⚽ Housing Gooooooals!

Together with

Good morning! Well, it was fun while it lasted. Our 🇨🇦 boys have been eliminated from the world cup after a 4-1 loss to Croatia. The journey isn't completely over, however. On Thursday, the team will get one final chance to make their mark with a match against Morocco. No matter what happens, we can still put that Alphonso Davies goal on replay.

- Russell Hixson, editor

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 10:30PM ET Nov. 28

Markets: Mark your calendars for Dec. 7. Canadian banks are set to announce Q4 performance ahead of a possible 2023 recession. It’s also expected that Bank of Canada will announce yet another rate hike as its last decision of the year.

THE BIG STORY

Government takes action on housing crisis

“Home sweet home” is nowhere to be found for many Canadians. A RE/MAX report from earlier this year showed housing inventory levels in major markets have been dwindling over the past decade. Places like Ottawa, Calgary, Montreal, Winnipeg and Greater Vancouver all saw double digit declines.

Here’s the deal: Not only are we facing declines in inventory. The nation is growing. Canada has seen double digit population growth between 2006 and 2021. Canada admitted 1.3 million between 2016 and 2021, and this fall Ottawa announced plans to soon raise its immigration targets to 500,000 a year. The housing crisis isn’t going to get any easier. A report from Canada Mortgage and Housing Corp. (CMHC) suggests that the country needs to build 3.5 million new homes by 2030 to tackle the affordability issue, yet Canada is averaging only 200,000 to 300,000 new units per year.

The big picture: Provinces and the federal government are grappling with how to address the issue. Even in the past two years, lots of action has been taken.

• Just this month, Ontario passed a housing bill intended to spur more development by enhancing municipal power, opening up more land and cutting fees for affordable housing projects.

• This fall, Prime Minister Justin Trudeau committed $2 billion to support affordable housing initiatives that could create nearly 17,000 homes.

• In B.C. newly sworn-in Premier David Eby proposed major legislation changes and committed to form of a new ministry dedicated to housing.

• In Saskatchewan, it appears that thousands of affordable housing units are sitting empty, prompting local officials to question the province’s approach.

And those are just recent actions that have been taken. The problem is buildings take time to build. And time is running out.

"The trouble is that housing development is a slow process, and experience tells us the only thing slower might be government processes," said RE/MAX president Christopher Alexander. "Removing barriers and cutting red tape is necessary. A crisis is looming, but the outcome is not cast in stone. There is a short runway to reverse course before the impacts become very real for Canadian homebuyers and renters."

NEED TO KNOW

The week's headlines

🚛 Is the trucking industry about to get disrupted? Tesla recently announced its electric semi completed a 804 km journey while carrying 100 per cent of its gross combination weight. The company says it aims to ramp up production of the vehicles to 50,000 units per year. The first batch of trucks are set to be delivered to Pepsi this December.

🏠 New home construction is nose diving in Saskatoon. A new report suggests there are nearly 50 per cent less homes being built in the city compared to last year. The Saskatoon Homebuilders’ Association believes that the dip is related to rising interest rates. This caused deals to collapse as homebuyers couldn’t secure financing.

🚧 Brent Sawchyn, the CEO of PC Urban Properties in Vancouver says the true sources of B.C.’s housing crisis are governments, taxes and bureaucracy. He wrote that with increasing development cost charges, property taxes, municipal charges, utility costs and GST on new rental buildings, developers typically spend at least 15 per cent to 20 per cent of a project’s total budget on government-level taxes. On top of that, developers face a four- to six-year pathway to deliver rental housing.

🔋 Canada Infrastructure Bank, CIBC and Markham District Energy (MDE) have reached a $270 million deal to advance district energy infrastructure. Markham’s MDE is the fastest-growing district energy utility in Canada and the investments will help it expand its service area. Officials stated that the new infrastructure is expected to reduce 33,700 tonnes of greenhouse gas annually.

PROJECT SPOTLIGHT

Limberlost showcases Canadian timber

George Brown is keeping it local: Toronto’s George Brown College is highlighting Canadian technology with its 225,000 square-foot, net-zero Limberlost Place. The project is sourcing all its mass wood components nationally. The tall wood building's cutting-edge design includes solar chimneys, demising walls and envelope prefabrication. The approvals process for the project was complex due to its proximity to the East Bayside Community in Toronto. The team used fly-throughs, 3-D models and numerous meetings with the jurisdiction authorities to get it across the finish line. The 10-storey building, designed by Moriyama & Teshima and Acton Ostry Architects, is expected to be completed in 2024. The project team includes PCL Builders and Nordic Structures. Limberlost Place will house the Brookfield Sustainability Institute (BSI) where students, community partners and industry can connect to develop solutions to problems caused by accelerating climate change.

PROJECT UPDATES

The Broadway Subway project’s completion has been pushed to 2026.

PCL begins work on Blue Jays facility renovation.

Site C crews have wrapped work on 2.6-kilometre-long shoreline protection berm.

Bawa family has broken ground on the Woodwind Retirement Home in Brantford, Ont.

WHAT WE'RE TALKING ABOUT

READ: 🖨️ I hope the neighbourhood printer doesn’t jam.

WATCH: 1930s footage shows workers building the Golden Gate Bridge.

READ: 🗝️ Released inmates get second chance with tiny homes.

TWEET: 🚂 Could U.S. trains soon come to a grinding halt?

WATCH: 🎸 Let John Mayer inspire you as he crafts a song in real time.

HEALTH & SAFETY  

Conquering construction's common ailment: Back pain

There’s no way around it. Construction is hard on the body. According to Vancouver physiotherapist Jack Liney, one of the most common complaints from construction workers is back pain.

But research around back pain has shifted over the years. The old advice of "never lift with your back" hasn't proven to be as wise as once thought. Liney offered these updates around some common back pain misconceptions:

• Back pain is not caused by poor posture.

• There is no evidence that lifting with spinal flexion is associated with more risk of injury or pain.

• There is no evidence that certain postures are causative of lower back pain, back pain affects all postures.

• Pain with movement and exercise doesn't mean you're doing harm.

• Pain flare ups don't mean you're damaging yourself.

To keep one’s back healthy, Liney put together a daily routine and more advice for construction workers.

WE WANT TO SOCK IT TO 'YA

Guess what? Some subscribers have already earned their free SiteNews socks and other goodies. How close are you? Sign up five subscribers using your personalized link below and a pair is yours. It's that simple.

🙏🏻 Thanks for reading!

Was this email forwarded to you? Subscribe so you don't miss a beat.