🤔 Inflation's up, home sales are down

Buyers remain cautious due to economic uncertainties, plus more news from across Canada.

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Recap Team
February 21, 2025

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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: “Obstacles are nothing more than tests designed to measure how seriously you want the rewards that your ambitions seek.” - Robin Sharma

Top Story

Inflation Ticked Back Up to 1.9% in January

Canada’s annual inflation increased to 1.9% in January, up from 1.8% in December. The was driven by higher gasoline and natural gas prices. Food prices saw the first yearly decrease since May 2017, driven by a record decline in prices of food purchased from restaurants. Prices rose in six provinces, remained unchanged in two, and fell in two.

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BC News

BC Builders Tackle Tariffs and Supply Challenges

BC homebuilders face challenges with material tariffs and high costs amid U.S. tariff threats. Developers are advocating for policy changes as the trade conflict impacts 40%-60% of home-building supplies. They are actively exploring alternative supply sources in Canada and internationally, but regulatory hurdles make it difficult.

Port Coquitlam Receives $10.3M to Build More Housing

Port Coquitlam will receive $10.3 million from the federal government’s Housing Accelerator Fund to expedite the construction of 287 new homes, including affordable units. This funding follows Coquitlam’s $25 million grant last year and aims to help the city meet its five-year target of 2,279 new homes by 2029.

30-Storey Hotel and Rental Tower Planned for Yaletown

Nonni Property Group plans to redevelop a site at Cambie and Smithe Streets in Vancouver into a 30-storey mixed-use tower. The project will include a Marriott Autograph Collection Hotel with 225 rooms, 165 residential rentals, upscale five-star restaurant and bar, and office space, totalling approximately 435,000 sq. ft.

BC Cities Oppose Provincial Building Code Change

Last summer, BC updated its Building Code to allow single egress stair designs in residential buildings up to six storeys, a move developers applauded for potentially improving design efficiency. However, local governments, including Vancouver and Surrey, have raised safety concerns and advise against adopting the change.

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Ontario News

Towers Proposed for Cookie Factory Site in South Etobicoke

First Capital and the Pemberton Group are proposing redevelopment plans for the former Christie’s factory site in South Etobicoke. The first phase includes three towers reaching up to 67 storeys and will coincide with the opening of the Park Lawn GO station. The project will feature over 2,000 residential units, office, and retail spaces.

6 Towers Proposed Near Georgetown GO in Halton Hills

A proposed development at 130 Mountainview Road North near Georgetown GO station would be the largest in Halton Hills. The project includes six towers ranging from 17 to 22 storeys, featuring 1,481 residential units and 5,924m² of amenities. The 2.85 hectares site is within the Georgetown GO Major Transit Station Area.

Brampton Waives Rental License Fees for 2025

Brampton's Residential Rental Licensing (RRL) pilot program, aimed at regulating illegal rentals, will waive its $300 application fee for the rest of 2025. As of now, 3,227 units have been licensed. Initially controversial, the program has undergone refinements. Mayor Brown estimates that 100,000 people live in illegal rental units across the city.

Ashcroft Homes Has Entered Receivership

Ashcroft Homes, a prominent Ottawa developer, has been placed into receivership due to financial difficulties. The company, known for various residential projects, is now under the management of a court-appointed receiver to address its debts and obligations. This raises concerns about the future of its ongoing and planned projects.

Today’s Fun Fact

👉 Did you know that it’s impossible to sink in the Dead Sea? The water is about 10 times saltier than regular seawater. It’s so dense that it creates a powerful buoyant force that lifts swimmers to the surface

National News

Housing Supply Spikes and Sales Dip Amid Tariff Concerns

In January, there was an 11% increase in newly listed homes compared to December, marking the largest monthly jump since the late 1980s. However, sales dropped 3.3% due to uncertainty over a potential US trade war. Prices remain stable as weak markets in BC and Ontario are balancing price gains in the Prairies, Quebec, and the East Coast.

Competition Bureau Investigates AI Use by Landlords

The Competition Bureau is investigating whether Canadian landlords are using AI-driven software to set rents, potentially leading to price-fixing. This follows a U.S. lawsuit alleging companies used a platform to share sensitive rental data and inflate prices. Liberal leadership candidate Chrystia Freeland proposes banning such AI practices.

Housing Starts Rise but Outlook Remains Unclear

Canada's housing starts rose by 3% in January, driven by an 8% increase in multi-unit projects. Montreal saw a 112% increase, followed by Vancouver at 37%. Starts in Toronto dropped 41%. Despite the increase, CMHC's construction outlook remains cautious due to trade uncertainties and changes to immigration targets.

Save These Dates

February 28 | GDP Growth Rate

March 7 | Unemployment Rate

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