🤔 Is there a silver lining in the trade war?

Tariffs increase the odds of a rate cut to 80%, plus more news from across Canada.

Author

Recap Team
March 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: “The stock market is a device to transfer money from the impatient to the patient." - Warren Buffett

Top Story

Canada-US Trade War Increases Odds of Rate Cuts

A 25% tariff on Canadian imports and 10% on energy and critical minerals by the US is in effect, prompting a 25% Canadian retaliatory tariff on US imports. Economists at BMO anticipate four 0.25% interest rate cuts by the Bank of Canada, potentially dropping the rate to 2% by July. They predict a moderate recession if tariffs persist for a year.

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BC News

Applications Open for Rent-Free Retail Space in Vancouver

Hudson Pacific Properties has launched the Buy B.C. Initiative at Vancouver's Bentall Centre, offering six months of rent-free retail space (300 to 600 sq. ft.) to select local small businesses. The program aims to support startups by providing them exposure and reducing rent burdens. Applications are open until April 2.

Buyers Have an Advantage in the Fraser Valley

In February, Fraser Valley home sales increased by 13% from January, marking an end to a four-month decline, though still 26% lower than February 2024 levels. Despite a 9% drop in new listings, the inventory is 14% above the 10-year seasonal average. A 11% sales-to-active listings ratio signals a buyers' market.

BC Government Outlines Housing Plans in 2025 Budget

British Columbia has released its 2025 budget. It focuses on continuing existing housing initiatives instead of implementing new ones. Key measures include injecting $318 million into BC Builds, expanding rental assistance eligibility, and modifying the Speculation and Vacancy Tax, projected to generate an additional $47 million.

Kelowna Debates Pre-Zoning Plan for 6-Storey Developments

Kelowna is considering a pilot to pre-zone properties for six-storey developments along transit corridors. The initiative, supported by a $31.5 million Housing Accelerator Fund grant, aims to synchronize housing and transit improvements. City staff will seek public feedback before a final policy decision later this fall.

Vancouver’s I4 Property Group Faces Insolvency on 2 Projects

Vancouver-based I4 Property Group faces insolvency on two condo and townhome projects, Siena in Burnaby and 8and8 in New Westminster. Desjardins Group initiated receivership for the $17.7M Siena debt. Blueshore Financial foreclosed on 8and8, with a $2.47M debt. The 8and8 site has been listed for $3,649,000.

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Ontario News

GTA Buyers Have Leverage but Remain Cautious

In February, GTA home sales dropped 27.4% year-over-year to 4,037 transactions, down from October's peak of 6,658. High mortgage rates and trade uncertainties are prompting buyers to wait on the sidelines. The average selling price fell for a fourth consecutive month, dropping 2% year-over-year in February to $1,072,123.

Major Proposal in Richmond Hill Features Nearly 2,000 Units

A major development proposal by Armour Heights Developments at 11014-11076 Yonge Street in Richmond Hill envisions a mix of townhouses, two community centres, and five high-rise towers up to 49 storeys, totaling 1,874 residential units. The 46,415m² site will also feature a linear park and is planned in four phases.

Twin Towers Proposed in Toronto’s Deer Park Area

A new residential proposal by Gairloch Developments and Fairway Developments aims to introduce two towers of 38 and 43 stories on Lawton Boulevard in Toronto's Deer Park neighbourhood. Situated between St Clair and Davisville stations, the project will feature 706 residential units and 2,444m² of amenities.

5-Tower Project Proposed in Downtown Markham

The Remington Group has proposed five residential towers, ranging from 15 to 41 storeys, in Downtown Markham. The development includes 2,139 units along with 2,848m² of retail and commercial space. Phase 1 will include a 28-storey tower with a 9-storey podium. The site is within walking distance of Unionville GO station.

Ottawa’s Troubled Eastboro Site Listed for Sale

Ashcroft Homes' Eastboro site, a 67.7-acre development in Orleans is listed for sale by CBRE. The project was placed under receivership in October due to over $80 million of debt. Unforeseen soil issues in 2023 led to setbacks and disputes over the 958-home project. The site contains 25 partially-built houses.

Today’s Fun Fact

👉 Did you know that elephants are the only land mammals that cannot jump? Since they do not have kneecaps, they are unable to bend their legs and acquire the needed propulsion to leave the ground.

National News

Development Fees and Delays Continue to Hinder Affordability

A CHBA study highlights the need to reduce development charges and streamline application timelines to improve housing affordability. Upon examining the fees and application times of 23 municipalities, the study ranked Edmonton at the top, while Hamilton took last place with an average of 31 months to gain approvals.

Developers Are Shifting Focus From Condos to Apartments

Canada's condo market is experiencing a downturn as high borrowing costs and falling prices deter individual investors, creating opportunities for institutional investors. Pension funds and deep-pocketed investors are shifting focus toward rentals over condos. Blackstone became one of Canada’s biggest apartment developers in 2024.

Save These Dates

March 7 | Unemployment Rate

March 12 | Interest Rate Decision

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

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