📉 Inflation is falling

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

⚡Top Story

Canada’s Inflation Rate Drops to March 2021 Levels

Canada’s inflation rate met expectations and dropped to 2.5% in July, the lowest since March 2021. This slowdown was primarily due to decreased prices for travel-related services, passenger vehicles, and electricity. Gasoline prices, however, increased by 2.4% monthly. Shelter costs rose but at a slower pace compared to June.

Read the full report by Statistics Canada.

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📍British Columbia

Jim Pattison Developments Submits Proposal in Brookswood

A massive development is proposed in Langley’s Fernridge area. The project, led by Jim Pattison Developments, includes a 48,000-square-foot Save-On-Foods grocery store, 447 apartment units, office space, additional retail, and a community police office. The development covers over nine acres and comprises five buildings up to six storeys high.

Read the full story by Langley Advance Times.

Surrey-Langley SkyTrain Project Delayed and Over Budget

The Surrey-Langley SkyTrain project is moving forward, with all contracts awarded and major construction set for 2024. However, the project is now delayed by a year to 2029 and faces a cost increase from $4 billion to nearly $6 billion due to inflation, supply chain issues, and labour challenges.

Read the full story by BC Gov.

Burnaby Seeks Feedback on New Land Use Framework

Burnaby is shaping its 2050 Official Community Plan with a new draft Land Use Map that outlines future land use across the city. Residents can provide feedback through open houses, surveys, or an interactive map to help guide Burnaby’s growth and development. Have your say in the city’s future.

View the map by City of Burnaby.

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📍Ontario

Pickering Exceeds Housing Target by 58% in Just 6 Months

Pickering has successfully met its 2024 provincial housing targets six months early, with 1,533 new housing units completed by the end of June, surpassing its goal by 58%. Pickering is the only Durham municipality to meet these targets so far, with Clarington, Oshawa, and Ajax trailing behind.

Read the full story by INsauga.

New Ontario Policy Pushes Municipalities to Increase Density

Ontario has updated its Provincial Planning Statement (PPS), emphasizing affordable housing and increased density near transit and retail areas. Effective October 20, 2024, the new PPS gives municipalities more control over housing targets but faces criticism for not addressing high construction costs and inefficiencies in the approval process.

Read the full story by Storeys.

Ottawa’s Housing Market Gains Momentum in July

Ottawa’s market showed positive signs in July. Home sales rose 13.6% from the previous year, with 1,241 units sold, but they remain below the five- and ten-year averages. Prices were stable, with a 0.1% annual increase to $648,900. New listings grew by 17.1%, while active listings surged 37%.

Read the full story by OREB.

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🍁National

13% of Foreign Home Sales in the US Were by Canadians

Canadians are leading international home purchases in the US. Between April 2023 and March 2024, Canadians accounted for 13% of US foreign home sales, with most purchases in Florida, Arizona, and California. The trend is driven by relatively lower US home prices compared to Canada, even amid rising costs.

Read the full story by Storeys.

Rate Cuts Improve Affordability in Canada’s Major Markets

The Bank of Canada’s rate cuts in June and July 2024 improved home affordability across all 13 major markets for the first time since January. The average five-year fixed mortgage rate dropped to 5.29%, reducing income requirements by over $5,000, especially in Toronto, Vancouver, and Hamilton.

Read the full report by Ratehub.

Retail Markets Maintain High Demand Nationwide

Canada’s retail market is thriving, with rising rents and high demand, especially in dense areas. Despite challenges like construction costs and interest rates, mixed-use developments are becoming more common, and luxury and discount retailers are doing well. However, limited new development and financial risks are restraining large-scale retail projects.

Read the full story by RENX.

💭Quote of the Day

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for."

_{Robert Kiyosaki}

📅Save These Dates

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

September 4, 2024, 6:45am | BoC Interest Rate Announcement

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

😯Random Fact of the Day

Did you know… the largest landowner in the world is King Charles III of England? He technically owns about 6.6 billion acres of land—one-sixth of the Earth’s land surface.