Happy Canada Day! As a reminder, today marks the anniversary of Canadian Confederation, specifically the union of the Province of Canada, Nova Scotia, and New Brunswick on July 1, 1867.

Summer is reaching its zenith with a high of 32 degrees expected here in Toronto today. I know that everyone thinks their city is the best when it's hot and sunny outside, but I do think there's something magical about Toronto in the summer. One thing I always look forward to is the feeling of riding a bicycle around the city on a hot and humid night.

On top of this summer euphoria, it was just announced that Kawhi Leonard will be returning to the Toronto Raptors, presumably because he wants to win another championship and he misses Toronto. So, I'm fairly certain that real estate in the city just appreciated 5% over the last 24 hours.

If you're looking for something city-building-related to dig into, here's an interesting report from CBRE on global data centre trends. It specifically looks at the 4 largest markets in North America, Asia-Pacific, Europe, and Latin America. (It's a reminder that Canada needs to step up!)

Latin America led year-over-year global growth (as of Q1 2026) with a 41.3% jump in inventory (primarily Mexico). Meanwhile, the world's largest data centre market (Northern Virginia) saw its vacancy rate drop to an all-time low of 0.3%.

Overall, power availability and grid infrastructure continue to constrain new supply, and that is expected to persist beyond 2030. The tech industry is not used to being fettered by physical constraints, but we're seeing that today with the practical end of "zero marginal cost."

Enjoy the day, everyone.

Cover photo by Mayur Arvind on Unsplash

Inventory chart from CBRE