Elite Projects Update

Dear Esteemed Partners,

As 2024 draws to a close, I am both grateful and excited for the year ahead. It has been a year of significant progress, overcoming challenges, and strengthening the relationships that are so vital to Elite Development’s success. Your partnership has been integral in helping us navigate our projects, and I want to take a moment to reflect on the positive strides we’ve made together and what lies ahead.

While the beginning of the year began with some market uncertainty, we’ve seen encouraging shifts as interest rates have stabilized, and positive signals continue to emerge from the market. As of December 11, 2024, the Bank of Canada's Overnight Lending Rate is 3.25%, which is a result of five consecutive rate cuts. The Bank of Canada's recent interest rate cut could have several significant effects on the real estate market. Lower borrowing costs will make it easier for buyers, especially those previously priced out, to purchase homes. This could lead to increased activity as more buyers reassess their options and enter the market. Additionally, many homebuyers may opt for variable rate mortgages to capitalize on falling rates and reduced payments. Investors may also seize the opportunity to expand their real estate portfolios with lower rates, leading to increased demand for investment properties. As demand for new homes rises, we could see higher asking prices as well. Moreover, the rate cut may stimulate larger commercial real estate deals, making the market more favorable for such transactions.

One of the most exciting milestones on the horizon is the inauguration of Ambrose Condos in Q1 of the new year. We are eager to see it come to life and be a key addition to our portfolio. Additionally, we are looking forward to taking some of our other high-profile projects to sales in the upcoming months. These launches mark the next chapter in our commitment to shaping exceptional communities and providing long-term value.

We are excited for 2025 as project timelines are aligning more favourably, and we are witnessing a growing momentum across many of our key ventures. As always, our ongoing collaborations with cities remain a cornerstone of our progress, and we are pleased with the supportive and constructive relationships we continue to nurture. These improvements offer a strong foundation for the opportunities we will continue to build on in the new year.

We have also expanded our team this year, bringing in new talent who are helping us address capacity issues and furthering our ability to execute our projects with precision and care. These additions to our team are already making a tremendous impact, enabling us to push forward with increased efficiency and innovation.

Looking to Q1, we are particularly excited about how we will harness emerging technologies in 2025. With advancements in AI, we are poised to enhance the way we communicate with and update our partners, ensuring that you are always informed and involved in the projects that matter to you. We are committed to keeping you at the forefront of every development and providing you with an elevated experience that reflects our growth and innovation.

Thank you for your continued trust, collaboration, and patience as we navigate this dynamic landscape together. With the positive outlook in the market and our strengthened capacity, we are confident that we will achieve even greater successes in the year ahead. We look forward to the exciting projects we will bring to life in 2025 and to deepening the strong partnerships we have with each of you.

Wishing you and your loved ones a joyous holiday season and a prosperous New Year.


Warm regards,

CEO, Elite Developments