❌ No more GST?

Carney and Poilievre propose scrapping GST on new homes, plus more news from across Canada.

Author

Recap Team
March 28, 2025

Good Morning!☀️

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

🔋But first, fuel your mind: “I’m not a genius. I’m just a tremendous bundle of experience.” - R. Buckminster Fuller

Top Story

Poilievre Pledges to Cut GST on New Homes up to $1.3M

Conservative leader Pierre Poilievre pledges to eliminate the 5% GST on newly built homes under $1.3 million, promising up to $65,000 savings for buyers. This contrasts with Liberal leader Mark Carney’s similar $1 million cap plan for first-time buyers. Poilievre emphasized the need for higher caps due to housing market escalations in major cities.

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BC News

Average Home Price in Vancouver Jumps $10,700 in One Month

According to a report by Ratehub.ca, housing affordability in Vancouver is worsening, with average home prices rising by $10,700 from January to February. Despite this, a $1,000 decrease in required income and a $36 reduction in monthly costs were noted due to falling mortgage rates. Only Montreal and Halifax saw larger price increases.

Two Towers With 780 Rentals Proposed Next to Science World

The Vancouver Housing Development Office's new proposal on a long-vacant site across the street from Science World features 42- and 25-storey towers with 780 rental units. Standing taller than neighbouring proposals, the rezoning application emphasizes the need for high-rise buildings to enhance the city's skyline.

Vancouver Office Tower Will Convert into Le Germain Hotel

Reliance Properties is converting a 12-storey office tower at 1111 West Hastings Street in Vancouver into the Le Germain Hotel Vancouver, marking the Germain Hotels chain's first British Columbia location. Set to open in 2029, the 96,000 sq. ft. of office space will be converted into a hotel featuring 180 guest rooms.

Bonnis Properties Sells Hudson Mall in Downtown Vancouver

Vancouver-based Bonnis Properties has sold the Hudson Mall commercial podium on Granville Street to Hazelview Investments for $89.1 million, amid a series of strategic property sales totaling over $180 million. Atop the subject property is a 30-storey condo tower. Down the street, Bonnis has submitted a new proposal for 800-876 Granville Street.

Federal Government Commits $1.75B for BC Infrastructure

Canada announced over $1.75 billion in funding for BC's infrastructure. About $1.5 billion from the Canada Public Transit Fund is designated for TransLink over 10 years. Additionally, $250 million is allocated to Metro Vancouver for the Iona Island Wastewater Treatment Plant. Both funds have requirements that promote housing creation.

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Ontario News

Ontario Is Facing a Rental Housing Supply Crisis

Ontario faces a predicted deficit of 207,000 rental units over the next decade, as demand outpaces supply. Despite a record delivery of over 50,000 units in 2024, issues such as economic feasibility, high fees, and slow approvals hinder progress. Purpose-built rental (PBR) starts are expected to grow in the long term, aided by government policies.

Toronto’s Tallest Skyscraper Proposes to Add 106th Storey

Pinnacle International plans to add a 106th storey to SkyTower at Pinnacle One Yonge, which is poised to be Canada's tallest skyscraper. Located in Toronto, the tower's current approved height is 345.5m, potentially increasing to 351.85m. A proposed Minor Variance application seeks additional height adjustments and residential modifications.

Trio of Condo Towers Set to Transform Erin Mills Plaza

A proposed trio of condominium towers, designed by Arcadis for Trinity Point (Starmont Estates), aims to replace a shopping plaza at 2555 Erin Centre Boulevard, Mississauga. The development, which features 1,022 units across buildings up to 34 storeys, includes 69,297m² of gross floor area, 1,080m² of retail, and 992 parking spaces.

Presale Contracts Terminated for Etobicoke Development

Vandyk Properties' project, The Buckingham, located at 23 Buckingham Street in Etobicoke, remains unsold as its presale agreements are terminated by court order. The site, under receivership due to mortgage default, saw no acceptable bids and owed $38.4 million to MCAP Financial. Presale deposits totalled $71 million.

Toronto Expands Development Avenues to Boost Housing Supply

On February 5, Toronto Council adopted Official Plan Amendment 778, expanding designated 'Avenues'—major streets for growth and frequent transit—by 283 km to a total of 455 km. Part of the Housing Action Plan, this aims to increase housing supply and streamline development processes while addressing business displacement.

Today’s Fun Fact

👉 Did you know that the Louvre Museum houses 70,000 pieces of art? Spread across more than 650,000 sq. ft. of gallery space, it takes 2,000 employees to maintain the museum and its artwork for the Louvre's 8.8 million annual visitors.

National News

Canada’s Top-Performing Cities Receive $73M in Bonuses

The Canadian government announced $73.8 million in bonus funding for 27 top-performing communities through the Housing Accelerator Fund, an incentive program promoting housing development. Notable recipients include Calgary, receiving $22.8 million, Edmonton, London, Vancouver, and Surrey. Toronto did not make the list.

Save These Dates

April 4 | Unemployment Rate

April 15 | Inflation Rate

April 16 | BoC Interest Rate Decision

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

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