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“Mortgage rates soar past 4% for first time in three years” Mortgage rates have risen above 4% for the first time since May 2019. The 30-year fixed-rate home loan averaged 4.16% in the week ending on Thursday, up from 3.85% the previous week, according to Freddie Mac. A year ago, the long-term rate was 3.05%….
“#Data reveals record NYC resale profits during the pandemic” Billionaire Dan Och flipped his 220 Central Park South penthouse in late 2021 for a staggering $188 million — and left New York real-estate gawkers flipping out in the process. That purchase price, alone one of the biggest in city history, made waves — but so…
“#Stackable prefabricated modules are here to create futuristic LEGO-inspired buildings” PolyBloc is a prefabricated, modular housing solution designed to confront the demands of rapid urbanization and globalized lifestyles. As the ways we work and live evolve, so do the ways we confront architecture. In direct response to rapid urbanization and the fall of the nuclear…
“#The next trend in luxury Canadian real estate? Multi-level ‘iceberg’ basements.” Wealthy homeowners are digging deep, building underground karaoke lounges and golf simulators to get around building restrictions (Illustration by Mike Ellis) In Hoggs Hollow, an upscale Toronto neighbourhood, people love their trees. In November, many lawns bore a sign reading, “Stop the Chop,” a…
“#Down payments are less affordable than ever–unless you have generational wealth” Thirty-four-year-old Brooke Sanchez picks up her one- and two-year-old daughters Cali and Capri from daycare at 5:30 p.m. every weekday and drives home to the four-bedroom house in Vaughan, Ont., that she shares with her husband, Luis, her sister Brenna and her friend Tracey….
“#Five charts that will define Canadian real estate and housing in 2022” For Maclean’s eighth annual chartstravaganza, we’ve once again asked dozens of economists and analysts to ponder the year to come, and choose one chart that will help shape Canada’s economy in 2022 and beyond, and explain this outlook in their own words. This year, we’ve…
“#City Council passes plan for more housing in Gowanus, Brooklyn” The City Council approved the redevelopment of Brooklyn’s Gowanus neighborhood Tuesday, in a plan that will bring 8,500 new apartments to the area including 3,000 for middle-class and lower-income families. Gowanus sits between two of the borough’s priciest neighborhoods — Park Slope and Cobble Hill….
“#NYC’s population grew during COVID — and it needs housing fast” Not long ago, New York was thought to be a city in decline, and there was much hand-wringing about it. The Census Bureau’s annual population estimates had New York City’s population peaking in 2016 at 8.47 million. By 2020, the bureau said, the city’s…
“#Zillow shares fall after it pauses homebuying over labor and supply issues” Shares of Zillow Group hit over a year’s low on Monday after the online real estate firm said it would pause buying houses this year, as labor shortages and supply disruptions hamper timely sales of renovated properties. The company, through its Zillow Offers…
“#Jacob Riis’ reporting may have made life harder for today’s poor” Some crises never seem to change, and in New York, it’s our housing crisis. For those of low income, there simply isn’t enough that’s affordable. We declared a housing emergency after World War II — that’s when rent control started — and, as a…