⬆️ Inflation is back up

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 Jumps Back Up to 2%

Canada's CPI rose 2.0% year-over-year in October, up from 1.6% in September. This rise was primarily due to a smaller decline in gasoline prices, which fell 4.0% vs. 10.7% in September. Shelter, mortgage, and rent costs continued to cool down. Food prices rose, driven by higher prices for fresh vegetables.

Read the full report by Statistics Canada.

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🗞️ BC News

Thind Properties Owes KingSett Capital Over $300M

Thind Properties faces receivership for two more projects: Highline in Burnaby, a completed 48-storey mixed-use tower with unsold units, and Minoru Square in Richmond, still in planning. Lender KingSett Capital claims $220M owed across both projects due to missed payments. Including District NW, Thind now owes KingSett over $300M.

Read the full story by Storeys.

City of Surrey Launches Online Portal to Expedite Permitting

City of Surrey has launched an online Multi-Family and Complex Building Permit Portal to streamline permit processes. This initiative, part of the Housing Accelerator Fund Action Plan, promises faster approvals, real-time updates, and reduced timelines by at least 30%, enhancing housing development efficiency across the city.

Read the full story by City of Surrey.

Kamloops Launches Free Retrofit Assist Program

City of Kamloops has launched Retrofit Assist, a free program helping residents improve home energy efficiency. It offers guidance on retrofits, connects homeowners to advisors and contractors, and helps maximize rebates. The initiative supports the city’s goal of retrofitting 2% of homes annually to cut household emissions by 50%.

Read the full story by Castanet.

18-Storey Project to Replace Parking Lot Near UBC

The sale of Regent College’s 31,000 sq. ft. parking lot near UBC to Polygon for $29 million will make way for an 18-storey mixed-use tower with 157 homes, including student housing, rentals, and condos. The project will include retail space, a landscaped plaza, and parking, with completion expected in 2027.

Read the full story by Daily Hive.

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🗞️ Ontario News

Canadian Tire Sells 90-Acre Brampton Property for $258M

Canadian Tire Corporation has sold a 90-acre industrial property in Brampton, Ontario, for $258 million. The site is located at Bramalea Road and Steeles Avenue and includes 1.5 million square feet of industrial space. This sale aligns with Canadian Tire’s strategy to monetize non-core real estate assets.

Read the full story by Retail Insider.

Housing Starts Drop Drastically in Ottawa

Housing starts in the Ottawa-Gatineau region dropped drastically in October, countering national trends. The decline is attributed to reduced activity in single-detached and multi-family home construction. While other major Canadian cities like Vancouver and Toronto also saw weakness, Ottawa led the decline.

Read the full story by OBJ.

Toronto Approves Rental Housing Supply Program

Toronto City Council has approved measures to protect renters and boost affordable housing, including a new Rental Housing Supply Program to add 7,000 rental units and prevent renovictions. Policies will streamline mid-rise development along major corridors to increase density and housing options.

Read the full story by Urban Toronto.

City of Vaughan Slashes Development Charges

Vaughan City Council has cut development charges for residential properties to combat the housing crisis. Charges for low-rise homes dropped from $94,466 to $50,193, a $44,273 reduction. The policy aims to boost affordability and development with support from industry leaders. New rates apply until 2029.

Read the full story by Storeys.

💭 Quote of the Day

“To live is the rarest thing in the world. Most people exist, that is all.”

_{Oscar Wilde}

🗞️ National News

National Housing Starts Increase by 8% in October

CMHC reports an 8% rise in annualized housing starts for October, reaching 240,761 units, driven by gains in multi-unit and single-detached urban housing. While the Prairies, Quebec, and Atlantic regions saw growth, Ontario and B.C. lagged. Experts warn of a potential decline in 2025.

Read the full story by BNN Bloomberg.

Home Sales in Canada Reach 30-Month High

Canadian home sales hit their highest level since April 2022, rising 7.7% month-over-month and 30% year-over-year in October, according to CREA. Increased listings in September and recent interest rate cuts spurred activity. However, prices remained relatively stable, with an average national home price of $696,166.

Read the full story by Storeys.

📅 Save These Dates

November 29, 2024, 5:30am | GDP Growth Rate

December 6, 2024, 5:30am | Unemployment Rate

December 11, 2024, 5:45am | BoC Interest Rate Decision

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

😯 Random Fact of the Day

Did you know you can’t hum while holding your nose? Try it—it’s impossible without airflow.