❌ Trudeau's out, but CRA doesn't care

Changes to the capital gains tax are still in play, plus more news from across Canada.

Author

Recap Team
January 10, 2025

Good Morning!☀️

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

🔋But first, fuel your mind: "The rich focus on their asset columns, while everyone else focuses on their income statements." - Robert Kiyosaki

Top Story

CRA Enforces Capital Gains Hike Despite Trudeau’s Resignation

The CRA has decided to implement proposed capital gains tax changes, including raising taxable gains from 50% to 67% for high earners, despite Parliament's prorogation. Forms reflecting the policy will be issued by January 31, but enforcement could stop if Parliament later discontinues the proposal.

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BC News

Eclipse Brentwood Under Creditor Protection Due to $189M Debt

Thind Properties’ Eclipse Brentwood project in Burnaby, a 34-storey tower nearly 95% complete, is now under creditor protection due to $189 million in debt owed to KingSett Capital. Thind now owes KingSett a total of approximately $500M across four projects. The developer also faces a $12 million CRA judgement.

Concord Pacific Unveils Major False Creek Redevelopment

Concord Pacific has unveiled a revamped proposal for a major 10-acre redevelopment in downtown Vancouver’s Northeast False Creek. The plan, named “Concord Landing,” envisions 5,000+ homes, including Vancouver’s new tallest towers at 60 storeys, alongside 220,000 sq. ft. of commercial space.

North Vancouver Greenlights Tallest Tower on North Shore

Following a 4-3 vote, the District of North Vancouver council approved a 12-storey hotel and 37-storey mixed-use building, the tallest on North Shore, at 1634 and 1748 Capilano Road. The development includes 478 residential units, with 48 below-market rentals, and aims to improve local traffic flow and infrastructure.

December Stats Signal a Pivot for the Lower Mainland Market

In 2024, 41,131 homes were sold in the Lower Mainland, with Greater Vancouver accounting for 26,561 sales, up 1.2% from 2023. The Fraser Valley reported 14,570 sales, a 10-year low. Activity picked up in December, with year-over-year sales up 31% in Greater Vancouver and 19% in the Fraser Valley.

Cost to Construct Parking in Metro Van Reaches $230K Per Stall

A new report highlights the financial burden of underground parking construction in Metro Vancouver developments, with costs reaching up to $230,000 per stall. These costs can make projects financially unviable. For buyers, an increase of 1.2 stalls per unit requires an additional $35,000 in annual household income, on average.

Ontario News

GTA Market Remains Flat Except Semi-Detached Properties

The GTA’s housing market experienced modest growth in 2024, with sales rising 2.6% to 67,610. The average home price increased slightly to $1,117,600. December sales saw a slight decline year-over-year, with prices mostly stable across housing types, except for semi-detached homes, which increased by 6%.

Ontario Allows Mass Timber Construction up to 18 Storeys

Ontario has amended its building code to allow mass timber construction up to 18 storeys, effective January 1, 2025. Previously limited to 12 storeys, this change aims to accelerate home building, cut construction costs, and boost Ontario’s forestry sector. Mass timber offers environmental benefits and structural reliability.

5 Towers Proposed to Replace Commercial Plaza in Pickering

A major development proposal in Pickering aims to transform a commercial plaza at 705 Kingston Road into a dense mixed-use project with five residential towers ranging from 28 to 35 storeys. This project will feature 1,748 units, 3,922m² of retail space, and increased connectivity via the Durham-Scarborough BRT line.

New Plans Submitted for 55-Storey Tower Near Eglinton Subway

State Building Group has resubmitted plans for a 55-storey mixed-use development at 55 Eglinton Avenue East, proposing 664 residential units and 5,608 sq. ft of retail space, replacing office space. The revised proposal aligns with current low office demand and transit-oriented development goals.

Ottawa Housing Market Showed Signs of Stability in 2024

Ottawa-Gatineau's housing market rebounded in 2024, with an 11.8% rise in sales, boosted by decreased interest rates and relaxed mortgage rules. Ottawa remains a seller's market, with a median home price of $630,000. Economic and political factors could impact future stability and affordability.

Today’s Fun Fact

👉 Did you know Napoleon wasn’t actually short? He was 5'6" to 5'7", an average height. However, his height was measured as 5'2" in French inches, which were slightly longer than English inches at the time, and British propaganda used this to undermine him.

National News

Average Rents in Canada Reach a 17-Month Low

In December, Canada's average rent fell to $2,109, a 17-month low and down 3.2% year-over-year. Rents fell more than 7% in Toronto and Calgary, with Vancouver close behind falling 5.8%. Edmonton recorded increases, and Quebec City became the fastest-growing market for apartment units.

Save These Dates

January 21, 5:30am | Inflation Rate

January 29, 6:45am | BoC Interest Rate Decision

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

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