🧊 Good for tenants, bad for landlords

The rental market continues to cool down, plus more news from across Canada.

Author

Recap Team
February 07, 2025

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: "Stay afraid, but do it anyway. What’s important is the action. You don’t have to wait to be confident. Just do it, and eventually, the confidence will follow." - Carrie Fisher

Top Story

Rents Continue to Cool Down in Canada’s Major Markets

Following 38 straight months of annual rent increases, the average rent in Canada dropped 4.4% year-over-year to $2,100 in January, marking an 18-month low. Toronto and Calgary saw the biggest declines, at 7.6% and 6%, respectively. Vancouver remains the most expensive at an average of $2,896, followed by Toronto and Burnaby.

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BC News

Supply Outpaces Demand in Metro Vancouver Markets

In January, Greater Vancouver’s housing market saw a 46.9% surge in new listings compared to a year before. Sales increased by 8.8% year-over-year to 1,552. Fraser Valley’s inventory hit a 10-year high, 54% above the 10-year average. The Greater Vancouver market remains in a balanced market, while Fraser Valley’s slower sales signal a buyer’s market.

Vancouver Will Build Rental Housing on City-Owned Properties

Vancouver announced a new rental initiative allowing market rentals on city-owned property, targeting households earning $90,000-$194,000. The five-site pilot aims to generate revenue while providing housing. The first site at Pacific and Hornby Street will feature 1,136 units. The city will manage operations, functioning as the landlord.

Beedie Unveils New Mixed-Use Master Plan in Burnaby

Beedie plans a new master-planned community on a 10-acre site at 3676 Bainbridge Avenue. The development includes 1,112 units across several buildings, with 144 non-market rentals offered at below-market rates. The project aligns with the Bainbridge Urban Village Community Plan, transforming the industrial area into residential.

Vancouver Developers Contemplate Building Condos Over Rentals

Rental housing in Vancouver faces challenges as many development projects remain on hold due to high costs and unfeasible rents. The Broadway Plan’s expected supply may be overstated. Shifting market dynamics might prompt a resurgence in condo developments as interest rates decrease and homeownership becomes more attractive.

Toigo Family Buys Willowbrook Park Shopping Centre for $137M

Shato Holdings Ltd., owned by the Toigo family, has acquired Langley’s Willowbrook Park shopping centre for $137M ($707 per sq. ft.). The 20.15-acre property features 193,785 sq. ft. of retail space, anchored by Safeway and fully leased to tenants like Scotiabank, RBC, and BMO. The projected Net Operating Income for 2025 is over $5.5M.

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Ontario News

TRREB Anticipates a 12.4% Increase in Home Sales in 2025

The Toronto Regional Real Estate Board’s 2025 outlook predicts a 12.4% increase in home sales, totaling 76,000 due to lower borrowing costs. Average prices are expected to rise 2.6% to $1,147,000. January saw 3,847 sales, down 7.9% year-over-year but up from December. New listings reached 12,392, a 48.6% increase from January 2024.

3 High-Rises Planned for Mississauga’s Cooksville Area

A new high-rise development is planned in Mississauga’s Cooksville neighbourhood near the under-construction Hurontario LRT and close to Cooksville GO station. The proposal includes three residential towers of up to 31 storeys, with 1,342 units and 7,303m² of amenity space. The project also features 600m² of retail space and a public park.

Townhomes in Ottawa Are a Hot Commodity

Ottawa's multi-family home sales surged by 75% in 2024, largely driven by townhome sales, which saw a 72% year-over-year increase to 1,997 units. Nearly 900 units sold in Q4 alone, with major developments in Barrhaven and Stittsville accounting for significant sales. Townhomes are popular due to affordability and location benefits.

Manga Hotel Group Acquires 3-Tower Site in Brampton

Manga Hotel Group has purchased a Brampton development site approved for three high-rises with over 1,000 residential units. The site, spanning almost 4 acres at 253 Queen Street East, was placed under receivership in early 2024. CBRE managed the sale, which was finalized after a competitive bidding process.

55-Storey Tower Proposed to Redefine Liberty Village Skyline

Liberty Village may see a transformation with a proposed 55-storey mixed-use tower at 147 Liberty Street. The development will incorporate heritage elements from the existing one- and two-storey commerical buildings. At 179.62 meters, it would be the area’s tallest, providing 732 residential units and 2,200m² of indoor/outdoor amenities.

Today’s Fun Fact

👉 Did you know that the U.S. election is always on a Tuesday? A law was passed in 1845 to set a single election day for the entire country. As voter turnout declines, many Americans are pushing to change this to the weekend.

National News

CMHC Expects Slow Housing Starts and Declining Rents in 2025

CMHC's 2025 Housing Market Outlook forecasts modest economic growth and a housing market recovery driven by lower mortgage rates. However, new home construction may slow due to reduced investor interest, especially in condos. The rental market is expected to cool further, but overall affordability will take time.

Save These Dates

February 7 | Unemployment Rate

February 18 | Inflation Rate

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

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