- Real Estate Recap
- Posts
- 👏 No More Stress Test for Renewals
👏 No More Stress Test for Renewals
Borrowers can now switch lenders without stress testing, Burnaby approves tallest tower in Western Canada, GTA housing gap reaches 50-year high, Toronto updates Vacancy Home Tax, Ottawa's office market shows strength, and more news from across Canada.
Recap Team
September 27, 2024
Presented by
Good morning!☀️ Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
⚡ Top Story
No More Stress Test When Renewing Uninsured Mortgages
OSFI has eased mortgage stress test requirements for borrowers with uninsured mortgages who are switching lenders at renewal. Effective November 21, this change will help homeowners explore better rates with different lenders without applying the stress test, which often disqualifies individuals despite making consistent mortgage payments.
🔌 Presented by 1440
Receive Honest News Today
Join over 4 million Americans who start their day with 1440 – your daily digest for unbiased, fact-centric news. From politics to sports, we cover it all by analyzing over 100 sources. Our concise, 5-minute read lands in your inbox each morning at no cost. Experience news without the noise; let 1440 help you make up your own mind. Sign up now and invite your friends and family to be part of the informed.
🗞️ BC News
80-Storey Burnaby Tower Will Be the Tallest in Western Canada
Pinnacle International has received approval for two high-rise towers reaching 80 and 73 storeys in Burnaby. The towers, part of a larger four-tower plan, will offer 1,466 units plus office and retail space. The city-required rental units will be built at a separate three-tower site located near Lougheed Station.
Bosa Plans a 5-Tower Mixed-Use Development in Surrey Central
Bosa Properties is planning a five-tower mixed-use development called Bristol in Surrey, following its $170M acquisition of the site. The project will deliver 2,686 units, including 491 rental apartments, across five phases. It will replace the existing low-rise Bristol Estates, with the tallest tower reaching 53 storeys.
6 Towers Proposed to Replace Coquitlam’s Cariboo Centre
Wesgroup and Choice Properties REIT have proposed a 6-tower master plan in Coquitlam. The project would deliver 2,470 homes across 36 to 45-storey buildings, including rental and strata units, with 92 below-market rentals. The phased development will also feature over 100,000 sq. ft. of commercial and childcare space.
Vancouver Proposes New Initiative to Fast-Track Social Housing
Vancouver is proposing a new initiative to fast-track social housing projects by pre-zoning. The initiative would allow up to 6-storey buildings in Village areas and 18-storey buildings in Neighbourhood Centres. Projects must be owned by non-profits or government entities, with at least 30% of units rented to lower-income households.
Kelowna is Falling Short of Its Housing Targets
Kelowna is falling behind housing targets set by its Housing Needs Assessment and the federal HAF. Through Q2 2024, the city has issued 637 permits, which is below the necessary 1,600 to 2,000 units annually. Large developments have decreased, and the city is missing targets for affordable housing units.
Update Your Preferences
You are currently subscribed to our general newsletter. Click here to personalize your experience and tell us what you’re interested in.
🗞️ Ontario News
GTA’s Population and Housing Gap Reaches 50-Year High
The gap between the GTA’s population growth and housing supply is the largest in 50 years, driven by high fees, lengthy approval timelines, and rapid population growth. Barrie, Oakville, and Mississauga lead in lower fees and faster approvals, while Caledon, Oshawa, and Richmond Hill lag behind.
Toronto Updates Vacant Home Tax Program
Toronto’s Vacant Home Tax program is being updated after over 100,000 homeowners were mistakenly billed. To prevent future errors, the City is extending the declaration period to April 30, 2025, launching a user-friendly portal, and improving communication. Late fees for 2023 are waived but may return in future years.
Ottawa’s Office Market Reaches Third Lowest Vacancy in Canada
Ottawa's office market is gradually improving, with vacancy rates decreasing for four consecutive quarters, currently at 11.5%. Downtown and suburban markets have seen positive absorption, and leasing activity is increasing. Tenants are seeking flexible, tech-enabled office spaces, with strong demand for Class A buildings, though supply remains limited.
3.27-Acre Development Site for Sale Near New Ottawa Arena
Dream Unlimited is selling 3.27 acres of development land near Ottawa’s new arena site. The land, known as Capital View Lands, is located within the 34-acre Zibi community spanning Ottawa and Gatineau. It offers potential for up to one million square feet of mixed-use housing and commercial spaces.
22-Storey Mixed-Use Tower Proposed in Central Brampton
A 22-storey mixed-use tower is proposed for Brampton’s Ridgehill neighbourhood at 10 Henderson Avenue. The building will include 274 residential units and retail on the ground and second floors. Located near Brampton GO station, this proposal joins a wave of high-rise development in the city’s core.
📅 Save These Dates
October 11, 2024, 5:30am | Unemployment Rate
October 15, 2024, 5:30am | Inflation Rate
🗞️ National News
Home Renovations Are Driving Up Prices in Major Cities
A new report from Re/Max Canada reveals that increased home renovation spending, which surged by $300 billion from 2019 to 2023, is driving up housing values, especially in Toronto and Vancouver. Despite a decrease in new single-family home building permits, revitalization projects and urban infill are transforming neighbourhoods.
National Housing Starts Increase but Still Lag Behind Demand
Housing starts rose 4% in Canada’s six largest cities in early 2024, with notable increases in Calgary, Edmonton, and Montreal. However, construction still lags behind demand, particularly in Toronto, Vancouver, and Ottawa, where starts declined 10-20%. While rental apartment construction increased, condominium starts dropped due to weak pre-construction sales.
Strong Demand Continues for Luxury Properties in Canada
Canada’s luxury real estate market is set for robust activity this fall. Halifax led with an 8.6% price increase, while Toronto rose 3.9%. Vancouver and Montreal saw slight declines, but Winnipeg’s luxury sales surged 61.9%. Despite the foreign buyer ban, strong local demand continues to drive the market.
💭 Quote of the Day
"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful."
Albert Schweitzer
You’re all caught up! Enjoy the rest of your day.✅
What did you think of today's newsletter?Your feedback helps us create more valuable content. |
😯 Random Fact of the Day
Did you know that the concept of a “salary” comes from salt? In ancient Rome, soldiers were sometimes paid with salt, and the word "salary" originates from "sal," the Latin word for salt.