Articles tagged with "Residential Building"

In April 2025, Canada's total investment in building construction dropped by $741.9 million to $22.3 billion, with significant declines in both the residential and non-residential sectors. The residential sector experienced a 4.5% decrease, notably in the multi-unit and single-family components. Ontario and Alberta led the national downturn in single-family home construction. The non-residential sector saw a slight decline, despite an increase in institutional investments, led by Alberta.

Lambton College is set to construct a new student residence, the largest project in its history, through a public-private partnership with Tilbury Properties Corporation and Fengate Asset Management. The residence, expected to open in September 2027, is designed to offer a mix of suite styles and amenities to support student life and attract new students. This initiative aims to strengthen the community and support the college’s financial sustainability. The project will be financed and constructed by Tilbury and Fengate, with Teeple Architects and Ball Construction handling design and building respectively.

In Toronto, a heritage project is underway at 950 King St. W to provide 231 rental units, including 40 affordable homes. The redevelopment of the historic Palace Arms Hotel involves a 17-storey building, supported by Greenwin, Intentional Capital, Windsor Private Capital, and LiUNA! Pension Fund. This initiative aims to rejuvenate the area while offering new housing opportunities.

The County of Simcoe has commenced construction on its largest affordable housing development in Barrie, featuring 220 mixed-income rental units and commercial space for health and community service agencies. The project, set to be completed in two phases by 2027, will include two apartment towers and a parking structure. The development aims to provide quality housing for families and seniors, with a focus on universal design to accommodate residents of all ages.

A panel discussion at York University focused on the need for streamlining the development approval process and the adoption of innovative technologies to boost new housing construction. These insights were part of a larger event aimed at celebrating infrastructure advancements and addressing housing challenges. Suggestions included leveraging Mark Carney's technocratic ideas to improve the efficiency of housing development. Overall, the discussion emphasized the critical role of government policy and technology in advancing the construction industry.

The parliamentary budget officer estimates that first-time homebuyers can save approximately $26,832 in sales tax on newly built homes under Ottawa's new housing policy. This initiative is expected to make 71,711 new builds eligible for GST relief. The policy aims to provide significant financial relief to homebuyers and stimulate the housing market.

The Ontario government has initiated a search for a building partner to develop a transit-oriented community at the Ontario Line’s Queen-Spadina station. The development will include approximately 214 new housing units and create 60 jobs. Two mixed-use residential towers, 14 and 15 stories high, will be integrated into this project.

The financial accountability officer of Ontario reported that housing starts in the first quarter of this year reached their lowest level since 2009. Despite this decline, other economic indicators in Ontario, such as employment and trade metrics, showed positive trends. The reduction in housing starts may influence future construction policies and strategies.

The Liberal government's plan could offer significant savings for first-time homebuyers by removing the GST on new home sales, potentially lowering mortgages by up to $240. This initiative aims to improve housing affordability, though the benefits may come with certain conditions. The legislation supporting this relief was introduced on June 5. The impact could be considerable for those purchasing newly built homes.

The Canadian government has missed an opportunity for significant savings by not making underutilized federal buildings available for affordable housing. This delay has resulted in continued maintenance costs for these structures, despite their underuse. Such action could have alleviated housing shortages while reducing expenses on upkeep.

The Ontario government is providing the City of Toronto with over $67 million as part of the second round of funding from the Building Faster Fund. This allocation is awarded to municipalities that have achieved at least 80% of their housing targets set by the province. In 2024, Toronto initiated construction on 20,999 new homes. This funding aims to support the city's housing development efforts.

Invesque has sold 20 seniors housing communities to Commonwealth Living and divested its majority stake in the management company. The proceeds from the sale were used to repay debt and settle equity obligations. This sale is part of Invesque's strategy to reduce leverage and prepare for potential shareholder approval to sell or lease substantially all of its assets. Invesque continues to face financial challenges, and its current portfolio consists of 32 assets, with 12 under contract for sale.