{"id":11237,"date":"2023-09-18T00:26:01","date_gmt":"2023-09-18T07:26:01","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=11237"},"modified":"2023-09-21T00:31:38","modified_gmt":"2023-09-21T07:31:38","slug":"play-ball","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2023\/09\/news\/play-ball\/","title":{"rendered":"Play Ball"},"content":{"rendered":"\n<p>Happy Monday Morning!<\/p>\n\n\n\n<p>Over the past several months we\u2019ve been highlighting the marked slowdown in residential building permits, a leading indicator of future supply. This is what happens when the cost of capital doubles, and in some cases, triples.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F68e17209-0b73-4289-9bb8-4486470c6300_834x648.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2f68e17209-0b73-4289-9bb8-4486470c6300_834x648-7070447' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2F68e17209-0b73-4289-9bb8-4486470c6300_834x648-7070447.jpg' alt=\"\"\/><\/a><figcaption class=\"wp-element-caption\">Souce: Ben Rabidoux<\/figcaption><\/figure>\n\n\n\n<p>This is a disaster in the making for a federal government insistent on maintaining immigration targets, and in fact far exceeding them, with 1.2 million new migrants moving to Canada last year. Sliding in the polls, the Liberal government has been in full panic mode. With their feet to the fire we finally got some change.<\/p>\n\n\n\n<p>Just this past week the Liberal government announced the removal of GST on purpose built rental units. They had proposed this change back in 2015. As they say, better late than never.<\/p>\n\n\n\n<p>So effective immediately, this change increases the GST Rental Rebate from 36% to 100% on all brand new rental construction consisting of a minimum of four private dwelling units. In other words, a 5% savings for rental developers, which will be enough to revive some projects that otherwise never stood a chance in this economic environment.<\/p>\n\n\n\n<p>Hopefully this allows the rental constuction boom to continue. You\u2019ll notice rental construction took off in the last few years, almost exclusively thanks to CMHC\u2019s new rental programs which provide developers with incredibly lucrative finacing for new rental. In some cases you can finance up to 95% of project costs and 50 year amortizations on completion.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4bb8b592-805e-485e-8d8e-07093f398fdd_822x650.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2f4bb8b592-805e-485e-8d8e-07093f398fdd_822x650-5949162' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2F4bb8b592-805e-485e-8d8e-07093f398fdd_822x650-5949162.png' alt=\"\"\/><\/a><figcaption class=\"wp-element-caption\">Source: Ben Rabidoux<\/figcaption><\/figure>\n\n\n\n<p>But why stop there? The housing \u201caccelerator\u201d fund got its first participant after eighteen months, with the housing minister threatening other cities, such as Calgary, to play ball.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0495e9cf-d617-4bd6-a9d0-34c04f6abece_1444x767.jpeg\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2f0495e9cf-d617-4bd6-a9d0-34c04f6abece_1444x767-2090991' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2F0495e9cf-d617-4bd6-a9d0-34c04f6abece_1444x767-2090991.jpeg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>And play ball they did. Calgary city council members approved a long-awaited housing strategy Saturday, which includes a plan for reducing red tape through blanket rezoning of residential districts. The proposal for blanket rezoning to R-CG in Calgary still requires public engagement and council deliberation before any changes could come into effect to legalize new missing-middle housing zoning designations.<\/p>\n\n\n\n<p>Currently, more than 60% of residential properties in Calgary are zoned to only allow single family homes as a default.<\/p>\n\n\n\n<p>This recommendation now asks to change the default zoning type to RC-G, which would allow for duplexes and row houses on single family lots.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff36d8e6c-3105-4450-9059-d2970f4257be_1392x296.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2ff36d8e6c-3105-4450-9059-d2970f4257be_1392x296-1156811' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Ff36d8e6c-3105-4450-9059-d2970f4257be_1392x296-1156811.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>But wait, there\u2019s more!<\/p>\n\n\n\n<p>Here in Vancouver, city council approved a citywide densification for all RS zoned single family lots to permit multiplex housing. A standard size single family lot (4000sqft) can now accommodate 4 units, and larger lots up to 8 units.<\/p>\n\n\n\n<p>Density increases to 1.0 FSR for multiplex.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc6479bfd-5e22-4f24-a5b3-ed292e0cf525_1922x1048.jpeg\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2fc6479bfd-5e22-4f24-a5b3-ed292e0cf525_1922x1048-7419184' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Fc6479bfd-5e22-4f24-a5b3-ed292e0cf525_1922x1048-7419184.jpeg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Progress, slowly but surely.<\/p>\n\n\n\n<p>Make no mistake none of this is going to fix Canada\u2019s housing crisis overnight. It is going to take a herculean effort over the next decade, one that requires the government and the private sector to work hand in hand.<\/p>\n\n\n\n<p>In the near term the laws of economic gravity are going to curtail new housing supply but at least we are laying the ground work for a healtheir housing market, and hopefully more prosperous economy in the long run. Sometimes all it takes is a little political pressure.<\/p>\n\n\n\n<p>And for all you supply doubters, here\u2019s one for you.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb0f1e03b-13d4-4655-a0e1-ea467c9587ef_1614x952.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img alt='https3a2f2fsubstack-post-media-s3-amazonaws-com2fpublic2fimages2fb0f1e03b-13d4-4655-a0e1-ea467c9587ef_1614x952-1653601' src='https:\/\/www.stevesaretsky.com\/wp-content\/uploads\/2023\/09\/https3A2F2Fsubstack-post-media.s3.amazonaws.com2Fpublic2Fimages2Fb0f1e03b-13d4-4655-a0e1-ea467c9587ef_1614x952-1653601.jpg' alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Supply and demand my friends. Never fails, except in housing apparently.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday Morning! Over the past several months we\u2019ve been highlighting the marked slowdown in residential building permits, a leading indicator of future supply. This is what happens when the cost of capital doubles, and in some cases, triples. This is a disaster in the making for a federal government insistent on maintaining immigration targets, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[70],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Play Ball - Steve Saretsky<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stevesaretsky.com\/2023\/09\/news\/play-ball\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Play Ball - Steve Saretsky\" \/>\n<meta property=\"og:description\" content=\"Happy Monday Morning! Over the past several months we\u2019ve been highlighting the marked slowdown in residential building permits, a leading indicator of future supply. This is what happens when the cost of capital doubles, and in some cases, triples. 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