🙌 Qualifying just got easier for first-time homebuyers

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

⚡ Top Story

Canada Eases Mortgage Rules for First-Time Homebuyers

Prime Minister Justin Trudeau’s government has loosened mortgage rules, allowing 30-year mortgages for all first-time buyers and those purchasing newly built homes. The price cap for insured mortgages has been raised to $1.5 million, up from $1 million. These changes will take effect on December 15.

Read the full story by Gov of Canada.

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🗞️ BC News

2,600 Vancouver Homes to Be Sold at 60% of Market Value

The BC government has partnered with three First Nations to offer 2,600 homes at Heather Lands in Vancouver at 60% of market value. The government will finance and cover 40%, repayable after 25 years or upon resale. Buyers’ annual household income must be below $131,950, among other eligibility criteria.

Read the full story by BC Gov.

Anthem Hopes to Raise $82M via IPO for Metrotown Project

Anthem is launching an IPO to raise $82M for Citizen, a 66-storey development in Burnaby's Metrotown. The project includes condos, townhomes, rentals, a hotel, and retail space, and is 77% pre-sold. This IPO, a first in Canada, offers investors an opportunity to participate with a minimum investment of $10,000.

Read the full story by BIV.

Developer Faces Foreclosure on 4 Metro Vancouver Projects

iFortune Homes, a developer based in Richmond, faces foreclosures on four projects in Metro Vancouver due to insolvency issues. The projects under foreclosure include Elm41 and Auberry in Vancouver, a large land parcel in Richmond, and a planned high-rise in Burnaby. The total outstanding debt is over $59 million.

Read the full story by Storeys.

361-Unit Rental Development Proposed in Kelowna’s Core

A Vancouver-based developer has proposed a rental development along Bernard Avenue in Kelowna, featuring 361 rental units across two six-storey buildings. The plan involves converting the 12 single-family lot parcel into a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. Amenities include co-working spaces, social areas, and rooftop decks.

Read the full story by Castanet.

Kamloops Council Approves Rezoning for 180-Unit Project

Kamloops City Council approved a zoning change for a 180-unit development on Ord Road in a 6-3 vote, despite concerns about wildlife impact. Opponents, including conservation groups, raised issues regarding species like bighorn sheep and rattlesnakes. Supporters emphasized the need for housing and potential transit improvements.

Read the full story by Castanet.

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🗞️ Ontario News

GTA Sales Drop to Historic Low in August

The GTA market experienced a new historical low in new home sales, with only 464 transactions in August 2024. This decline, influenced by high interest rates, construction costs, and government fees, reflects a 46% drop from the previous year and a 73% decrease from the 10-year average.

Read the full story by Storeys.

Toronto Homebuilder Faces 124 Charges in Major Investigation

HCRA has filed 124 charges against Albion Building Consultant in its largest investigation to date. The Toronto homebuilder is accused of building homes without a license, failing to enroll homes, and accepting significant payments for unauthorized sales. The regulator is also seeking a restraining order to prevent further violations.

Read the full story by Storeys.

Trophy Office Tower in Downtown Ottawa Listed for Sale

A 477,448 sq. ft. Class AA office tower at 150 Slater Street in Downtown Ottawa is offerred for sale. Built in 2011, it features modern architecture, underground parking, and LEED Gold certification. It’s fully leased, mainly to Export Development Canada, offering stable cash flow with a 6.8-year lease term.

View the listing by CBRE.

Four 35-Storey Mixed-Use Towers Proposed in Vaughan

A proposal for four 35-storey mixed-use towers at 166 Woodstream Boulevard has been submitted. The towers will replace low-rise industrial buildings. The development includes 1,221 residential units with amenities such as an outdoor amphitheatre. It spans 1.6 hectares and offers connections to York Region Transit and future transit expansions.

Read the full story by Urban Toronto.

6 Towers up to 60 Storeys Proposed Near Ajax GO Station

A development proposal in Ajax near the GO station includes six towers ranging from 50 to 60 storeys. The site at 425 Bayly Street West will house 3,727 residential units, retail and office spaces, and a central parkette. Construction is planned in two phases, with underground and above-ground parking.

Read the full story by Urban Toronto.

📅 Save These Dates

October 11, 2024, 5:30am | Unemployment Rate

October 15, 2024, 5:30am | Inflation Rate

🗞️ National News

Inflation Drops to Bank of Canada’s 2% Target

Canada’s annual inflation rate slowed to 2% in August, the lowest since February 2021. This drop has increased the likelihood of a significant interest rate cut by the Bank of Canada. Lower gasoline and durable goods prices were the main drivers of this decline. However, food prices remained high.

Read the full report by Statistics Canada.

Canadian Housing Market Remains Flat Despite Rate Cuts

Despite modest sales increases after rate cuts, Canadian housing remains in a holding pattern. In August, sales increased 1.3% month-over-month, with listings up 1.1%. Inventory sits at 177,450, up 18.8% from last year but below historical averages. The national average price was $649,100, almost flat year-over-year.

Read the full report by CREA.

💭 Quote of the Day

"Don’t be afraid to give up the good to go for the great."

_{John D. Rockefeller}

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

😯 Random Fact of the Day

Did you know… Silicon Valley wasn't always tech. Before the tech boom, it was mostly known for its fruit orchards and agriculture.