✂️ 3rd straight rate cut

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

⚡Top Story

Bank of Canada Announces Third Straight Interest Rate Cut

The Bank of Canada has reduced its policy interest rate by 25 basis points to 4.25%. This decision follows easing inflation, though price pressures remain in shelter costs and some services. Despite softer economic activity, growth in Q2 was stronger than expected, driven by government spending and business investment.

Read the full story by Bank of Canada.

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📍British Columbia

Metro Vancouver Buyers and Sellers Are at a Standstill

Metro Vancouver home sales dropped 17.1% in August, with 1,904 properties sold—down 17.1% from August 2023 and 26% below the 10-year seasonal average. New listings increased by 4.2% annually, reaching 4,109, while active listings surged 37% to 13,812. The benchmark residential price was $1,195,900, down 0.9% from August 2023.

Read the full report by GVR.

BC Introduces Free Home Designs to Streamline Development

BC has introduced free standardized home designs to accelerate small-scale multi-unit housing construction, including duplexes, triplexes, quadplexes, and townhouses. These designs, compliant with the 2024 BC Building Code, aim to address the housing shortage by simplifying approval processes and reducing construction time and costs.

Read the full story by BC Gov.

Kamloops Properties With Unpaid Taxes Will Be Auctioned Off

The 2024 Kamloops Property Tax Sale is scheduled for October 7. The auction aims to recover unpaid taxes by selling properties to the highest bidder. This is an opportunity for buyers and a last chance for property owners to pay off their debts to avoid losing their properties.

View the details and list of properties.

Cost of New Vancouver Art Gallery Soars 50% to $600M

Construction costs for the new Vancouver Art Gallery have surged to $600 million, up from $400 million in just two years. This increase might lead to a redesign, potentially making the gallery smaller to fit within budget constraints. The gallery has raised $357 million and is continuing fundraising efforts.

Read the full story by BIV.

Hotel Use Proposed for Heritage Building in Gastown

A 131-year-old Gastown building at 211 Columbia Street, Vancouver, will be transformed into a hotel with 19 rooms. The renovation preserves heritage features while converting the upper floors into 11,600 sq. ft. of short-term and long-term rental spaces. The property, recently purchased for $11.5 million, holds significant historical value.

Read the full story by Daily Hive.

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📍Ontario

GTA Market Remains Sluggish but Shows Signs of Hope

Toronto sales decreased by 5.3% from 5,251 in August 2023 to 4,975 in 2024. New listings increased annually by 1.5%. However, seasonally adjusted sales increased compared to July, while new listings saw a slight decline from the previous month. The average home price was $1,074,425, down by 0.8% year-over-year.

Read the full report by TRREB.

Toronto Hosts Public Consultations to Tackle Renovictions

Toronto is hosting public consultations on a proposed bylaw to tackle renovictions—a practice where tenants are evicted under the pretense of renovations, only for landlords to re-rent units at higher prices. The consultations will focus on strengthening tenant protections by making it harder for landlords to evict during renovations.

Read the full story by CBC.

Ontario Hasn’t Conducted Property Assessments Since 2016

Ontario has paused property assessments since the pandemic in 2020, with no clear timeline for resumption. Originally conducted every four years, the last assessment was in 2016. The ongoing delay creates uncertainty and complicates financial planning for homeowners and municipalities, as outdated property values are used to calculate taxes.

Read the full story by CBC.

Designs Released for Toronto’s Cloverdale Mall Redevelopment

Phase one of the Cloverdale Mall redevelopment in Toronto will feature a 33-storey mixed-use tower and an adjoining 9-storey mid-rise, containing 606 units. The overall master plan for the site envisions a community-focused space with extensive green areas, retail, and nearly 5,300 residential units over the next decade.

Read the full story by Storeys.

Office Vacancy in Toronto Reaches 24-Year High

Downtown Toronto’s office leasing hit a decade-low in Q2 2024, with vacancy rates soaring to 14.6%, the highest in 24 years. The slump is driven by new supply and shifting tenant needs, particularly impacting Class-B buildings. Despite some positive trends in Class-A properties, overall leasing and sales remain stagnant.

Read the full story by RENX.

📅Save These Dates

September 17, 2024, 5:30am | Inflation Rate YoY

💭Quote of the Day

"Formal education will make you a living; self-education will make you a fortune."

_{Jim Rohn}

😯Random Fact of the Day

Did you know… the Great Fire of London in 1666 paved the way for modern property insurance? After the massive destruction of property, insurance companies began offering policies to protect real estate investments.

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

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