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This month's update takes a look at some of the latest collaborations, initiatives, and accolades across the Greater Golden Horseshoe's development and liveability scene. We spotlight the merger forming CB Wilkinson, looking to champion sustainable urban development, led by Wes Myles and Jeff Wilkinson. The Daniels Corporation’s 2023 Impact Report showcases its substantial contributions to building sustainable communities, including dozens of accessible homes. Additionally, we celebrate architecture with Hariri Pontarini Architects receiving a coveted award from the Council on Tall Buildings and Urban Habitat for their design of 8 Spadina Avenue. Also, the 2024 BILD Awards captivated attention with Fitzrovia's Elm – Ledbury winning the People’s Choice Award, emphasizing exceptional design and community impact.
Announcements
Introducing CB Wilkinson: A New Era in Urban Real Estate Development
Clifton Blake and Wilkinson Construction have joined forces to create CB Wilkinson, ushering in a new era for their work in urban real estate development. This new entity is dedicated to leading the way in sustainable urban projects that meet the City of Toronto's ambitious climate goals and push for a greener and more equitable future. Under the leadership of Wes Myles and Jeff Wilkinson, CB Wilkinson looks to combine innovative design with robust construction management to produce high-quality mixed-use developments.
The Daniels Corporation Releases 2023 Impact Report
The Daniels Corporation has unveiled its third annual impact report, "Building Inclusive & Sustainable Communities: 2023 Impact Report," coinciding with National Accessibility Week. This report details the company's commitments and advancements in creating inclusive communities throughout 2023. Key achievements include the release of 33 accessible homes, an investment of $550,000 in social procurement, the creation of 284 new urban agriculture plots, and the launch of MPV2, Brampton’s largest low-carbon master-planned community, all highlighting Daniels' efforts focused on environmental stewardship and social inclusivity.
Real Estate Industry Optimistic After Canadian Interest Rate Cut
The Canadian real estate sector anticipates a significant uplift following the Bank of Canada's recent decision to cut its overnight lending rate for the first time in over four years. This rate cut reduces the policy rate to 4.75%, with expectations that other banks will follow suit. Industry experts, including Phil Soper of Royal LePage, predict that this reduction will reinvigorate the housing market, encouraging sidelined homebuyers to re-enter the market, potentially driving up home prices in the latter half of the year.
GTA REALTORS® Release May 2024 Market Stats
Last month, the Greater Toronto Area saw a significant shift in real estate activity, with REALTORS® reporting 7,013 home sales through TRREB's MLS® System, marking a 21.7% decline from the previous year. Meanwhile, new listings surged by 21.1% to reach 18,612. Despite the increase in listings, the MLS® Home Price Index Composite benchmark fell by 3.5% year-over-year, and the average selling price dropped to $1,165,691, down by 2.5% from May 2023, though there was a slight monthly increase from April, 2024.
Ontario's Wide-ranging Housing Bill Set to Become Law
Ontario's latest housing initiative, Bill 185, the Cutting Red Tape to Build More Housing Act, has passed its final reading at Queen’s Park and is expected to become law by week's end. The bill introduces significant changes to accelerate housing development, including reducing mandatory parking provisions, implementing special rules for quicker student housing construction, and reversing certain developer discounts. However, opposing politicians have criticized the bill as “weak” and a “random grab-bag of small-ball measures.”
High Cost of Toronto Commercial Real Estate Stokes Suburban Activity
According to the RE/MAX 2024 Commercial Real Estate Report, the high cost of commercial real estate in Toronto continues to drive activity into the suburbs. Negotiations remain stalled as sellers hold to 2021/2022 price expectations, while buyers underestimate current values. Despite these challenges, sectors like multi-family and industrial properties remain attractive, buoyed by favourable CMHC programs and strong immigration levels. However, new capital gains tax rates may impact smaller investors, prompting some to sell their properties before the tax increase.
Mississauga Aids Garden Suite Development with Free Design Plans
The City of Mississauga is promoting housing affordability and diversity by providing homeowners with free, pre-approved garden suite plans. Part of Mississauga’s Housing Action Plan, these include options for an open-concept studio and a one-bedroom suite, aimed to streamline the building process and reduce costs for residents. This initiative supports those looking to add rental units or separate living spaces for families, enhancing local housing options.
Toronto Launches Tree Equity Score Analyzer for Greener Neighbourhoods
Toronto has teamed up with American Forests and Local Enhancement and Appreciation of Forests (LEAF) to introduce the Tree Equity Score Analyzer, a tool designed to strengthen urban forestry efforts. This public online platform helps identify areas in the city that would benefit most from increased tree planting, focusing on neighbourhoods with low-income and high heat disparity. By providing detailed data and projected benefits of tree planting, the tool aids in prioritizing and tracking urban greening projects.
Events & Awards
Hariri Pontarini Architects Wins Prestigious CTBUH Award
Hariri Pontarini Architects garnered international recognition for their design of 8 Spadina Avenue, an office tower part of The Well in downtown Toronto. Awarded by the Council on Tall Buildings and Urban Habitat (CTBUH), the building received the design excellence distinction in the Best Tall Building by Height, 100-199 metres category. This LEED Platinum-certified building features innovative design elements that enhance office space flexibility and sustainability, with the award spotlighting its contributions to tall building advancements and urban environment enhancement.
2024 BILD Awards Celebrate Home Building Excellence in the GTA
The Building Industry and Land Development Association (BILD) hosted its 2024 BILD Awards on May 30th, celebrating top achievements in the design, construction, marketing, and sales of new homes in the Greater Toronto Area. The awards ceremony recognized leaders across various categories with 49 awards given, judged by a panel of 40 experts from across North America. Highlights included accolades for Freed Hotel & Residences, The Well, and Fitzrovia's Elm – Ledbury, which also won the People’s Choice Award.
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