⚡️Inflation Unexpectedly Rises To 2.9%

Inflation data comes in higher than expected, Vancouver makes policy changes to increase development, and more news from across Canada.

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Recap Team
June 27, 2024

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Good morning!☀️

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

⚡Top Story

Inflation Unexpectedly Rises To 2.9%

Canada’s annual inflation rate rose to 2.9% in May, up from 2.7% in April, driven by higher service prices, especially in rent, travel, and air transportation. Grocery prices increased by 1.5% year-over-year, while energy price inflation slowed to 4.1%. This unexpected spike reduces the likelihood of a future Bank of Canada rate cut.

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📍British Columbia

BC Orders Surrey to Build Over 27,000 Homes by 2029

The BC government mandates Surrey to build 27,256 homes by 2029, part of a broader initiative for 20 municipalities. The first phase saw mixed results, with Victoria exceeding and Vancouver falling short. The second phase targets 55,478 homes across 10 cities. Surrey’s target reflects its growth, second only to Vancouver’s 28,900 units.

Vancouver Removes Minimum Parking Requirements

Vancouver City Council has voted to eliminate city-wide minimum parking requirements, simplifying regulations and accelerating the development process. This change, effective June 30, 2024, allows developers to opt for fewer parking spaces, reducing costs and supporting climate goals. Developers can still add parking, but accessibility and visitor parking rules remain.

Vancouver Updates TOA Rezoning Policy

Vancouver is set to approve new bylaws to increase housing density around SkyTrain stations. The TOD framework establishes three tiers, with the highest density within 200 meters. New rules will allow taller buildings, mandate ground-level retail, and require below-market or social housing. Special provisions will address senior housing and heritage preservation.

📍Ontario

Toronto Approves New Bylaw to Target Illegal Renovictions

Toronto City Council approved measures to protect renters and boost rental housing. A new bylaw targets illegal renovictions, requiring landlords to get renovation licenses before evicting tenants. The city will also invest $350 million to build nearly 6,000 rental units, focusing on affordability and providing incentives for non-profits and Indigenous housing providers.

10-Storeys Proposed Above Toronto Heritage Building

A development proposal in Toronto’s Annex neighbourhood aims to merge heritage preservation with modern living. The plan includes a 10-storey residential building above the historic Spadina Gardens. The site will offer 70 new units, amenities, and bicycle parking, promoting sustainable transportation with easy access to public transit.

3-Tower Brampton Site Enters Receivership

The Brampton development at 253 Queen Street East, with plans for three high-rise towers and over a thousand units, is in receivership due to a $10 million debt. Rosen Goldberg filed for court approval to market and sell the property, with CBRE handling the sale. A judge will review on June 27.

🍁National

27% of Canadian Renters Want to Buy in the Next 2 Years

A new report reveals that 27% of renters aim to buy homes in the next two years, rising to 40% for ages 18-34. However, 54% face income barriers. In BC, 25% of renters spend over half their income on rent. High mortgage rates and low vacancy rates elevate rents, prolonging rental periods.

31% of First-Time Buyers Use Gifted Funds

A CIBC report reveals that 31% of first-time homebuyers now receive family financial help, up from 20% in 2015, with gifts averaging $115,000. Those upgrading homes also benefit, with 12% using gifts averaging $167,000. In Ontario and BC, first-time buyers rely more heavily on gifts, averaging $204,000 in BC and $128,000 in Ontario.

📅Save These Dates

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

"The best way to predict the future is to create it."

Peter Drucker

😯Random Fact of the Day

Did you know… Sudan has more pyramids than any other country! You might think it’s Egypt, but Sudan has almost double the number, with over 250 discovered pyramids.

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

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