😮‍💨 Your Mortgage Just Got Cheaper

Bank of Canada announces its sixth consecutive rate cut, plus more news from across Canada.

Author

Recap Team
January 31, 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: "We are stubborn on vision. We are flexible on details." - Jeff Bezos

Top Story

Bank of Canada Announces 6th Consecutive Rate Cut

As expected, the Bank of Canada cut its policy rate by 0.25% to 3% and ended its quantitative tightening program. GDP growth is projected to strengthen in 2025 but at a slower pace due to lower immigration and population growth. Inflation remains close to the 2% target, but prolonged trade conflict could weaken GDP and drive inflation higher.

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BC News

Surrey City Centre Has 91 Towers in the Development Pipeline

Under Metro Vancouver's growth plans, Surrey City Centre is designated as a secondary metropolitan core. Currently hosting 11 high-rise towers, the area has 21 towers under construction and 70 approved. The tallest of which will reach 754 ft., surpassing Vancouver’s Shangri-La. The population is expected to grow from 35,000 to 65,000 by 2044.

REVS Bowling in Burnaby to Be Replaced by 3 Towers

Burnaby's last bowling alley, Revs, is set to be replaced by three high-rise towers (60, 54, and 46 storeys) at 5502 Lougheed Hwy, offering 1,667 residential units. Keltic Canada Development plans include market and non-market rentals, commercial areas, daylighting Beecher Creek, and improving pedestrian and cycling infrastructure.

Reliance Proposes Vancouver Island’s Tallest Building

Reliance Properties plans to transform the site of 1520 Blanshard Street in downtown Victoria with a proposed 35-storey mixed-use tower, potentially becoming Vancouver Island's tallest building. The development promises public benefits, 321 new homes, and 404,000 sq. ft. of space, blending heritage with modern innovation.

Delta Plans to Convert City-Owned Land Into Housing

Delta is exploring housing development on city-owned lands under its updated Official Community Plan. The plan re-designates civic lands, previously reserved for municipal or institutional use, to allow residential construction. This initiative targets underutilized properties, aiming to create affordable housing options.

Shawn Oaks Project Owes $100M and Faces Receivership

Landmark Premiere Properties faces receivership proceedings for its Vancouver redevelopment project at 5505-5585 Oak Street due to financial difficulties. The development, encompassing over 600 residential units, stalled after Landmark accrued $99.2 million in debt. A court-ordered sale may occur if receivership is approved.

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Ontario News

GTA New Home Sales Plummet to 40-Year Low

In 2024, the Greater Toronto Area's new home market saw unprecedented declines, with total sales plummeting 47% year-over-year to 9,816 units, the lowest since 1990. December sales hit a 40-year low, falling 80% below the 10-year average. Despite lower mortgage rates, high building costs continue to deter buyer interest.

Mississauga Slashes Development Fees and Property Taxes

Mississauga has enacted measures to make housing more affordable, reducing development charges by 50-100% for specific units and decreasing property taxes by 35% for new purpose-built rental housing. Fees, taxes, and charges have hindered housing, with development charges amounting to 10% of the final cost of a home in Mississauga.

New Proposal Converts Oakville Farmland to 7-Tower Project

A mixed-use community has been proposed in Oakville's Neyagawa–Glenorchy neighbourhood, transitioning from farmland to urban. The development consists of seven residential towers, ranging from 15 to 28 storeys, at 3056 Neyagawa Boulevard. It will integrate 2,278 residential units and 1,551m² of retail space over 3.75 hectares.

$975M Investment Will Revitalize Toronto’s Waterfront

The Government of Canada, Ontario, and Toronto committed $975 million, each contributing $325 million, to revitalize Toronto’s Waterfront. This initiative aims to create over 14,000 homes, including affordable rentals, at Quayside and Ookwemin Minising. The project is expected to generate $13.2 billion and approximately 100,000 jobs.

Tunney’s Pasture Plan Revamped With Thousands of Homes

The Tunney's Pasture redevelopment plan aims to transform the 49-hectare federal office complex in Ottawa into a mixed-use urban community. The plan, unveiled by the NCC, includes up to 9,000 new housing units, 1,400 to 1,800 of which will be affordable. Five of the nine federal buildings on the site will be sold to the private sector.

Today’s Fun Fact

👉 Did you know Chinese builders often skip the 4th floor in buildings, while American builders skip the 13th? That’s why you don’t see these numbers in some elevators. Every culture has its superstitions.

National News

U.S.-Canada Trade Tensions Threaten Housing Market

The potential U.S.-Canada trade war, prompted by a possible 25% U.S. tariff on Canadian goods, could elevate construction and renovation costs, impacting Canada's housing market. Key materials potentially affected include $14 billion in metal imports, $3.5 billion in glass products, and $3 billion in major appliances from the U.S.

Save These Dates

February 7 | Unemployment Rate

February 18 | Inflation Rate

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

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