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- ❌ No more GST on new homes?
❌ No more GST on new homes?
Poilievre promises to remove the GST sales tax, survey reveals stark wealth gap between owners and renters, GTA condo market takes a big hit, Surrey accelerates multi-unit housing approvals, and more news from across Canada.
Recap Team
November 01, 2024
Good morning!☀️ Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
⚡ Top Story
Patrick Doyle/The Canadian Press
Poilievre Vows to Remove GST Tax from New Homes Under $1M
Conservative Leader Pierre Poilievre announced a plan to remove the GST tax from new homes under $1 million, aiming to reduce home costs and stimulate construction. The proposal anticipates an addition of 30,000 new homes. Supported by industry groups, the policy addresses housing affordability and construction growth.
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🗞️ BC News
City of Surrey
City of Surrey Accelerates Houseplex Approval Process
Surrey is piloting a streamlined approval process for houseplexes, which are multi-unit buildings with up to four units. The program reduces fees for houseplexes and simplifies reviews, while a new task force will examine current approval procedures to cut timelines. The application fee will drop from $5,014 to $389,
New West Approves 8-Tower Columbia Square Project
New West has approved the Columbia Square project, a master-planned, transit-oriented community featuring 3,800 homes, including 800 market rental and 139 affordable units, along with two daycares, a school, and ample retail, office, and park space. The development will contribute a record $100 million in financial contributions.
23-Parcel Master Plan Site in Surrey is Under Foreclosure
The Southend Village project in Surrey by Waterstock Properties has entered foreclosure. It covers 23 parcels initially intended for a large-scale mixed-use community with residential and commercial spaces. Financial strains led to court proceedings, and the outstanding debt now approaches $50 million.
Langley Township Advances 3 Major Developments
Langley Township advanced several housing developments in Willoughby and other areas, including permit approval for Zenterra’s 620-unit project and first and second readings for a 52-home development by Qualico. Another 315-unit townhouse project by Isle of Mann Property Group was deferred for a public hearing.
💭 Quote of the Day
“Challenges are what make life interesting, and overcoming them is what makes life meaningful.”
Joshua J. Marine
🗞️ Ontario News
Canva
GTA’s Condo Supply Reaches Unprecedented Levels
The GTA currently has nearly 40,000 condo units in various stages of availability, including unsold new builds, assignments, and resales, with absorption estimated to take over 50 months. This inventory surge stems from slower sales, heightened completions, and an increase in listings by investors.
5,300-Unit Master Plan Project Proposed in Mississauga
A master plan development, Rangeview Estates, is proposed in Mississauga. The project aims to transform a 21.9-hectare industrial area near Lakeview Village. It includes mixed-use residential blocks with various building heights, retail spaces, and public parkland. Approval is needed to increase the permitted unit count from 3,700 to 5,300.
Retirees and Empty Nesters Lead Condo Demand in Ottawa
A recent Re/Max report reveals that Ottawa’s condo market is driven mainly by retirees and empty nesters, while first-time buyers remain cautious due to high interest rates and lending requirements. Inventory increased 44.5% year-over-year. Demand is expected to rise in spring 2025, with popular areas including Westboro and Centretown.
72-Acre Brampton and Caledon Land Portfolio for Sale
72 acres of development lands across Brampton and Caledon, held by Maplequest Ventures, are for sale after a court-ordered receivership due to $90M of debt. The vacant properties planned for housing are being marketed by JLL and RE/MAX, with the option to acquire one, multiple, or all parcels.
😯 Random Fact of the Day
Did you know that the Pareto Principle suggests that 80% of business profits come from 20% of customers? Focusing on top clients can often be more profitable than spreading resources thin. This concept can be applied to other areas of your life, too.
🗞️ National News
Getty Images Pro
Survey Reveals $1.4M Wealth Gap Between Owners and Renters
StatCan’s latest survey reveals a $1.4M net worth gap between Canadians aged 55-64 with both a home and pension versus those without either. Key findings show homeownership and pensions drive wealth, with younger homeowners seeing a 179% increase in net worth since 2019 thanks to rising real estate values.
StatCan Introduces Residential Renovation Price Index
Statistics Canada has released the first Residential Renovation Price Index (RRPI), tracking quarterly changes in renovation costs across various regions. Residential renovation prices increased by 0.7% nationally in Q2 2024. British Columbia experienced the largest quarterly price increase at 1.4%.
📅 Save These Dates
November 5, 2024, 7:00pm | US Presidential Election Results
November 8, 2024, 4:30am | Unemployment Rate
You’re all caught up! Enjoy the rest of your day.✅
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