🗞️ Last recap of 2024

Inflation cooled down in November, plus more news from across Canada.

Author

Recap Team
December 20, 2024

Good morning!☀️

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

🔋But first, fuel your mind: "Don’t live the same year 75 times and call it a life." - Robin Sharma

Top Story

Canada’s Inflation Rate Drops to 1.9%

Canada’s inflation rate dropped to 1.9% in November, down from 2% in October. Declining prices for travel tours and slower growth in the mortgage interest cost index were key factors in the deceleration. Although grocery and shelter costs have slowed down, they remain elevated. Rent inflation accelerated by 7.7%, led by Manitoba.

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BC News

Vancouver Approves More Density for Broadway Plan

Vancouver has approved Broadway Plan amendments, increasing residential density by 38%, aiming for 41,500 homes. The Broadway Plan area accounts for 25% of the city’s total rental housing stock. Despite opposition over concerns of displacement, gentrification, and loss of affordable rentals, proponents emphasize housing supply needs.

City of Vancouver Proposes 2 Towers on City-Owned Land

City of Vancouver has received a rezoning application from the Vancouver Housing Development Office (VHDO) for two high-rise towers on city-owned land near Burrard Street Bridge. The proposal includes 1,136 rental units across 38 and 52-story towers with commercial space. The project aims to generate revenue and address housing needs.

Burnaby Approves 41-Storey Tower on Kingsway

Burnaby approved a 41-storey condo tower and six-storey rental apartment project by OpenForm Properties in the Edmonds neighbourhood. The project includes 346 condos, 13 townhomes, and 69 rental units with commercial space on Kingsway. Changes since the public hearing include reduced parking and additional townhomes.

Vancouver Approves New Civic District Plan Around City Hall

Vancouver City Council approved a master plan for a new “Civic District” around City Hall, covering 8.6 acres of city-owned land. The plan includes new buildings and public spaces, integrating retail, service, office, and potentially residential uses. The redevelopment is planned to occur in phases, beginning with the North Block in 2025.

West Kelowna Needs to Add 10,000 New Housing Units

West Kelowna must add 10,000 housing units over 20 years and 3,169 units in the short-term, with 8,000 needed for new residents, per a Colliers report. The city highlights efforts like streamlined approvals but notes affordability challenges, with annual incomes of $216,000 required for single-family homes.

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Ontario News

Four Towers Proposed Near Sheppard-Yonge Station

A redevelopment on near Sheppard-Yonge station proposes four residential towers from 30 to 59 storeys, totaling 2,386 units. The project includes mixed-use podiums, retail spaces, and a public park, replacing existing office buildings. The site benefits from proximity to transit and future infrastructure improvements.

New Homes Sales in Ottawa Are Up 43%

In November, Ottawa’s new home sales reached 424, up from 214 in November 2023 and 50 in November 2022, potentially marking a rebound. Year-to-date sales increased 43% from the previous year. Condo townhomes led sales, comprising 44% of transactions, driven by rising demand and attractive pricing.

Soneil Acquires Mississauga’s Millcreek Business Centre

Soneil Investments has acquired the Millcreek Business Centre in Mississauga from GWL Realty Advisors for over $100 million. The centre includes seven industrial buildings, totaling 324,362 square feet, and boasts a 92% occupancy rate. Soneil plans further acquisitions in 2025, focusing on industrial properties.

2 Towers and Film Studio Proposed in Toronto’s Port Lands

Tepfam Holdings has proposed to redevelop 280 Commissioners Street in Toronto’s Port Lands area with 40- and 45-storey towers, totalling over 900 residential units, including affordable housing. The project includes amenities, retail, self-storage, data center spaces, and creative production spaces like film studios.

2 Towers Proposed Near Rutherford GO Station

Mosaik Homes has proposed two 23-storey residential towers near Rutherford GO Station in Vaughan, connected by a 5-storey podium. The project includes 700 residential units, outdoor amenities, and 700 parking spaces. The site, located in a low-rise area, benefits from transit-oriented development policies that favour high density.

Today’s Fun Fact

👉 Did you know a building in London was melting cars? The "Walkie-Talkie" building, also known as 20 Fenchurch Street, cost £200 million to construct and caused parts of street-parked cars to melt due to its reflective glass.

National News

Canadian Home Sales Have Jumped 18.4% Since Rate Cut Cycle

November home sales increased by 2.8% from October and were 18.4% higher than in May before the interest rate cut in June. 160,000 properties were listed in November, up 8.9% from the previous year. Home prices increased for the first time in a year and a half. Months of inventory decreased to 3.7, the lowest in 14 months.

Global Affairs Canada Has Spent $186M on Overseas Properties

Global Affairs Canada owns over 400 properties and has spent $38.4 million on official residences since 2014. High-ticket purchases include $58 million in London, $3.8 million in Barbados, $2.5 million in Trinidad and Tobago, and $2.4 million in New Zealand. Criticism has arisen regarding the spending, especially with Canada’s significant debt.

Save These Dates

January 10, 5:30am | Unemployment Rate

You’re all caught up. Happy holidays!❄️

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