- Real Estate Recap
- Posts
- ⚡Inflation Drops To 2.7% In June
⚡Inflation Drops To 2.7% In June
Inflation falls ahead of BoC decision, TikTok opens an office in Vancouver, and more news from across Canada.
Recap Team
July 19, 2024
Sponsored by
Good morning!☀️
Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
⚡Top Story
Inflation Drops To 2.7% In June
In June, the headline CPI dropped to 2.7% from May’s 2.9%, mainly due to a slowdown in gasoline prices. Durable goods prices fell 1.8% year-over-year. Grocery prices rose by 2.1%, led by dairy, fresh vegetables, non-alcoholic beverages, and preserved fruit. As inflation nears the 2% target, the Bank of Canada may consider rate cuts.
🔌Today’s Sponsor
We scour 100+ sources daily
Read by CEOs, scientists, business owners and more
3.5 million subscribers
📍British Columbia
TikTok Is Opening a New Office in Downtown Vancouver
TikTok is expanding in Canada with a new office in downtown Vancouver’s Three Bentall Centre. The company’s career page currently lists 50 job openings. This move follows a trend of tech giants like Amazon, Wayve, and Boomi establishing hubs in Vancouver, boosting the city’s reputation as a tech and innovation center.
Metro Vancouver Developer Faces Foreclosure on 3 Sites
AimForce Development Group is facing foreclosure on three Metro Vancouver properties. The most notable is 10227 King George Blvd, Surrey, where a proposal was submitted for BC’s tallest tower at 67 storeys. Other sites include 541 Clarke Rd, Coquitlam, with a $10.3M debt, and 3771/3791 No. 3 Rd, Richmond, with over $11M debt.
Metrotown Office Towers Enter Receivership Due to $50M Debt
Slate Asset Management’s office complex at 4330 Kingsway in Burnaby is in receivership due to $50 million of debt and a failed sale. The project, dubbed “Golden Towers,” aimed to convert the buildings into strata offices but was cancelled in 2023. Despite managing $13 billion globally, Slate defaulted on loan payments, leading to receivership.
📍Ontario
Ontario Considers Making Changes to Staircase Building Codes
A study on using a single staircase in four-storey multi-residential buildings finds it viable with safety measures like limits on suites per floor, travel distance restrictions, wider stairs, and enhanced fire protection. It recommends City Council consult with officials to make potential amendments to the Ontario and National Building Codes.
5-Block Subdivision of 56 Detached Homes Proposed in Sheridan
Argo Development Corporation’s new plan for the former Carmelite Sisters convent in Mississauga proposes replacing it with a five-block subdivision of 56 three-storey detached homes. The development, featuring private roads and landscaped spaces, aims to integrate high-quality residential construction with the Sheridan community. The city supports the demolition of existing buildings.
11-Storey Building Proposed Above Heritage Home in Toronto
A proposed 11-storey residential building at 66 Charles Street East in Toronto will rise above a three-storey heritage home base, offering 16 units across nearly 17,000 sq. ft. Designed by BDP Quadrangle, the project will complement the original Victorian design and feature a rooftop with over 400 sq. ft. of green space.
🍁National
Trudeau Announces a Historic $30 Billion Transit Investment
Since 2015, $30 billion has been committed to transit projects across Canada. Today, PM Justin Trudeau announced a $30 billion Canada Public Transit Fund, the largest in Canadian history. Starting in 2026, this fund will allocate $3 billion annually over 10 years for more housing, existing transit upgrades, and specific projects like rural and Indigenous transit.
Canadian Government Buys $9M Condo on Billionaires’ Row
The Canadian government has acquired a $9 million condo in New York’s Steinway Tower. The 3,600-square-foot unit features luxury amenities and will house Consul General Tom Clark. The 91-storey tower, located on Billionaires’ Row and completed in 2022, stands out in Manhattan with its remarkably narrow base and the world’s slimmest design.
National Housing Starts Dip 9% in June
Canada’s housing starts fell 9% in June to 241,672 units, and the six-month trend dipped 0.4%. Urban starts dropped 13% year-over-year, driven by a 16% decline in multi-unit starts. Toronto and Vancouver saw significant declines, while Montréal surged 226%. In the first half of 2024, major cities saw a 4% increase, led by Calgary, Edmonton, and Montréal.
📅Save These Dates
July 24, 2024, 6:45am | BoC Interest Rate Announcement
August 9, 2024, 5:30am | Unemployment Rate
💭Quote of the Day
"The only way to achieve the impossible is to believe it is possible."
😯Random Fact of the Day
Did you know… Mount Everest grows about 4 millimetres each year! This is due to the Indian and Eurasian tectonic plates pushing against each other, lifting the Himalayan mountain range.
You’re all caught up! Enjoy the rest of your day.✅
What did you think of today's newsletter?Your feedback helps us create more valuable content. |
Sponsored by