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This month's updates look at advancements and challenges shaping the Greater Golden Horseshoe's real estate and construction sectors. From partnerships aimed at improving diversity and inclusion to collaborations that empower homeownership, notable among these is Procore Technologies' display of diversity through alliances with organizations promoting African-Canadians and women in the industry, while Hazelview Investments and Fitzrovia Real Estate Inc. have broken ground on a promising affordable housing project at Bloor & Dufferin. Meanwhile, market trends indicate a cooling phase, with TRREB's recent report detailing a downturn in condo sales despite an increase in listings. Finally, on the international awards stage, Maple House at Canary Landing stands proud as the sole Canadian recipient of the Urban Land Institute’s (ULI) Americas Awards for Excellence.
Announcements
Procore Promotes Diversity in Construction with New Canadian Partnerships
Procore Technologies has launched new partnerships with the Afro-Canadian Contractors Association (ACCA) and the Canadian Association of Women in Construction (CAWIC) to enhance diversity, equity, inclusion, and belonging (DEIB) in Canada’s construction sector. These collaborations target underrepresented groups within the industry. By leveraging Procore’s comprehensive construction management software, both ACCA and CAWIC will gain access to tools and networks that promote skill development and industry participation. This initiative is part of Procore's broader strategy to bring DEIB practices into all aspects of construction management.
TRREB Reports Decline in Sales with Increase in Listings
The Toronto Regional Real Estate Board (TRREB) reports a notable decline in condo sales in the second quarter of 2024, despite an increase in new listings. The analysis indicates that condo sales in the GTA fell by 17% compared to the same period last year, while new listings rose by 11%. This shift suggests a cooling market, where potential buyers may be adopting a wait-and-see approach amid fluctuating economic indicators and interest rates. The report also highlights regional disparities, with downtown Toronto experiencing the sharpest decline in sales activity.
Habitat for Humanity, Daniels, and Choice Properties Collaborate at Daniels MPV
In a notable collaborative effort, Habitat for Humanity GTA, The Daniels Corporation, and Choice Properties REIT have come together to support a deserving family's journey to homeownership at the Daniels Mount Pleasant Village (MPV) community in Brampton. This partnership highlights a commitment to social impact through housing, providing a pathway for families to transition from renting to owning. Through generous contributions and a structured support system, the involved family was able to purchase a home with terms that respect their financial situation.
Affordable Housing Development Breaks Ground at Bloor & Dufferin
Hazelview and Fitzrovia have broken ground on a new affordable housing project at their Bloor & Dufferin masterplanned community. This initiative aims to provide 233 affordable housing units at 1159 Bloor Street West, part of the larger development that will include retail spaces, public amenities, and green spaces. Both Hazelview and Fitzrovia are committing to maintaining affordable rent levels for a 99-year term. The location looks to leverage the area's rich transit connections and community facilities, just steps away from Dufferin Mall and Dufferin station on Bloor Line 2.
Severe Downturn in GTHA Condo Sales, Urbanation Reports
Urbanation has released its latest report indicating a significant downturn in the sales of new and presale condominiums across the Greater Toronto and Hamilton Area (GTHA) for Q2 2024. The data reveals that sales have dropped to levels not seen since the economic downturn of 2008, with a 40% decrease compared to the same period last year. This sharp decline reflects a cautious buyer sentiment, attributed to ongoing economic uncertainties. The report further notes that the cooling of the condo market could lead to adjustments in pricing strategies and project timelines as developers aim to align with changing demand.
Events & Awards
Maple House Stands Out with the ULI Americas Award for Excellence
Maple House has earned the distinction of being the only Canadian project to win at the ULI's 2024 Americas Awards for Excellence. This accolade celebrates Maple House's innovative design and commitment to sustainability, highlighting its role as a benchmark for future developments across the region. The project has been praised for its public and private spaces. The award recognizes Maple House’s significant contributions to promoting urban density while maintaining high standards of architectural and environmental integrity. The Urban Land Institute honours projects that provide sustainable, thriving spaces for people to live, work, and play.
Exclusive REIT Conference Set for September
Informa Connect is gearing up to host the nation's only dedicated Real Estate Investment Trust (REIT) conference on September 10, 2024 at the Metro Toronto Convention Centre. This exclusive event, held annually, brings together leading figures from the REIT sector to discuss trends, challenges, and opportunities within the industry. Scheduled to take place in Toronto, the conference will provide attendees with insights into the financial mechanisms and market factors driving the current real estate investment industry. Topics on the agenda include asset management strategies, regulatory changes, and innovations in REIT structures.
Annual Builder Invitational Golf Tournament by BILD
The Building Industry and Land Development Association (BILD) is set to host its annual Builder Invitational Golf Tournament, an event that brings together professionals from across the construction and real estate sectors for a day of networking and sport. Scheduled for August 15, 2024, this tournament will be held at the Glen Abbey Golf Club, known for its challenging layout and beautiful scenery. Participants will have the opportunity to engage with industry leaders, share insights, and foster new connections in a relaxed and friendly environment. This event offers a networking opportunity while showing support for BILD's ongoing initiatives within the industry.
BOMA Toronto Presents NXTEK: Focusing on Cyber Security in Real Estate
BOMA Toronto is hosting the NXTEK event, entitled "Data Management and Cyber Security: Implications for Commercial Real Estate National and Local Scope." The event, scheduled for September 20, 2024 at EY Tower, will address the intersection of technology and property management, exploring both national and local perspectives on how data management and cybersecurity advancements are reshaping the commercial real estate industry. It will feature speakers discussing the latest trends, threats, and protections, highlighting the importance of robust cybersecurity measures in today's digitally driven market. Participants will gain valuable insights into best practices for safeguarding their operations and investments in an era where digital infrastructures are as crucial as physical ones.
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