💵 A capital idea

Good morning! 🚽 New Westminster can’t hold it in any longer. The city has approved the development of a citywide public toilet strategy to better address the needs of various groups, including the unhoused, seniors, and people with health conditions. The strategy, with a budget of up to $125,000, will include enhancing signage and better access to existing facilities.

⏰ Today’s read: 5 minutes

MARKETS

Economy:  Canada Mortgage and Housing Corp. (CMHC) reported a 3% rise in the annual pace of housing starts in January, reaching 239,739 units, driven by increased multi-unit construction in Quebec and B.C. However, CMHC warned that foreign trade risks, including potential U.S. tariffs, could slow housing construction despite a projected short-term rebound in home sales and prices.

NEED TO KNOW

The week's headlines

$1B deal: 🤝 WSP Global Inc., a Quebec-based engineering and professional services firm, has formed a multi-year, global strategic partnership with Microsoft Corp. to drive digital transformation in the Architecture, Engineering, and Construction (AEC) industry. This seven-year collaboration, valued at over $1 billion, designates Microsoft as a preferred partner for digital and AI services, including expanding Microsoft 365 Copilot globally. 

Advanced storage:⚡ Hydrostor, a Toronto-based energy storage developer, has secured $200 million in financing from Canada Growth Fund, Goldman Sachs, and CPP Investments to advance its Advanced Compressed Air Energy Storage projects in Australia, California, and Ontario.

Room service: 🛎️ Canada's hotel construction volume reached record levels by the end of 2024, with 333 projects and 43,413 rooms in the pipeline—a 13% year-over-year increase, according to Lodging Econometrics. Projects under construction grew to 76, while early planning saw a 19% rise. Ontario led development with 200 projects, followed by B.C. and Quebec. 

Lower emissions: 🍃  Alberta’s government is investing $55 million through the TIER program to support 15 projects that develop technologies aimed at reducing emissions, lowering costs, and creating jobs. Key projects include wastewater thermal energy, lower-emission cement, AI-driven reforestation, plastic recycling, and improved oil well sealing. 

THE BIG STORY

A new leaf: Indigenous capital markets take off

Cedar Leaf Capital, an Indigenous-majority-owned investment dealer, has launched in Canada, signaling significant progress in bridging the gap between Indigenous communities and capital markets, as well as helping Indigenous communities access financing for meaningful ownership in major Canadian projects. 

One of many: Cedar Leaf is part of a larger trend, with 111 Indigenous communities securing equity interests in major infrastructure projects since 2022. This shift is further bolstered by growing Indigenous financial institutions and initiatives, like the First Nations Finance Authority, which issues loans for infrastructure, including schools and business ventures.

Not a done deal: Challenges remain, such as the federal Indian Act limiting Indigenous land ownership, which impedes access to affordable financing. However, emerging programs like the Canada Development Investment Corporation’s loan guarantees are addressing these barriers. Indigenous-controlled financial institutions could help ensure economic reconciliation is led by Indigenous peoples on their own terms.

Project investment: the list of projects in Indigenous equity so far is impressive, including the US $4-billion Cedar LNG terminal in Kitimat, B.C., that is majority-owned by the Haisla Nation and 49.9% owned by Pembina Pipeline Corp and a $1-billion deal for TC Energy Corp. to sell a stake in its Western Canadian gas transmission network to a consortium of 72 Indigenous communities in three provinces. 

Mind the gap: Cedar Leaf is part of a broader movement of Indigenous-led organizations making strides in closing the $349-billion infrastructure gap between Indigenous and non-Indigenous communities. If closed, the economic benefit could generate more than $635B and thousands of construction jobs. 

Here’s how Tabatha Bull, CEO of the Council for Indigenous Business put it:  “How can a business be run in a community without clean water or broadband? We need to have all of that infrastructure to be able to build businesses.”

PROJECT SPOTLIGHT

Bombs away

NEUF architect(e)s designed Bombardier’s new aircraft assembly center at Toronto Pearson International Airport, overcoming complex challenges such as detailed client requirements and site proximity to a busy runway. Led by Lilia Koleva, the team coordinated with 120 external professionals, adapting the design to evolving needs, including a 30% size reduction during the pandemic. The project, completed in spring 2024, involved extensive planning and over 400 meetings.

PROJECT UPDATES

Island chid-care project axed due to overruns

Toronto begins work replacing 105-year-old watermain

Portage & Main construction enters next phase

Alberta to build 6 schools in Calgary area, 5 in Edmonton

New branches of Montreal’s light-rail system to open this fall

Calgary considers micro-tunnelling for feeder main reliability 

WHAT WE’RE TALKING ABOUT

READ: 🩷 SiteTalent launches with love

WATCH: 💬 Calgary builders chat with Mayor Gondek

READ: 🏗️ Ontario parties agree to axe Green Belt building

WATCH: 🏠 Sen̓áḵw units available to rent this year

READ: 💰 Prefab housing factory bought from Swedish firm

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Here’s to a great rest of the week!

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