🏗️ Another all-time low

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

⚡Top Story

New Home Sales in the GTA Drop to an All-Time Low

New home sales in the GTA dropped to an all-time low in July, with only 654 units sold—a 48% year-over-year decrease and a 51% drop from June. The driving factors are high interest rates, construction costs, government fees, and taxes. Inventory continues to pile up, leading to decreased prices.

Read the full story by Storeys.

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📍British Columbia

BC Lowers 2025 Rent Cap to 3% and Introduces Annual Tax Credit

BC set the maximum rent increase for 2025 at 3%, down from 3.5% in 2024. Effective January 1, 2025, this cap ties rent increases to inflation. The province also announced a $400 annual tax credit for low- and moderate-income renters and interest-free rent bank loans for tenants in emergencies.

Read the full story by BC Gov.

Abbotsford is Proposing Steep Increases to DCCs

Abbotsford is proposing significant increases in development cost charges (DCCs), which developers pay to cover infrastructure costs like water, sewage, and road upgrades. The city is also introducing amenity cost charges to fund social and cultural benefits. Public input is encouraged before city council reviews the matter in October.

Read the full story by Abby News.

BC Building Code Updated to Allow Single-Egress Stair Designs

BC has updated its Building Code to allow single-egress stair designs in buildings up to six stories, eliminating the requirement for a second exit stairwell. This change aims to increase housing supply, particularly for multi-bedroom apartments, by making it easier to build on smaller lots and in transit-oriented areas.

Read the full story by BC Gov.

New Westminster Receives Over $11M to Accelerate Housing

New Westminster received over $11 million from the federal Housing Accelerator Fund to help expedite the development of more than 2,300 new homes by 2027, 90% of which will be affordable units. The funding will also support faster development approvals, transit-oriented projects, and updates to zoning and housing policies.

Read the full story by Daily Hive.

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📍Ontario

Ontario Mortgages Facing Severe Delinquency Increase by 67%

Mortgage delinquencies in Ontario have surged by nearly 67%, with over 3,000 mortgages in severe delinquency as of Q2 2024, amounting to $1.3 billion. This increase is driven by rising unemployment (6.4%) and high living costs. Ontario’s overall mortgage delinquency rate is now 0.16%, the highest since 2014.

Read the full story by Storeys.

Income Needed to Buy a Home in Ottawa Drops by $1,500

The income required to buy a home in Ottawa dropped in July 2024 due to a decrease in interest rates. The average income needed fell to $129,650, down from $131,210 in June. Despite this, the average home price in Ottawa slightly increased by $1,200 during the same period.

Read the full story by CTV News.

Public Meeting Set for Mississauga’s Dixie Mall Redevelopment

The future redevelopment of Dixie Mall is under consideration, with a public meeting scheduled for September 17. Plans include converting part of the nearly 19-hectare site into a mixed-use community with over 1,200 residential units. Key considerations include affordable housing, building heights, parks, transit options, and new roads.

Read the full story by INsauga.

Hamilton Condo Project Under Receivership for the Second Time

The Connolly, a 30-storey condo project at 98 James Street South in Hamilton, has been placed under receivership for the second time. The owner acquired the property in 2022 but failed to advance construction. The project has faced significant financial struggles, including missed loan payments and failed settlement agreements.

Read the full story by Storeys.

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🍁 National

Distressed Commercial Property Sales Have Surged in Canada

Distressed commercial properties in Canada are increasingly hitting the market as developers face bankruptcy and receiverships surge. While buyers seek bargains, sellers resist accepting low offers, leading to a market disconnect. Sales of such properties have more than doubled this year, with defaults expected to rise further.

Read the full story by Western Investor.

305 Hectares of Federal Land Will Be Used for New Housing

The federal government has launched the Canada Public Land Bank as part of its Public Lands for Homes Plan, which aims to increase housing affordability. The initiative involves leasing 56 federally owned properties on 305 hectares of land nationwide for housing development. 32 of the properties are in Ontario.

Read the full story by Storeys.

Builders Anticipate a 50% Drop in Housing Starts

The Canadian Home Builders’ Association reports a steep decline in housing starts expected for 2024. Over 60% of builders anticipate a 50% drop due to factors like stringent mortgage rules and high development costs. This trend poses significant challenges for housing supply, especially in Ontario and British Columbia.

Read the full story by Storeys.

💭Quote of the Day

"Do not save what is left after spending, but spend what is left after saving."

_{Warren Buffett}

📅Save These Dates

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 Boeing Everett Factory in Washington State is the largest building in the world by volume? This massive structure, which has a volume of 13.3 million cubic meters, is where Boeing assembles its wide-body aircraft.