⚡️National Sales And Prices Keep Declining

Good morning!☀️

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

⚡Top Story

National Sales and Prices Continue to Decline

In May, Canada’s real estate market experienced a 5.9% annual drop in sales, with prices falling 4% to $699,117. New listings increased by 13.5%, leading to a balanced market. Regional variations included significant sales drops in Vancouver and Toronto but gains in Edmonton and Winnipeg. Inventory levels reached a high of 4.4 months.

Click here to view the full report from CREA.

📍British Columbia

3 Towers Proposed Next To Emily Carr University

A development by Low Tide Properties and PCI Developments will feature two 35-storey residential towers with 548 rental units (20% below-market), a 20-storey office building, 4-storey podiums, street-level commercial spaces, and a 94-space childcare facility. It will be integrated with the future Emily Carr SkyTrain station.

Click here to read the full story by BIV.

ICBC HQ Will Be Converted Into Affordable Housing

ICBC is selling its Lonsdale Quay headquarters after 40+ years. BC plans a mixed-use development with affordable homes, aligning with a $394M budget for transit-oriented housing. Premier Eby emphasizes community needs over luxury condos. ICBC will move to a smaller HQ near VCC-Clark Station by 2027.

Click here to read the announcement by the Province of BC.

Mass-Timber Building Height Limit Increased in Vancouver

Vancouver City Council has unanimously approved 18-storey mass-timber buildings, aligning with a similar update to BC’s building code in April. This supports environmental goals, promotes the forestry sector, and enhances community vibrancy. Mass-timber buildings offer lower emissions, better energy efficiency, quicker build times, improved fire safety, and seismic resilience.

Click here to read the full story by the Vancouver Sun.

📍Ontario

2 Mixed-Use Skyscrapers Proposed Near Brampton GO

Beyrose Capital proposes two mixed-use towers of 55 and 58 storeys across from Brampton GO station. Designed by Kirkor Architects, the 1.49-acre site will feature 1,628 residential units, retail space, and ample amenities. With excellent transit access and ongoing high-rise developments, this project aims to revitalize Downtown Brampton.

Click here to read the full story by Urban Toronto.

Major Vaughan Project Under Receivership

A significant project in Vaughan is under receivership due to a $29 million debt. Constantine Enterprises Inc. pushed for receivership, citing a breakdown with its partner Mizrahi Developments. This adds to Mizrahi’s financial issues, including a stalled project at 180 Steeles Avenue West planned for over 2,000 residential units.

Click here to read the full story by Storeys.

12 Buildings Proposed for Etobicoke Cineplex Property

A significant redevelopment project at 1025 The Queensway in Etobicoke will replace Cineplex Queensway Cinemas with ten residential towers and two commercial buildings, offering 4,222 units and extensive amenities. Spanning 14.57 acres, the design aims to revitalize the area with residential, commercial, and public spaces, benefiting from strategic transit access.

Click here to read the full story by Urban Toronto.

🍁National

Canada’s Population Surpasses 41 Million

Canada’s population hit 41 million on April 1, 2024, driven by international migration, which accounted for 99.3% of growth. Alberta led in interprovincial migration gains, mainly from Ontario and BC. High temporary immigration continued, though growth slowed. The federal government plans a 5% reduction in temporary residents over three years.

Click here to read the report by Statistics Canada.

National Housing Starts Increase in May

The CMHC reported a 10% increase in housing starts in May, reaching 264,506 units. Montreal saw a 104% surge, while Toronto rose by 47%, but Vancouver declined by 32%. Urban starts increased by 11%, driven by multi-unit constructions. This rise follows new federal housing measures and a Bank of Canada rate cut.

Click here to view the report by Statistics Canada.

📅Save These Dates

June 25, 2024, 5:30am | Inflation Rate YoY

June 30, 2024 | BC Provincial Zoning Regulations Deadline

July 5, 2024, 5:30am | Unemployment Rate

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

💭Quote of the Day

😯Random Fact of the Day

Did you know… the shortest commercial flight in the world is in Scotland. The flight between Westray and Papa Westray is only 1.7 miles long and takes about 90 seconds!

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