⬇️ Tariff turmoil leads to lower rates

Bank of Canada announces 7th consecutive rate cut, plus more news from across Canada.

Author

Recap Team
March 14, 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: “Beware of little expenses. A small leak will sink a great ship.” - Benjamin Franklin

Top Story

Bank of Canada Cuts Rates by 0.25% Amid Trade Tensions

The Bank of Canada reduced its overnight rate target to 2.75% amid trade tensions with the U.S., which are expected to slow economic growth and heighten inflation. The Canadian economy grew by 2.6% in Q4 2024, but uncertainty hampers consumer spending and business investments. Inflation remains close to the 2% target.

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BC News

Brivia Pays $55M to Remove Social Housing in CURV Project

The CURV development in Downtown Vancouver, initially planned with 328 strata units, 50 market rentals, and 102 social housing units, has revised its plans. A recent amendment approved by the city allows Brivia Group to eliminate social housing units in exchange for increasing rentals to 176 units and paying $55 million to the city.

571 Rentals Planned for Former Safeway Site in Kitsilano

Vancouver City Council has approved BentallGreenOak's high-density, mixed-use redevelopment for the former Safeway site in West Point Grey. The plan includes two high-rise and two mid-rise buildings, offering 571 rental apartments. This includes 114 below-market units, plus a new 35,200 sq. ft. grocery store and additional retail space.

Bosa Acquires 2.7-Acre Best Western Hotel Site in Burnaby

Bosa Properties is expanding its Burnaby portfolio with an acquisition in Royal Oak and a joint venture in Metrotown. The Royal Oak site, featuring a Best Western Plus Hotel, will undergo significant renovations, and redevelopment is planned in the long run. At the Metrotown site, Bosa plans a 40-storey rental tower with 418 units.

Vancouver Leads Canadian Hotel Market

According to Avison Young, the Canadian hotel sector saw $1.3 billion in transactions, a 46% increase from 2023. Vancouver led Canadian hotel markets with the highest occupancy (78.2%), average daily rate ($285.21), and revenue per available room ($223.09). Edmonton also experienced strong momentum.

18-Storey Mass-Timber Hotel Proposed in Vancouver

A proposed 18-storey mass-timber hotel near Vancouver's Granville Street Bridge will be North America's tallest mass-timber hotel. The project includes 168 guest rooms and over 91,000 sq. ft of floor space. This aligns with Vancouver's effort to address a significant hotel room shortage, citing a need for 20,000 additional rooms by 2026.

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Ontario News

Toronto Proposes Development Charge Deferrals

Toronto aims to boost stalled condo projects by deferring development charges for eligible projects that submitted a complete Site Plan Application by March 1, 2025. Projects must be on private land, start within two years, and include 5-10% affordable units. There are 14,000 units in the development pipeline, and this could push 3,000 through.

Sunray Group Acquires Bisha Hotel in Toronto for $91M

Ontario-based Sunray Group has acquired the Bisha Hotel in downtown Toronto for $91 million, or $947,917 per room. The 96-room hotel, part of a 44-storey tower, is now part of The Luxury Collection by Marriott and still managed by INK Entertainment. Sunray Group’s extensive portfolio includes over 70 properties and 10,000 rooms.

7-Tower Development Proposed in Hamilton’s Beasley Area

Hamilton continues to attract significant development, exemplified by a proposed seven-tower project at 186 Ferguson Avenue North. The development, spanning 25,090m², features towers up to 30 storeys with 2,186 residential units, commercial spaces, and community amenities. The project is located near the planned Hamilton LRT.

Revised Development Plan in Brampton Grows to 4 Towers

Brampton's Planning and Development Committee approved a revised proposal for redeveloping the Apple Factory farm market site at Bovaird Drive and Mississauga Road. The plan now includes four towers, up to 35 storeys, and three blocks of 3-storey townhouses, totalling 1,240 units and 4,816m² of amenities.

Ottawa Home Sales Drop but Prices Remain Stable

In February, home sales in Ottawa totalled 809 units, a 10.2% drop compared to the previous year. Despite this decline, prices remained stable, with the overall MLS® HPI composite benchmark price rising 4.4% year-over-year to $658,300. New listings increased by 4.8%, and active residential listings surged 61.4%, providing more options for buyers.

Today’s Fun Fact

👉 Did you know that 90% of the world’s population lives in the Northern Hemisphere? It’s because it has more land, fertile soil, abundant minerals, natural vegetation, and various other resources essential for human settlement.

National News

Average Rents in Canada Drop for 5th Straight Month

In February, average asking rents dropped 4.8% year-over-year to $2,088, marking the fifth consecutive monthly decline and the lowest level since July 2023. Despite the decline, rents are 5.2% higher than two years ago and 16.9% higher than pre-COVID levels. Vancouver maintains the highest rents, followed by Burnaby and Toronto.

Federal Government Unveils Housing Design Catalogue

The federal government has released final renderings and plans for 50 pre-approved housing designs. The catalogue features rowhouses, fourplexes, and more across 13 provinces and territories. The initiative provides free, standardized, sustainable designs to reduce building costs and streamline planning.

Save These Dates

March 18 | Inflation Rate

April 4 | Unemployment Rate

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

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