop out of the stock market as a result of tariffs. And for homebuyers and the 1.2 million people expected to renew mortgages in 2025, it’s starting to look like there will be a Trump discount in the mortgage market. Interest-rate declines in the past year have reawakened interest in variable-rate mortgages, which are currently comparable in borrowing cost to the popular three-year fixed mortgage, and five-year rates as well.
Hospitals are getting into the housing business
In the past year, University Health Network – which encompasses seven hospital sites, 44,000 employees and eight million square feet of space – has found itself anchoring two novel housing initiatives intended to provide affordable housing to its patients and staff, writes John Lorinc. One, a rapidly constructed transitional housing project in Toronto’s Parkdale neighbourhood for 51 frequent ER users; and the other, a complicated joint venture with the City of Toronto and two developers to create 100 affordable rental apartments for UHN employees, as well as a 25,000 sq.-ft clinical space for UHN.
Home of the Week: Buyer gets a second chance at her Toronto dream home
Home of the Week, 41 Garden Place, TorontoBirdhouse Media
41 Garden Ave., Toronto – Full gallery here
When Toronto local Amanda Palmer missed her chance to build her dream house, she was reminded of her mistake regularly – she had to bike past the Roncesvalles lot that was swooped from under her almost daily on her way to work. So when the property came back on the market, she didn’t miss her shot. The four-bedroom home is, in some ways, almost stereotypically modernist, with open spaces, mostly white walls, lots of glass and simple materials. The front door opens into a long foyer that is separated from the preparation area of the kitchen by a long run of countertop and lower cabinets. The third level is entirely turned over to the primary bedroom with ensuite bath, walk-in closet and another wall of windows looking into the garden.
Guess the price
c. The asking price is $3,195,000.