The Weekend Edition December 22

As 2024 winds down, inflation seems to be winding down alongside it. This week’s Consumer Price Index (CPI) report reveals that Canada’s inflation rate has dropped to 1.9% – a positive note to end the year on compared to the 2.9% rate we started with (CBC News). 

Want to know what’s not winding down? Canada’s real estate market. 

🇨🇦 Canadian Real Estate Highlights

⬆️ Home resales went up: According to RBC’s Monthly Housing Market Update, home resales jumped up 10% the past two months (RBC). In the same update, RBC also noted that the Canadian supply of homes reached a 4 and a half year high. 

🎯 Oak Bay and West Vancouver get singled out by BC Housing Minister for missing new home targets 

West Vancouver only completed 50/220 new home target, while Oak Bay also fell short of its target of 56 new homes in 2024 (CTV News).

💼 Office building (Class A building) vacancy rates are predicted to continue to lower

The Globe and Mail predicts the return to office mandates (particularly those in the tech sector) will continue to lower the vacancy rates of Class A buildings across the country. Class A buildings are already at the lowest reported vacancy rate in 4 years (Globe and Mail).

🤑 Make it rain: this week’s divvys

This past week, Issuers paid Investors on the addy platform… 

• $3,863.72 to investors of 75 Prince William in St. John, NB. 

• $27,225.00 paid to investors of 405 Main St. W in Hamilton, Ontario. 

📣 Tell your Quebecois friends about addy

We’ve been working hard with Issuers to bring more real estate offerings to Quebecois residents. This week, two properties opened up to Quebec:

• Heartland Townhomes
• 75 Prince William, St. John, NB

The Harrison in Calgary, AB is also currently open to Quebec users!

 🎧 Podcast

In this episode of the addy podcast, addy Co-Founder Stephen Jagger sits down with Steve Saretsky, a residential realtor and host of The Looney Hour Podcast, alongside Mark Goodman, a seasoned commercial real estate broker with Goodman Commercial, to dissect British Columbia’s real estate market. Watch it here.

Subscribe to The addy Podcast – Apple | Spotify | YouTube

🗞️ Industry News

While Toronto struggles to build housing, Edmonton lays foundation for new urban future

Annualized housing starts (based on 12-month running totals) reveal how a smaller western city has outpaced Canada’s largest urban centre in building homes. (Financial Post)

Canadians are suing Airbnb over the fees it charges users

The BC Supreme Court certified a class action lawsuit against Airbnb this week where plaintiffs allege the home-sharing platform is acting as an illegal travel agency and real estate broker. (Daily Hive)

STOREYS’ Issue Of The Year: The Condo Market

With the need for more housing plain in Canada, and condos being such a big part of the equation, there’s no minimizing the fact that the condo sector, set against the backdrop of a changed and challenged market, has gripped Canadians with an eye on real estate this year. (Storeys)

Canada’s inflation rate edges down to 1.9%

Canada’s annual inflation rate ticked down to 1.9 per cent in November, with the slowdown in price growth mostly driven by lower mortgage interest costs and cheaper travel tours, Statistics Canada said on Tuesday. (CBC)

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