A look back at the most important trends, newsmakers, issues, and policies of 2024 in Canadian real estate, including the impact of interest rate cuts and government efforts to address housing affordability.
Join us as we look back at the most important trends, newsmakers, issues, and policies of 2024 in our annual 'Year End' editorial series.As far as Canadian real estate goes, 2024 largely followed in 2023’s tracks. The year was characterized by many of the same challenges, from crushed affordability to downcast home sales to insolvencies that ran the gamut of big projects and small.
But there was some semblance of reprieve this year that set it apart from last, with the Bank of Canada lowering its policy interest rate for the first time in the cycle in June. This ended up marking the first of five rate cuts that punctuated the latter half of 2024, sending a signal to real estate sector stakeholders that better days are not far ahead. On top of that, the year brought a fresh sense of urgency from government when it came to housing supply and affordability. Love 'em or hate 'em, there's no arguing that housing was the issue on every policy-maker's lips. As we round out 2024, the STOREYS team has taken some time to reflect on the stories that struck us, including (our takes on) the most important trends, newsmakers, issues, and policies of the year. So stay tuned!Development ProjectsPlans from Tepfam Holdings are in keeping with the ongoing efforts to turn the Port Lands neighbourhood of Toronto into a buzzing community and housing hub.STOREYS' Newsmaker Of The Year: The ReceiverPlans from Reserve and Westdale represent the third submission for the site since 2017, and the largest to date, with almost 900 new residential units proposed.The Kinsman Report'The longer term 2024 forecast proved less accurate than we’d hoped, as we optimistically — but falsely — predicted government interventions would be helpful through the year. (Instead, they proved quite the opposite.)'The site of the City of Vancouver's proposed towers is 1402-1460 Burrard Street, 900 Pacific Street, and 1401-1461 Hornby Street near the Burrard Street Bridg
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