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This update takes a look at the latest developments impacting the Greater Golden Horseshoe's urban development and real estate sectors. We spotlight Ruth Fischer's new leadership role at Savills, mourn the loss of BILD's former president Bryan Tuckey, and celebrate the achievements at the 2024 RenoMark Awards. Additionally, we examine shifts in the GTA's housing market, including record lows in new home sales and projections for Toronto's housing prices to surpass Vancouver's, providing insights into the industry's ongoing challenges and innovations.
Announcements
Savills Appoints Ruth Fischer as President, Canada
With an impressive track record spanning over two decades in commercial real estate, Ruth Fischer's appointment as President of Savills Canada marks a notable milestone in the firm's expansion efforts. Her deep understanding of the Canadian market will play an important role in overseeing operations across Toronto, Montreal, Calgary, and Edmonton, reinforcing Savills' growth in Canada.
BILD Mourns the Loss of Former President Bryan Tuckey
The Building Industry and Land Development Association (BILD) mourns the loss of former President and CEO, Bryan Tuckey, who passed away on April 13, 2024 at the age of 68. Serving from 2012 to 2017, his visionary leadership was pivotal in shaping urban development policies. Tuckey's legacy includes his roles as commissioner of planning for York Region and his contributions as assistant deputy minister in the Ministry of Housing.
Procore's Educational Initiative Empowers Future Construction Leaders
Addressing the skilled labour shortage and preparing students for future challenges, Procore has launched an educational initiative across Canadian colleges and universities. This program equips students with practical skills by providing access to Procore's construction management software, bringing real-world tools into their academic experience. Procore currently works with 15 colleges and universities in Canada.
GTA New Home Sales Hit Record Lows in March
According to a BILD report, GTA real estate saw a significant downturn last month, as overall new home and condo sales plummeted to the lowest figures recorded for March in a decade. This is notably driven by a sharp decline in condominium sales, overshadowing the slight gains observed in the single-family home segment. Ongoing market volatility suggests a cautious approach from buyers amid economic uncertainties.
Toronto Housing Prices Projected to Outpace Vancouver
The latest housing market forecast by Royal LePage indicates a significant upswing in Toronto's real estate prices, which are expected to surpass those in Vancouver by the end of 2024. Propelled by a stronger-than-anticipated performance in the first quarter, the aggregate home prices in the GTA are projected to rise by 10%, suggesting Toronto will become the most expensive city in Canada to buy a home.
Events & Awards
2024 RenoMark Awards Celebrate Excellence in Renovation
BILD has announced the winners of this year's RenoMark Awards, spotlighting craftsmanship and service in the GTA's renovation and custom home-building sectors. BRIKS Design Build Group received the prestigious Renovator of the Year award, while Marvel Homes Development, Jodabi Global Inc., and Norseman Construction also won awards for Best Overall Custom Home, Space Renovation, and Home Renovation respectively.
Dubbeldam Architecture + Design Honored by RAIC
Dubbeldam Architecture + Design received the Royal Architectural Institute of Canada (RAIC) Architectural Practice Award, highlighting the company's efforts in sustainable and innovative architectural practices. Led by architect Heather Dubbeldam, the Toronto-based firm has worked to bring together sustainability with modern aesthetics.
Heritage Toronto's 2024 Tours Season Explores City's Rich History
Heritage Toronto unveils its 2024 Tours season, presented by TD Bank and TD Ready Commitment. This year, the program celebrates its 30th anniversary with 60 experiences that traverse Toronto's hidden laneways, vibrant neighbourhoods, and iconic landmarks. Tours include a look at colonial legacies with the city's statues and street names, as well as the queer history of Church-Wellesley Village.
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