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- đ”âđ« Things are getting confusing
đ”âđ« Things are getting confusing
Inflation unexpectedly jumped 2.6% in February, plus more news from across Canada.
Recap Team
March 21, 2025
Good Morning!âïž
Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from this week.
đBut first, fuel your mind: âYour most unhappy customers are your greatest source of learning.â - Bill Gates
Top Story
Spike in Inflation Will Complicate Bank of Canadaâs Strategy
Annual inflation jumped to 2.6% in February as the federal tax holiday ended mid-month. Prices rose in all provinces, with the largest increases in New Brunswick and Ontario. This unexpected rise, higher than analystsâ forecast of 2.2%, may prompt the Bank of Canada to reconsider further interest rate cuts amid ongoing trade tensions.
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BC News
BC Ends Secondary Suite Program Amid Economic Uncertainty
The Government of British Columbia has ended the Secondary Suite Incentive Program, which offered up to $40,000 in forgivable loans to create secondary suites. The government cited economic uncertainties as the reason, and applications are set to cease by March 30. Funds will be reallocated to other programs, such as BC Builds.
23 Individuals Charged in Massive Mortgage Fraud Scheme
Following a multi-year investigation by BCFSA, 23 individuals have been charged for collaborating with Jay Kanth Chaudhary, an unregistered mortgage broker who allegedly facilitated over $500 million in fraudulent loans using fake documents. BCFSA is taking disciplinary action against four real estate licensees and one mortgage broker.
Waterfront Entertainment District Planned for Surrey
City of Surrey has launched a feasibility study to develop a waterfront entertainment district along the Fraser River near Patullo Bridge. The city aims to create a vibrant area featuring parks, restaurants, and retail to boost tourism and local engagement. Previous mayors have considered proposals for a Ferris wheel attraction in this area.
New West Gets Metro Vancouverâs First Costco Business Centre
Costco plans to open two additional stores in Metro Vancouver, including the region's first Costco Business Centre in New Westminster's Queensborough area. This new 142,400 sq. ft. location, repurposing a former Lowe's, targets business customers with bulk and specialized products. The city has issued a development permit for the site at 1085 Tanaka Court.
5 Towers Approved for Iconic Telus Boot Site in Burnaby
The Telus Boot office tower site in Burnaby will be redeveloped into a mixed-use development called Central Park Commons. City council approved the plan, which includes five new towers up to 64 storeys tall, providing approximately 2,535 homes and 43,000 sq. ft. of commercial space. Phase one will deliver two market rental towers.
800 Granville Plan Pivots from Offices to Rentals and Hotel
Bonnis Properties has revised its 800 Granville plan from an office hub to focus on rental housing and a hotel amid shifting market dynamics. The new design features a commercial podium supporting two high-rise towers with 523 rental units and 100 hotel rooms, replacing 470,000 sq. ft. of initially planned office space.
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Ontario News
Toronto Secures $2.55B Federal Loan to Build 4,831 Homes
The City of Toronto received $2.55 billion in low-cost financing from the federal government to expedite the construction of 4,831 rental homes, including 1,075 affordable units, through the CMHC's Apartment Construction Loan Program. Toronto Council also approved $234.83 million for fee and tax reforms to support these developments.
Receiver Appointed for TASâs 1.28-Acre Property in Toronto
The Ontario Superior Court appointed TDB Restructuring Limited as receiver over TAS's 128-acre property at 3775-4005 Dundas Street West on March 6, 2025, after the real estate developer and asset manager defaulted on a loan. TAS's indebtedness exceeded $17.5 million, with failed attempts to sell the property since 2022.
Kindred Retains Historic Church in 148-Unit Rental Proposal
Canadian developer Kindred Works has filed a Site Plan Approval for its Lawrence Avenue East project. The original plans were revised to preserve a historic chapel and expand the project to 148 rental units. The redesigned project includes a 12-storey building and a six-storey complex with eco-friendly features and ample amenities.
Oben Group Proposes 14-Storey Project in South Parkdale
Oben Group has submitted a proposal for a 14-storey, 147-unit rental development in South Parkdale, Toronto. The project includes a mix of bachelor to three-bedroom units, with plans for amenity spaces and underground parking. Designed by SuperkĂŒl, the building will replace an existing four-story structure at 138 Dowling Ave.
Todayâs Fun Fact
đ Did you know that Canada produces 70% of the worldâs maple syrup? Canadian maple products are exported to nearly 75 countries, and QuĂ©bec alone is responsible for 90% of Canada's production.
National News
National Home Sales Reach Lowest Level Since November 2023
In February, Canadian home sales dropped 9.8% from January, reaching their lowest since November 2023. The trend was most pronounced in the Greater Toronto Area. New listings decreased by 12.7%, and the national average sale price fell by 3.3% year-over-year. CREA links this decline to economic uncertainty from new tariffs.
Hudsonâs Bay Is Liquidating All of Its Stores in Canada
Hudsonâs Bay Company (HBC) is set to enter a store-by-store liquidation process that will reshape Canadaâs retail real estate market. The company is seeking permission from courts to begin liquidation as early as this week to clear a C$1.1 billion debt to creditors and landlords. HBC is North Americaâs oldest continuously operating company.
Save These Dates
April 4 | Unemployment Rate
April 15 | Inflation Rate
April 16 | BoC Interest Rate Decision
Youâre all caught up. Enjoy the rest of your day!
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