Over the past year, we’ve run close to 1,400 stories — some that centred around the economy and public policy, others built around statistics that struck us, some that highlighted and celebrated budding housing developments, and, like it or not, many that brought to light insolvencies, foreclosures, and court-ordered sales.
While there’s importance to be found in every story we publish, there were some that stood out from the rest, striking a chord (and in some cases, a nerve) with our readers. In no particular order, these were (some) of our most-read stories of 2024.
RBC Now Forecasting First Bank Of Canada Interest Rate Cut In June
From the article: “2024 is shaping up to be the year of the interest rate cut — on Canadian soil, at least. This is according to a report that came out last week from RBC Economist Claire Fan, which lays out five predictions for when the Bank of Canada, the US federal reserve, the Bank of England, the European Central Bank, and the Reserve Bank of Australia will begin lowering their respective policy rates. Fan writes that the BoC, more or less, has all the pieces in place to begin cutting rates at its June meeting…” [read more]
Mortgages In "Severe Delinquency" Have Surged 67% In Ontario
From the article: “Amidst high cost of living and a rising unemployment rate (now 6.4%), homeowners, especially those in Ontario, are driving mortgage balance delinquency rates, with over 3,000 mortgages in the province in ‘severe delinquency’ at the end of Q2 2024, according to the latest Market Pulse Consumer Credit Trends and Insights Report from Equifax® Canada. Those 3,000 mortgages amount to a $1.3B balance and represent a 66.8% increase in severe delinquencies compared to Q2 2023…” [read more]
The One To Be Listed For Sale At $1.2B, Increased To Over 500 Units (Photo Source: Mizrahi Developments)
The One To Be Listed For Sale At $1.2B, Increased To Over 500 Units
From the article: “Most significantly, however, is a 'reconfiguration plan' the Receiver and senior secured creditors have now finalized for the upper levels of The One, above Level 61, which have yet to be constructed. As originally designed, the upper levels would house only two or four units per floor, for a total of 69 units with an average size of 2,600 sq. ft. The reconfiguration plan will see 88 units added to the upper levels of the project by reconfiguring Levels 62 and 76 from a four-unit level to a six-unit level, Levels 63 to 75 from four-unit levels to 10-unit levels, and Levels 79 to 81 from two-unit levels to four-unit levels...” [read more]
Thind's District Northwest In Surrey Placed Under Receivership With $85M Debt
From the article: “Unlike many of the large real estate insolvencies that have occurred in Metro Vancouver, such as that of 1045 Haro Street or AimForce Development, District Northwest had already launched presales and had actually sold a majority of the units. In an affidavit dated November 7, Thind Properties' Owner, Founder, and CEO Daljit Thind said they commenced presales around December 21, 2021 and have sold approximately 90% of the 1,023 units…” [read more]
"From Bad To Worse": Construction Productivity In Canada At 30-Year Low
From the article: “Canada has a productivity problem, and according to head economists at TD ‘there is one sector in Canada that wears the Scarlet Letter more prominently than the others: construction.’ The report, bluntly titled From Bad to Worse: Canada’s Productivity Slowdown is Everyone’s Problem, explores how growth has declined in almost every sector since the pandemic, from manufacturing, to oil and gas, to the service industry. ‘The woes are widespread,’ says the report, but they make it very clear that the construction sector is the main culprit, namely the residential segment…” [read more]
GTA Condo Supply Is Approaching A Number “The Market Has Never Seen” (Photo Source: Shutterstock)
‘There’s Going To Be A Crisis’: New Condo Construction Is Heading Toward A Cliff
From the article: “Bray points to the BoC’s barrage of interest rate hikes — which took the policy rate from 0.25% to 5% over a two-and-a-half year course — as the 'straw that broke the camel’s back' for many developers who have had to fold on projects (or fold altogether). And that’s to say there’s so much more at play here that’s putting a damper on the development sector’s ability to bring the housing the GTA so sorely needs from concept to completion...” [read more]
GTA Condo Supply Is Approaching A Number “The Market Has Never Seen”
From the article: “We may be in the thick of a housing crisis, but there’s still a deluge of condo listings that are sitting, more or less untouched, on the Greater Toronto Area’s market. According to a figure provided to STOREYS by Urbanation President, Shaun Hildebrand, the GTA is currently grappling with almost 40,000 units of condo supply in limbo of some sort — be that unsold units in development, assignment listings, or resale listings on the MLS…” [read more]
Why Developers See Penticton As The Okanagan Valley's Next Hotspot
From the article: “Like pretty much every other population centre in our country, Penticton is in need of more housing. The rental market has around a 1.5% vacancy rate, which is way too low, Kerkhoff said. Two notable demographics are people above the age of 65 and people who work in healthcare, while the demographic of young adults is also growing…” [read more]
Why Developers See Penticton As The Okanagan Valley's Next Hotspot (Photo Source: Shutterstock)
Duck Island, Home Of Richmond Night Market, Subject Of $90M Foreclosure
From the article: “Duck Island, a huge waterfront site in Richmond that was set for wide-scale redevelopment, is the subject of foreclosure proceedings and has been made available via court-ordered sale, according to filings in the Supreme Court of British Columbia and a property listing… Of particular note, however, is how the foreclosure would affect the redevelopment plans, which are related to the foreclosure in a way that is uncommon in recent insolvencies…” [read more]
What BC Developers Really Think About Another NDP Term
From the article: “But there’s a decidedly mixed reaction within that development community to a government that did a lot of things they liked — mandated that cities allow for much denser housing, especially around transit; removed requirements for public hearings on projects that comply with a city’s official community plan; demanded that cities set housing targets and meet them — and a lot that they didn’t…” [read more]
What Happens To Toronto If The TTC Strike Completely Stops Service?
From the article: “A TTC strike would cause massive disruptions for an already congested city – and not just for TTC riders. In the event of a strike, there will be no service or transportation-related accommodations provided by the TTC, confirms TTC spokesperson Stuart Green. It will literally come to a stand-still…” [read more]
HCRA Lays 124 Charges Against Toronto Homebuilder In Largest-Ever Investigation (Photo Source: Albion Building Consultant Inc./Facebook)
My Condolences, Toronto: Your Downtown is Dead
From the article: “Fewer residents and workers mean fewer businesses can survive downtown. In turn, a hollowed-out downtown makes it less attractive for people to live or work there. Without intervention, this downward spiral could lead to a downtown that’s less vibrant, less livable, and less economically significant. And Toronto, the city that prides itself on being world-class, can’t afford that…” [read more]
HCRA Lays 124 Charges Against Toronto Homebuilder In Largest-Ever Investigation
From the article: “The HCRA underscored on Thursday that Albion is a ‘repeat offender.’ The regulator was launched fairly recently, in February 2021, and has publicly cracked down on Albion on four separate occasions since, this latest offence included. To put that figure into perspective, the HCRA has reprimanded around a dozen builders since it has been in effect — through licence revocation, freezing assets, and laying charges — and Albion's is the only name that has come up more than twice…” [read more]
City Of Mississauga Announces Free Garden Suite Building Plans
From the article: “The program is meant to kill two birds with one stone. On the city level, it moves the municipality closer to achieving the goals laid out in its action plan (getting more homes built, streamlining building approvals, and making homes more affordable), while for individuals already grappling with high housing prices, costs are reduced…” [read more]
