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- đĄ Leaders are finally taking housing seriously
đĄ Leaders are finally taking housing seriously
Housing issues are at the forefront of the upcoming election, plus more news from across Canada.
Recap Team
April 11, 2025
Good Morning!âď¸
Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
đBut first, fuel your mind: "The key is not to prioritize whatâs on your schedule, but to schedule your priorities." - Stephen Covey
Top Story
Housing Crisis Takes the Spotlight in Election Agendas
Housing issues are pivotal in the upcoming election. Liberal leader Mark Carney's approach includes $36 billion in financing to boost home construction and reintroduces tax incentives like MURB. Meanwhile, Conservative leader Pierre Poilievre proposes eliminating GST on new homes and plans to tie housing to immigration policies.
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BC News
Vancouver Whitecaps Eye PNE Site for New Stadium
Vancouver Whitecaps FC is in discussions with the City of Vancouver to construct a soccer-specific stadium at PNE fairgrounds in Hastings Park, potentially seating between 18,000 and 30,000. This move seeks to improve fan experience and financial performance, with the Whitecaps currently sharing BC Place Stadium.
TransLink Plans Major Development at Coquitlam Central Station
TransLink plans a major transit-oriented development at Coquitlam Central Stationâs 9.3-acre park-and-ride site, featuring nine towers with 3,400 residential units, retail, and a hotel. If approved, it could be one of the worldâs largest high-density, for-profit, transit-oriented projects ever led by a public transit agency. Feedback from the city is pending.
Tenants Demand Premium Office Space in Vancouver
Demand for premium office space in Vancouver is on the rise. According to Avison Young, the vacancy rate dropped from 27% in 2023 to 15.3% in early 2025, driven by an addition of 3.8 million square feet since 2020. AAA office space had a vacancy rate of 12.2%, showing that tenants favor newer, high-quality office environments.
Port Moody Council Approves 39-Storey Towers
Port Moody City Council approved the redevelopment of a 23-acre area near Moody Centre Station. Key features include two 39-storey rental towers with 865 homes, a 41,400 sq. ft. grocery store, and a $14.4 million pedestrian bridge. The site is currently occupied by parking and low-rise commercial and industrial buildings.
Maple Ridge is Launching a Concierge Service for Developers
Maple Ridge is launching B.C.'s first development concierge service to fast-track approvals for priority projects like affordable housing and industrial builds. The initiative aims to attract investment, boost housing supply, and streamline processes, positioning the city as a developer-friendly destination. The pilot will begin in September.
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Ontario News
GTA Market Continues to Drop Amid Tariffs and Election
In March 2025, GTA home sales dropped 23.1% year-over-year, while new listings surged 28.6%, giving buyers more options. The average home price dipped 2.5% to $1.09 million. Lower borrowing costs improved affordability, but economic uncertainty and an upcoming federal election kept many buyers on the sidelines.
Tridel Steps In to Complete Torontoâs Iconic Tower
The One, a major high-rise project in Toronto, is nearing a turnaround after insolvency. Tridel is set to oversee its completion, with court approval pending for agreements to move from receivership to creditor protection. Once planned for 91 storeys, The One will reach 85 storeys and feature 476 units. Completion is aimed for early 2028.
Bazis Buys Tower Site from First Capital and Plans Revisions
First Capital REIT has sold its North York development site, initially set for two towers, to Bazis International for $32 million. A retail plaza occupies the 2.14-acre site. Bazis plans to revise the project to three towers, ranging from 26 to 34 storeys and offering 1,194 units. Other changes include reduced retail space and increased bicycle parking.
11 Towers to Revitalize Mall Site in Burlington
A proposed high-rise redevelopment at Burlington Centre could transform its east end with 11 towers, up to 37 storeys, encompassing 3,476 residential units. Designed by Turner Fleischer Architects for RioCan REIT, the project includes retail space and a new public park. A pre-application community meeting is set for April 22, 2025.
7-Tower Redevelopment Planned for Torontoâs Humber Bay
Fiera Real Estate has proposed redeveloping 125 The Queensway in Toronto's Humber Bay area into a high-density residential community. Designed by Turner Fleischer Architects, the plan features seven towers up to 50 storeys and a park across 3.45 hectares. The site is strategically near the future Park Lawn GO station.
Todayâs Fun Fact
đ Did you know that a train station in Japan was built in just 6 hours? Last month, the West Japan Railway Company unveiled the worldâs first 3D-printed station. It was assembled on-site and is set to open in July 2025.
National News
Rents Drop Year-Over-Year but Rebound in March
The latest Rentals.ca and Urbanation report reveals a 2.8% drop in average rents to $2,119. However, rents rose 1.5% MoMâthe first increase since September 2024âdriven by seasonal demand and improved affordability. Notable annual decreases were seen in Calgary (7.8%) and Toronto (6.9%). 3-bedroom units saw rent increases across all provinces.
Weakened CAD Opens Doors for Commercial Investment
The Canadian dollar's depreciation, exacerbated by U.S. tariffs, has impacted consumers and businesses that source materials internationally. While seen negatively, the weakened loonie could attract foreign real estate investors and reduce costs for American businesses in Canada, influencing commercial real estate dynamics.
Save These Dates
April 15 | Housing Starts & Inflation Rate
April 16 | BoC Interest Rate Decision
Youâre all caught up. Enjoy the rest of your day!
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