⚡Canadian Rents Cool Down In June

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

⚡Top Story

National Rents Cool Down in June After Record Month

Canadian rents dipped slightly in June after a record-breaking May. The average rent was $2,185, a 0.8% decrease from May but a 7.0% increase from last June. Ontario and Quebec saw monthly declines, while Saskatchewan led annual growth. Major cities showed mixed trends, with notable drops in Toronto and Vancouver.

Click here to read the full report by Rentals.ca.

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📍British Columbia

Vancouver Approves Major View Cone Reduction Policy

On Wednesday, Vancouver City Council approved the most significant changes to view cone policies since 1989. Despite these changes, the core intent to protect mountain views from public spaces remains. These are the most notable policy changes by the Council this term that impact building and housing, aside from provincial mandates.

Click here to read the full story by Daily Hive.

Richmond Holds Open Houses to Explain Rezoning of 27,000 Lots

Richmond is holding four open houses in July to explain new zoning rules under Bills 44 and 47, allowing more housing in single-family neighbourhoods. City Council approved rezoning for nearly 27,000 lots to enable small-scale multi-unit housing. Open houses are at local community centers, with feedback accepted online from July 9 to August 11.

Click here to read the announcement by the City of Richmond.

Ambitious Kelowna Project Proposes 7 Towers

Kelowna City Council is reviewing a major proposal for 1574 Harvey Avenue, featuring seven towers (six to 26 storeys) with 1,600-1,700 residential units and commercial space. Council raised concerns about building height inconsistencies, but staff support increased density due to proximity to transit and employment centers. The site currently houses Global Fitness.

Click here to read the full story by Castanet.

📍Ontario

Brampton Will Fine Landlords up to $1,200 for Illegal Rentals

Brampton’s Residential Rental Licensing Pilot Program fines unlicensed landlords up to $1,200. Landlords in select wards must register or face penalties: $600 for the first offence, $900 for the second, and $1,200 for further offences. Discounts on registration fees apply until September 30, 2024. Nearly 2,000 registrations have been received so far.

Click here to read the full story by Storeys.

GTA Sales Drop in June As Buyers Remain Cautious

In June, the GTA real estate market saw a 16.4% drop in home sales from the previous year. New listings rose by 12.3%. The average price fell by 1.6% to $1,162,167 from $1,181,002 in June 2023, but increased month-over-month. Despite the Bank of Canada’s decision to cut rates, buyers remain cautious amid economic uncertainties.

Click here to read the full report by the TRREB.

72-Townhouse Richmond Hill Project Enters Receivership

King Development’s Richmond Hill townhome project located on Bostwick and Bond Crescents is in receivership after defaulting on a $22.5 million loan. Ontario courts have appointed Rosen Goldberg to manage the assets. Despite efforts to arrange a sale, no agreement was reached for the nine-parcel site intended for the 72-townhouse project.

Click here to read the full story by Storeys.

🍁National

Office Vacancy Improves in 7 Out of 10 Canadian Markets

CBRE’s Q2 2024 report shows a positive shift in Canada’s office market with 2.2 million sq. ft. of net absorption, driven by pre-leased new supply. Vacancy remains stable at 18.5%. Vancouver saw a slight vacancy increase to 9.7%, while Toronto’s stayed at 18.1%. Class A vacancies improved, reflecting a preference for quality spaces.

Click here to read the full report by CBRE.

📅Save These Dates

July 16, 2024, 5:30am | Inflation Rate YoY

July 24, 2024, 6:45am | BoC Interest Rate Announcement

August 9, 2024, 5:30am | Unemployment Rate

💭Quote of the Day

😯Random Fact of the Day

Did you know… Antarctica is the driest, windiest, and coldest continent on Earth! Perfect if you're looking for a place with a view, no neighbours, and zero chance of a bidding war.

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