Weekly Address September 11th Edition

Your Weekly Address is here and it includes the latest industry news, an update from the Kelowna Infill Housing Symposium and a link to the latest podcast interview. Plus, there are four opportunities to for your review, log into your addy account.

Today’s reading time is 3½ minutes.

Yesterday, at the Kelowna Infill Housing Symposium, Stephen Jagger, co-founder of addy, participated in a panel discussing infill housing, or missing middle housing.

The City of Kelowna has been a leader in this area, allowing secondary suites and carriage houses since the 1990s. This summer, the city launched its Infill Fast-Track initiative, expediting approvals for pre-approved designs that allow 4 to 6 units per property. The process aims to issue combined Development and Building Permits within 10 days, compared to the usual 2 to 4 months.

The city highlighted the role of addy in facilitating these developments, stating, “We are particularly impressed with the project’s approach to funding, which involves a partnership with addy to enable Canadians to participate in this opportunity. This innovative funding mechanism will facilitate the essential financial gap-filling, enabling more affordable middle housing development.”

📰 Industry News

Jobs, Not Rates

The Bank of Canada slashed rates again, the third time in this rate cutting cycle, and more cuts are coming. Markets are pricing in another 50bps of rate cuts by year end. Will this be enough to resuscitate the housing market back to life? (The Saretsky Report)

Multi-unit homes can be built to encourage social interaction, advocates say

At a time when the province is pushing for more density and more people are expected to live in multi-unit buildings, Metro Vancouver is considering how design tweaks can encourage “neighbourly interactions” and fight social isolation. (Vancouver Sun)

Fall To See Softer Home Prices, More Multiplexes Hitting The Market

After a year of “record-breaking,” “unprecedented,” and “all-time” highs and lows — whether it be in housing starts, condo listings, home sales, or some other metric of our topsy turvy housing market — the fall season has arrived, bringing with it built-up inventory and the promise of lower interest rates. (Storeys)

Central Okanagan’s industrial real estate vacancy rate jumps 28%

Kelowna’s metropolitan area has an industrial vacancy rate of 4.1%, according to Colliers’ mid-2024 industrial market report. That number was as low as 1% four years ago, and even though the amount of development land that has sufficient accessibility and visibility remains scarce, prices have levelled off as well. (BIV)