STOREYS Year End Real Estate Series 2024

As far as Canadian real estate goes, 2024 largely followed in 2023’s tracks. The year was characterized by many of the same challenges – from affordability issues and downcast home sales to insolvencies and foreclosures (of projects both big and small).

But there was some semblance of reprieve this year that set it apart from last, with the Bank of Canada lowering its policy interest rate for the first time in years in June. This ended up marking the first of five rate cuts that punctuated the latter half of 2024, sending a signal to real estate sector stakeholders that better days are not far away.

On top of that, the year brought a fresh sense of urgency from government when it came to housing supply and affordability. Love 'em or hate 'em, there's no arguing that housing was the issue on every policy-maker's lips. The jury's still out on whether or not that lip service will affect any real change.

As we round out 2024, the STOREYS team has taken some time to reflect on the stories that struck us, including (our takes on) the most important trends, newsmakers, issues, and policies of the year. So stay tuned!

STOREYS Year End Real Estate Series

Join us as we look look back at the most important trends, newsmakers, issues, and policies of 2024 in our annual 'Year End' editorial series.

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In their January housing starts report, CMHC takes a look at the past year in housing starts and a lacklustre December.

For developers, the post-purchase period is filled with equal parts opportunity and risk, wherein delivering a superior homeowner experience could solidify a brand’s reputation — or unravel it.

“It’s difficult to put a number to it, but there are likely more cancellations coming in 2025,” Urbanation's Shaun Hildebrand tells STOREYS.

"[The initiative is] a demonstration, if you will, of the fact that [builders and developers] recognize the need to 'be in it for the long haul'; to support their association, not only in good times but in difficult times."

An application to redevelop the beloved gay bar in Toronto's Church-Wellesley Village in favour of a 48-storey mixed-use building was rejected by the Toronto and East York Community Council on Tuesday, following pushback from the queer community.

​The Bayrock Terrace project was being planned for 3000 Henry Street in Port Moody by Aultrust Financing before it was placed under receivership by KingSett Capital in July.

The proposal would bring 774 new purpose-built rental units to 239-247 Yonge Street.

After a supply surge allowed for relatively high sales activity in October and November, Canadian home sales "dipped" in December, according to CREA. Still, we're doing better than we once were.

​iFortune Homes was planning a project called Auberry at 463 W 59th Avenue in Vancouver before foreclosure proceedings were initiated in April 2024.

With interest rates on the decline and buyer sentiment up, Sotheby's International Realty Canada President and CEO Don Kottick says he's "optimistic" about the luxury market for 2025.

iFortune Homes was planning a project called Elm41 at 2465 W 41st Avennue in Vancouver before foreclosure proceedings were initiated in August 2023.

​The Kʷasən Village master-planned community is being developed by the Musqueam Indian Band, Tsleil-Waututh Nation, and Aquilini Development at 3405 Willingdon Avenue in Burnaby.

“There is room for variable rates — currently around 4.7% — to test the 4% level, which would be an important psychological and valuation barrier, but the Bank will have to continue easing.”

Representing Fitzrovia's fourth resubmission since December 2020, the development is poised to deliver 1,288 purpose-built rental units to Cabbagetown South.

Poilievre has vowed to eliminate the federal sales tax on new homes sold for under $1 million and Crombie has pledged that she would do away with the provincial land transfer tax for first-time homebuyers. We now need the Conservatives to step up to the plate and do the same.

​The Vista Heights office complex sits at 1925 & 1933 18th Avenue NE in Calgary and was placed under receivership in August 2024.

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The Bayrock Terrace project was being planned for 3000 Henry Street in Port Moody by Aultrust Financing before it was placed under receivership by KingSett Capital in July.

iFortune Homes was planning a project called Auberry at 463 W 59th Avenue in Vancouver before foreclosure proceedings were initiated in April 2024.

The Kʷasən Village master-planned community is being developed by the Musqueam Indian Band, Tsleil-Waututh Nation, and Aquilini Development at 3405 Willingdon Avenue in Burnaby.

The Vista Heights office complex sits at 1925 & 1933 18th Avenue NE in Calgary and was placed under receivership in August 2024.