🏠 13,000 homes

Together with

Good morning! 🚂 A new book aims to shed light on one Canada’s largest construction projects ever, the Canadian Pacific Railway. Celebrated B.C. author Stephen Brown says he wanted to explore on the many sides of the project, including its engineering accomplishments, its impacts on the environment and the treatment of workers.

⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 1:30AM ET January 30th, 2024.

Economy: Troubled Chinese developer Evergrande Group has been ordered by a Hong Kong court to liquidate. Evergrande is the world’s most indebted developer with more than USD$300 billion in liabilities. The move has already sent shockwaves through China’s markets, with authorities already moving to prevent a stock market sell-off. As the world’s second largest economy, China’s economic woes could have an impact far beyond its borders, experts say.  

THE BIG STORY

Massive Jericho Lands vision takes shape

A group of Indigenous landowners’ dream just got one step closer to reality after a major ruling by the city of Vancouver. The Jericho Lands Policy Statement has been approved for the ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands project, paving the way for the next stage of planning.  

Spearheaded by the Musqueam, Squamish and Tsleil-Waututh First Nations, the plan would transform a section of western Vancouver into a high-density community that includes thousands of homes. 

What happens next: City staff will prepare the Official Development Plan for the future redevelopment of the site which will take place in phases over the next 25-30 years. In parallel, staff will also begin working with the landowners on the rezoning of the first phase of development.

The plan at a glance: 

• 13,000 new homes for 24,000 residents.

• Space for a variety of commercial, light industrial and retail businesses. accommodating around 3,000 jobs. 

• 259 childcare spaces for 0-4 year-olds and 240 spaces for 5-12 year-olds.

• 20 acres of park space and 10 acres of public open spaces.

• A community centre, arts/cultural/social spaces, a non-traditional library (House of Learning), renewal and expansion of Firehall #19.

• Street upgrades, new walking and cycling connections, plazas, and transit integration. 

A deeper meaning: This project hits a lot of positives. Not only is it transit-oriented and includes below-market rental housing, the entire project is being led by the Indigenous groups that have called the region home for generations. For them, it’s about more than just development. Here’s how yəχʷyaχʷələq-Chief Wayne Sparrow put it: “Our people have been on these lands for thousands of years. To own them again and to be redeveloping them for the benefit of our people is us returning home.”

NEED TO KNOW

The week's headlines

🏠 The federal government has announced plans to offer low-cost loans to postsecondary institutions and builders looking to expand access to student housing on and off campus. Ottawa says it will adjust its $40-billion Apartment Construction Loan Program to allow postsecondary institutions, as well as private companies, to access the fund to expand student housing.

🛑 U.S. President Joe Biden announced he is pausing approvals for new LNG export terminals, citing climate concerns. Canadian LNG proponents saw it as a major blow to our own energy sector due to the integrated nature of the North American LNG market. 

🪨 BHP has decided to go ahead with a $6.4-billion plan to build the second stage of its Jansen potash mine near Saskatoon. The project is expected to double production capacity to approximately 8.5 million tonnes per year. 

🏗️ The Trans Mountain expansion project is now 98% complete and targeting to begin operating in the coming weeks. However, this could be in jeopardy due to “technical issues” that arose this week that threaten to delay the project.

PROJECT SPOTLIGHT

High grades

Pomerleau has broken ground on a 14-storey mass timber and steel building at the University of Toronto. Once complete in 2026, the Academic Wood Tower will be the nation’s tallest academic timber building. It is intended that the tower become a prototype for the use of mass timber both nationally and worldwide. It was designed by Patkau Architects and MJMA.

PROJECT UPDATES

PCL chosen to overhaul Calgary Airport runway 

Varme developing waste-to-energy facility in Edmonton

Major progress made on Darlington Unit 1 refurbishment

Scarborough busway project faces delays, cost increases

Trans Mountain completion expected in coming weeks

Campbell River plans $78M Strathcona Gardens overhaul

WHAT WE’RE TALKING ABOUT

MAP: 🗺️Montreal debuts map showing all its active construction sites

LIST: 💵 Every city receiving Housing Accelerator Funds

STUDY: ☀️ Climate study charts Toronto heat

READ: 🏠 Competition produces ‘open source’ modular housing design concepts

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Here’s to a great rest of the week!