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👀 Ajax sets an example
Ajax development approved in just 5 weeks, Ottawa proposes 3.9% tax hike, 7/10 BC cities miss provincial housing targets, builder sentiment weakens nationally, and more news from across Canada.
Recap Team
November 15, 2024
Good morning!☀️ Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
⚡ Top Story
Marshall Homes
81-Unit Townhome Project in Ajax Approved in 5 Weeks
A townhome project in Ajax received approvals in just five weeks, cutting costs and timelines significantly. Initially planned for 27 units, the project was expanded to 81. By breaking ground a year early, the developer saved on interest and consultation fees and, in turn, reduced home prices by $20,000.
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🗞️ BC News
City of Vancouver
Feds Announce $574M for Vancouver Rental Developments
The federal government is providing $574 million in financing for four Vancouver rental project sites. These developments will offer nearly 1,000 rental units, including affordable housing, as part of efforts to address the city’s housing shortage. The funding aims to support sustainable, transit-oriented communities.
Vancouver Falls Short of Year 1 Provincial Housing Target
Vancouver missed its Year 1 provincial housing target, delivering 4,143 of the 5,202 new units required. Most shortfall units were rentals, with only 63% of the recommended total achieved. However, the city expects to exceed its five-year target of 28,900 units due to a strong development pipeline.
City of Burnaby Pays $65M for Metrotown Place Office Towers
City of Burnaby has purchased Metrotown Place for $65 million. Formerly owned by Slate Asset Management, the two office towers entered receivership in July after defaulting on a nearly $49M outstanding loan. Burnaby staff will prepare a report for Council outlining potential uses for the 350,000 sq. ft. space.
Maple Ridge Launches Digital System to Speed Up Approvals
City of Maple Ridge has launched a new digital system to streamline building permit processes. Initially targeting commercial users, the system enables online submissions, improving efficiency and communication. It will expand to other permits in 2025 as part of a broader modernization effort to enhance transparency and approval speed.
💭 Quote of the Day
"Before you worry about how to win the game, figure out whether the game is worth winning."
James Clear
🗞️ Ontario News
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3.9% Property Tax Hike Proposed in Ottawa’s 2025 Budget
Ottawa’s draft 2025 budget proposes a 3.9% property tax hike, and transit fare increases to address a $120M OC Transpo deficit. The $4.98B budget funds public safety, infrastructure, housing, and libraries. Mayor Sutcliffe seeks provincial and federal support to ease financial pressures. Final approval is set for Dec 11.
Toronto Considers Mid-Rise Zoning on Major Streets
Toronto may expand as-of-right zoning for mid-rise buildings up to 11 storeys on major streets, aiming to streamline development and boost housing supply. This policy could unlock 61,000 new units, supporting the city’s Housing Action Plan. The changes prioritize density near transit to address Toronto’s housing crisis.
Etobicoke Tower Height Revised from 11 to 43 Storeys
A revised proposal for 3807 Lake Shore Boulevard West in Etobicoke increases the height of a previously planned 11-storey building to 43 storeys. The new design includes 549 residential units, retail space, and enhanced amenities. Located near Long Branch GO station, the project focuses on transit-oriented development.
2 Towers Planned for Historic Hamilton Theatre Site
Hamilton’s historic Tivoli Theatre will be demolished to make way for two residential towers, reaching up to 35 storeys. The development includes retail, parking, and a sky bridge with event space while preserving elements of the Tivoli Theatre’s legacy through a public interpretive center.
😯 Random Fact of the Day
Did you know Donald Trump purchased the iconic Mar-a-Lago estate for $10 million in 1985? He transformed the 17-acre estate into a lavish private club, now worth over $350 million.
🗞️ National News
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National Building Permits Reach 2nd-Highest Level Since 2017
Canadian building permits totalled $13 billion September, an 11.5% monthly increase. Residential permits increased by 12.5%, while non-residential permits rose by 9.5%, driven by institutional projects. B.C.’s overall permit values dropped 19.1% month-over-month. Manitoba and Ontario saw increases of 110.1% and 25.0%, respectively.
Builder Sentiment in Canada Continues to Drop
Canadian builder sentiment remains low as high mortgage rates stall new home sales. The Canadian Home Builders’ Association reports its Q3 Housing Market Index dropped, signalling weak demand. Despite rate cuts, fixed-rate mortgages continue to challenge affordability, slowing market activity.
Canada Launches $6B Housing Infrastructure Fund
The Canada Housing Infrastructure Fund (CHIF), a $6 billion federal initiative, has launched to support housing-related infrastructure like water and waste systems. Applicants must meet zoning and development charge freeze requirements. The program includes two funding streams, with project completion deadlines and varying conditions.
📅 Save These Dates
November 19, 2024, 5:30am | Inflation Rate
November 29, 2024, 5:30am | GDP Growth Rate
You’re all caught up! Enjoy the rest of your day.✅