💰 You may benefit from this settlement

RE/MAX Canada settles class-action lawsuits for $7.8M, plus more news from across Canada.

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Recap Team
February 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: “It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.” - George Soros

Top Story

Re/Max Canada Settles Class-Action Lawsuits for $7.8M

Re/Max Canada has reached a US$5.5 million settlement to resolve class-action lawsuits alleging price-fixing through buyer brokerage commissions. The lawsuits claim these fees inflate costs and limit competition. The settlement awaits court approval and could benefit Canadians who sold real estate through MLS since 2010.

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BC News

Surrey Needs Over 50K New Homes to Improve Affordability

Surrey needs 53,111 new homes in five years and 169,221 in 20 years. Currently, 3,000–4,500 units are built annually. With homeownership out of reach for many, the rental market sees affordability and overcrowding challenges, especially for lone-parent female-led households, single individuals, and indigenous families.

BC Extends Pre-Sale Marketing Period for Large Developments

BCFSA has launched a pilot program extending the early marketing period for large residential projects (100+ homes) from 12 months to 18 months. Starting April 1, 2025, developers must also provide a summary form in disclosure statements so buyers are aware of potential risks before signing a purchase agreement.

VGH & UBC Hospital Plans Expansion with 2 High-Rise Towers

The VGH & UBC Hospital Foundation plans to expand on a site at 900-990 W 12th Avenue, acquired in 2022 for $100 million. The project, totalling 884,635 sq. ft., will include a 26-storey and a 28-storey tower, offering clinical, office, and care spaces, addressing immediate healthcare needs and a shortage of long-term care beds.

FortisBC Can’t Guarantee Power for New Kelowna Developments

Urban Development Institute warns that development in Kelowna could halt due to FortisBC's inability to guarantee power for new projects until 2027-2029. FortisBC plans a $157 million infrastructure upgrade, but this is deemed inadequate for Kelowna's rapid growth, posing risks for developers, businesses, and residents.

Keltic Considers Selling 27-Acre Development Site in Richmond

Keltic Development, which acquired Richmond's 27-acre Brighouse West Business Park for $300M in 2021, is now gauging market interest in the property. The "River Garden" mixed-use project was planned to feature 1,833 residential units, retail, and office spaces. The developer is considering both selling and continuing development.

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Ontario News

Mortgage Delinquencies Are Rising in Ontario

In Q4 2024, Equifax Canada reported rising mortgage delinquencies in Ontario, with 11,000 mortgage payments missed. This is more than 50% higher than pre-pandemic levels. Total Canadian consumer debt reached $2.56 trillion, up 4.6% from 2023. Financial stress is more pronounced among younger and lower-income individuals.

New Home Inventory Is Piling up in the GTA

In January, new home sales in the GTA were near historic lows, with only 347 units sold, a 40% decline year over year and 77% below the 10-year average. Despite a slight increase in sales from December, prices for new homes have dropped significantly, creating buyer-favorable conditions amid 21,505 available units.

Assembly Park Project Aims to Transform Downtown Vaughan

QuadReal Property Group's Assembly Park is transforming Vaughan's downtown into an urban hub, with plans to add three towers of 38 to 45 storeys in the Block 1E proposal. The development will provide 1,560 residential units and extensive amenities near the VMC subway station. Assembly Park includes 25 acres of parks.

2 Towers Proposed in Scarborough’s Oakridge Area

A new development by Sigma Group is proposed for Scarborough's Oakridge neighbourhood, featuring residential, retail, and a Montessori school/daycare. Located at 507-513 Victoria Park Avenue, it includes two towers of 16 and 39 storeys, providing 578 rental units, retail, and a new public park through a land swap.

45-Storey Tower Planned for Markham’s Thornhill Area

A 45-storey residential tower is proposed by Arkfield Development at 7079 Yonge Street in Markham's Thornhill area. The project will include 568 residential units and 391m² of retail space. The development is strategically located near future transit expansions, such as the Yonge Line 1 North Subway Extension.

Today’s Fun Fact

👉 Did you know that the driest place on Earth is near the ocean? The Atacama Desert in northern Chile is the driest place on Earth, and it is located right next to the Pacific Ocean.

National News

Variable-Rate Mortgages Are Gaining Popularity in Canada

A Royal LePage survey highlights growing popularity of variable-rate mortgages in Canada. With 1.5 million mortgages up for renewal in 2025, many face higher rates than their initial agreements. The preference for variable rates rose to 29% from 24%, while 66% still favor fixed rates. Delinquency rates remain low.

Save These Dates

March 7 | Unemployment Rate

March 12 | Bank of Canada Interest Rate Decision

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

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