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  1. The annual pace of housing starts in May climbed 10 per cent

    OTTAWA — The annual pace of housing starts in May climbed 10 per cent compared with April, helped by gains in Montreal and Toronto, Canada Mortgage and Housing Corp. said.

    The housing agency said Monday the seasonally adjusted annual rate of housing starts in May amounted to 264,506 units, up from 241,111 in April.

    BMO senior economist Robert Kavcic said it was a solid level of output given tougher market conditions.

    "As it stands now, the number of units under construction is trending near record highs in absolute terms, and matching the 1970s building boom relative to the size of the adult population," Kavcic wrote in a report.
    By Canadian Press
    17-06-2024

  2. The real estate cycle typically moves through four main phases

    Understanding real estate cycles helps shape investment strategies to adapt to market dynamics. There are distinct phases that influence property values, investor behaviour, and overall economic stability. 

    The real estate cycle typically moves through four main phases: expansion, peak, contraction, and trough. 

    During the expansion phase of increasing demand, rising prices, and robust construction activity, investors often experience strong capital appreciation and high occupancy rates. Economic growth, low unemployment, and favourable financing conditions attract both buyers and developers eager to capitalize on optimistic market conditions.
    By Alice Yang
    16-06-2024

  3. Ross McCredie, founder and past CEO of Sotheby’s International Realty Canada, bought Sutton

    Almost half a year after the purchase, McCredie spoke about empowering agents, facilitating access to better information and updating an older brand to something more fresh and dynamic.

    “In five months we’ve moved the needle quite a bit,” he says. “It’s not easy to touch something that’s been around for 40 years.”

    McCredie recently unveiled a new, updated version of the Sutton logo that’s meant to herald a new direction for the iconic name:
    By Anthony Marcusa
    12-06-2024

  4. The ‘smarter’ office buildings become, the more they need to consider the vulnerabilities of their internet-connected operational technologies

    By now, many employers will have implemented some kind of cybersecurity training for employees to ensure they aren’t tricked by a phishing scam that ends in the company falling victim to a ransomware attack.

    While corporate tenants may have procedures and training in place to avoid such attacks, do those strategies consider the HVAC company hired to fix or replace an air conditioning system in an office building, or the elevator technician contracted to maintain service?
    By Nelson Bennett
    05-06-2024

  5. Onni plans to build its master-planned community half a block from North Road in Burquitlam

    A developer plans to tear down Coquitlam College in Burquitlam and build seven towers in its place.

    But the Onni Group doesn’t have plans at this time to include childcare for the expected 2,500 residents.

    Still, the lack of childcare spaces for the approximate 133 kids who will live on site was one of the few criticisms that Coquitlam politicians had for the proposed development at 516, 520, 524, 528, 532, 538, 548, 558, 562 and 566 Brookmere Ave. — located half a block from North Road, west of the Vancouver Golf Club and north of Brookmere Park.
    By Janis Cleugh
    05-06-2024

  6. Tight financing, sale conditions slow deal-making but interest is steady

    A precipitous decline in Metro Vancouver land sales last year could turn around this year, but developers are taking a long-term view with any purchases as market uncertainties continue.

    “Developers need to replenish some of their inventory; that’s starting to happen,” said Justin Mitchell, an investment and development land broker with Goodman Commercial Inc. “The larger, experienced developers have been doing transactions and putting properties under contract.”

    This marks a shift from last year, thanks in part to higher financing costs and land values that saw sellers reticent to lower price expectations in the wake of the post-pandemic surge in 2021.
    By Peter Mitham
    04-06-2024

  7. Two rental towers proposed to be built on the site of the former one-storey Mountain Equipment Co-op store

    If there is one rental housing project among the many that are poised to change the look of the Broadway corridor, the proposed development on the site of the former one-storey Mountain Equipment Co-op flagship store in Mount Pleasant is a good example of the ongoing transformation.

    If approved by Vancouver city council at a public hearing May 30, the project led by Reliance Properties and QuadReal Property Group will see the construction of two towers at 130 West Broadway — one at 28 storeys tall, the other at 21 storeys.

    Combined, the buildings will offer 514 rental apartments.
    By Mike Howell
    30-05-2024

  8. Extreme weather events have pushed Okanagan Valley wineries to the brink

    Rajen Toor’s 2023 harvest should have been an occasion to celebrate. Toor and his wife Bree, the duo behind wine label Ursa Major, had just purchased their own vineyard in the fall of 2022. For six years, Toor had been making his small-batch wines from grapes purchased from his family winery in Oliver, B.C., and, more recently, from a vineyard he and Bree leased on the Naramata Bench. Harvesting the first crop from their own vineyard would have been a triumph for two young winemakers.

    “We’d seen the place and fallen in love,” Toor says of their Keremeos vineyard. But after a mild winter —
    By Paloma Pacheco
    25-05-2024

  9. Impact Of Minimum Parking Requirements For Multi-Family Residential Buildings On Housing Affordability And Sustainability

    The report analyzed the potential impact of minimum parking requirements on multi-family residential buildings in Canada, including improving housing affordability and reducing environmental impact. Historically, Canadian municipalities mandated minimum specific parking space provisions for builders, often based on the number of dwelling units. However, changing trends, such as decreased car ownership, may mean these requirements may no longer align with current or future parking needs. Construction and maintenance costs for these parking areas could be lowered or avoided. Environmental impacts could also be reduced.

    A key concept was that parking, once a significant factor in perceived value for a property, may not always be as important for tenants or owners any longer.
    By Joanna Gerber
    23-05-2024

  10. Evaluating the Impacts of Increasing Housing Supply in Canada

    According to CMHC’s estimations, an additional 3.5 million housing units would be required by 2030 to restore affordability, surpassing the current construction pace. However, the introduction of new housing options at different price points could affect households with varying socioeconomic backgrounds in disparate ways. The study aimed to identify which types of new constructions could provide the most favourable outcomes overall.

    The study used a sorting model calibrated with Canadian data from the Toronto Census Metropolitan Area (CMA) to assess housing dynamics. This model simulates how households make decisions on residence and employment within metropolitan areas.
    By Joanna Gerber
    22-05-2024

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