In an unexpected move by council on Wednesday, a proposal to allow the building of a nine-storey, 180-unit building on Laurier at Friel, previously accepted by the city planning committee, was voted down 14 to 9.
One reason for the reversal was that the size of the proposed structure, which would have replaced six existing homes, was not in keeping with the neighbourhood streetscape.
Last week’s federal budget showed the Harper government is still carefully watching the housing market as it reduces the risk it’s willing to have taxpayers bear.
Canadians’ indebtedness moderated in 2013 unlike any other recent year, supporting the view that policymakers have bigger risks to address in the economy.
Canadian housing data for November suggests a balanced and well-behaved housing market. It’s almost as if no news is good news for the housing market, which continues to be under the watchful eye of the federal government.