🚀 40 under 40 winners

Together with

Good morning! ⏳ Tired of waiting? Edmonton has become the first Canadian city ever to introduce automated development permits. The change will allow applicants to apply for a permit and begin construction on the same day. Usually this process takes two weeks, on average.

👀 P.S. Read to the bottom to check out some new rewards for referring the newsletter to your colleagues.

⏰ Today’s read: 4 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8:30 PM ET Sept 16th, 2024.

Economy: Finance Minister Chrystia Freeland announced changes to mortgage rules aimed at improving housing affordability. The federal government will raise the cap on insured mortgages from $1 million to $1.5 million, allowing more buyers to make a down payment of less than 20%. Additionally, the 30-year mortgage amortization period, previously limited to first-time buyers of newly built homes, will now be available to all first-time buyers and purchasers of newly built houses.

THE BIG STORY

Top 40 Under 40: Class of 2024 has arrived

The wait is finally over. This year’s winners for Top 40 Under 40 in Canadian Construction have officially been announced.

Here’s who won: The full list of winners and biographies highlighting their career achievements can be found here. This year’s honorees represent major companies such as EllisDon, PCL, Axiom Builders, Lafarge Canada, RJC Engineers, Aecon, Kiewit and more. The winners demonstrate a high degree of excellence across various construction roles, including engineers, CEOs, directors, project managers, risk experts, COOs, marketing specialists and more.

Crunching numbers: This year’s list included 13 directors, five vice presidents, four lawyers, one CEO, two COOs, one architect, and one president among many other titles. Lafarge, Aecon and EllisDon tied for most winners, each with three. Now in its fifth year, the competition has recognized a total of 200 exceptional construction professionals. 

Why it matters: Data models show the construction industry could face a recruiting gap of more than 85,000 workers by 2033. Recognizing the achievements of the industry's brightest minds is a crucial step in inspiring the next generation of builders and ensuring the industry's future success.

NEED TO KNOW

The week's headlines

⚡Phase two: The Ontario government and Wataynikaneyap Power, a First Nations-led company, are advancing the second phase of the Watay Power Transmission Project, the largest Indigenous-led energy initiative in Ontario's history. This phase connects Sachigo Lake First Nation to clean, reliable energy, ending their reliance on diesel generators.

🚔New charges: Albion Building Consultant Inc., a homebuilding company in Ontario, faces 124 new charges after being found to have illegally built and sold homes despite having its license revoked in February 2023. The Home Construction Regulatory Authority says it uncovered evidence of ongoing illegal activity, including the construction of 40 new homes. The charges include illegal building, failure to enroll homes, and violating legal conditions. 

🏠 Land purchase: B.C. has purchased 14 properties near its SkyTrain expansion project route to build at least 700 homes. The province also intends to create space for amenities such as grocery stores and child care near transit. It is part of a larger plan to encourage transit-oriented development. 

🏗️ Curing procurement: Three major ICI construction associations are urging Toronto to improve procurement practices to expedite project timelines, reduce traffic congestion, and lower costs. The associations propose five solutions: early tendering and faster project awards, incentives for early project completion, empowering project managers to make decisions, improving project coordination and communication, and fostering innovation through collaboration. 

TOGETHER WITH PCL

Last call: Just 6 tickets remain

Do you want to meet past and present Top 40 Under 40 in Canadian Construction Winners? We are down to the final 6 tickets before our Construction Leaders Forum event is completely sold out. The event will feature expert panels, high-level networking, oysters, a historic construction tour and more. Click on the link below to secure your tickets.

PROJECT SPOTLIGHT

Square escape

Tucked into the forests of Nova Scotia’s Gasereau Valley, the White Rock Guest Cabin was designed by architect Omar Ghandi to the perfect spot to escape the city and connect with nature. The weathered steel exterior is complemented by an interior clad in smoked white oak, arranged in diverse widths and patterns. Along with the stainless-steel kitchen, these elements reflect sunlight pouring through the floor-to-ceiling windows, accentuating the raw texture of the space.

PROJECT UPDATES

We have good news! Project Pulse, our weekly roundup of Canadian construction project updates, is now available to everyone. Check out the latest edition in the link below.

WHAT WE’RE TALKING ABOUT

PHOTOS: ♻️ the world’s tallest up-cycled skyscraper

READ: 🏗️ Electrifying developments in mobile lifts

WATCH: 🌋 Building Iceland’s lava barriers

READ: 📈 10 emerging trends in infrastructure

PHOTOS: 🎨 Restoring Centre Block’s paint job

READ: ✍🏼 Lafarge publishes environmental product declarations

TOP CONSTRUCTION JOBS

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Here’s to a great rest of the week!

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