🔨 Building homes could get harder

Canadian governments evaluate the impact of US tariffs on steel and aluminum, plus more news from across Canada.

Author

Recap Team
February 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: “Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.” - Stephen R. Covey

Top Story

Ontario Builders Brace for Tariffs on Steel and Aluminum

The Ontario Home Builders’ Association (OHBA) plans to collaborate with the province to mitigate the impact of US tariffs on Canadian steel and aluminum, set at 25%. Steel and aluminum make up about 0.5% of Canada's GDP but the OHBA fears the tariffs could lead to higher prices, reduced investments, and stalled housing projects.

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BC News

Surrey Building Vacant Since 1998 Has Sold for $57M

The Westfield Business Centre in Surrey has sold again for $56.5 million. The site, previously purchased by immigration consultant Kuldeep Bansal for $55 million, entered foreclosure proceedings in August 2023. The new buyer's identity remains undisclosed, but court documents state that it is a well-known and respected company.

Cadillac Fairview Lists Twin Towers in Downtown Vancouver

Cadillac Fairview is selling two 16-storey office towers in downtown Vancouver, totaling 283,530 sq. ft. of Class B office space. Constructed in 1973, the towers are located on a 0.716-acre parcel between Howe Street and Granville Street. The buildings feature a 217-car parkade, ground-floor retail space, and 86% occupancy rate.

Richmond Council Cancels 90-Unit Housing Project

Richmond has canceled a proposed 90-unit supportive housing project at Cambie and Sexsmith Roads due to community opposition and perceived provincial government transparency issues. Despite plans for security features, 24/7 staffing, and clean up teams, council decided to respect community concerns.

MVRD Considers More DCC Protection for In-Stream Projects

The Metro Vancouver Regional District is proposing to extend the in-stream protection period for development cost charges (DCCs) from 12 months to 18 or 24 months. This move could forgo up to $220 million in DCC revenue. However, the purpose of this change is to secure $250 million from the Canada Housing Infrastructure Fund.

U.S. Investor Sells Major Stake in The Amazing Brentwood

U.S.-based L Catterton Real Estate has sold its 35% stake in Burnaby's The Amazing Brentwood. This is one of the largest master-planned developments in North America. The project spans 28 acres, integrating 8.5 million sq. ft. of residential, commercial, and public transit. Details of the buyer and purchase price remain undisclosed.

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Ontario News

Toronto Finalizes 6.9% Property Tax Increase

Following a 19-5 vote, Toronto has approved a 6.9% residential property tax increase, combining a 5.4% hike for the operating budget and a 1.5% building levy. This results in an additional $210 annually for the average homeowner. This marks the third consecutive year of significant property tax increases in Toronto.

Toronto Council Approves 6 Development Projects

Toronto approved zoning approvals for six development projects across the city. Notable projects include a 40-storey affordable housing building in Davisville Village with 494 units, a mixed-use development on Ethel Avenue with 1,409 units, and 1,000+ more units in East York, Etobicoke, Forest Hill, and Little Portugal.

2 Towers Proposed Near Vaughan Metropolitan Centre Station

MPAR Developments proposes two high-rise towers, reaching 50 and 55 storeys, at 60 Talman Court near Vaughan Metropolitan Centre station. The mixed-use development includes 933 residential units, a 225-room hotel, office space, and retail. The 8,582m² site currently houses a commercial building and surface parking.

Ottawa’s Active Listings Are 90.6% Above the 5-Year Average

Ottawa's saw 617 homes sold in January, a 4.2% decrease from the previous year. Home sales are 9.6% below the 10-year average. Active listings surged by 57.3% year-over-year and buyers are re-engaging amid rate cuts. The average home price increased 5.8%, and the dollar volume of all home sales was up 1.3% from last January.

High-Rise Redevelopment Proposed for Ajax’s Harwood Plaza

A redevelopment proposal in Ajax aims to transform Harwood Plaza into a high-density downtown area. Featuring three residential towers of 16, 23, and 30 storeys, the plan includes 863 units and 847m² of retail space within a 65,461m² gross floor area. It is the first phase of a broader Master Block Plan for the 1960s-built mall site.

Today’s Fun Fact

👉 Did you know that Mexico is home to the world’s longest underground river? Sistema Sac Actun is a 95-mile river that runs underneath the Yucatan Peninsula. A group of foreign divers discovered it in 2007.

National News

Value of Building Permits in Canada Rose 11% in December

In December, the total value of building permits in Canada rose by 11.0% to $13.1 billion, driven by a 21.2% increase in the residential sector, especially in Ontario and British Columbia. Multi-unit construction intentions increased 33.3% month-over-month. Meanwhile, non-residential permits fell 5.9%, with Quebec leading the decrease.

Save These Dates

February 18 | Inflation Rate

February 28 | GDP Growth Rate

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

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