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- 📉 Inflation is finally under 2%
📉 Inflation is finally under 2%
Chances of a 0.50% rate cut increase, Burnaby needs more than double its projected housing, massive development proposed in Vaughan, Toronto developer defaults on $53M loan, and more news from across Canada.
Recap Team
October 18, 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 Falls Below Bank of Canada’s Target to 1.6%
Canada’s inflation rate dropped to 1.6% in September, its lowest since February 2021. A 10.7% drop in gasoline prices put downward pressure on inflation, but rent and grocery increased by 8.2% and 2.4%, respectively. This data boosts the likelihood of a larger interest rate cut on October 23.
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🗞️ BC News
Burnaby Faces 143% Spike in Housing Needs by 2031
A new report reveals that Burnaby will need 36,540 new homes by 2031, more than double previous estimates. This 143% increase is driven by population growth and demand for affordable housing. By 2041, the city aims to build 74,051 homes to meet the needs of its residents.
Westbank Sells M2 Building in Mount Pleasant to Spear Street
Westbank has sold the M2 office building at 114 E 4th Avenue to Spear Street Capital for $115 million. The eight-story, 2020-built building offers 169,000 square feet of office and industrial space. This sale is part of Westbank’s recent series of asset sales, amounting to nearly $400 million.
6-Storey Mixed-Use Project Approved in North Delta
A six-storey, mixed-use project has been approved in North Delta. The development will replace a 7-Eleven and feature 84 residential units (one, two, and three-bedroom), six retail spaces, and underground parking. Amenities include outdoor spaces like a rooftop garden. The developer will contribute $84,000 to community amenities.
Kelowna Council Reviews Final Draft of North End Plan
Kelowna is set to debate the final draft of the North End Plan, a comprehensive redevelopment strategy covering four distinct areas. Key elements of the plan include infill housing, waterfront park space, expanded transit, and industrial growth. Infrastructure upgrades aim to support the area’s residential and employment expansion.
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🗞️ Ontario News
7 Towers up to 74 Storeys Proposed in Vaughan’s VMC Area
Toromont Industries has proposed a massive, multi-block development in Vaughan’s Metropolitan Centre. The project spans 27 acres and includes 17 towers, ranging from 43 to 74 storeys. It will offer over 10,000 residential units, commercial space, parks, and new public roads. Transit hubs like VMC station are nearby.
4-Tower Development Proposed in Downtown Oshawa
Atria Development proposes four towers in downtown Oshawa—three at 31, 33, and 37 storeys on Site A, and a 25-storey tower on Site B. The mixed-use buildings will include 1,716 residential units, retail, office space, and parking. The project integrates the heritage Oshawa Clinic into Site A’s podium.
10-Storey Project in Midtown Enters Receivership
A preconstruction project in Midtown Toronto by Morgis Group entered receivership after defaulting on $53 million in loans. The mixed-use development planned for Eglinton Avenue West remains in the early approval stages. The receiver, TDB Restructuring Limited, will now manage and potentially sell the project.
Burlington Considers Allowing Fourplexes
Burlington is considering a proposal to allow fourplexes—properties with up to four residential units—as part of efforts to increase affordable housing. This is part of the city’s strategy to address the “missing middle” in housing density. Public consultations and open houses are planned to gather feedback.
📅 Save These Dates
October 23, 2024, 6:45am | BoC Interest Rate Decision
November 8, 2024, 4:30am | Unemployment Rate
🗞️ National News
CREA Expects More Activity in 2025 as Buyers Await More Cuts
Canadian home sales rose by 1.9% in September, marking the third consecutive monthly increase. Despite this, CREA expects more buyers to delay purchases due to anticipated rate cuts from the Bank of Canada, setting up a stronger market rebound in 2025. The national average home price reached $669,630.
National Housing Starts Rise but Remain Below Optimal Levels
Canada’s housing starts rose 5% in September, following a sharp 22% drop in August. However, starts remain significantly below levels needed to restore housing affordability, particularly in Ontario and British Columbia. Despite a national increase to 223,808 units, regional disparities persist, with Toronto and Vancouver seeing notable declines.
💭 Quote of the Day
“When something is important enough, you do it even if the odds are not in your favor.”
Elon Musk
You’re all caught up! Enjoy the rest of your day.✅
😯 Random Fact of the Day
Did you know J.K. Rowling wrote much of the first Harry Potter book in coffee shops while living on welfare? The series went on to become a global phenomenon and made her the world’s first billionaire author.