You Down With DCC?

Your weekly roundup of all things real estate!

with ICYMI If you don't know, now you know.  Perhaps inspired by Ontario's coalition of developers, a group of developers in BC have banded together to push back against upcoming increases to DCCs collected by the Metro Vancouver Regional District.   Speaking of development charges, at least some in the GTA think Toronto's way of handling them is broken.    The Government of Canada quietly published the "blueprint" that will be guiding the upcoming Renters' Bill of Rights. The Canadian Centre for Housing Rights said it "lacks teeth."   Staying with the feds, they're expanding eligibility for 30-year amortizations and raising the price cap for insured mortgages to $1.5M.   Meanwhile, the other Fed – the US Federal Reserve – slashed interest rates by a half point, its first cut since 2020.   Back to our own homefront(s), October is suddenly looking to be cloudy with a chance of a 50-bps interest rate cut.   If the next cut leads to more buyers in the market, sellers best beware, there's a new form in Ontario that could end up getting them sued.    One step forward and two steps back? Toronto may be walking back on garden suite permissions on a portion of Parkmount Road.   CAPREIT announced that it's selling $1B-worth of its properties in the Netherlands, which it owns through European Residential REIT.   If Camcos Living isn't already on your radar, the GTA homebuilder – which epitomizes integrity and prioritizes quality – really should be.*   The GTA reached a new historic low in new home sales in August, with fewer than 500 total sales, a massive 73% below the 10-year average. *Sponsored content BY THE NUMBERS Digits for the digital reader.  2% — The year-over-year rise in CPI in August, putting the metric at its lowest level since February 2021. $83,500 — The total amount in fines issued, so far, by the City of Brampton through its residential rental licensing program. $330M — The amount by which investment in residential building construction in Canada declined in July. 51% — The share of Canadians aged 18 to 34 that are worried about affording next month's housing costs. 22% — The amount that housing starts dropped in August, undoing July's (surprising) gains. 1.3% — The nominal amount home sales inched up in August, despite consecutive rate cuts. $74M — The amount raised through the feds' underused housing tax since it took effect in 2022 (as of mid-June 2024). QUOTE OF THE WEEK "The traditional [development] model is adversarial — buyers push for the lowest price, developers aim to maximize returns, and cities and ratepayers push back at perceived profit motives. The perfect recipe for a housing supply crisis." – Sayf Hassan, CEO, Elysium Investments, in an interview with STOREYS. THE BUILD UP Up, up, and away.  39-Storey "Gardenesque" Tower Proposed Next To Future Leaside LRT Station The project has drawn in the likes of Elysium Investments, Terracap Management, Trolleybus Urban Development, and Gensler. READ MORE Greystar Proposes Rental Towers After Buying Science World McDonald's For $80M For 1527 Main Street in Vancouver, Greystar is proposing a 22-storey and 18-storey rental tower with a total of 371 units.   READ MORE PLUS: A 39-storey mixed-use development proposed for Bathurst and Finch would bring nearly 500 new residential units to the neighbourhood.   An ambitious six-tower proposal near the Ajax GO station would see more than 3,700 units created. BUY CURIOUS Window shopping, but from inside the windows.  Modern Vernon BC Home With 145-Acre Property Asks $7.8M* The expansive property sits at 26 Commonage Road in Vernon, British Columbia, located due north of Kelowna.   READ MORE Private Island With Luxurious 6-Bed Cottage Listed On Lake Muskoka* The sprawling cottage country estate also offers a tennis court, Nordic-style spa amenities, a helipad, and more.   READ MORE PLUS: It turns out you can buy your way into beauty, and this charming Forest Hill abode designed by Canadian artist Erin Rothstein is just the way to do it.   Queen Victoria's favourite Tuscan villa is for sale for more than $55 million USD.   CBRE has listed 150 Slater Street, a Class AA office tower in Ottawa that currently serves as the head office of Export Development Canada.   Following its purchase on Billionaires' Row for the Consul General, the Canadian government is now asking $9.5M for the CG's former apartment on Park Avenue.   ONE Development is selling its 49-storey Randolph Theatre project on Bathurst just south of Bloor. *Sponsored content DOORS OPEN Time to find what you're looking for.  ON — 🏡 Four Seasons Of Prime Sunsets (Tiny) 📍 8 Cobblestone Rd. 📆 September 21, 10-11:30 am 🏡 Picture Perfect In Roncy (Toronto) 📍 16 Indian Gr. 📆 September 21, 2-4 pm | September 22, 2-4 pm BC — 🏡 West Coast Whistler-Inspired (Kelowna) 📍 4488 Nottingham Rd. 📆 September 21,11 am-1 pm 🏡 Burrard Inlet Living (Port Moody) 📍 1026 Ioco Rd. 📆 September 22,11 am-1 pm MOVING DAY People come and people go. Here are some people and where they're going, and companies that are hiring, too. Jimmy Tse has joined BMO Capital Markets as a Real Estate Private Equity Analyst.   Anne Hampson has been promoted to Managing Director of Real Estate at the Investment Management Corporation of Ontario.   Vincenza (Vin) Sera replaces Mike Hanley as Chair of the Board of Directors of EQB Inc. Sera has also been appointed Chair of the Board of Equitable Bank.   Erin Henry has been appointed Managing Broker for Sotheby's International Realty Canada's Kingsway (Toronto) and Mississauga offices.   Olivia Armstrong has joined Bird Construction as Senior Proposal Coordinator.   Ivy Sun has been promoted to VP of Commercial Financial Services at RBC.   TD Bank CEO Bharat Masrani announces retirement, effective April 2025, with Raymond Chun to succeed.   In BC, Macdonald Realty announced that Dan Scarrow was returning to lead the company as President & CEO.   CreateTO is hiring an Analyst, Strategy & Real Estate Planning in Toronto. LOOKING AHEAD 'Cause knowing is half the battle. Sept 24: Bisnow is hosting a Toronto Construction & Development Summit (registration required).   Sept 25: SiteNews will host the first ever Construction Leaders Forum.   Sept 26: The BUZZ iN POWER Summit 2024 will take over the iconic Liberty Grand Entertainment Complex, complete with unmatched networking opportunities and expert speakers from across the industry. To get in on the action, get your tickets here.   Sept 27: ULI Toronto is hosting a program to commemorate Canada's fourth National Day for Truth and Reconciliation. Panellists include: Ana Bailão of Dream and Ariana Holt of TAS (registration required).   Sept 27: The consultation period closes for changes to Ontario Land Tribunal's Rules of Practice and Procedure.   Sept 30: The deadline to provide feedback to the City of Toronto on a new renovation by-law.   Oct 17: Interac and STOREYS are hosting an industry event in Toronto, exploring fraud prevention and the future of the real estate brokerage model in a digital world. Click here to register for Telling STOREYS: The Future of the Real Estate Brokerage Model. Copyright ©2024 Storeys Publishing Inc. All rights reserved. Our mailing address is: Storeys Publishing Inc. 67 Mowat Avenue, Suite 443 Toronto, ON M6K 3E3 You received this email because you are subscribed to our weekly newsletter. You can update your preferences or unsubscribe from this list.