STOREYS Year End Real Estate Series: 2022

2022 has been one of those rare years in real estate, filled with important stories pouring in from every angle. It's been both one to remember... and one many people will likely want to forget.

Recall February? Just 10 short months ago, the GTA housing sector was as hot as it has ever been, with prices and sales hitting record highs. But that was before interest rates and rising inflation rocked nearly every aspect of the Canadian economy, and the housing market was unable to find shelter from the (rate) storm.

As we come to the end of another year in real estate, STOREYS is once again looking back at the most important issues, projects, newsmakers, and trends in our annual 'Year End' editorial series. Every day this week you'll find a new take on the year that was -- and the people and consequences that made it so.

So sit back, settle in, and enjoy a deep-dive (or five) into some of the biggest and most significant storeys of the last 12 months.

STOREYS Year End Series: 2022

In our annual series, we look back at the year that was in real estate. From projects to people, these stories mattered most.

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​After unveiling the BC Builds program in February, the Province announced the first 8 development sites being made available through the program on Monday.

​According to the BMO Real Financial Progress Index, a huge number of aspiring homeowners are waiting for interest rates to drop before entering the market.

A series of court documents explain that Ted Baker Canada’s “financial and operational performance has struggled” over the past year and change, and that the company is now in “significant arrears with a number of critical vendors.”

And when it comes to real estate, Whistler is all about luxurious cabins, cozy cottages, and chalet homes — such as 8349 Needles Drive, which is currently on the market for $3,799,000.

Canada’s cottage country made headlines this week​ thanks to capital gains tax hikes, but – all things considered – it may not be as big of a deal as it's being made out to seem.

Projects by Quarry Rock Developments that are currently under receivership or foreclosure include The Willoughby, The Met, The Gordon, and The Graham.

Toronto’s perpetually growing skyline might see another high-rise development come to fruition in the coming months. This time within metres of the hustle and bustle of Yonge and Eglinton — which in recent years has seen several mixed-use towers pop up.

The distinct shipping container home is only for the narrow-minded – literally.​

The sale of 820 Church Street in being brokered by Colliers, and the property is currently zoned for 38 storeys, 118,920 sq. ft of gross floor area, and 172 units.

On May 1, development charges on Toronto condos will increase 20.7% from their current rates, meaning the average one-bedroom and bachelor unit will now cost $44,774 in development charges (up from $37,081).

Budget 2024 documents reveal that the $1.5B Canada Rental Protection Fund will be launching with just $5M in its first year.

An investigation has found that Hira Custom Homes had previously “attempted to sell homes that were already under an Agreement of Purchase and Sale, unjustifiably increased prices, did not comply with conditions on its licence, and provided false information to both purchasers and the HCRA.”

The HCRA has revealed that Christopher Lamb and his former company Novel Condominiums “have been found guilty of 26 charges of selling new homes illegally,” and as a result, have been hit with a $150,000 fine.

​The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

Contessa Developments’ plans to bring a 22-storey purpose-built rental building to the site have forcibly come to a stand-still after receivership proceedings were initiated last summer.

New home sales in March were down 16% from March 2023 and 66% below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

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After unveiling the BC Builds program in February, the Province announced the first 8 development sites being made available through the program on Monday.

According to the BMO Real Financial Progress Index, a huge number of aspiring homeowners are waiting for interest rates to drop before entering the market.

Canada’s cottage country made headlines this week thanks to capital gains tax hikes, but – all things considered – it may not be as big of a deal as it's being made out to seem.

The distinct shipping container home is only for the narrow-minded – literally.

The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.