Industry news.

1169 results - showing 91 - 105
« 1 ... 4 5 6 7 8 9 10 ... »
Ordering
Details
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 30, 2019 269 0 0 0 0 0
The flow of new homes into Ontario’s bustling housing sector is hampered by extremely lengthy development approval timelines, according to the Ontario Building Officials Association. Strong funding and construction activity are seemingly having negligible impact in ensuring new supply.Per OBOA estimates, it takes as long as 10 years to complete the required planning to get new building permits in the province. “We have the best building codes in the world, which is why Ontarians feel safe in the places they live, work and play,” OBOA president Matt Farrell said. “We need to be cutting the red tape throughout the approvals processes to bring this housing to the market as quickly as possible.” A significant portion of funding is slated to come from the federal and provincial governments, which will make the implementation of a streamlined approvals process even more important. “Premier Ford announced $1-billion in funding for affordable housing last month, and the prime minister committed another $1.3-billion before that, but cumbersome processes are going to delay making that housing available to the people who so desperately need it,” Farrell emphasized. Any new supply will most likely be on the higher end, as shown by developer Cortel Group’s latest projects across the province. The Towers 3 and 4 luxury condo
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 30, 2019 285 0 0 0 0 0
RBC Ventures has announced the launch of a highly customizable, AI-based property search platform covering the Greater Toronto Area. The OJO Home virtual assistant combines image recognition software, mobile messaging, and web-based insights to provide comprehensive results tailored towards each user’s particular preferences. Its creators stated that the platform is ultimately aimed at making property searches easier and more intuitive for GTA’s hopeful home buyers. “OJO analyzes information about a customer’s lifestyle, neighbourhood and home preferences including commute, kitchen style, and parking to find listings that meet a buyer’s needs.This deeper level of customization allows home buyers to zero in on what they really want before engaging a real estate agent,” RBC Ventures said in an email to Canadian Real Estate Wealth. According to RBC’s recent Home Ownership Poll, fully 83% of first-time home buyers agreed that online resources are critical in ensuring a successful home search.Nearly two-thirds (62%) of Canadian home owners also indicated the same belief. Most importantly, OJO offers a powerful option in cases where a user might prefer to interact with an expert reference. “Once a customer is ready to take the next step in their home buying journey, OJO can connect them to an RBC financial professional or a real estate agent to help
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 28, 2019 378 0 0 0 0 0
Downtown Toronto’s extremely low office vacancy rate could climb to “just south of 6%” within four years and curb rapid rent escalation. “Rental rate growth has been quite high and that’s why you’re getting the construction activity, but the question, then, becomes how does it continue performing once you get further down the timeline?” said to Roelof van Dijk, market economist for Canada at CoStar Group, a multinational commercial real estate research and technology firm. “With all the new supply, it won’t be enough to fill everything, but you can anticipate vacancy to rise in the next three to five years as all these new builds come to fruition.In downtown Toronto, you’ll see vacancy go from just north of 3% to just south of 6% by 2022-23.As a result, you’ll see rental growth come down.” Although there’s about 11 million square feet of commercial construction in Toronto, chartered banks are expected to occupy much of it as they house expansive anti-money laundering operations.Much of the old stock presently housing banks will likely be renovated and modernized. Keith Reading, director of research at Morguard, added that units slated for completion in the near future are already taken. “Outside of a couple of little pockets, there are virtually no new speculative developments,” he said.“Buildings
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 28, 2019 262 0 0 0 0 0
The growing importance of tech companies has pushed Toronto’s office segment towards having the largest investment volume of any commercial property type last year, according to Avison Young’s Commercial Real Estate Investment Review:Greater Toronto Area analysis. “Sellers are taking advantage of the extremely tight market and fierce competition among buyers,” the Avison Young study noted. The sector represented a significant chunk of the city’s overall commercial investment, which ended up at a record-high $15.6 billion in 2018. Toronto’s office market was also the only commercial asset class that enjoyed quarter-over-quarter growth during Q1 2019, increasing by 8% annually to reach a total of $767 million.This also represented 28% of the regional commercial market’s overall volume for the quarter. However, Avison Young warned that “despite buyers’ enthusiasm, a bid-ask gap is impacting deal velocity and some anticipated sales (such as those of Bloor Islington Place and AeroCentre) have yet to materialize.” Earlier this year, CBRE’s Paul Morassutti said that the tech industry will serve as the Canadian commercial real estate market’s pillar of stability in the event of a recession. “Over the past 10 years, tech has grown at more than 2.5 times the pace of the energy sector and three times the overall economy,” Morassutti said in late February.“Tech
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 28, 2019 401 0 0 0 0 0
Steady consumer confidence will fuel strong housing performance across Atlantic Canada this year, according to an analysis by RE/MAX of Ontario-Atlantic Canada Region. “Consumer confidence is on the upswing in Atlantic Canada and that is translating into stronger home-buying activity in residential real estate markets,” RE/MAX of Ontario-Atlantic Canada Region executive VP and regional director Christopher Alexander said. “Greater economic prosperity (the Maritimes are expected to lead the country in GDP growth in 2019), combined with interest rate stability and first-time buyer incentives are tipping the scales in favour of home ownership yet again.” Much of the renewed confidence will arise from robust economies and falling unemployment, especially considering the strong fundamentals in larger urban centres “as well as spillover in several smaller markets.” “The Atlantic Region traditionally has the highest rates of home ownership in the country and we don't expect that to change anytime soon,” Alexander added. Immigration will play a central role, as 60% (9 out of 15) of the region’s markets are enjoying increasing activity among buyers from other parts of Canada.Newfoundland/Labrador and New Brunswick are also seeing growing traffic from returnees, after having worked in Alberta’s oil and gas industry. First-time buyers were also found to have a major influence in nearly 70% (10 out of 15)
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 25, 2019 367 0 0 0 0 0
A new development in Scarborough is a gem of an opportunity for Toronto investors. The Kennedy Central residential complex, KSquare Condos, is a Kingdom Developments project and promises quick connection to downtown Toronto.The project is just one of many edifices and infrastructure projects changing the face of the neighbourhood, and Eric Jensen, Kingdom Developments’ VP of projects, says the firm’s experience, which spans over two decades, will ensure KSquare is a seamless fit. “We are thrilled to enter the Toronto condominium market with KSquare Condos,” he said, “and recognize the significance of being one of the first developments part of this already thriving area’s future transformation.” The 34- and 31-storey towers mark the Chinese company’s first Toronto development, which is replete with a unique amenity package that includes the largest private library and study area in any of the region’s condominiums. Additionally, KSquare features a music rehearsal room, pet grooming centre, sports lounge and a playroom for children. Kingdom Developments has partnered with Sunray Group, and the latter is redeveloping the nearby Sheraton Hotel and opening its amenities to KSquare residents. According to the developer, KSquare will be the heart of the Kennedy Rd.and Sheppard Ave.E.neighbourhood, which is also slated to receive some subway stops, as announced earlier this month by the Ontario government.In all,
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 25, 2019 411 0 0 0 0 0
The power of the multi-residential asset class has waned in Toronto, ending up as the least traded commercial property type during the first quarter of the year, according to Avison Young’s latest Commercial Real Estate Investment Review: Greater Toronto Area study. Avison Young cited extreme scarcity, rather than thinning interest among investors, as the main driver of the trend. GTA’s multi-residential property had $236 million in sales during Q1 2019 (with a 9% market share), considerably lower than the $288 million seen during the same time last year. “The top transaction was the $30-million sale of 15 Walmer Rd.in Toronto’s Annex neighbourhood, representing nearly $385,000 per unit and a cap rate of 2.2%,” the report noted. “Starlight Investments, among the sector’s most active players in 2018, also made the top five with its purchase of a 79-unit Mississauga townhouse complex for almost $27 million.” A significant drop was observed from Q4 2018 (activity representing a total of $602 million), which itself already suffered an even more massive decline from Q3 2018 (activity reaching a peak of $1.2 billion). GTA’s overall commercial sales – covering industrial, retail, office, multi-residential, and ICI properties – fell by 18% quarter-over-quarter to end up at $2.7 billion.Q1 2019 was the second consecutive quarter
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 25, 2019 430 0 0 0 0 0
Metro Vancouver’s robust industrial market has seen sales activity surpass $150 million during the first quarter of the year alone, according to Avison Young’s Spring 2019 Metro Vancouver Industrial Overview. Continuing the red-hot trend set by the record-breaking $1.8 billion in investment last year, the market reached a historically low vacancy rate of 1.2% at the end of Q1 2019. Strong demand and constrained land supply pushed the region’s vacancy level down to the lowest level nationwide for the quarter, Avison Young noted in its study. The crucial factor is “the ravenous appetite for industrial real estate among tenants, owner-occupiers, developers as well as private and institutional investors to date in 2019,” the report added.“Developers remain unable to keep up with demand as industrial vacancy in Metro Vancouver has now remained at less than 2% for the past three years (and less than 1.5% through 2018) despite the addition of more than 10.2 million square feet in the past 36 months.” “While construction of lease product is continuing by institutional investors seeking to hold assets long term as well as by those developers who acquired land at historical costs, the volume is unlikely to have much of an impact on vacancy,” Avison Young principal Garth White explained. “Much of this
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 23, 2019 408 0 0 0 0 0
The federal and Quebec governments have announced the first of a series of new developments aimed at the growing post-graduate student demographic in Montreal. Woodnote Co-operative is slated to be a 90-unit affordable housing project, and it will herald the construction of over 160 affordable rental units in up to three separate developments across the city. “Post-secondary students in Quebec will soon have new affordable housing options thanks to a new funding model dedicated to creating affordable rental units specifically for students,” the governments stated. “This innovative financing model allows student unions and similar organizations to more easily obtain equity and acquire additional funds to develop affordable rental housing projects.This is a first in Canada.Further, this financing model allows the construction of student housing at little to no risk for universities and colleges.” The governments added that as much as $3 million will be invested in the creation of the housing complexes. Montreal is home to two of Canada’s leading universities and a thriving AI research scene.The market is expected to enjoy accelerated commercial development in the near future, brought about by sustained demand from tech firms seeking even more space. “[R&D is] encouraging the development of new purpose-built rentals to meet the growing demand.Rental rent growth will remain robust this year despite
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 23, 2019 400 0 0 0 0 0
The GTA office market saw the absorption of 763,000 square feet during the first quarter of this year, with much of the activity occurring in the downtown and Toronto West areas. This volume has pulled down availability to a decade-low of 8.6%, according to Avison Young’s First Quarter 2019 / Office Market Report:Greater Toronto Area report. Vacancy also went down to 5.6%, with the downtown experiencing even tighter market conditions at a vacancy rate of 1.9%. The absorption has considerably outstripped the addition of 503,000 sq.ft.of new supply.Additionally, 94% of this new volume has already been preleased. “The Greater Toronto Area (GTA) office market recorded impressive results in 2018, fuelled by the insatiable demand for downtown office space – not only from traditional occupiers, but also a growing cohort of technology and co-sharing tenants,” the study noted. Q1 2019 represented the continuation of these trends, characterized by declining availability, robust development activity, and “significant upward pressure on rental rates in select markets and asset classes.” Around 11.2 million sq.ft.of office property is either confirmed or being currently built, representing 6% of the GTA’s existing office stock.However, only 1.1 million sq.ft.is scheduled for completion by the end of this year. Most of this new space will be situated
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 21, 2019 212 0 0 0 0 0
Rental completions in Toronto hit a quarter-century high during Q1-2019, and it’s buoying hopes that the city might finally be on its way towards solving a critical supply problem. The 1,849 units were nearly five times the quarterly average going back to the first quarter of 2016, according to Urbanation, which furthermore noted that, considering there have only been 13,250 units built in 14 years, it is a considerable improvement. “While vacancy rates surveyed within purpose-built projects (completed since 2005) remained extremely low at 0.6%, rent growth showed moderation in the first quarter,” said an Urbanation report.“Purpose-built rents for units available for lease during the quarter grew by 5% year-over-year on a same-building basis, slowing from a 9% annual pace at the end of last year in Q4-2018.As of Q1-2019, purpose-built rents in buildings completed since 2005 averaged $2,398, or $3.25 per square foot (psf) based on an average size of 738 sf.” Condo rents had a strong Q1 showing, although there are signs of cooling. “Condominium rents, on a same-building basis, grew 7.7% psf in Q1-2019, compared to a 9.2% annual increase in Q4-2018,” continued the report.“Monthly condominium rents for units leased during the first quarter averaged $2,376 ($3.28 psf) across the GTA, 7.8% higher than a year ago.” The Federation of
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 21, 2019 431 0 0 0 0 0
The Canadian Civil Liberties Association has petitioned for a judicial review of the Quayside smart city project by Sidewalk Labs in Toronto, amid anxiety that Canadians will be used as “Google’s lab rats.” Among the chief attractions of the development is its widespread use of “Internet of things” sensors, a feature that has both earned praise for pushing the envelope in urban design, and alarm over possible privacy rights violations as the sensors would collect data gathered from residents, workers, and visitors. The fears have been amplified further by the fact that Sidewalk is planning to expand similarly sensor-laden communities into the Port Lands, should the Quayside development prove to be a success. To assuage the concerns, Sidewalk Labs – a subsidiary of Alphabet Inc., the parent company of Google – said that it will not be monetizing the data, and that it will depersonalize all such information collected by the sensors. The CCLA was not swayed by these assurances, however.The group, along with Toronto resident Lester Brown, filed an application with the Superior Court of Justice, seeking to invalidate any agreements established between Sidewalk Labs and the organization responsible for the area’s redevelopment projects. “Waterfront Toronto, and our federal, provincial and municipal governments sold-out our constitutional rights to freedom from surveillance and
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 21, 2019 405 0 0 0 0 0
Vancouver real estate investment volume is shrinking due to perceived instabilities in the market’s regulatory regime, according to CBRE Ltd. The successive introduction of new regulations that target foreigners has done no favours for the market in terms of investment.If anything, Toronto is benefiting more from the situation. “You have policy changes on a snap, on a whim,” CBRE Ltd.executive vice president David Ho told Bloomberg in an interview. “Investors typically look at stability in a market and this is not stability.” CBRE figures indicated that from the $1-billion-plus volumes seen in 2016 and 2017, foreign investment in Vancouver sharply declined to just nearly $350 million in 2018. In comparison, Toronto significantly exceeded its 2017 volume with its $526 million in Asian investment last year. Speculation levies, a wealth tax on homes, and the recently proposed Landowner Transparency Act scared off a considerable number of foreign capital holders, CBRE added. Moreover, Toronto’s status as a vital global tech hub – which continues to magnetize millennials and immigrants – has proven to be a major boost for its commercial and industrial property sectors.Many members of the two demographic groups participate in the city’s flourishing tech and financial services market. “That spells money because young people have to consume, they’re growing
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 16, 2019 248 0 0 0 0 0
There was an increase in purpose-built rental apartment completions in the first three months of 2019. Urbanation says that completions hit a 25-year high of 1,849 units, nearly five times greater than the quarterly average since Q1-2016 and represented significant growth considering only 13,520 units have been built since 2005. But for owners and investors, the increased supply meant weaker rent growth despite strong demand and low vacancy rate. Purpose-built rents for units available for lease during Q1, 2019 grew by 5% year-over-year on a same-building basis, slowing from a 9% annual pace at the end of last year in Q4-2018. As of Q1-2019, purpose-built rents in buildings completed since 2005 averaged $2,398, or $3.25 per square foot (psf) based on an average size of 738 sf. On a same-building basis, condominium rents grew by 7.7% psf in Q1-2019, compared to a 9.2% annual increase in Q4-2018.Monthly condominium rents for units leased during the first quarter averaged $2,376 ($3.28 psf) across the GTA, 7.8% higher than a year ago. Demand lags supply The volume of condominiums leased through MLS grew by 13% year-over-year in Q1-2019 to 6,005 units, but supply grew faster than demand pushing down the ratio of leases-to-listings to 73% — the lowest level in four years.
Compare
Read more
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   April 16, 2019 263 0 0 0 0 0
The spring season is not expected to provide much relief for Canada’s challenged housing market. RBC Economics sees a continuation of the weakened demand resulting from a cocktail of negatives for homebuyers including the mortgage stress test, interest rates, economic uncertainty, and affordability. In a report this week, senior economist Robert Hogue says there was no break in March from the housing market slump. Sure, there were some positives, a slight pick-up in Toronto for example with sales up 1.8%.But this barely dented the effects of a 9% drop in the previous month.And tight supply accelerated price growth after a pause. Vancouver, Calgary, and Edmonton all saw a deepening of the slump and Vancouver sales were the weakest since the recession years. Hogue says the impact of poor weather earlier in the year may have been limited and he says it’s likely to be a quiet spring season, especially as measures to help first-time buyers announced in the budget will not be active until later in the year. Are you looking to invest in property?If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save
Compare
Read more
1169 results - showing 91 - 105
« 1 ... 4 5 6 7 8 9 10 ... »