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This update dives into the latest happenings shaping the Greater Golden Horseshoe's development and real estate scene. We explore the celebration of design excellence at the Ontario Association of Architects (OAA) Awards, highlight the federal government's $6 billion commitment to housing infrastructure, and unpack the ongoing discussions surrounding the next phase of Ontario Place's redevelopment. Additionally, we examine market trends like February's GTA new home data and Toronto's drop in crane count, offering insights into the industry's resilience and adaptation.
Announcements
Federal Pledges $6 Billion for Housing
The federal government's new pledge of $6 billion for housing and infrastructure is another step in addressing the country's housing crisis, with $1 billion going towards "urgent infrastructure needs." Provinces and territories will be able to access the remaining $5 billion by making commitments such as to "missing middle" homes.
Ontario's Investment to Boost Housing
With the announcement of their $1.8 billion investment, Ontario aims for the creation of 1.5 million homes by 2031, enhancing infrastructure to support housing development, with $1 billion to be allocated to the Municipal Housing Infrastructure Program, and an additional $625 million towards the Housing-Enabling Water Systems Fund.
Ontario Place's Next Development Phase Under Scrutiny
Emerging details about a possible second phase in the Ontario Place redevelopment raise questions about the future of this iconic Toronto waterfront area. Documents suggest that the province has considered paving over 25 acres of land on the east end for new development space.
GTA New Home Inventory and Sales in February
The Building Industry and Land Development Association (BILD) announced a slight uptick in new home inventory, with 753 new home sales in February. Despite a slow February, builders are optimistic, increasing inventory in anticipation of a spring market revival, with a significant focus on the condominium sector.
Toronto's Crane Count Dips to Lowest Level Since 2022
Although Toronto's crane count has dipped, the city remains a lively construction hub in comparison to other North American cities in the first quarter of 2024. Despite a decrease of 19 cranes, Rider Levell Bucknall's latest Crane Index puts the total count at 221, with Los Angeles in a distant second at 50.
Events & Awards
RenoMark Summit Set for April
Save the date for the RenoMark Business Development Summit scheduled for April 18 at Chateau Le Parc in Vaughan. It will feature interactive training presentations on marketing and business strategies for renovators and builders, offering a chance to network and grow your business.
2024 RenoMark Awards Luncheon
This year's winners will be announced at a luncheon as part of RenoMark's summit on April 18. The event will celebrate the best of renovators and custom home builders at a reception presented by The Home Depot.
OAA's Design Excellence Awards Honoring Architectural Innovation
The Ontario Association of Architects celebrates outstanding architectural contributions, with several GTA projects among the winners, spotlighting the region's design ingenuity at the upcoming OAA Conference from May 22 to 24 in Niagara Falls.
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