Ingress and egress refer to the legal rights of access into (ingress) and out of (egress) a property, particularly important in commercial real estate and site planning.
Why Ingress and Egress Matter in Real Estate
In Canadian real estate, clear ingress and egress are essential for safety, usability, and legal compliance—especially for retail, office, or industrial properties.
Considerations include:
Driveway and road access
Emergency exits
Shared access rights (e.g., easements)
Parking lot design and flow
Restrictions or unclear access can reduce a property’s value, complicate development, or lead to legal disputes.
Understanding ingress and egress is vital for buyers, tenants, developers, and municipalities ensuring accessible and compliant site layouts.
Example of Ingress and Egress in Action
Before signing the lease, the tenant confirms that the storefront has direct egress to the rear alley for deliveries and fire compliance.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
In late-July, when a group of Vancouver developers published an open letter to the Government of Canada asking them to reconsider the foreign buyer ban, a match was lit that reignited the debate around the divisive issue of foreign investment in Vancouver real estate.
It's clear that many who have been affected by the housing crisis place some (or maybe even all) of the blame on foreign buyers, who they believe flooded the Vancouver real estate market and drove up prices.
Developers feel differently. Some have historically been more reliant on foreign buyers to fund their presale projects than others. Regardless, all of them would undoubtedly argue that restricting investment in any way is a net negative decision and counter-productive to overall growth in the industry.
Many developers also recognize the divisiveness of the issue, thus not all developers who were asked to sign the open letter did so. One such developer is Vancouver-based Townline, whose projects include the rehabilitation and transformation of the Hudson's Bay building in downtown Victoria and the upcoming Langara YMCA redevelopment in Vancouver with the Musqueam Nation.
In an interview with STOREYS last week, Townline Founder and CEO Rick Ilich explained how he views foreign investment, outlines his proposal for a regulated program that would require condos purchased by foreign buyers to be rented out for the first five years, and discusses the overregulation by government.
What did you make of the open letter? While Townline did not sign the letter, were you asked to and then declined, or were you not asked at all?
Yeah, there was an opportunity to participate in that, but I didn't necessarily agree with the approach. There is no point looking backwards. It's about models moving forward and that's really what I'm trying to suggest. I think the messaging that went out there, it was going backwards versus going forward.
I think the letter from the panel of self-acclaimed experts was also really based on old school thinking. We've got to stop looking at government for handouts. They're saying we should just subsidize more social housing and forget about the free market. That's just very unfortunate thinking. In a free market world, I think we should have less of that thinking.
But regardless, do we need government support for the industry and providing homes? Absolutely. But the support we need is to start looking at providing housing as a necessary infrastructure product — particularly rentals, but don't ignore people that aspire to do well and want to have ownership.
I think it's time to work together, rather than regulate the industry to death and that's what all three levels of government have done. They just can't help themselves to extract rather than provide assistance — and assistance, again, doesn't need to be in the form of subsidy, it needs to be in the form of treating this industry like a desired industry, like they do for resource exploration and renewable energy. They're incentivizing through tax benefits for those areas of employment, but actually they employ less people than the housing industry. They've got this [belief] in their head that providing houses shouldn't be a profit centre. Well, you know, why would people take hundreds of millions of dollars, or billions of dollars, of risk if there wasn't a return? That's kind of my point. Canadian pension funds that are investing dollars that are earned by Canadians, it's not by chance that most of their money is invested outside of Canada. They simply can't make money here because we're so regulated.
What do you make of the proposal to carve out exceptions in the foreign buyer ban for presales? Do you think it would make a difference, or do you disagree with that as well?
No, I don't disagree with it. Foreign investment, whether it be in the form of housing or whatever, has always been part of the capital stack providing solutions to business. So in the case of housing, foreign investment doesn't mean that there's a bunch of folks who are going to buy a bunch of houses, leave them sitting empty, and treat them like playing cards. They're trying to inject money into a safe economy, a relatively stable government, and they want their money to be protected, and in a perfect world, they want to make money doing it.
So, my [suggestion] is creating a system of inviting the capital back into the market and have it be part of a solution for providing rental housing. We need more time to build more rental housing and we can build more rental housing if government would start to deregulate, so let's throw all those condominiums that are coming to the market, throw them into a rental pool, but under the finance structure that we're all having to work with. We need buyers to throw that product into rental pools and I think that foreign capital would be appreciative of that opportunity. And in the meantime, industry gets to catch up and build purpose-built rental during that five or six-year window where these condos are regulated to be rental. It's a win-win.
Where did you get this idea? Have you seen this in other places?
I haven't seen it done elsewhere. I'm not saying that it hasn't, but I haven't seen it. I'm just simply trying to be a solutions provider, and the quicker housing providers like ourselves are able to turn over the capital that they already have locked up in some of this [condo] product, we can reinvest that dollar into more housing, which is what we're lacking. We need more capital in the housing market, and with our capital all trapped in standing inventory, that serves nobody. So, get the money, free up the capital in some fashion, and I think this is a solution to it, so we can reinvest in more housing and keep that system of cycling through housing going. We need inventory, we need a means of creating more affordability, which we're all advocating very hard for, and I think we can get there. This is just one piece of that cycle.
Have you raised this idea with others in the industry?
Yeah. Most that have reached out to me like the idea. Some don't — they want more instant gratification. But, again, I don't think you're going to get much support [on that]. But a lot of folks appreciate the nuanced approach to it and I can't see why it wouldn't work.
Government blamed foreign investment in housing as a catch-all for all of their problems, which is just totally inaccurate. But regardless, it has become a popular topic. And in the straw polls, it's popular to keep the capital out. But I think if it was framed appropriately — that capital can actually bring good and provide more rental housing — I'm pretty confident that if the public had that full understanding, there would be a lot of support for it.
Again, we're a country in economic distress and the last thing we need to do is tell the world we're not open for business. Canada makes it very challenging for companies to make money, to attract new capital. That's why the pension funds aren't paying attention to Canada. So, what can we all do to attract more capital, to create more housing? That comes down to deregulating and allowing some of these ideas to come to the surface. And I think some foreign capital, if small investors buying one or two homes and they get thrown into a rental pool, I don't see how that could not be a win.
Since the open letter was published, I have seen many people ask the question of why developers previously said that foreign buyers make up a small portion of buyers, but are now saying that foreign buyers are important and can make a difference. Can you explain why foreign buyers are so critical right now?
The government has aggressively put a lid on the demand side of housing, while they keep raising the cost of producing it. To your question about the importance of foreign capital, it's not the end-all be-all. It's simply part of an equation that has made it challenging to continue to produce housing. So we're saying "invite that capital into this market." And if it's directed to [a rental pool], that's not a bad thing. That's smart economics.
Before we had that kind of thinking and we were taking our projects out for presale, we were getting some foreign investment, but — I'm trying to think of the highest point for Townline — it might have been 5%, maybe 6%. It's certainly not 50% or 75% like some people profess. But it's still 3% to 5%. What's wrong with that? That's 3% or 5% more consumer spending than we have now. Every bit helps.
Government just was extracting the hell out of housing. Every level of government had their hand out and they're creating these taxes and these fees. These fees, they always kind of have a fancy name around it, like school taxes and such, but they're wealth taxes. They were thinking, "How do we extract more capital out of this product that is being produced" and they choked it to death. There's way too many fees. In the City of Vancouver, 30% of the cost of producing a new home are fees. That's a lot of money. And if you look at the policies that they've created, every political ideology you can think of that's layered onto housing is impacting the cost of it.
We've been in an extensive market downturn now for two or so years. How has Townline been affected and how have you adapted?
Townline is quite a diverse company. We're not just a developer of speculative housing. Yes, we do that and that's part of our core business, but we're also a contractor, we build for others, we also have a building and a development solutions provider to the not-for-profit sector, so we're always busy with social housing. We've been very busy building market rental housing, which is coming to a stop, just due to the cost of producing the housing. But it's impacted us. We're not chasing anything. We're looking at maybe some of the distressed opportunities and trying to help lenders and other developers work out of their problems. And, unfortunately like a lot of our peers, we've had to look around and let a lot of people go seek employment elsewhere, which they're struggling to find. That kind of unfortunate rejigging is going on in every office right now and I think we've stripped ourselves down to the core working group and we'll do our best to satisfy and keep everybody busy. But it's not for the faint of heart right now. There's a lot of small and medium-size developers that are just not going to be here next year.
You alluded to TL Housing Solutions. How has the social housing sector been affected by the market downturn? I imagine it has been impacted even more than market housing.
In many cases, it costs more to build subsidized housing than it does to build market housing. And that's because of government policy, wrapped around trying to tackle every ideological good you can think of, from climate change to carbon offsets to various livability issues that, you know, people really can't afford. The more government layers on ideology and policy on social housing, the less of it is gonna get built. So, what we're seeing is a lot of our not-for-profit providers, just to service the debt that they're gonna take on, they have to build more and more housing that is closer to market rents, when really they should be doing less of that and more of the deeper-subsidized homes for the folks that really need it. Government policy is driving that direction.
And even policy is chasing the same ideology, in all three levels of government they all layer on their take on that topic, such as the energy code issues. And they actually often conflict. So then you've got to spend a lot of time, months and sometimes years, trying to get around the conflict between the levels of government that are all trying to do the right thing, but they're simply not communicating and talking, so you get this unnecessary waste of time and resources, because someone's drawn a line in the sand and said this is how we're going to approach that topic. It's shocking how infrequently the three levels of the government can agree on something. It's an old model of management and an old model of thinking, and I'd like to believe that's going to change and somebody's going to wake up.
We have a cost of delivery crisis and the only release valve left is government. Some of the people that I've seen in the media are talking about land prices being too high, "land is just a conduit for speculation." That boat sailed a long time ago. Land prices are dramatically reduced. I can show you pro formas from some areas around the Lower Mainland and the land can be free and the math still doesn't work. And the cost of land in Richmond, Victoria, Vancouver is down 40 to 60% from a couple years ago. It's still challenging to work because various siloed parts of government just keep layering on more costs.
Welcome to Meet the Agent, an ongoing series profiling real estate agents from across Canada. With more than 150,000 agents, brokers, and salespeople working in 75 different boards and associations across the country, we thought it was about time they had a place to properly introduce themselves.
If you or someone you know deserves the same chance, email agents@storeys.com to apply.
THE DETAILS
Name: Erica Reddy-Choquette
Areas of Focus: 401 to the water, Beaches to Mimico. Pretty much Toronto proper!
During my undergraduate studies in Radio and Television, I worked on "The Designer Guys," a local Toronto design show. My role involved sourcing properties and matching them with the right people for each season. It was this dynamic of connecting people with properties that made me realize my passion for real estate.
In a few sentences, describe what a typical "day in the life" looks like for you. Does this align with what you expected before you became an agent?
A typical day looks like controlled chaos — juggling being a mom, wife, and businesswoman all at once. From school drop-off to office meetings to showings and everything in between, no two days are alike. The ability to pivot on a dime is a real skill set. I didn't have specific expectations going in, so this dynamic and pace feels completely natural to me.
What's the single best advice you have for sellers?
You have one chance to shine — don't leave a stone unturned. Staging, listing preparations, pricing, touch-ups, repairs, and timing are all cornerstones of a successful sale.
What's the single best advice you have for buyers?
Understand the micro-market you're trying to buy in. There's a lot of noise, and you need to cut through it to truly understand whether you're in a buyer's, balanced, or seller's market. This knowledge will set you up for success when making offers.
What made you choose to work for your current brokerage?
I genuinely don't think there's a better brokerage. Royal LePage Signature is a cut above — it's a second-generation family business that truly understands what's needed to succeed. The managers are top-notch, the culture is exceptional, and the focus on learning and supporting one another makes it a unicorn in this industry.
Who do you believe is making the biggest waves in the industry today? Is there anyone you recommend people should be paying attention to right now?
This is a tough question with so many moving parts, and I don't know that I believe it's who is making the biggest waves but rather what is making the biggest waves in the industry. Artificial intelligence is driving new efficiencies in everything from market analysis to client communication, while the evolving economic and political landscape continues to create shifts in market conditions. These forces aren't just trends — they're actively changing how we serve clients and navigate transactions daily.
What is one professional goal you have for the next year? What's one that you have for the next 10 years?
To continue balancing family time and client time. It's an art form, and my goal is to keep growing and evolving so neither are compromised. In 10 years, I hope to have built a business that my daughter can step into if it aligns with her interests.
Tell us about your favourite (or most memorable) sale, and why it stands out to you.
It's hard to choose just one from so many memorable transactions! It would have to be my first sale in 2008. I was innocent, excited, and ready to put a deal together. Unbeknownst to me, the listing agent was a very well-known local expert. I called him with a bully offer, a short irrevocable, and complete confidence. It was accepted, and only afterward did I realize what a legend I was dealing with and how most agents in my position would have been intimidated. That experience taught me to always approach every situation with collaboration and confidence, regardless of who's on the other side.
What are the three words you hope your clients use to describe you?
Midway through what Rentals.ca is calling an "uneventful summer," the latest national rent report from the real estate listings and data platform reveals rents continued to fall in July. While dipping a nominal $4 from June, national average rent fell 3.6% year over year from $2,201 to $2,121, marking the 10th consecutive month of annual rent decline.
The $80 difference represents a continued cooling trend that took hold last fall and that has meant improved affordability for renters who were already facing extremely high rents (as well as a less fruitful times for many investors). Behind the reversal of rent growth is a record level of new supply coming online as immigration levels have been dramatically reduced, lifting vacancy rates and forcing landlords to lower rents.
But while rents have been on the decline in recent months, the report points out that the amount coming out of Canadians' pockets each month is still 11.1% higher than it was three years ago, and 2% higher than two years ago.
Looking ahead, the report suggests rent decline is "compounding," as rents fell annually by a greater amount in July than in June, when they slid 2.7%, and as we head into the quieter second half of the year.
“Canada’s rental market is experiencing a prolonged softening phase, with price declines accelerating across most provinces and unit types,” said David Aizikov, Manager of Data Services at Rentals.ca. “With the seasonal peak now behind us, we expect continued downward pressure on rents heading into the fall.”
But depending on where you live in the country, current and future trends may deviate from the national narrative. If you're a rental investor in Saskatchewan, Alberta, or Manitoba, for example, you've benefitted from rents skyrocketing by 32%, 27%, and 21% since 2022, respectively. But despite the impressive rent growth, apartments in the Prairies remained some of the most affordable in July, home to seven of the ten most affordable markets in the country. This includes Lloydminster, Alberta ($1,203), Regina, Saskatchewan ($1,408), and Winnipeg, Manitoba ($1,619), as of July.
In comparison, July saw BC and Nova Scotia post some of the largest annual declines, with average rent in Nova Scotia falling 5.0% to $2,275 and 4.4% to $2,475 in British Columbia. In third place was Ontario, where rents fell 3% year over year to $2,325. Municipally, North Vancouver maintained its spot as the most expensive rental market in the country ($3,043), but rents in Vancouver fell 7.0% to $2,830, second only to Calgary, which saw rents decline 7.9% to $1,927.
Looking at unit types, one bedrooms continued to struggle in much of BC, Alberta, and Ontario, where they fell 5.7%, 5.3%, and 5.1%, respectively, on an annual basis in July. Even in Saskatchewan, Manitoba, and Nova Scotia, where one bedrooms enjoyed some growth in previous months, in Saskatchewan specifically, that growth slowed to 1.8%, to 0.4% in Manitoba, and dipped by 0.8% in Nova Scotia.
On the other hand, three-bedroom units have shown continued "resilience and growth," reads the report. The larger unit type either led growth or saw the smallest declines in four of the country's six largest markets, only lagging in Ottawa, where two-bedrooms were stronger by 0.8% and in Calgary, where they fell 15.8%. But over the longer term, studios have performed the best over the last three years with an 11.4% growth in rents over two years and 19.7% over three years.
Finally, zooming out by product type, rents for purpose-built rental units slid 1.7% to an average of $2,095 in July, condo apartments fell 5.7% to $2,202, and houses/townhouses dropped 8.2% to $2,170. But where condos and houses/townhouses have seen relatively flat rents over the last three years, purpose-built rents have increased 23% since 2022.
Still, rents in primary markets remain lower than secondary market rentals (about $26 below the national average), and that's without factoring in incentives offered to fill units — a lever that landlords are increasingly using in cities like Toronto and Vancouver.
A rendering of the 32-storey tower proposed for 365-395 W Broadway in Vancouver. / Perkins&Will, Bonnis Properties
The City of Vancouver has received a new rezoning application for a site near City Hall, according to an application published by the City on Thursday.
The subject site of the proposal is 365 and 395 W Broadway, at the northeast corner of the intersection with Yukon Street. The site is located one block east of the Canada Line SkyTrain's Broadway-City Hall Station and Vancouver City Hall.
The two properties are each currently occupied by low-rise commercial buildings constructed in 1926 and 1955, respectively. BC Assessment values the properties at $3,807,700 and $5,970,000, for a total of $9,777,700 that is dated to July 1, 2024.
The properties are beneficially owned by Bonnis Properties — through Bonnis Development Yukon St. Limited Partnership under Bonnis Development Yukon St. Inc. — which has submitted an application seeking to rezone the site from C-3A (Commercial) to CD1- (Comprehensive Development).
The 365-395 W Broadway site (yellow)is just a block away from Broadway-City Hall Station (blue). / Perkins&Will, Bonnis Properties
For the site, Bonnis Properties is proposing a very narrow 32-storey tower that would reach a maximum height of 340 ft — right at the limit of the most restrictive view cone in the area — and have a proposed density of 20.69 FSR — a very high number due to the narrowness of the site.
The residential component will include 176 rental units, divided among 58 studio units, 60 one-bedroom units, 56 two-bedroom units, and two three-bedroom units. Average net unit sizes are 307 sq. ft for studio units, 482 sq. ft for one-bedroom units, 751 sq. ft for two-bedroom units, and 1,512 sq. ft for three-bedroom units.
A total of 170,667 sq. ft of floor space has been proposed, with 6,884 sq. ft as office space and 4,430 sq. ft as retail space. The office space will be located on the second level, while the retail space will be located on the ground level.
"As a mixed-use building, our proposal prioritizes retail, office, and residential uses, reinforcing Central Broadway's key role in keeping street-level retail continuity, providing additional office space, and contributing to the improvement of housing affordability," said the applicants in the rezoning booklet, which was prepared by Perkins&Will.
A ground-level rendering of the tower proposed for 365-395 W Broadway in Vancouver. / Perkins&Will, Bonnis Properties
A ground-level rendering of the tower proposed for 365-395 W Broadway in Vancouver. / Perkins&Will, Bonnis Properties
Notably, the proposal includes 328 bicycle parking stalls and zero vehicle parking stalls. Although the City of Vancouver eliminated minimum parking requirements last year, most projects still opt to provide some vehicle parking, although rental projects usually include less parking than condo buildings. The developer says the decision to include no vehicle parking was partially due to the rapid transit in the area and partially due to the site characteristics.
"The mixed-use development is surrounded by a critical mass in business, retail, and civic institutions," the rezoning application states. "It is within a broader range of uses and residents near the City Hall Station area and is exceptionally served by local and regional rapid transit, bike lanes, and bike share. The project contributes to a walkable city while reducing the need for cars, trucks, and buses. [...] The small site footprint limits the practicality of providing underground parking on this site. Alternative options such as an automated parking storage are similarly impractical. Given the high walkability, transit, and bike score offered by the site, we propose a development with no on-site parking."
Renderings of the tower proposed for 365-395 W Broadway in Vancouver. / Perkins&Will, Bonnis Properties
The proposal is expected to meet the City's various sustainability requirements, utilizing a combination of strategies such as low-flow water fixtures, optimized window-to-wall ratios to improve access to daylight, centralizing the structural core with shear walls for enhanced seismic stability, and providing first-class bike parking and maintenance facilities to promote active modes of transportation.
The City of Vancouver received the rezoning application in May and will be hosting a Q&A period for the project from Wednesday, October 15 to Tuesday, October 28.
For Bonnis Properties, this is the third major rezoning application it has advanced this year. In March, it unveiled its revised proposal for 800-876 Granville Street, which will now include a 39-storey tower and a 43-storey tower. In east Vancouver, it also submitted a rezoning application a few months ago for a 14-storey tower and a 25-storey tower.
With the national housing crisis demanding sharper tools and deeper collaboration, the 2025 PacificWest Conference arrives at a critical moment.
On October 21 and 22, Western Canada’s premier real estate conference will take over the Vancouver Convention Centre East, bringing together the country’s realtors, developers, brokers, and builders for two full days of learning, dialogue, and connection.
Hosted by the Fraser Valley Real Estate Board and Greater Vancouver REALTORS®, the 2025 PacificWest Conference builds on last year’s strong momentum, which saw more than 1,200 professionals from across the country gather for dynamic programming, a buzzing trade show, and a vibrant social scene (which is quickly becoming legendary).
This year, with an even larger turnout anticipated, PacificWest Conference is scaling up — but staying true to its community-first roots.
All speakers at this year's event are Canadian, with representation stretching coast to coast, from Newfoundland to Vancouver Island. Programming will explore the most urgent issues facing the industry — from affordability to innovation — through a lens that’s local, relevant, and real.
Anchoring it all will be a keynote from Jake Karls, co-founder of Midday Squares, who will take the stage with his partners Lezlie Karls Saltarelli and Nick Saltarelli to share an unvarnished take on brand building, business, and what it means to lead with boldness.
Before the conference's official start, attendees have the option to come in early for two marquee add-ons, taking place October 20. First up, the Managing Brokers Summit, presented by BCREA, will offer a full day of programming designed to address the evolving role of brokerage leadership. Then, that evening, the Pre-Conference Connect Social sets the tone for the days ahead with structured speed networking, drinks, bites, and music. (In short, it's a truly perfect conference kick-off.)
Once the conference begins, attendees will enjoy seminars, keynote presentations, and an expansive trade show — a vibrant marketplace of more than 90 vendors showcasing tech solutions, marketing tools, service providers, and sector partners.
Each day of the conference, doors open at 9am, with coffee served to encourage impromptu chats, dealmaking, and discovery. The trade show floor will be open from 10:30am to 5pm on Tuesday, October 21, and from 10am to 3pm on Wednesday, October 22.
And of course, on the evening of October 21, the Welcome Party is back.
Known for its high energy and creative themes — last year delivered a full "Havana Nights" experience, complete with tacos, margaritas, and music — this year’s party promises another unforgettable night, with details under wraps (for now).
Standard conference passes include trade show access, keynote programming, seminar attendance, the Welcome Party, six self-directed PDP hours, and morning coffee. Preferred pricing is available at $325 until August 31; after this date, the general registration rate will be $400 through October 22.
While VIP passes have already sold out, add-ons like the Managing Brokers Summit ($100) and Pre-Conference Connect Social ($90) are available during checkout.
For those working in real estate, housing, or development, the 2025 PacificWest Conference offers more than insight — it offers momentum. By bringing the sector together under one roof, PacificWest creates space not just to respond to the housing crisis, but to help reshape the future of how we live.
On Wednesday, Hamilton City Council adopted a motion to decrease development charges (DCs) on all residential and non-residential development by 20% starting from September 1, 2025, to August 31, 2027. The two-year pilot program is intended to boost housing supply and bring down home prices for Hamiltonians, but those in the development industry say the discount isn't enough.
DCs are taxes that builders pay to a city in order to help fund increased infrastructure needs that may be required as a result of growth, including services like roads, transit, water, and sewer systems. But over the last 15 years, DCs in the region and across the GTA have skyrocketed, placing additional strain on already struggling development pipelines.
DCs in Hamilton are somewhat lower compared to other Ontario municipalities, but while inflation has only risen by about 30% in the last decade, Hamilton's DCs have increased by a whopping 227%, CEO of the West End Home Builders’ Association (WE HBA) Mike Collins-Williams wrote in a news release in December 2024. As of June 1, DCs for a single detached in The Hammer will run you $98,511. With the 20% discount, that price will fall to $78,809.
Prior to Council's decision, Collins-Williams penned another open letter on July 30 making the Association's case for a temporary 50% DC decrease, rather than the proposed 20% discount. He cited year-to-date housing starts in Hamilton hitting a 10-year low in June and the potential for 41,000 jobs to be lost in the GTHA as sales plummet and projects fall through. "The need for action has surpassed immediate as we are hemorrhaging opportunity and jobs," he wrote.
Collins-Williams also pointed to Peel Region, which also recently dropped their DCs by 50%. Other efforts from nearby municipalities include Mississauga reducing its residential development charges by 50% and by 100% for three-bedroom units in purpose-built rental apartments, respectively, and Toronto, where DCs were recently dropped for sixplexes and a 4% May increase to the city's DCs was frozen after Council voted instead to offer reprieve for struggling housing development.
While WE HBA, which represents 320 land development and residential construction companies in Hamilton, has been clear on its stance that the industry and greater Hamilton economy would benefit from lower DCs, some councillors have expressed concerns surrounding the incentive's effectiveness and viability.
Councillor Brad Clark (Ward 9) raised concerns about a lack of infrastructure grants from the provincial or federal governments to help the City pay for the 20% discount. "They're all saying, 'We want development charges lowered.' Prime Minister Carney went so far as saying by 50% [...] but do we have anything from them?"
The answer is no, the Feds and the province have not agreed to subsidize the discount, which is expected to cost $9.6 million annually. At Council, General Manager of Finance and Corporate Services at the City, Mike Zegarac, articulated the discount's financing, which will be sourced from excess 2025 budget funds, as was shared in a staff report on the proposed amendment to the DC bylaw.
"We had budgeted for development charge exemptions based on historic levels of development," he said. "And as those development levels have not met that historic average, we're able to accommodate the estimated $9.6 million from within the approved 2025 budget."
Councillor Cameron Kroetsch (Ward 2) also raised concerns about a lack of financial transparency from builders surrounding where the additional profit would go. Kroetsch expressed that the discount should only be adopted if Council could ensure the discount would result in more affordable home prices for Hamiltonians, rather than money pocketed for builders.
"I think it's extremely important that if we're giving incentives to people and they're taking money from the city, they should be required to meet some level, any level, of financial transparency. And what I continue to hear is that's not required in this situation," said Kroetsch.
On the other hand, Councillor Michael Spadafora (Ward 14) points out that it wouldn't make sense for builders to pocket the extra money given the GTHA's stalled housing market.
"They're not selling the houses at the prices now, so if they took the 20% discount and didn't change the price, why would anybody buy the house? No one would buy the house," he said. "[...] If they don't [lower prices], they continue to not sell houses, people continue to get laid off, and we keep going in a circle."
Mayor Andrea Horwath, who voted in favour of the motion, said she is excited to see how the pilot program plays out. "I'm looking forward to seeing what the pilot project yields in terms of unlocking some of those developments that are stuck in the pipeline right now because of the economic uncertainty that we're facing," said Mayor Horwath. "I think signalling that we're going to work with the community of builders and not for profits and investors who look at Hamilton as a possible place to invest and to build — I think that's a positive signal."
Plans have been filed for a lofty double tower project slated to deliver over 1,200 new residential units to Toronto's Mount Pleasant East neighbourhood. The mixed-use development would reach 65 and 60 storeys, bringing substantial height and new housing within close proximity to existing and planned higher-order transit.
The plans were submitted by Toronto-based Crestview Investment Corporation in mid-July in support of Official Plan Amendment and Zoning By-Law Amendment applications to allow for increased height and density on the site. Currently, the site is occupied by a four-storey commercial and office building.
Located at 245 Eglinton Avenue East, the 1.19-acre site spans the north half of the block between Mount Pleasant Road and Taunton Road, with Eglinton in the north. Future residents would benefit from easy access to nearby transit options, such as the Eglinton subway station on Line 1, which is located a nine-minute walk to the west, and Mount Pleasant Station on the forthcoming Eglinton Crosstown LRT, located immediately north of the development site.
Mount Pleasant East is home to a wide array of buildings, including single-family homes, walk-ups from the '40s and '50s, high-rises from the '60s and '70s, and newer high-rise infill apartments, with the taller buildings concentrated along Eglinton, according to planning materials.
In recent times, and in line with updated provincial and municipal planning policy that encourages intensified growth around existing and planned higher-order transit, there has been an increased emphasis on development activity in the Midtown region, with proposed and approved projects reaching significant heights.
Crestview's proposal marks the tallest of the nearby projects, but other notable developments include a 61-storey mixed-use proposal from Reserve and Westdale Properties at 808 Mount Pleasant Road and an approved 28-, 40- and 60-storey mixed-use complex at 150 Eglinton Avenue East from Madison Group.
The proposal for 245 Eglinton, which features designs by Superkül, Crestview is envisioning a shared two- to three-storey base building that would span the majority of the site, but leaving some space for public realm enhancements such as planting areas, sitting areas, trees, and the sidewalk along Eglinton. The 65-storey Tower A would rise from the west end of the podium while 60-storey Tower B would rise from the eastern end.
245 Eglinton/Superkül
At grade, you would find the entrance to the residential lobby along Eglinton and 30,677 sq. ft of commercial space divided into two separate areas along Eglinton and Mount Pleasant. You would also find three townhome units with street access to Taunton at grade.
In total, the development would deliver 1,278 residential units of unconfirmed tenure that are to be divided into 117 studios, 808 one-bedrooms, 230 two-bedrooms, and 123 three-bedrooms. Residents would have access to 40,117 sq. ft of indoor amenity space located on levels two, three, and four, and 14,908 sq. ft of outdoor space located on the terrace above level two. Additionally, plans call for 127 vehicle parking spaces and 1445 bicycle parking spaces across three levels of underground parking.
If approved and constructed, 245 Eglinton would be one of the tallest buildings in Mount Pleasant East, offering the bustling neighbourhood a substantial amount of new housing and commercial space within close proximity to some of the most efficient transit systems in the city.
After economic uncertainty brought on by a trade war with the US quashed much of the rebound initially expected for the first half of 2025, increased home sales in July are indicating that improved affordability may be reopening the door for a substantial number of Greater Toronto Area home hunters.
After an unremarkable spring and early summer that saw GTA home sales and prices fall year over year each month while inventory grew to levels not seen in 25 years, the Toronto Regional Real Estate Board's (TRREB) July data reveals sales ticked up on a seasonally-adjusted basis month over month and were up 10.9% year over year. In total, there were 6,100 home sales recorded last month — "the best home sales result for the month of July since 2021," reads the report.
TRREB President Elechia Barry-Sproule attributes the rise in sales to improved affordability, as home prices have largely flatlined and continue to fall on an annual basis each month, but says more relief is needed.
“Improved affordability, brought about by lower home prices and borrowing costs is starting to translate into increased home sales," said Barry-Sproule. "More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for homeownership."
Just last week, on July 30, the Bank of Canada chose to hold the interest rate for the third time in a row, after seven consecutive rate cuts between June 2024 and March 2025 that brought the policy interest rate from 5.0% to 2.75%. TRREB's Chief Information Officer Jason Mercer further emphasized the need for additional rate cuts, highlighting the potential impact on the greater economy.
“Recent data suggest that the Canadian economy is treading water in the face of trade uncertainty with the United States. A key way to mitigate the impact of trade uncertainty is to promote growth in the domestic economy," said Mercer. "The housing sector can be a catalyst for growth, with most spin-off expenditures accruing to regional economies. Further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth."
In the meantime, supply levels continued to climb in July, increasing 5.7% year over year with 17,613 new listings posted. Still, the market tightened last month as the month-over-month rise in home sales was much greater than the rise in listings.
Despite a slight tightening of the market, however, home prices continued to fall in July, with the benchmark home price decreasing 5.4% year over year and the average selling price down 5.5%. The average selling price last month was $1,051,719, compared to $1,101,732 in June and $1,113,116 in July 2024.