Called It

Your weekly roundup of all things real estate!

with ICYMI It's been a week, Lemon. Catch up on everything worth the squeeze below.  Canada's big banks called it and the rest of us just live with it. Either way, the Bank of Canada brought its overnight lending rate down another 0.25% to 4.5%.    Is Toronto bearing witness to divine intervention? No, but several churches throughout the city are getting new life in the form of condos, entertainment venues, and more.    It turns out the new capital gains tax was able to move mountains buildings, if only in terms of ownership. Read about the rush inside Canada's CRE industry to beat the deadline.   Do condo boards have too much power? Residents at this Mississauga building certainly think so, after claiming to fear both harassment and intimidation from their three-member board.    BC and AB have teamed up against Ottawa, but for good reason – more money to support asylum seekers.    It's going down… or up. Either way, Toronto's yelling timber as it moves one step closer to getting its first mass timber development completed.   Is a buyers' market truly a buyers' market if no buyers are buying? (If you know the answer, tell us if a tree falling in the forest makes a sound…)   The only thing better than getting funding is getting funding faster. Thankfully, CMHC recognized that this week and is rewarding frequent builders with quicker access to cash.  BY THE NUMBERS "There is strength in numbers, but organizing those numbers is one of the great challenges." - John C. Mather  76 The total number of condo projects that were on track to launch since the market began to slow down in 2022 that have now been put on hold (as of Q2 of this year). $260M The investment from the government of Ontario through the Skills Development Fund Training Stream to train workers in manufacturing and construction. This will be the largest round of funding since the SDF Training Stream was launched in 2021. 10 The number of Canadian census metropolitan areas (CMAs) that saw new home prices decline in June (out of a total of 27 CMAs). $566.2M The amount of money the federal government distributed through the Affordable Housing Fund this week, split between projects across Hamilton, Montreal, Edmonton, Eastern Ontario, and Vancouver. $73M The amount of money the provincial government is granting the City of Toronto in order to shave a year off the Gardiner Expressway Rehabilitation. -4,795 The net population lost to interprovincial migration out of Vancouver since January – the biggest loss for the city in 20 years. QUOTE OF THE WEEK "We are going to lower interest rates if the economy continues to go in the direction that we expect. That'll have some effect, that'll help on housing, but it isn't the magic solution. It would be a mistake to pin all of our hopes on our housing imbalance on interest rates. Canadians need a more fulsome, more coordinated policy response than that." - Bank of Canada Senior Deputy Governor Carolyn Rogers in a press conference following the July rate announcement. QUIZ SHOW Are you on top of Canadian real estate news? Let's find out. (Answers are at the end of this newsletter.) How old is Toronto's Gardiner Expressway?   Which one of BC's biggest developers wrote a letter to the City of Burnaby saying their policies were making purpose-built rental "unbuildable?"   Which famous Paris hotel is DealCore Properties' new three-bedroom-only Toronto development inspired by?   The Bank of Canada lowered its policy interest rate to 4.5% earlier this week. When was the last time the rate was at this level? THE BUILD UP Those high-rise residential towers, mixed-use spaces, and commercial buildings have to start (and finish) somewhere. Anthem And Crestpoint Take Over West End Project From Strand And Intracorp ​Anthem Properties and Crestpoint have also made significant changes to the tower planned for the West End of Vancouver. READ MORE New Student Residences Proposed For York University's 'The Quad' Will Bring 575+ More Units The development is the third of at least four phases – with Phases 1 and 2 having been approved in 2020 and since completed.   READ MORE PLUS: For those who prefer to opt out of urban life without being too far removed from modern comforts, hamlets like Sherwood Park, Alberta are ​a perfect landing place. Now, Mattamy Homes' Hearthstone is making it easy to call the hamlet 'home.'*   Bring your mid-sized family! Dealcore Properties proposes a "Four Seasons-inspired" Forest Hill apartment building with only three-bedroom units.    Gracorp is proposing a 34-storey purpose-built rental tower at the future South Granville Station in Vancouver.   Cedar Coast is planning to redevelop the Langley Mall with 10 buildings and some 1,900 units.   Hazelview and Fitzrovia have broken ground on a 56-unit affordable housing project at Toronto's Bloor and Dufferin. *Sponsored content BUY CURIOUS If you're reading this, you probably enjoy looking at pretty pictures of pretty houses. Check these ones out.  One Of Vancouver's Largest Residences Hits Market For $27.5M* Located a short distance from the Fraser River, this home is so close to the Marine Drive Golf Club that it's practically an extension of the backyard.   READ MORE Two Cottages, One Unmatched (31-Acre) Location On Lake Joseph* Set against the stunning backdrop of Muskoka, this is a unique opportunity to own two charming cottages on a single, expansive property.   READ MORE PLUS: Your chance to be neighbours with Drake is finally here. And it will 'only' cost you $17.8M.    Every single day, homes are listed for sale, but it's not every day that a 'Home of the Year' award winner is listed for sale.*   One of Granville Island's famous float homes is up for sale, and this baby has the fine finishings of an upscale yacht. *Sponsored content DOORS OPEN Summer is for sightseeing, so get out and see some of these awesome properties this weekend. ON — 🏡 Steps from Kensington Market For Under $1M (Toronto) 📍 21 St Patricks Sq. 📆 July 27, 2-4 pm | July 28, 2-4 pm 🏡 A Sunday School Loft Along The Danforth (Toronto) 📍 307 - 14 Dewhurst Blvd. 📆 July 27, 2-4 pm | July 28, 2-4 pm BC — 🏡 A '70s Cabin Style A-Frame With Modern Addition (Langley) 📍 9061 Mackie St. 📆 July 27, 2-4 pm 🏡 A Charming 3-Acre Island Sanctuary (Pender Island) 📍 9912 Spalding Rd. 📆 July 28, 11am-2 pm MOVING DAY People come and people go. Here are some people and where they're going.  Tim Hudak steps down as OREA CEO effective August 2.   Peerage Realty Partners fortifies its senior leadership team.   David Schoonjans is joining Lanterra Developments as VP of Construction Control.   Marlon Bray joins Clark Construction Management as EVP, and is expected to become President in the next five years.   Luisa Atkinson has been promoted to Vice President of Housing Operations at the CMHC.   Bryce Lee has joined KingSett Capital as Director of Mortgage Investments, after five years at MarshallZehr. LOOKING AHEAD What's more impressive than being on top of things? Being ahead of them. Mark your calendars for these days: July 29: Statistics Canada will release its 2022 findings from the Canadian Housing Statistics Program.   July 30: Statistics Canada will release new building construction price indexes and new condominium apartment price indexes for the second quarter.   August 1: The federal government will begin allowing 30-year amortization periods on insured mortgages for first-time homebuyers on new builds. Quiz Show Answers: 60 years old.  Bosa Properties. The Four Seasons Hotel George V.  June 2023.  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.