🙏 Mortgage delinquencies drop

Rate cuts provide much-needed relief for Canadians, site of Richmond Night Market listed for sale, more towers proposed in the GTA, Ottawa developer faces fourth foreclosure, and more news from across Canada.

Author

Recap Team
November 29, 2024

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

⚡ Top Story

Canva

Mortgage Delinquencies Slow Down in Canada After Rate Cuts

Canadian mortgage delinquencies eased in Q3 2024, rising 9.5% annually, down from 11.7% in Q2. The slowdown is attributed to Bank of Canada rate cuts, which now stand at 3.75%. However, non-mortgage delinquencies remain above pre-pandemic levels, driven by affordability challenges in Ontario and British Columbia.

💰 Switch to Neo and put thousands back in your pocket

The best no-fee credit card in Canada.

  • 2% cashback on grocery, recurring, and gas, and 0.5% everywhere else

  • Estimated everyday cashback value of $582/yr

  • Get up to $20,000 credit limit, instantly

  • Earn additional cashback offers at any of Neo’s 10,000 partner locations

  • No annual fee

🗞️ BC News

Arcadis

Site of the Richmond Night Market Listed as Foreclosure

Duck Island, home to Richmond Night Market, is undergoing $90M foreclosure proceedings. Owned by Jingon International, plans for a commercial redevelopment halted after loan defaults. The Supreme Court has granted the sale, and the site is now listed by Colliers. Rezoning disputes with lenders may impact future development.

Vancouver’s Draft Budget Proposes 5.5% Property Tax Increase

Vancouver’s draft 2025 budget proposes a 5.5% property tax increase, equating to $130 for a median home valued at $1.367M. The $2.36B operating budget boosts funding for utilities, policing, and urban planning, with a $880M capital budget supporting new amenities and infrastructure.

Redevelopment Proposed for South Surrey Golf Course

The Hills at Portal Golf Club in South Surrey may see partial redevelopment into housing, with owners seeking to remove 51 acres from the Agricultural Land Reserve (ALR). Plans propose residential subdivisions while dedicating 100 acres as public parkland. Approval hinges on Surrey City Council and the provincial ALC.

StatCan Report Reveals 3% of BC Homes Are Flipped Annually

Statistics Canada reveals that 3% of B.C. homes were flipped annually from 2019-2021, peaking at 3.3% in 2021. Flipping, often seen in urban areas and condos, yielded median profits of $115,000 (20.3%) in 2021. New federal and provincial taxes aim to curb flipping, addressing affordability and supply pressures.

Monthly Giveaways! 🎁

One lucky subscriber will win a prize in the first newsletter of every month. Update your profile to be eligible. (it takes less than 10 seconds)

🗞️ Ontario News

BDP Quadrangle

49-Storey Tower Proposed Along Toronto’s Waterfront

Arkfield Development proposes a 49-storey mixed-use tower at 10 Lower Spadina Avenue in Toronto, featuring 511 residential units, retail space, and green roofs. The design includes a 5-storey podium and outdoor terrace, with transit-friendly access via streetcars and nearby future transit hubs.

4 Towers Proposed for Longo’s Site in Markham

Longo’s proposes redeveloping its site at 3085 Highway 7 in Markham with four towers (30–36 storeys), offering 1,711 residential units atop a U-shaped podium. The project includes commercial spaces, a public park, and underground parking, supporting transit-oriented growth near York Region’s Viva bus rapid transit line.

2,000-Home Project in Ottawa Placed Under Receivership

Ashcroft Homes’ Eastboro project in Ottawa, a planned 2,000-home community, has entered receivership due to $80 million in debt. Delays from stormwater issues and disputes with the City escalated costs, halting construction and leaving buyers uncertain. RBC applied for receivership, with MNP appointed to manage asset sales.

EY Signs Toronto’s Largest Office Lease of 2024

EY has renewed and expanded its lease at Toronto’s EY Tower, adding 50,000 sq ft for a total of over 300,000 sq ft, making it the city’s largest office lease of 2024. The LEED Platinum-certified tower, owned by Oxford Properties, remains fully leased, outperforming Toronto’s 13.5% downtown vacancy rate.

💭 Quote of the Day

“Success is getting what you want. Happiness is wanting what you get.”

Dale Carnegie

😯 Random Fact of the Day

Did you know that Warren Buffett made 99% of his wealth after the age of 50? While he started investing as a kid, his fortune snowballed thanks to the power of compound interest.

🗞️ National News

Walmart Canada

Walmart Canada Decides to Remove Property Controls

Walmart Canada is removing restrictive property controls nationwide amid heightened competition scrutiny in the grocery sector. These clauses limited rival grocers in shared retail spaces. Loblaw and Sobeys have also supported eliminating such restrictions to enhance market competition and customer options.

📅 Save These Dates

December 6, 2024, 5:30am | Unemployment Rate

December 11, 2024, 5:45am | BoC Interest Rate Decision

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