🏠 Condo crash

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Good morning! 🦺 A groundbreaking seismic design from UBC could revolutionize how highrises endure major earthquakes—keeping buildings functional and people safe. The new system replaces rigid concrete cores with shock-absorbing components like dampers and rocking foundations, making towers more resilient, cost-effective, and potentially repair-free after a quake.

⏰ Today’s read: 5 minutes

MARKETS

Economy:  Since the expansion of Canada's Trans Mountain Pipeline began operations in May 2024, China has become its largest buyer of oil, averaging 207,000 barrels per day—up from just 7,000 in the previous decade—surpassing even the U.S., which took about 173,000 bpd. This shift is driven by strained U.S.-Canada relations amid former President Trump's trade war, as well as China’s efforts to reduce reliance on sanctioned oil from countries like Russia and Venezuela.

EVENTS

Last call: 15 tickets left for SiteSummit

If you were thinking of attending SiteSummit, a two day construction conference hosted by SiteNews and EllisDon, your decision is coming down to the wire. We have only 15 tickets left. After that, our venue will be at capacity. We have an agenda focused on helping builders seize opportunities and epic activations outside the panels, including a hike, beer crawl and yacht cruise. Click the link below to get all the details and to secure your seat.

NEED TO KNOW

The week's headlines

⛴️ Set sail: A construction partner search is about to start for the Roberts Bank Terminal 2 Project, a major container terminal expected to boost Canada’s trade, add over $3 billion to GDP annually, and create over 35,000 jobs. Using a progressive design-build model, the project includes land reclamation, wharf construction, and environmental measures, with construction starting in 2028 and operations beginning in the mid-2030s.

🔥 Hot garbage: Enwave Energy Corporation, in partnership with the MMJV Partnership led by Maple Reinders, will begin construction this fall on a new waste-to-energy facility in Prince Edward Island, set to be operational by 2028. Replacing the aging district energy plant, the facility will process up to 46,000 tonnes of municipal solid waste annually using advanced thermal conversion technology, significantly reducing landfill use and GHG emissions. 

🤝 Free trade: Ontario and Manitoba have signed a memorandum of understanding to eliminate interprovincial trade and regulatory barriers, aiming to strengthen Canada’s domestic economy amid ongoing U.S. tariff pressures. Premier Doug Ford, who has led similar agreements with Nova Scotia and New Brunswick, emphasized the economic potential of freer internal trade, projecting up to $200 billion in GDP gains.

🚘 Stalled: Honda Canada is delaying its $15-billion electric vehicle project in Ontario by two years due to weak EV demand, despite prior government backing and high expectations. The project, which includes retooling the Alliston plant and building new battery and parts facilities, was expected to create over 1,000 jobs and produce 240,000 EVs annually by 2028. 

TOGETHER WITH ECAM

We’ve evolved — Introducing ECAM

We’re excited to announce that we are now operating as ECAM — the newly launched leader in AI-driven live video surveillance. Born from the merger of Stealth Monitoring and ECAMSECURE, ECAM now represents the largest footprint of monitored mobile and permanent surveillance units in North America. Powered by AI technology and human expertise, we provide real-time threat detection, and 24/7 protection tailored for industries like construction. Come visit us to discover how our solutions are reshaping the future of site security. Let’s connect at SiteSummit — we’ll be showcasing what "Every Camera, Always Monitored" really means. If you wish to learn more about our services, visit our website below.

THE BIG STORY

Condo crash: What it means for builders and developers

Canada’s condo market is facing a significant downturn, with major cities like Toronto and Vancouver experiencing a sharp decline in demand and a surge in unsold inventory. This shift is prompting developers to reassess their strategies.

Market Meltdown: In the Greater Toronto Area (GTA), new condo sales have plummeted to their lowest levels in over 30 years, with only 533 units sold in Q1 2025—a 62% year-over-year decline. 

Investor Retreat: The investor-driven model that once fueled the condo boom is faltering. High borrowing costs and diminishing rental yields have led many investors to exit the market. In Toronto, approximately 30% of pre-construction condo buyers are walking away.

Supply Surge: A record number of condo completions are adding to the oversupply. In 2025, the GTA is expected to see over 31,000 new units completed, surpassing last year's record. Vancouver is also experiencing a significant increase in unsold new condos, with projections indicating a 60% rise by year-end. 

Changing Preferences: Experts say the market's focus on small, investor-friendly units is misaligned with current buyer demands. Many prospective homeowners are seeking larger, family-oriented spaces, leading to a mismatch between available inventory and buyer needs.

Developer Dilemmas: Developers are facing tough decisions. Some projects are being paused or canceled due to insufficient pre-sales. In Vancouver, a major development returned deposits to buyers after failing to meet sales targets. In Toronto, over 100 lawsuits have been filed by developers against buyers who backed out of pre-construction agreements.

Looking Ahead: The current landscape could be an opportunity for the industry to recalibrate. Some have argued that developers should shift focus toward building units that cater to end-users, such as larger, family-friendly condos. Additionally, exploring alternative financing models and engaging in public-private partnerships could help navigate this downturn.

PROJECT SPOTLIGHT

Architectural bouquet

Wildflower by Minto Communities is a master-planned residential development in Airdrie, Alberta that features farm-inspired single-family and multi-family homes in three distinct architectural styles. With a focus on energy efficiency, green living, and thoughtfully crafted layouts, Wildflower offers a vibrant, well-connected neighborhood. The Canadian Home Builders’ Association just named Canada’s Best New Community.

PROJECT UPDATES

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Mosaic Homes luanhces final piece of Lynn community

Highway construction season has started in Saskatchewan

Arizona Lithium gets key approvals for Saskatchewan project

WHAT WE’RE TALKING ABOUT

PHOTOS: 🦎 Lafarge shares jobsite animal sightings

READ: 🚨 Thai construction magnate surrenders to authorities

VIDEO: 💊 Japan’s Capsule Tower was unlike anything else

PHOTOS: 🍃 Turning turbine blades into tiny homes

VIDEO: 🏠 Does higher density mean cheaper homes?

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Here’s to a great rest of the week!

Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.