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This month’s industry updates offer a look at the challenges and changes sweeping across the Greater Golden Horseshoe's real estate and construction sectors. From heritage preservation to housing affordability, notable developments include the announcement of the 2024 Built Heritage Award nominees by Heritage Toronto, recognizing efforts in the conservation of the city’s architectural history. Meanwhile, the latest reports from the Toronto Regional Real Estate Board (TRREB) suggest a shift towards greater housing affordability in the GTA, driven by moderated home prices and improved market conditions favourable to first-time buyers. The change in seasons also marks important gatherings and educational opportunities within the industry. The Ontario Home Builders' Association (OHBA) is set to host its Annual Conference at the Fallsview Casino Resort, with the registration deadline tomorrow, and the Building Industry and Land Development Association (BILD) is organizing an educational walking tour of Union station.
Announcements
Unearthing History at Union Station: A Portal to Toronto's 19th Century Waterfront Life
Recent renovations and expansions at Union station have unearthed a glimpse into the city's 19th-century maritime history. The Union Station Enhancement Project, as part of ongoing GO Expansion efforts, has exposed a variety of artifacts along the original Toronto shoreline, where the station now stands. Archaeologists have discovered remnants of wharf structures, household items, and even Spencer rifles dating back to 1865, providing a look into the daily lives and operations along Toronto's historic waterfront.
Ontario Accelerates Housing with New Legislative Tools for Municipalities
In a push to address the housing supply crunch, the Ontario government has rolled out new legislative tools designed to speed up the construction of homes across the province. This initiative aims to provide improved capabilities to meet housing targets set by the province, for a swifter turnaround on building approvals and development processes.
Brampton Launches Downtown Revitalization with Streetscape Project
This month, the City of Brampton is commencing its Streetscape Project spanning from Nelson to Wellington on Main Street, and Mill to Chapel on Queen Street, with completion targeted for December, 2027. A component of the Integrated Downtown Plan, it looks to revitalize public spaces, provide business growth, and create pedestrian-friendly environments. The project will involve narrowing roads to a single lane in each direction and updating traffic signals.
Durham Region Endorses Meadoway Project Visionary Study
Durham Regional Council has given its stamp of approval to the Durham Meadoway Visioning Study by SvN Architects + Planners, a development along a 30km corridor in the region. It looks to turn the underutilized space into a multi-use destination connecting Pickering, Ajax, Whitby, and Oshawa. The study emphasizes active transportation, connectivity, and environmentalism, proposing a linear park that bridges community spaces with natural habitats.
New Home Sales Hit Record Low in July, 2024
BILD has highlighted a significant downturn in the GTA new home market, with July sales plunging to unprecedented lows. Only 654 new homes were sold during the month, marking a 48% decline from the previous year and a 70% drop from the ten-year average. This sharp decrease in sales, alongside a growing inventory that reached 21,660 units, highlights the deepening crisis in housing supply, with experts pointing to high construction costs and government fees as barriers.
Affordability in GTA's Housing Market Signals a Shift
In more positive news, the GTA housing market is showing signs of improved affordability, as reported by TRREB. In August, 2024, there was a decrease in home sales compared to the previous year, but new listings slightly rose, suggesting a well-supplied market. Average home prices saw a minor decline from the year prior, and the recent cut in interest rates by the Bank of Canada is expected to further help affordability, particularly for first-time buyers.
Events & Awards
Registration Deadline is September 13th for 2024 OHBA Conference
The OHBA Annual Conference is scheduled from September 22nd to 24th, 2024, at the Fallsview Casino Resort in Niagara Falls. This event brings together industry professionals for networking, educational sessions, and the OHBA Awards of Distinction, celebrating excellence in homebuilding. Registration fees vary, with a discount for members, but hurry, as the deadline to register is tomorrow, September 13th.
Heritage Toronto Spotlights Architectural Excellence with 2024 Award Nominees
Heritage Toronto has revealed the nominees for the 49th Annual Heritage Toronto Awards, celebrating outstanding contributions to the city's architectural conservation. The awards recognize exemplary work in crafts and trades, adaptive reuse, and heritage planning and architecture. Among the nominees are several notable projects including the revitalization of the Case Goods Warehouse and 160 Front Street West. The winners will be announced in a ceremony on October 28.
yBILD Educational Walking Tour at Union Station
BLD is hosting a yBILD Walking Tour on September 20th, offering an exclusive behind-the-scenes look at Union station. Metrolinx will lead a guided tour to explore the upgrades and historical preservation efforts at this iconic transportation hub. Participants will gain insights into turban redevelopment and modern infrastructure within heritage settings. The tour runs from 9:45 AM to 1:00 PM, with registration priced at $40 plus HST.
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