News

 

Oct 16, 2019

CTV News

Home sales in September up 15.5 per cent from year ago: CREA
OTTAWA -- Home sales in Canada's big cities continued a rebound in September with a 15.5 per cent increase in sales compared with a year ago, according to the Canadian Real Estate Association. The association said Tuesday that sales compared with a year ago were up in Canada's large urban markets, including B.C.'s Lower Mainland, Calgary, Edmonton, Winnipeg, the Greater Toronto Area, Hamilton-Burlington, Ottawa and Montreal, while data showed markets were still in balanced territory. "Home sales activity and prices are improving after having weakened significantly in a number of housing markets," said CREA chief economist Gregory Klump in a statement.

CHEK
Housing prices on Vancouver Island outside of Victoria climb at highest rate in B.C. in September
The average price of a home continues to climb on Vancouver Island, but it’s outside of Victoria that the increase is the most pronounced. The Canadian Real Estate Association says the average price of a home on Vancouver Island is now $496,100, up 4.02 per cent from September of 2018. In Victoria, the average price is $689,600, up 0.5 per cent from the same period last year. Prices continue to fall in Greater Vancouver, on the Lower Mainland, and in the Fraser Valley, down 7.28 per cent, 6.41 per cent and 4.68 per cent from September 2018.


CBC
1 in 5 homes in Canada bought by newcomers, Royal LePage survey says
One in every five homes in Canada is bought by newcomers to the country, according to a Royal LePage survey released on Wednesday. The Royal LePage Newcomer 2019 Survey, which was commissioned by the real estate company, found that newcomers spend about three years in Canada before buying a home and that 75 per cent of newcomers arrive with savings or cash to help buy a home. About 1,500 people, all of whom arrived in Canada within the last 10 years, were interviewed by public opinion polling and market research company Leger for the survey and it was conducted online in August.

Canadian Real Estate Wealth
Immigration is now a major factor in population growth
Canada’s population and consumer base has seen strong growth thanks to immigration, according to the country’s statistics agency. StatsCan figures revealed that 82.2% of the population growth seen in 2018/2019 stemmed from immigrants and non-permanent residents. Overall, the population increased by 1.4%, which was the highest among G7 nations. The rate of growth was more than twice as fast as that seen in both the United States and the United Kingdom (0.6% each), and was much higher than the rate seen in Germany (0.3%) and France (0.2%).
 

Oct 15, 2019

Financial Post

Canada’s real estate market seen in full recovery mode as sales and prices gain in September
Canada’s realtors produced another strong month of sales and prices in September, with gains in most major markets in a sign of strength for the nation’s housing market. The number of units sold rose 0.6 per cent last month, extending a recent jump in activity that have seen transactions rise 16 per cent from a year ago, the Canadian Real Estate Association said Tuesday. Benchmark home prices rose 0.5 per cent in September, and are up 2.3 per cent over the past four months. Markets in British Columbia led gains in both sales and prices last month, with the country’s oil-producing regions the only ones showing any weakness.

Vancouver Courier
International students have powerful influence on B.C. real estate: data
International students represent a powerful economic influence in Canada, according to data from the Canadian Bureau for International Education (CBIE), not the least of which is seen in the real estate sector. In 2017, the latest numbers available, there were 494,525 international students in Canada, a 119 per cent increase compared to 2010 and a 20 per cent increase from a year earlier. U.S. News and World Report ranked Canada the No. 1 country for education in the world in 2017, followed by the United Kingdom, Germany, Australia and the United States.

Vancouver Sun
Commercial Real Estate: Vancouver podcast digs into the stories behind the construction-site fence
Curious about what really happens during the demolition of a highrise tower? Or maybe interested in how technology is changing how workers toil at construction sites around the city? Perhaps you’re mostly interested in how older managers are getting along — or not getting along — with their young recruits on the job site. A new podcast about the construction industry in Vancouver aims to shed some light on those topics and others. Construction industry entrepreneurs James Faulkner, Christian Hamm and Andrew Hansen have launched The Site Visit (thesitevisit.com). It’s a podcast focused on telling stories from the job site.

RENX
Mainstreet’s new multires strategy reaps top returns
Calgary-based real estate investor Bob Dhillon has a simple plan to grow his rental apartment business in Western Canada – jump on the opportunity to provide growing numbers of millennials and international students with places to call home. “Our strategy is at Inning one,” said Dhillon, the founder, president and CEO of Mainstreet Equity Corporation (MEQ-T). However, it is creating a buzz due to a 2019 year-to-date total return of 49 per cent, according to a recent report by investment firm Raymond James. The strategy targets those demographics to expand Mainstreet’s portfolio, which as of Oct. 7 stood at 12,901 units in Western Canada. The majority of the portfolio is comprised of 7,038 units in Calgary and Edmonton.

Oct 10, 2019

CBC

Province plans to fire Alberta real estate council to deal with dysfunction 
The province will fire all eight remaining members of the Real Estate Council of Alberta and appoint an official administrator, actions recommended by a consultant asked to investigate "significant conflict" on the council. "By every measure, the Real Estate Council of Alberta has received a failing grade," Service Alberta Minister Nate Glubish said shortly after introducing the Real Estate Amendment Act 2019 in the Alberta legislature. The proposed legislation gives Glubish the power to implement the recommendations. 

Canadian Real Estate Wealth
Canadian housing activity benefits greatly from population growth
A significant driver of Canada’s housing dynamism is its population growth, taking into account the latest sales figures from major markets. Statistics Canada data showed that the national population expanded by 531,497 to roughly 37.6 million in July, ending up as the greatest year-over-year increase registered since the 1970s. A RE/MAX survey conducted by Leger earlier this year found that Toronto, Vancouver, and Calgary have all been ranked among the 10 best cities to live in across the world. Much of their attractiveness lies in their population growth and other positives like healthcare, education, retail availability, and ease of transport.


Vancouver Courier
Technology trends reframe building design
Virtual reality, artificial intelligence and big data are reframing the operations of an industry often thought of as a technological laggard. Those technologies are also fundamentally changing how buildings are designed. “Technology is just looming there as the big game-changer,” said David Thom, president of IBI Group, which ranks second on Business in Vancouver’s list of Biggest Architecture Firms in Metro Vancouver.

Vancouver Sun
Election pledges risk re-igniting Canadian home prices, realtors warn
Candidates promising home-buyer incentives during Canada’s election campaign risk igniting already lofty prices without tackling the critical issue of supply, a real estate firm warns.Even with consistent economic conditions and no new housing policy changes, home prices will rise by 1.5 per cent in the fourth quarter to an aggregate $632,226 over the same period last year, according to a report Thursday by Royal LePage.

 

Oct 4, 2019

CBC

September home sales up 22% in September, Toronto Real Estate Board says
The Toronto Real Estate Board says home sales in the Greater Toronto Area in September were up 22 per cent compared with a year ago as the cost of buying a house also pushed higher. The board says there were 7,825 sales through its MLS System last month compared with 6,414 sales reported in September 2018. On a month-over-month basis, sales in September were virtually the same as August.

Vancouver Courier

Number of realtors in Lower Mainland dropping: study
As the Lower Mainland’s real estate market boomed between 2014 and 2017, so too did the number of realtors in the region, rising to more than 13,500 by 2017. Now, since the fortunes of the region’s housing market reversed, so has the number of realtors, according to a new study by real estate marketing firm Roomvu in collaboration with UBC Sauder School of Business.


The Georgia Straight

South Granville station of Broadway subway to be topped by five-storey commercial building
A development application has been filed for one of the six stops of the Broadway subway in Vancouver. PCI Developments has proposed to build a five-storey commercial building on the northeast corner of West Broadway and Granville Street. The said location has been identified by the B.C. provincial government as the South Granville station of the subway.

NEWS 1130

Real estate industry needs to remain flexible as expectations shift says PwC
Toronto’s real estate industry heard Friday they will need to become increasingly nimble and adaptable as tenant expectations and building possibilities evolve. Speaking at the Toronto launch of a 2020 trends report, PwC director of real estate research Andrew Warren says silos around real estate categories are blurring more than ever before.
 

Oct 3, 2019

CTV News

Home sales and prices up in Toronto last month from year ago

TORONTO -- The Toronto Real Estate Board says home sales in the Greater Toronto Area in September were up 22 per cent compared with a year ago as the cost of buying a house also pushed higher. The board says there were 7,825 sales through its MLS System last month compared with 6,414 sales reported in September 2018. On a month-over-month basis, sales in September were virtually the same as August. The MLS home price index composite benchmark was up by 5.2 per cent on a year-over-year basis in September. Meanwhile, the average selling price for all home types combined was $843,115, up 5.8 per cent compared with a year ago.

Canadian Real Estate Wealth

Landlords account for a growing proportion of owners in BC, ON
Landlord ownership is steadily increasing in BC and Ontario, according to Statistics Canada. The agency reported that as of 2018, the number of multiple-property owners in BC was over 268,600. Vancouver accounted for 53.6% (143,910 owners) of this demographic. In Ontario, there were 835,175 of these kinds of owners last year, with around 43% (359,475 owners) in Toronto alone. The two provinces, which host the two hottest residential real estate markets nationwide, have an abundance of housing investors. Taking advantage of these cities’ desirability, many of these owners have chosen to rent out these properties.


BNN Bloomberg

Toronto housing market posts biggest price gain in 21 months
The Toronto housing market continued to rebound in September, with prices rising the most in 21 months, bringing the cost of a typical home close to the record high set in 2017. The benchmark price across all types of homes rose 5.2 per cent from a year earlier to $805,500, the highest annual rate of growth since December 2017. That’s about $10,000 short of the record set more than two years ago when soaring prices prompted a series of government policy changes to cool the market. Prices were driven higher by a decline in supply, with active listings down 14 per cent to 17,254.

RENX

Edmonton’s 1932 by Bateman a ‘legacy’ development
The name of the condo project which will soon rise in Edmonton’s Strathcona neighbourhood sums up the story: 1932 by Bateman. In 1932, Mike Bateman’s grandfather started as a butcher on the corner of 99th Street and 89th Avenue. The Bateman family business grew into a grocery store and eventually a local chain of Bateman IGAs. The family’s involvement in the grocery business ended in 2017, but the two condo towers on the site of the original shop will leave a lasting family legacy. Bateman, partnering with developer Pangman Development Corp., architect/designer Dialog Design and Ledcor Construction, is on the cusp of building a project incorporating 18 and 15 storey towers joined by a pedway with retail on the main floor of one tower and townhouse units at the base of the other.

 

Oct 1, 2019

Vancouver Sun

Toronto is now the world's second most overvalued property market: UBS
Toronto has emerged as the world’s second most overvalued housing market on the back of low rates and supply shortages, according to UBS AG’s annual global real estate bubble index. Vancouver was sixth in the Swiss bank’s 2019 index that is led by Munich, with Hong Kong, Amsterdam and Frankfurt filling out the other top spots. Toronto’s housing prices tripled between 2000 and 2017 and even the introduction of a foreign buyer’s tax and tighter mortgage rules only temporarily cooled red-hot prices, according to UBS. 

Canadian Real Estate Wealth

Montreal's luxury market expected to enjoy strong numbers this fall
The somewhat languid pace of Montreal’s luxury market so far this year might change in the very near future, according to a report by Sotheby’s International Realty Canada released last week. Overall high-end sales during the first half of September accelerated by 38% year-over-year, paving the way for improved long-term strength. “The City of Montreal’s top-tier real estate market is set to maintain healthy activity into the fall,” the report explained. “Steady absorption of resale inventory from luxury condominium developments completed in recent years sustained Montreal’s luxury condominium market over the summer months, foreshadowing solid fall performance,” Sotheby’s added. “Montreal remains well-positioned to set new records in 2019.”

Huffpost

Canada Election 2019: Housing Affordability Will Get Worse Under Trudeau, Scheer Plans To ‘Help Homebuyers’
MONTREAL ― When Liberal Families, Children and Social Development Minister Jean-Yves Duclos announced the rollout of the federal government’s First-Time Home Buyer Incentive at the end of August, he stood at a construction site in Richmond Hill, Ont., a battleground riding north of Toronto and ― according to a recent analysis ― home to one of the worst rental housing crises in the country. When Conservative Leader Andrew Scheer announced his party’s plans to help homebuyers, he did so not far away, in Vaughan, another city north of Toronto that makes the list of places with the worst rental crises.

Vancouver Urbanized

Vancouver ranks 7th globally for city most at risk of real estate bubble
According to the UBS Global Real Estate Bubble Index, which puts the housing market into a long-term perspective and is designed to track the risk of property price bubbles in global cities, Vancouver is seventh on the index for 2019. We’re not the only Canadian city to make the list — Toronto is ranked second. In 2018, Hong Kong topped the list, but this year, the index suggests the greatest risk of a bubble is currently in Munich. The seven bubble risk cities in order are Munich, followed by Toronto, Hong Kong and Amsterdam. Frankfurt and Paris are new additions to the bubble risk zone, according to the Index, Vancouver is seventh. But, the Index also states that valuations in Vancouver, San Francisco, Stockholm, and Sydney have “fallen sharply.”

 

Sep 27, 2019

CBC

Calgary housing market among the most affordable in Canada, report says

Social Sharing
If you are the median income earner, there are options for you' A new national housing report shows that average income earners are more likely to be able to afford a home in Calgary than in most other Canadian urban centres. The report by at Zoocasa, a Toronto-based real estate brokerage firm, looked at whether people earning the median income in 15 markets would qualify for a mortgage for an average-priced home. In eight of those cities, including Calgary, it was considered to be affordable. But in the other markets, a median income earner wouldn't qualify for a large enough mortgage to cover the cost of the home.

RE/MAX
7 Important Toronto Real Estate Statistics
National home sales and prices are up, according to the latest data released by the Canadian Real Estate Association – but as you may or may not know, there’s no such thing as a “national housing market.” Real estate is local, and conditions can vary dramatically from coast to coast, between cities and even from one neighbourhood to the next. To help give you a better view of what’s happening closer to home, here are seven important Toronto real estate statistics that will be relevant to your home hunt.


Nelson Star
Vancouver’s luxury real estate market to get a boost: forecast
Vancouver’s luxury real estate market is expected to get a boost this fall after prolonged uncertainty, even though sales above $1 million were low in the first half of September. The top-tier market started to turn around this summer, according to a Sotheby’s International Realty forecast, after a decrease of 33 per cent year over year in the first half of 2019. And while preliminary market data shows a 27-per-cent year-over-year pullback in sales above $1 million in the first 15 days of September, Sotheby’s forecasts a gradual, albeit tenuous market recovery throughout the rest of fall.

Vancouver Courier
Vancouver's Bentall Centre to expand by one-third, as owners add 500,000 square feet
New owners at the commercial real estate hub in downtown Vancouver known as Bentall Centre are planning a transformative upgrade to their four office towers and underground shopping mall. The plan involves the owners building about 500,000 square feet of space to the current 1.44-million square feet of total floor area, which sits on a five-acre footprint, said Victor Coleman, CEO, president and chairman of Hudson Pacific Properties at an Urban Development Institute luncheon Sept. 26.
 

Sep 25, 2019

RENX

German fund buys interest in Edmonton’s Stantec Tower

The commercial portion of the recently completed, 69-storey LEED Gold Stantec Tower in Edmonton’s ICE District has been sold to German real estate investment firm Deka Immobilien. Stantec Tower is Canada’s tallest commercial building outside of Toronto. The mixed-use tower includes 29 floors of commercial space for tenants including Stantec, PwC Canada and Dentons Canada LLP, as well as a Rexall pharmacy and Alberta’s only licensed food hall. The deal, reportedly worth about $500 million, is the largest office transaction in Edmonton’s history in terms of dollar value.

Canadian Real Estate Wealth

The case for increasing amortizations
Interest rates are expected to rise—when has become anyone’s guess—and if they do, amortizations must as well. “If you look at the reduction from 40 to 35 years, it coincided with a reduction of interest rates by almost a full percentage point in a short span of time with no visible indication of those rates rising again anytime soon,” said Dustan Woodhouse, president of Mortgage Architects. “Each subsequent amortization cut—from 40 years to 35, 35 to 30, 30 to 25—mathematically was roughly the equivalent of a 1% interest rate hike and it offset the lower rates. In other words, reducing amortization by 15 years was the equivalent of a 3% interest rate difference.


Canadian Real Estate Wealth

Tenants are now finding rental homes crushingly expensive, as well
Defying expectations of the rental asset class being an escape from the crushing costs of ownership, tenants in Canada’s hottest markets are labouring under elevated rent rates. According to the Canadian Rental Housing Index, mid-income earners in Toronto and Vancouver have to allot, respectively, around 40% and 91% of their pre-tax earnings to rental housing expenses. Torontonians earning just over $45,000 annually will find the situation in markets outside the downtown area to be of no comfort: In the Peel or York regions, they will need to set aside 38% and 44% of their incomes.

Vancouver Courier

Five-year fixed rates to drop to 2.77%, then hold steady: BCREA
Five-year discounted mortgage interest rates are still falling and will drop to an average of 2.77 per cent by the end of the year, then hold firm for a full year, according to the B.C. Real Estate Association’s latest forecast. The average fixed five-year rate in 2019’s third quarter is expected to be 2.86 per cent, which is down from an average of 3.16 per cent in Q2. This is just an average, as some five-year fixed rates are currently available as low as 2.25 per cent.

 

Sep 24, 2019

Western Investor

B.C. housing starts drop after four-month run
Housing starts in B.C. finally cooled in August following four months of record-high performances. Annualized urban-area starts fell to 36,900 units during the month, from 50,800 units in July, following strong results since April. This was the lowest monthly reading since March. While it remains to be seen if this drop-off marks the beginning of a trend, our expectation is for a significant decline over the next year given the weak resale market and moribund pre-sales of new projects since 2018.

Toronto Storeys
Community Housing Providers To Reject Tenants Convicted Of Crimes
Toronto’s increase in gun violence is undeniable. The province has decided to take action through a change in housing regulations. Now people who have been convicted of drug trafficking, assault, damaging property or gun violence will not be able to reapply for Toronto Community Housing Corporation (TCHC). It also allows for TCHC to reject an application for housing five years after the eviction – leaving reformed criminals in the lurch. But Toronto Mayor John Tory says it sends a message to “criminals” that they are not welcome in community housing.


CBC 
Home Capital Group to sell $425M worth of uninsured mortgage-backed securities
Alternative mortgage lender Home Capital Group plans to sell $425 million worth of its uninsured mortgages to investors, its first sale of so-called mortgage-backed securities since the financial crisis and a move likely to be welcomed by the Bank of Canada. The Toronto-based lender says it plans to sell the first tranche of the loans in a private placement that will close by Friday. The investments, which consist of some of the lenders mortgage loans bundled together and sold off to secondary buyers, will pay a rate of 3.011 per cent.

The Georgia Straight
Townhouse development to subsidize preservation of Vancouver heritage home
Housing affordability and heritage preservation are often difficult to realize in constantly changing cities like Vancouver. But there are also developments that aim to deliver on these two goals. An example would be the proposed project at 1215 West 16th Avenue, wherein a heritage home will be preserved through revenue generated by the construction of townhouses on both sides of the property.
 

Sep 20, 2019

Financial Post

The interesting history of capital gains tax in Canada — and its significant impact on real estate
Housing affordability is front and centre in the current federal election campaign, so much so that even policies that haven’t yet been announced — and may never have been destined for a platform — are courting controversy. This week, the Conservatives accused the Liberals of harbouring a plan to impose capital gains tax on the proceeds from the sale of a principal residence, a charge the Liberals have flat out refuted. Currently, income generated from the sale of a principal residence is exempted fully from capital gains, and removing such an exemption would be no small matter.

RENX

Choice Properties selling $426M retail portfolio
Choice Properties REIT (CHP.UN-T) says it has an agreement to sell a portfolio of 30 properties (27 retail sites and three distribution centres) across Canada for $426 million. Choice does not identify the purchaser in its release Friday morning, but calls it a “third party”. The transaction is subject to customary closing conditions and is scheduled to close on Sept. 30. The portfolio consists of 27 stand-alone retail properties and three distribution centres with an average lease term of approximately 12 years with Loblaw Companies Limited. Choice says the portfolio is being sold at slightly above its IFRS carrying value, and proceeds from the transaction will be used to repay debt.

Canadian Real Estate Wealth

PwC forecasts 2020 commercial market
The industrial sector is forecasted to be strong next year with warehousing and fulfillment driving development. According to Q2-2019 statistics compiled by CBRE, the national vacancy rate for industrial space was 3.1%, however, in Vancouver that number is even lower with only 2.1% of spaces available, and they’re nearly all accounted for in Toronto where the vacancy rate is 1.5%. The result is escalating rents because supply simply cannot keep apace demand. PwC cites an interviewee who pegged industrial real estate to be the strongest bet going forward, especially in Toronto, Vancouver, Ottawa and Montreal. Calgary has also shown promise, not to mention a reversal of fortune for the sector.

Vancouver Courier

Eight-storey condo building considered for East Hastings Street
An eight-storey building could be coming to East Hastings at the corner of Semlin Street. Dialog submitted a rezoning application on behalf of Reliance Properties for a mixed-use building with 131 market condo units for 1943 to 1967 East Hastings St., located directly acros from Xpey’ elementary school, which was formerly known as Macdonald elementary.
 

 

Sep 19, 2019

BNN Bloomberg

Foreign investment in Canadian commercial real estate slides 70%
Foreign investment in Canadian commercial real estate dropped 70 per cent in the first half of the year amid a scarcity of large portfolios for sale, data from Altus Group Ltd. show. Transactions totalled $1.5 billion, down from $5 billion in the first six months of 2018, when Blackstone Group Inc. (BX:UN) and Ivanhoe Cambridge Inc. bought a Canadian industrial landlord for about $3.8 billion, Altus said.

Global News

Online real estate platform promises to save buyers and sellers time, money
Alberta startup Bōde Canada has launched a tech platform it promises will make home selling and buying easier and cheaper. “The buyer ends up paying less, the seller makes more,” Bōde founder and CEO, Robert Price, said. The augmented reality program allows sellers to list their properties for no fee upfront, then markets the listing to various sites. The seller and buyer then connect and when the property sells, Bōde takes a flat one per cent service fee on the final selling price.


Vancouver Sun

Commercial Real Estate: Investment booming in Fraser Valley
Investment figures and new construction projects show that the Fraser Valley is on track to becoming the Lower Mainland’s leading industrial hub, according to data presented by Avison Young. In 2018, buyers signed 199 industrial investment deals in the Fraser Valley. To compare, Burnaby (50), Richmond (79) and Vancouver (44) had a total of 173 deals, said Michael Farrell, a principal with the firm who specializes in Fraser Valley industrial property sales and leasing.

Vancouver Sun

Dan Fumano: Council approves East Van rental building seen as 'litmus test'
When Vancouver city council approved a five-storey rental building late Tuesday, it marked the culmination of a years-long process that helped illustrate the wide chasm between different sides of the housing question. Before council could vote on the proposed building on Grant Street in East Van, they heard from dozens of speakers over almost seven hours spread over two nights.
 

Sep 18, 2019

Canadian Real Estate Wealth

These regions are hardest hit by rental squeeze

With the federal election looming in a month’s time, the Canadian Rental Housing Index—a national partnership between credit unions, housing and municipal associations—is sounding the alarm on the country’s worsening rental crisis. The hardest-hit provinces are Ontario and British Columbia, but electoral districts really feeling the crunch can be found in Quebec, Nova Scotia and Manitoba. The Index gathered data from the 2016 long-form census from over 800 Canadian municipalities and regions, as well as 338 federal electoral districts.


RENX

Sidewalk Labs’ Sirefman updates Toronto development plans
Sidewalk Labs and Waterfront Toronto plan further discussions by the end of October to update a proposed $1.3-billion development for the Quayside and Villers West areas. Sidewalk head of development Josh Sirefman was interviewed by Spanier Group president Rob Spanier at the Sept. 17 RealTrends conference at the Metro Toronto Convention Centre about its master innovation and development plan.


REMAX

What Is Driving Toronto Real Estate Prices?
The real estate sector can be a real mystery. Prices drive ever higher, drop, and then get back to soaring again with no apparent reason. Or is there a reason? There’s always something responsible for driving up housing prices. For Toronto, the spotlight has returned to detached housing, which has pulled up the average price for the first half of 2019.


Vancouver Courier

Vancouver condo developers head to Hong Kong
There is debate over whether anti-government protests in Hong Kong will lead to an exodus of its residents, but Vancouver developers are piling into the Chinese territory to offer Canadian condos to anyone planning an exit. In Hong Kong, the vice-president of international property at Soho — Hong Kong’s version of LinkedIn, but with a focus on real estate — has noticed a sharp increase in Canadian real estate developers pitching property sales.

 

Sep 17, 2019

Vancouver Sun

Commercial Real Estate: Investment booming in Fraser Valley

Investment figures and new construction projects show that the Fraser Valley is on track to becoming the Lower Mainland’s leading industrial hub, according to data presented by Avison Young. In 2018, buyers signed 199 industrial investment deals in the Fraser Valley. To compare, Burnaby (50), Richmond (79) and Vancouver (44) had a total of 173 deals, said Michael Farrell, a principal with the firm who specializes in Fraser Valley industrial property sales and leasing.


RENX

PIRET buys Montreal industrial portfolio from HOOPP
Pure Industrial Real Estate Trust (PIRET) has purchased an 11-property industrial portfolio in the Greater Montreal Area from Healthcare of Ontario Pension Plan (HOOPP) for $249 million, RENX has learned. PIRET is a wholly-owned subsidiary of U.S.-based real estate giant Blackstone and Canadian institutional investor Ivanhoe Cambridge. The Montreal portfolio comprises about 1.5 million square feet, meaning the transaction is priced at about $166 per square foot.


Canadian Real Estate Wealth

Regent Park revitalization reveals complexities with decades-long projects
The Regent Park revitalization project in downtown Toronto is a lesson in meticulous community planning and, specifically, in leaving nary a stakeholder behind. Speaking at a panel last week organized by Ryerson University’s Centre for Urban Research and Land Development, Vincent Tong, chief development officer of Toronto Community Housing Corporation, noted the key to the project’s success is putting residents in the driver’s seat.


Vancouver Courier

Appeal possible in high-stakes Plaza of Nations dispute
The next steps in the high-profile court battle over the Plaza of Nations are taking shape, as the owner of the site — a company held by Singapore magnate Oei Hong Leong — has filed paperwork in its countersuit against officials from major Vancouver developer Concord Pacific Group. Oei and his companies, Hong Kong Expo Holdings Ltd. and Canadian Metropolitan Properties Corp. (CMPC), have applied to the BC Supreme Court to add Concord Pacific Group vice-president David Ju to the countersuit’s defendants, which include Concord Pacific Group CEO Terry Hui and subsidiary Concord Pacific Acquisitions Inc.

 

Sep 12, 2019

Canadian Business

Canada real estate market outlook 2019
The Canadian housing market had a challenging year in 2018 as it struggled to regain its footing after the bubble-like conditions of 2017. It was a year characterized by decelerating sales and pricing. And it looks like 2019 may bring more of the same. After what appeared to be a stabilizing period over the summer of 2018, national home sales have been falling since September. Actual activity was down 19 per cent year-over-year in December, while the national average sale price dropped 4.9 per cent.

Vancouver Courier

Divisive infill housing project moves ahead in Horseshoe Bay
A divisive infill housing project in Horseshoe Bay is going to the public for vetting. Tantalus Gardens – six small single-family homes and eight duplexes over one parkade between Wellington and Nelson avenues – was put on ice by council in May after it was roundly panned by its nearest neighbours. At issue for the opponents was the change of neighbourhood character, the increase in density bringing traffic and parking concerns, tree removal and, most importantly, the loss of the public assembly zoning at the site of the former St. Monica’s Anglican Church, which the Anglican Diocese of New Westminster closed in 2013.

BNN Bloomberg

Trudeau promises new speculation tax on foreign buyers if re-elected
Liberal Party Leader Justin Trudeau said if re-elected his government would introduce new measures aimed at improving housing affordability, which would include a federal speculation tax on non-residents. Trudeau said the one-per-cent annual levy would be modelled after the foreign buyers’ tax already in place in British Columbia. Ontario also implemented a similar tax under the previous provincial Liberal government.

Vancouver Sun

B.C. home sales slowly recovering: real estate report
Home sales in B.C. appear to be recovering from a downturn, according to the B.C. Real Estate Association. In a report released Thursday, the association says 7,093 residential homes listed on the MLS were sold in August, a 4.9 per cent increase over the same month last year. The average price of all types of homes in the province was $685,575, an increase of 2.6 per cent from August 2018. Brendon Ogmundson, a deputy chief economist with the association, says home sales continue to recover from a policy-driven downturn.

 

Sep 11, 2019

RENX

Big challenges in booming multifamily sector: CAIC panel

Government regulations are slowing the supply of much-needed new purpose-built rental apartments, and tighter rent controls could exacerbate the problem, according to a panel of senior executives which closed the Sept. 4 Canadian Apartment Investment Conference at the Metro Toronto Convention Centre. Starlight Investments president and chief executive officer Daniel Drimmer said his company is interested in developing more affordable housing, but that would require government policy changes to incentivize it. Those could include bonus density, waiving development charges and tax breaks, according to the leader of a firm that has $11 billion of assets under management in Canada and the United States, comprised of 36,000 multifamily units and 6.2 million square feet of commercial space.

Canadian Real Estate Wealth

Pre-construction condo amenities sweeping Toronto's fall market

Autumn is the real estate industry’s second-busiest time of the year and the pre-construction condo market is replete with an interesting suite of amenities. And according to Barry Fenton, president and CEO of Lanterra Developments in Toronto, the city’s shrinking condo units make dynamic amenities all the more essential. “A lot of amenity spaces include mental wellbeing by having yoga studios and state-of-the-art gyms, but also massage rooms, saunas, wet and dry steams,” he said. “Whether someone buys a 500, 800, 1,500 or 3,000 square foot unit, they want to feel good and that’s why it’s important to include such amenities.”

Vancouver Courier

Rental building proposed for Granville Street in Shaughnessy

Last June, Vancouver council rejected a different rezoning application for a rental townhouse project in the same neighbourhood. Another developer is taking a crack at pitching a rental project along Granville Street in Shaughnessy. Domus Homes held a pre-application open house Sept. 6 for a potential 83-unit, three-and-a-half-storey purpose-built rental building eyed for 4750 Granville St. and 1494 West 32nd Ave. The developer is working in partnership with Stuart Howard Architects.

REMAX

What you should know about the fall real estate market

As Canadians prepare for the busy fall real estate market ahead, the decision on whether to buy or sell a home this year will be mired in more than the typical uncertainties that come with a transaction of this magnitude. Housing affordability, interest rates and the mortgage stress test were big newsmakers in 2018 and 2019, and will continue to make headlines for at least another six weeks, with the looming federal election on October 21, and lots of housing issues and policies up for debate between now and then. 

 

Sep 10, 2019

Vancouver Courier

One in five Millennial home buyers commits mortgage fraud: survey

With the mortgage stress test stressing out home buyers across Canada, many are resorting to mortgage fraud in order to qualify for the home they want — especially Millennials, according to eyebrow-raising new survey results from Equifax. Around one in five (19 per cent) of Millennial home buyers responding to the survey admitted to inflating their annual income on their mortgage application. And nearly 23 per cent of Millennial home buyers said they think this is an acceptable course of action in today’s mortgage climate — nearly double the 12 per cent of all respondents who agreed this was OK.

Vancouver Sun

Vancouver to consider allowing temporary modular housing throughout residential areas

Vancouver council will consider building social housing for those at risk of homelessness throughout the city’s residential neighbourhoods. The motion, from Coun. Christine Boyle, would direct city staff to explore the possibility of building temporary modular housing in the lower-density residential neighbourhoods that make up most of the city’s land. In the past two years, Vancouver has built just over 600 units of temporary modular housing, a relatively fast-to-erect and inexpensive kind of prefabricated building, mostly funded by the province.

CBC 

This Toronto garage actually costs almost $600K

If there was ever a perfect encapsulation of the state of Toronto's cutthroat housing market, it's this — a garage up for sale near The Danforth that's listed at $599,000. The listing for the 20 foot by 100 foot lot calls it a "rare opportunity for someone looking to build in desirable Danforth Village" that's close to the subway line, schools, shops and restaurants. Real estate broker Nima Khadem told CBC News it's a "really interesting" property. "

News1130

CMHC reports annual pace of housing starts climbed 1.9 per cent in August

OTTAWA — Canada Mortgage and Housing Corp. says the pace of new housing starts in August climbed 1.9 per cent compared with July. The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in August, up from 222,467 units in July. Economists on average had expected an annual pace of 215,000, according to financial markets data firm Refinitiv.