😯 Rent increased by 23%?!

Good morning!☀️ Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.

⚡Top Story

BC Landlord Granted Exception to Raise Rent by More Than 23%

The Residential Tenancy Branch approved a BC landlord’s request to raise rent by 23.5% over two years due to financial losses from rising mortgage rates. The landlord’s variable rate jumped from 1.9% to 6.65%, making the property unsustainable. This ruling marks a rare exception to standard rent increase limits.

Read the full story by City News.

📍British Columbia

Anthem, Crestpoint to Redevelop Burnaby’s Telus Building

Anthem and Crestpoint are teaming up to redevelop Burnaby’s iconic Telus “Boot” building. The 6.6-acre master-plan project will include five towers with over 2,500 units, blending condos, market rentals, and affordable housing. Both companies recently announced another joint venture for two high-rises in Vancouver’s West End.

Read the full story by Storeys.

West Vancouver Finally Allows Multiplex Developments

West Vancouver passes bylaws allowing multi-unit housing on single-family lots after a provincial ultimatum. The district rejected multiplex developments earlier but the province threatened to enforce the rules and penalties if the district didn’t comply. The new rules permit up to six units on lots near transit hubs.

Read the full story by CBC.

Metrotown’s “Golden Towers” Listed For Sale After Receivership

Slate’s Metrotown Place office towers, placed under receivership in July, are now listed for sale by CBRE. The deal includes a 19-storey tower at 4330 Kingsway and a 10-storey tower at 5945 Kathleen Avenue. The 1.550-acre property, currently zoned as CD, allows high-density development under the Metrotown Downtown Plan.

Read the full story by Storeys.

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📍Ontario

Mortgage Delinquencies Reach 8-Year High in Toronto

Toronto mortgage delinquencies hit 0.14% in Q1 2024, doubling from last year and reaching the highest rate since 2016. Investors are taking possession of new units with negative cash flow, making it difficult to service their mortgage payments. Disposing of the assets has been challenging due to weak demand.

Read the full story by Better Dwelling.

Brampton Retirement Community Site Listed for $14.3M

A shovel-ready Brampton site for a planned $80M retirement community, Jeevan Niwas, is listed for sale by Colliers for $14.3M. The project broke ground in 2022 but remains undeveloped. The 3.4-acre site is fully zoned and shovel-ready and was intended to offer senior living apartments with specialized services.

Read the full story by Storeys.

High-Rise Master Plan to Replace The Shops at Pickering Ridge

A new high-rise community, the Pickering Design Centre, is proposed along Highway 401 near Pickering and Ajax GO stations. This multi-phased project by Bayfield Realty will span seven blocks featuring buildings up to 43 storeys, 5,249 units, and a central park. Phase 1 completion is planned for 2026.

Read the full story by Urban Toronto.

💭Quote of the Day

"The two most important days in your life are the day you are born and the day you find out why."

_{Mark Twain}

🍁National

Canada’s Housing Market Loses Momentum Despite Rate Cuts

Canada’s housing market paused in July 2024 after June’s post-rate cut momentum. Home sales dipped 0.7% month-over-month, while new listings rose 0.9%. Prices edged up 0.2% from June but remained 3.9% lower year-over-year. With more rate cuts expected, a more active housing market is anticipated heading into 2025.

Read the full story by CREA.

Household Debt Service Ratios Reach Record Levels

Statistics Canada reports that mortgage debt is driving the household debt service ratio (DSR) to record levels. From Q3 2022 to Q3 2023, mortgage payments rose 18%, with interest payments up 45.4%. The mortgage DSR hit 8.12%, near its highest since 1990. Non-mortgage interest payments also surged by 29.9%.

Read the full report by Statistics Canada.

😯Random Fact of the Day

Did you know… the world’s first credit card was invented in 1950? Frank McNamara created the Diners Club card after he forgot his wallet during dinner in New York. It was only used for restaurants before expanding to other retailers.

📅Save These Dates

August 20, 2024, 5:30am | Inflation Rate

August 30, 2024, 5:30am | GDP Growth Rate

You’re all caught up! Enjoy the rest of your day.✅