⚡Will this solve the housing crisis?

Good morning!☀️

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

⚡Top Story

BC Mandates 10 Municipalities to Build Over 17,000 Homes

BC has released new targets for its third set of priority communities, aiming for over 17,000 homes within five years to address housing needs. Key targets include New Westminster (4,432), Port Coquitlam (2,279), West Kelowna (2,266), and Langley (1,844). These guidelines include over 4,200 below-market rentals.

Read the full story by BC Gov.

📍British Columbia

Surrey Council Approves Scott Road—72 Avenue Corridor Plan

Surrey has approved a redevelopment plan for the Scott Road—72 Avenue Corridor. The plan envisions 40,000 new homes and 20,000 new jobs. OCP amendments for sites within three corridors will be considered based on merit and CACs. Secondary plans will be created for Townline, Kennedy, and Strawberry Hill neighbourhoods.

Read the full story by Storeys.

Kitsilano Safeway Site Acquired by Developers for $90M

The Safeway at 2315 West 4th Avenue in Kitsilano has been acquired by PCI Developments and LowTide Properties for redevelopment. The new mixed-use project will include a replacement Safeway and will not require rezoning. The deal for the 2.2-acre property completed on June 11 for $90 million.

Read the full story by Daily Hive.

Nearly 800 Illegal Short-Term Rentals Are Operating in Victoria

Hundreds of illegal short-term rentals persist in Victoria despite new regulations. BC’s Ministry of Housing revealed that 1,697 listings exceed the city’s issued licenses by about 900. Victoria Mayor Marianne Alto estimated 560 unlicensed units. The ministry issued 1,000 non-compliance notices and 400 take-down requests in July.

Read the full story by Times Colonist.

📍Ontario

Mississauga Plans Improvements for Free Garden Suite Program

Mississauga is enhancing its free garden suite plans program to boost density. Despite only one application in two months, the City received valuable feedback and plans to add more resources online, expand to two-storey and four-unit designs, streamline the application process, and potentially waive certain fees to encourage participation.

Read the full story by Storeys.

Toronto Approves First Phase of Quayside Master Plan

Toronto City Council approved the zoning for Quayside Phase One. This joint project by Waterfront Toronto, Dream, and Great Gulf will develop four buildings (12 to 70 storeys) and include 458 affordable rental units. The overall project will transform a 12-acre area into a mixed-use, mixed-income community.

Read the full story by Storeys.

Asset Management Firm Buys 27-Acre Parcel in Oakville for $45M

Rose Corporation has acquired a 27.3-acre land parcel in Midtown Oakville for $45M. Located at 420-468 South Service Road, the site is slated for high-density mixed-use development. The property, near the Oakville GO terminal, was previously a General Electric plant but now sits vacant.

Read the full story by Storeys.

🍁National

107,000+ Short-Term Rentals in Canada Could Provide Housing

According to Statistics Canada, 107,266 short-term rentals in 2023 could have been long-term housing. From 2017 to 2023, short-term rental listings grew by over 60%, and potential long-term rentals increased by over 80%. Despite COVID-19 impacts, PLTDs hit an all-time high of 0.69% of national housing units in 2023.

Read the full story by BIV.

CMHC Expedites Application Processes for Frequent Builders

CMHC introduces the Frequent Builder framework to speed up affordable and rental home construction. Qualified housing providers will benefit from expedited application and approval processes for AHF and ACLP funding, plus underwriting flexibility and potential future funding commitments. CMHC has set distinct eligibility criteria for government, for-profit, and non-profit developers.

Read the full story by CMHC.

Latest Rate Cut Brings Fixed and Variable Rates Closer

Variable mortgage rates are just 86 bps above fixed rates, down from 150 in March. Insured five-year fixed rates have reached 4.44%, and uninsured rates are finally below 5%. According to Robert McLister, a mortgage strategist, the best value is three-year fixed rates, providing certainty until 2027.

Read the full story by Financial Post.

📅Save These Dates

August 9, 5:30am | Unemployment Rate

August 20, 5:30am | Inflation Rate YoY

💭Quote of the Day

😯The More You Know

Did you know… the Olympic gold medal isn’t made of gold! The International Olympic Committee requires it to be made of at least 92.5% silver and then plated with gold.

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