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- ⚡Bank of Canada Reduces Key Rate to 4.5%
⚡Bank of Canada Reduces Key Rate to 4.5%
Bank of Canada proceeds with another rate cut, over 75 new condo projects are on hold in the GTHA, and more news from across Canada.
Recap Team
July 26, 2024
Good morning! ☀️
Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
⚡Top Story
Bank of Canada Reduces Key Interest Rate to 4.5%
The Bank of Canada cut its overnight rate by 0.25% for the second consecutive time. Canadian GDP growth is slow, unemployment is rising, and inflation is moderating, but shelter costs remain high. Forecasted GDP growth is 1.2% in 2024, 2.1% in 2025, and 2.4% in 2026. CPI inflation is expected to reach the 2% target next year.
Click here to read the announcement from Bank of Canada.
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📍British Columbia
90% of BC Municipalities Have Updated Zoning Bylaws
Almost 90% of BC municipalities have adopted provincial legislation to reform zoning rules and boost small-scale multi-unit housing. Out of 188 local governments, 162 have passed bylaws, with nine more in progress. Local governments had until June 30 to update zoning bylaws to support this initiative, which aims to provide more housing options.
Vancouver Council Decides to Allow Natural Gas in New Homes
Vancouver Council has approved restoring natural gas as an option for new home heating and hot water, reversing a 2022 mandate for electric equipment. ABC councillor Brian Montague proposed this change, which aims to diversify energy sources for better reliability during outages, improved housing affordability, and reduced living costs for residents.
Slow Sales Means Better Deals for Presales in Metro Vancouver
MLA Canada’s Black Book reveals low buyer urgency in Greater Vancouver and the Fraser Valley presale markets. Most deals involve buyer negotiations and offer incentives amid slower sales. In H1 2024, 8,593 units sold across 68 new projects. The most active areas included Surrey, Langley, and Coquitlam. 42 more launches are expected in H2.
📍Ontario
Over 24,000 New Condo Units Are on Hold in the GTHA
76 new condo projects in the Greater Toronto and Hamilton Area are on hold due to poor market conditions. This slowdown in new construction is primarily due to higher interest rates, resulting in only one high-rise launch this year. These delayed projects were expected to add 24,335 new units to the region.
3 Towers Proposed to Replace Car Dealership in Vaughan
The Muzzo Group is proposing to transform a car dealership site at 3790 Highway 7 West into three high-rise towers—one standing at 43 storeys and two at 45 storeys. The development will be designed by BDP Quadrangle and include 1,621 residential units atop a 6-storey podium featuring commercial spaces, amenities, and additional residential suites.
Two Towers Proposed in Scarborough’s Woburn Neighbourhood
CAPREIT Limited Partnership has proposed two residential towers at 1050 Markham Road in Scarborough’s Woburn neighbourhood. Designed by Wallman Architects, the project features 197 units in a 15-storey building and 438 units in a 37-storey building. The development is minutes from multiple bus routes and the upcoming Scarborough Subway Extension’s Scarborough Centre station.
🍁National
MNP Report Reveals 46% of Canadians Are Close to Insolvency
The MNP Consumer Debt Index fell six points to 85, showing Canadians’ worsening debt perceptions. Despite a recent rate cut, 56% of Canadians worry about inadequate relief. 34% feel that their debt levels are too high for lower rates to help. Nearly half (46%) are $200 or less from insolvency, with 29% unable to pay bills.
Canada is Selling Park Avenue Condo to Fund New $9M Purchase
The Canadian government is selling a Park Avenue apartment to fund their $9 million condo on Billionaires’ Row in New York. The old unit, last renovated in 1982, needs significant upgrades. The new condo, in the world’s slimmest tower, features luxury residences and top-tier amenities like an 82′ lap pool and golf simulator.
📅Save These Dates
August 9, 2024, 5:30am | Unemployment Rate
August 20, 2024, 5:30am | Inflation Rate YoY
💭Quote of the Day
"Surround yourself with those who see the greatness within you, even when you don't see it yourself."
😯Random Fact of the Day
Did you know… the term "hat-trick" originated in cricket! When a bowler took three wickets on three consecutive deliveries, they were awarded a hat.
You’re all caught up! Enjoy the rest of your day.✅
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