L ocal grocery stores in East Harlem will face competition from a city-funded store that pays no rent, no property taxes, and carries no debt service. The city will finance the construction of a 9,000 square-foot store at La Marqueta, near Park Avenue and East 116th Street, with $30 million from the capital budget.
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The national average sale price fell 0.8% to $673,084 in March. The Canadian Real Estate Association's home price index for the typical home dropped 4.7% year-over-year. These shifts are driven by a jump in fixed mortgage rates, which followed higher inflation and rising global economic uncertainty. Higher inflation has increased the probability of a rate hike in 2026. The Canadian Real Estate Association downgraded its 2026 home sales forecast to 474,972 residential properties. This represents 1% growth over 2025, down from a January forecast of 5.1% growth. The national average home price is forecast to rise 1.5% to $688,000 in 2026. This figure is $10,000 lower than the January forecast.
Mayor Zohran Mamdani announced the store as the first of five planned city-owned grocery stores. The city will subsidize a core set of food staples to ensure bread and eggs are cheaper than at competing stores.
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To maintain these low prices while paying union wages to employees, the city will provide the subsidies. The private operator running the store will answer to city-set standards.
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Local grocers, who have historically struggled to bring affordable food to the neighborhood, will be strongly opposed to the city using taxpayer resources to undercut businesses that pay taxes and comply with the laws.
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Canadian home sales lost ground in March as higher mortgage rates tightened their grip on buyer activity, pushing the Canadian Real Estate Association to cut its 2026 forecast by nearly 20,000 units. Sales dipped 0.1% from February and were down 2.3% annually, excluding seasonal adjustment, while the Home Price Index fell 0.4% for the month and 4.7% over the past year. The sales-to-new listings ratio held at 47.8%, below the long-term average, signaling sustained buyer-side leverage in the market. A mid-March jump in fixed mortgage rates—driven by higher inflation and global economic uncertainty—further dampened momentum. CREA now expects 474,972 residential sales in 2026, down from its January forecast of 494,512. The 20,000-unit revision underscores how elevated borrowing costs are reshaping long-term housing demand.
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