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This month’s industry updates spotlight significant developments shaping the Greater Golden Horseshoe's housing and construction landscape. From record-low new home sales to groundbreaking digital innovations recognized on an international stage, the region reflects both challenges and progress. Upcoming workshops and events focused on building code updates, energy efficiency, and professional networking provide opportunities for industry leaders to collaborate as 2025 unfolds.
Announcements
GTA Housing Market in 2024 Shows Modest Recovery Amid Interest Rate Cuts
The Toronto Regional Real Estate Board (TRREB) reports a 2.6% increase in annual home sales across the GTA in 2024, with 67,610 transactions compared to 65,877 in 2023. New listings rose by 16.4%, giving buyers more options and maintaining downward pressure on prices, which averaged $1,117,600 – less than 1% lower than the 2023 average. While affordability challenges persisted due to high borrowing costs, rate cuts in the latter half of the year boosted market activity, particularly for ground-oriented housing types.
November GTA New Home Sales Hit Record Lows Amid Cost Pressures
New home sales in the GTA stalled in November, 2024, with only 759 units sold – a 55% drop from November 2023 and 77% below the 10-year average, according to the Building Industry and Land Development Association's (BILD) and Altus Group. Condominium apartment sales saw the steepest decline, falling 81% year-over-year, while single-family home sales rose 32% but remained 45% below the 10-year average. With stable inventory levels and modest price declines, industry leaders point to rising construction costs and high government fees as major barriers to revitalizing the region's housing market.
Events & Awards
Brampton Wins Granicus Digital Government Award for Operational Excellence
The City of Brampton has been recognized with the 2024 Granicus Digital Government Award for its achievements in operational excellence. The award highlights the success of the Building and Business Portal, a fully digital platform that streamlines the building permit process, allowing residents and businesses to apply, pay, and track permits online. Since its launch in mid-2024, the portal has improved service efficiency and user satisfaction, demonstrating Brampton's commitment to innovative and effective governance.
OBC Part 9 Update Workshop Offers Insights on Code Changes
On January 22, BILD will host a virtual workshop led by Michael Lio, P.Eng., to cover updates to Ontario Building Code Part 9. This interactive session, for builders, designers, and industry professionals, includes live instruction, Q&A, and a resource guide covering recent changes. BILD members receive an exclusive discount, reducing the fee to $19.99 plus HST, making it an accessible opportunity to stay informed and compliant with regulations.
EnerQuality Workshop Explores Net Zero Home Building
EnerQuality's two-part Net Zero Builder workshop, held February 11 to 12, will provide a detailed overview of Net Zero Energy and Net Zero Ready home construction. The sessions, conducted via Zoom, will explore the CHBA Net Zero Energy Labelling Program and the standards required for third-party verification. Designed for professionals aiming to lead in energy-efficient building practices, the course costs $449 plus HST and runs from 1:00 to 4:30 PM each day.
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Everyone from construction workers to brokers to real estate executives are encouraged to share news with us to be featured in our weekly updates. If you have some industry-related news to share, let us know by contacting us here.
