🔪 Back-to-back jumbo rate cuts

Bank of Canada just made a big move, plus more news from across Canada.

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Recap Team
December 13, 2024

Good morning!☀️

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

🔋But first, fuel your mind: "Work like there is someone working 24 hours a day to take it away from you." - Mark Cuban

Top Story

BoC Drops the Key Interest Rate by Another 0.50%

The Bank of Canada reduced its benchmark interest rate by 50 basis points to 3.25%, in an effort to stimulate slower-than-expected economic growth. Policymakers signaled future rate cuts will be smaller and more gradual. The move places Canada’s rates significantly below U.S. Federal Reserve levels, affecting the strength of the Canadian dollar.

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BC News

11 Towers Planned for North Vancouver’s Capilano Mall

Quadreal Property Group plans to transform Capilano Mall in North Vancouver into a high-rise tower development with up to 11 towers ranging from 12 to 40 storeys. The proposed project includes 3,100 homes (30% market rental housing). The redevelopment focuses on creating a mixed-use district with new retail, restaurant, and community spaces.

Thind Properties Faces Foreclosure on Another Burnaby Site

Burnaby-based real estate developer Thind Properties is facing foreclosure proceedings for their site located at 6677 Silver Avenue, adding to their financial troubles alongside three other developments. Foreclosure proceedings have now been initiated due to Thind’s default on a $7.9 million loan, with a total amount owed of over $8.1M.

Vancouver Approves 9 New Towers in the Broadway Plan

Vancouver Council has approved eight rezoning applications under the Broadway Plan, featuring nine high-rise towers with secured purpose-built rental housing, totaling 1,479 homes. The projects are close to future SkyTrain stations and include mix-use components. The city has over 139 projects in the Broadway Plan development pipeline.

Tsawwassen Mall to Transform into High-Density Urban Hub

Tsawwassen Town Centre Mall in Delta is set for a major transformation into a high-density mixed-use development. Century Group, the developer of Southlands Tsawwassen and Century City Holland Park, proposes four towers up to 24 storeys, 1,433 residential units, commercial space, a grocery store, a library, and 1,833 parking spaces.

Starlight Wins Bid for Victoria’s 4026 Quadra Apartments

Toronto-based Starlight Investments has expanded its British Columbia portfolio by acquiring a distressed 87-unit multi-family property in Victoria, the 4026 Quadra Street Apartments, for $23.53 million. Starlight outbid others through a series of sealed bids, successfully closing the transaction in response to receivership proceedings.

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Ontario News

Tridel Selected to Complete Mizrahi’s “The One” Development

Toronto-based developer Tridel has been chosen to complete Mizrahi’s troubled project, “The One,” at 1 Bloor Street West, following a sales and investment solicitation process. Tridel was selected over other bidders due to its reputation and experience. The deal is expected to be finalized by December 20 pending court approval.

Toronto Council Makes Moves to Address Housing Shortage

Toronto councillors at a Planning and Housing Committee meeting focused on addressing the city’s housing shortage. They approved updates to the Office Space Needs Study, new guidelines for mid-rise building designs, and a plan to develop Missing Middle housing city-wide. These ongoing efforts aim to provide more housing options in Toronto.

16-Tower Development Proposed Near Oakville GO Station

A proposed redevelopment near Oakville GO station plans 16 towers ranging from 30 to 48 storeys, featuring residential, commercial, and public spaces. The four-block site spans 11.08 hectares, and designates 1.87 hectares for a public park. The development will feature extensive amenities, underground parking, and new roads.

Trio of Towers Proposed to Replace Mississauga Plaza

A proposed development designed by Onespace Unlimited on Fieldgate Drive features a trio of towers ranging from 13 to 22 storeys replacing a single-story commercial plaza. The project includes 592 residential units, retail space, and outdoor amenities. It also features a stretch of public parkland reaching Bloor Street.

Ottawa Prices Climb Despite a Dip in Home Sales

In November, Ottawa home sales slowed down but the average home price rose by 4.6% to $667,098. Single-family homes’ benchmark price increased to $722,400, while townhouses rose to $491,500. Apartment benchmark prices dropped to $406,200. Home sales throughout 2024 increased by 11.8% compared to the previous year.

Today’s Fun Fact

👉 Did you know that almost 90% of land in Canada is owned by governments? 41% is federal crown land, and 48% is provincial crown land, leaving only 11% as privately owned.

National News

National Rents Drop to 15-Month Low

Canada’s average rent hit a 15-month low at $2,139 in November, down 1.6% year-over-year. Studio and three-bedroom unit rents rose, while one- and two-bedroom apartments saw declines. Toronto and Vancouver led declines, with rents falling over 9%. Alberta and Saskatchewan had the lowest rents nationally.

Save These Dates

December 17, 5:30am | Inflation Rate

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

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