📈 Motion to build

Good morning! What do you do with a 100-year old dam that’s starting to crack? You build another dam in front of it of course. Switzerland is in a race against time to replace Spitallamm Dam before it's too late in one of the most challenging construction environments in the world. Luckily, at only USD$140 million, the new dam seems like a bargain solution.

⌚Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:05PM ET November 13th, 2023.

Economy: Experts say skyrocketing building costs that have plagued the industry for years may be slowing. The latest data from Statistics Canada shows national residential building construction costs rose by 1.0% in Q3, down from 2.0% in Q2. Non-residential building costs were up 0.9% this quarter after a 1.6% increase in Q2.

THE BIG STORY

B.C. legislates housing changes

Officials in B.C. aren’t asking municipalities to build housing. They’re telling them with proposed legislation that is set to transform what can be developed in the province and where. The changes touch on nearly every part of the development process. 

What they are proposing:

• Zoning: Municipalities would have to open up single-family zoning to a variety of multi-unit housing projects. 

• Approvals: The legislation will also speed up local housing development approvals by shifting local planning and zoning processes to happen up front. It would also phase out one-off public hearings for rezonings for housing projects that align with community plans. 

• Transit: legislation would require municipalities to designate Transit Oriented Development Areas (TOD Areas) near transit hubs. This could pave the way for large tower projects. 

• Costs: The changes provide high-growth communities with a development-finance tool called an amenity cost charge (or ACC). Instead of amenity costs and agreements coming together during the rezoning stage, this tool is part of the upfront planning process, giving builders and municipalities a better view of costs from the start.

Auckland inspiration: The province stated that it is looking to upzoning efforts in Auckland, New Zealand for inspiration. In 2016 Auckland upzoned about 75% of its core urban area. Researchers found that six years later, construction of housing has increased, boosting supply by 4% and permitted units have increased every year since the policy. 

Will it work: It will be one of the biggest upzoning experiments in the country but some are highly skeptical that it will pay off. Critics argue that broad upzoning policies could be a huge giveaway to property owners and might not translate to lower prices. 

NEED TO KNOW

The week's headlines

🏠 Quebec and the federal government have partnered up to make the single largest housing investment in the province’s history. $1.8 billion will go towards creating 8,000 affordable housing units and the province is in the process of drafting legislative changes to speed development. 

⛽ After completing the Coastal GasLink pipeline project, TC Energy says it plans to focus on smaller projects in the coming years. CEO François Poirier said they plan to limit annual capital expenditures to between $6 billion and $7 billion. After five years of work, Coastal GasLink ended up costing $14.5 billion. 

⚖️ Construction companies are taking real estate developer Westbank Corp. to court, alleging they owe $25 million for unpaid work at Mirvish Village, a rental apartment project in Toronto. Westbank downplayed the lawsuits, saying the issues are due to disruption from taking over as its own construction manager on the project.

🚿 The Ontario government is investing $200 million over three years to help municipalities repair, rehabilitate and expand critical drinking water, wastewater and stormwater infrastructure. Officials say the new funding will support the province’s rapidly growing population, unlock more housing opportunities and spur economic growth.

PROJECT SPOTLIGHT

Painting with brick

This midtown Toronto building uses varying patterns and quantities of a brick to create a square-shaped bond pattern inspired by abstract artwork of Larry Poons. Inside, the structure features materially muted interiors. Everything from baseboards and door handles to lights and handrails— are carved-out of the walls to create an enveloping sculptural effect. The home and private contemporary art gallery was designed for an unnamed client by Toronto-based architecture firm Partisans. 

PROJECT UPDATES

NexGen's $1.3B uranium project gets provincial green light

Penticton megaproject nears permit stage

Oakridge work progressing despite Westbank disputes

Ontario breaks ground on long-term care home in Brockville

WHAT WE’RE TALKING ABOUT

VIDEO: 🚀 Ready, set, grow! Meet Canada’s rapidly rising builders

PHOTOS: 🌳 Trees are growing faster than Ontario Line Construction 

READ: ⛑️ 10,000 constructions in Canada are now COR certified

PHOTOS: 🤝 Canadian builders descend on Ottawa for Hill Day 

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Here’s to a great rest of the week!