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Good morning! 🪵No more freeloading for beavers in B.C. After causing flooding issues near farms in Merritt, two beavers have been relocated and put to work clearing out a dried up watershed. It’s hoped that their efforts could help create new wetlands. 

⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 9:20PM ET July 22nd, 2024.

Economy: Alberta's housing construction is booming, with a record-breaking 54% increase in housing starts compared to last year. This is the highest level of construction activity in the province since 1990. Calgary and Edmonton, the two major cities, have seen significant increases as well, with Calgary up 38% and Edmonton up 67% in housing starts. Experts believe Alberta could be on track to break its all-time record for housing starts set in 2006.

THE BIG STORY

Going under: Climate crisis hits Toronto

Toronto is reeling after a massive rainfall event that has experts questioning if Canada’s largest city needs an infrastructure overhaul. 

What happened: On July 16, a severe storm smashed into the East Coast, dumping 100mm of rain in a single day. Some areas got 100mm or rain in just a few hours. This broke records going back to the 1940s. 

Washed out: Major routes were shut down, including Union Station, Lake Shore Boulevard, parts of the Gardiner Expressway and the Don Valley Parkway. At its peak, approximately 167,000 customers lost power. Officials estimate total damage could exceed $1 billion. 

Deja vu: Toronto was hammered by a similar downpour 11 years ago. In the aftermath of the 2013 flood, there was widespread discussion about Toronto's need to enhance its resilience to climate change, as experts predicted an increase in the frequency and intensity of heavy rainfall events. Despite this awareness, Tuesday's severe storm suggests that the city remains unprepared. 

Action required: While climate change is causing more severe storms, experts and advocates say a combination of old infrastructure and loss of natural habitats such as water-absorbing wetlands and forests are making the impact far worse. For example, Toronto's stormwater systems, originally designed for rare extreme events occurring every 50 to 100 years, are now strained annually.

Future investment: The issue goes beyond just Toronto. According to a report from the Financial Accountability Officers, just this decade alone, Ontario is going to have to spend an additional $26 billion to make sure its infrastructure is climate-ready. And dealing with this gap now, rather than later, could ultimately save money.

NEED TO KNOW

The week's headlines

🏒 Officials have revealed the look of Calgary's new event center, Scotia Place. Designed with input from Indigenous communities, the building reflects the four elements and features a central flame motif.  Scotia Place will offer a community rink, plazas, restaurants, and a team store, aiming to be a welcoming and accessible space for all. Construction is expected to begin soon and be completed by fall 2027.

🏠 The Canadian government has unveiled the Canada Green Buildings Strategy, a plan to make homes and buildings across the country more energy efficient. The strategy prioritizes affordability and aims to tackle the challenges of housing costs and climate change simultaneously. A central piece of the plan is the Canada Greener Homes Affordability Program. Replacing the former grant program, this initiative offers a more comprehensive approach to help low- and middle-income Canadians.

🚃 Government officials have announced a $30 billion investment over 10 years, the largest ever, to improve public transit across the country. This fund aims to expand existing systems, build new lines, and make transit more accessible. Funding will prioritize large urban areas and partnerships between provinces and municipalities.

🔭 Cities across Canada are grappling with protecting iconic views while building more housing. Vancouver recently relaxed building height restrictions to create more space, sparking debate. Experts say views are important for residents' identity but shouldn't come at the expense of affordable housing. They recommend a balanced approach.

PROJECT SPOTLIGHT

State of the arts

More details have been revealed for the design of the St. Lawrence Centre for the Arts in Toronto. The facility will include a high-performance transparent façade that wraps the existing structure and weaves in various Indigenous-inspired design elements, including Wampum belts and a circular ceremonial fire. The design comes from Hariri Pontarini Architects.

PROJECT UPDATES

BC Hydro plans $1B in capital projects for Surrey

Construction starts on Enbridge’s Panhandle expansion project

Six-month construction nears $18 million

crews work to repair Montgomery water main break

Calgary breaks ground on Cornerstone multi-service development

WHAT WE’RE TALKING ABOUT

READ: 🌴 Five fun facts about Quebec’s construction holiday

PHOTOS: Construction interns build playhouses for kids

STUDY: 🏗️ UBC research shows construction carbon costs

READ: 🏠 New, presale condo sales plummet in GTHA

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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.