🏀 Expect a big market rebound

CREA anticipates serious demand in 2025, plus more news from across Canada.

Author

Recap Team
January 17, 2025

Good Morning!☀️

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

🔋But first, fuel your mind: "It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." - Charles Darwin

Top Story

CREA Predicts Home Prices Will Increase by 4.7% in 2025

Canadian home sales dipped 5.8% in December 2024 from November but remained 13% higher than pre-rate-cut levels in May. Listings also fell 1.7%, maintaining a sellers’ market with 3.9 months of inventory. The average home price rose 2.5% year-over-year to $676,640. Experts anticipate a surge in spring 2025 sales.

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BC News

Vancouver’s Plaza of Nations Site Sold for Undisclosed Price

Vancouver’s Plaza of Nations, a prime waterfront site, has been sold for an undisclosed amount estimated to be around $500 million. Thanks to relaxed view cones, the new owners plan to redesign the previously approved development, potentially including taller towers and a mix of residential, commercial, and public spaces.

Surrey’s Centre Block Project Begins with Landmark Demolition

City of Surrey has given the green light to demolish the North Surrey Recreation Centre and Arena to pave the way for the “Centre Block” redevelopment, featuring 1.56 million sq. ft. of commercial space. The development will include one of the region’s tallest towers and SFU’s new medical school.

Final 6 Phases of Burnaby’s Kʷasən Village Include 5,000 Homes

The Kʷasən Village development in Burnaby is advancing with its final six phases. The project will deliver 5,239 homes, including strata, market rental, and affordable units, alongside retail, film studio, and cultural spaces. The second phase features 920 homes and commercial space, while phases three to seven include 4,001 units.

Phase 2 Plans Unveiled for City of Lougheed Development

SHAPE Properties has unveiled Phase Two of its City of Lougheed master plan in Burnaby, proposing three buildings: a 43-storey rental tower, a 46-storey strata tower, and a 12-storey mid-rise. The project will include over 1,400 residential units, commercial podiums, and a transit plaza.

The Auberry Project Has Sold via Foreclosure for $16.5M

The Auberry project at 463 W 59th Avenue in Vancouver, developed by iFortune Homes, faced foreclosure and was court-ordered for sale due to a defaulted $16 million mortgage with Magnolia V3 Limited Partnership. Listed in August by CBRE, the property has now sold for $16.5 million, exceeding its appraised value.

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Ontario News

Toronto Proposes 6.9% Property Tax Increase for 2025 Budget

Toronto’s 2025 Budget proposes a 6.9% property tax increase on residential properties, combining a 5.4% hike for the city’s operating budget and a 1.5% city building levy. Announced by Mayor Olivia Chow and Budget Chief Shelley Carroll, the increase aims to fund services like shelters and transit.

New Condo Sales in the GTHA Drop to 28-Year Low

2024 was a challenging year for new condos in the Greater Toronto and Hamilton Area, with 14 projects canceled, eliminating 2,805 anticipated units. Declining presales hit their worst since 1996, with just 4,590 transactions, down 64% from 2023. Unsold inventory reached a record high, suggesting prolonged market strain.

9 Mixed-Use Towers Planned for South Etobicoke

A new proposal seeks to transform a commercial site at 350 Evans Avenue in South Etobicoke into a mixed-use area with buildings ranging from 12 to 42 storeys. The redevelopment would deliver 4,623 residential units and include green spaces, retail areas, a daycare, and a public park.

New 67-Storey Skyscraper Will Rise Above Yonge-Dundas Square

A 67-storey condo tower has been proposed for 239-247 Yonge Street in downtown Toronto by Angel Developments and Prime Properties, featuring 774 new purpose-built rental units. The sleek and glassy design will preserve the historic facade of 241 Yonge and prioritizes transit accessibility with 870 bicycle spaces.

Report Predicts Ottawa Home Prices Will Rise 4% in 2025

Royal LePage forecasts a 4% increase in Ottawa's home prices in Q4 2025, compared to the previous year, aligning with cities like Vancouver and Calgary, but below the national 6% rise. In Q4 2024, Ottawa prices grew 2.1% year-over-year to $770,400, influenced by favorable borrowing costs and market activity.

Today’s Fun Fact

👉 Did you know Canada has the most lakes in the world? With more than 2 million lakes, the total lake volume is more than all other countries combined. Also, the Great Lakes contain 18% of the world's fresh lake water.

National News

Housing Starts in Canada Increased by 2% in 2024

In 2024, Canada's housing starts increased by 2% to 245,120, according to the CMHC, led by gains in Alberta, Quebec, and the Atlantic provinces. However, starts in Canada's six largest census metropolitan areas dropped by 3%, highlighting a need for significant supply to address affordability issues.

Save These Dates

January 21, 5:30am | Inflation Rate

January 29, 6:45am | BoC Interest Rate Decision

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

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