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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 13, 2019 37   0   0   0   0   0
The fourth quarter of 2018 bore witness to the most significant housing correction in Canada in a decade. That’s according to the Royal LePage House Price Survey, which also notes there was a 4% year-over-year rise in in the national home price, averaging $631,223, during Q4 2018. The Greater Montreal Area, Canada’s second-largest metropolitan region, led the way in year-over-year price appreciation for Q4, surging 4.1% to reach $407,230.During this period, two-storey homes in the Montreal area rose 3.5%, for an aggregate price of $517,190.The region’s condo market also performed well, with a 4.9% hike in appreciation to reach $328,254 for the quarter. Residents of the Greater Toronto Area spent 2018 adjusting to new mortgage rules, which—coupled with the region’s high price points—slowed movement in the real estate market.Buyers searched for affordability and they found it in Toronto’s suburbs, the condo sector, and other cities in Southern Ontario.The City of Toronto nevertheless rebounded in the fourth quarter, but that’s more than can be said for its surrounding areas.Toronto’s aggregate home price rose 8.8% in the fourth quarter of 2018, but the GTA as a whole only saw a 3.4% gain. “The market correction in the suburbs of Toronto has been more significant than elsewhere in the country, because price increases in recent years
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 13, 2019 34   0   0   0   0   0
Demand for Canada’s residential property is definitely not slowing down any time soon, but this hunger will be less apparent in Vancouver this year, a new analysis from Altus Group warned. Last year proved to be less than stellar for Vancouver as it experienced a “remarkably constrained” supply of new homes.This trend will most likely last well into 2019, as the market is “exhibiting the most potential for downside risk,” Altus stated. Taking into account increasing borrowing costs and higher construction costs, Vancouver will likely slow down in terms of sales this year. “A key challenge that has become more apparent as of late in Vancouver has been the price sensitivity of consumers, with higher priced projects, or those priced above the competition, experiencing below average sales rates,” Altus said. Read more:Canadian real estate is worth literally trillions, but…[1] Meanwhile, Toronto will enjoy a major boost from increased immigration numbers along with healthy population growth rates. “Markets in the Greater Golden Horseshoe, including the GTA, have the most upside potential for an increase in sales activity in 2019 given the depth of the decline in 2018 and building off of the sales recovery noted in the back half of 2018,” Altus explained in its outlook for this year.
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 13, 2019 34   0   0   0   0   0
Investors in Metro Vancouver are in for a treat this year, as the area’s commercial property market – especially the office segment – is currently the best nationwide. In its analysis, commercial agency Devencore stated that vacancy rates for office space in the downtown area fell to 4.5% at the beginning of the year, from 5% a year ago. Demand for Class A space was even stronger, with vacancy rates at 3.9% and average gross rents at above $51 per square foot. The data came as approximately 1.6 million square feet of new offices, most of which are already claimed by tenants, currently undergo development.A total of 3.5 million square feet in 21 office buildings are slated for completion within the next 5 years. “It is a historical time for Metro Vancouver’s commercial real estate,” Avison Young Vancouver market analyst Andrew Petrozzi told Western Investor. Read more:Vancouver office tower to showcase latest green innovations[1] Devencore attributed the market’s singular strength to historically high property values and sustained development. “The market is showing no signs of slowing down in terms of rental rates.With various developments underway, but no major new office buildings delivered to the market until 2021, tenants with upcoming leases are competing within
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 10, 2019 55   0   0   0   0   0
The federal government announced the completion of recent housing projects in the indigenous community of Webequie First Nation in Ontario. Bob Naulat, MP for Kenora, on behalf of the Jane Philpott, Minister of Indigenous Services, joined Chief Cornelius Wabasse and the community of Webequie First Nation to celebrate the completion of several recent housing projects.These include 14 new modular homes, two new four-plexes, five single-family homes, and renovations to 14 existing homes. The Canadian government is working in partnership with First Nation communities to build new and renovated housing, reduce overcrowding, and enhance the quality of life of families and residents. All of these housing projects were funded through the Canadian government’s Community Wellbeing Pilot Project, launched in February 2016.Since 2016, the federal government has invested a total of $9,387,564 toward these housing projects. "Every person deserves a safe and healthy place to call home.Our government was proud to partner with Webequie First Nation on their newly completed housing projects, which will provide 29 families in the community with new, safe and modern homes,” said Philpott “Through the Community Wellbeing Pilot Project, a whole-of-government approach focusing on First Nation-identified priorities, we are working with Webequie and other communities to reduce the housing gap and support the needs of First Nations families in communities across
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 10, 2019 53   0   0   0   0   0
Home prices in Montreal continued to grow as sales reached new heights last month, according to the Greater Montreal Real Estate Board. The median price of a single-family home in the market increased by 7% on a year-over-year basis in December, reaching $327,450.Meanwhile, the median price of plexes grew by 8% during the same time frame to settle at $525,000, and that of condos by 3% to $272,863. These coincided with the market’s achievement of a new home sales record for December, growing by 3% annually to reach 2,825 completed transactions. December was also the 46th consecutive month of growth in the number of transactions, according to the GMREB. Read more:Montreal to grow increasingly unfriendly to first-time buyers[1] Single-family homes accounted for 1,491 sales, growing by 3% annually.Condo sales also increased by 2% (up to 993 deals closed), while plexes shrank slightly by 1% (down to 336 transactions). Montreal’s supply stood at 18,970 active residential listings as of the end of 2018, which was 18% lower compared to the same time in the previous 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
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 08, 2019 86   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 08, 2019 78   0   0   0   0   0
A Statistics Canada report released in late December revealed that real estate accounted for as much as $8.752 trillion of the nation’s total wealth during Q3 2018. This represented approximately 76% of Canada’s wealth during that quarter, estimated to be at $11.415 trillion. Such a top-heavy set-up might prove problematic in the event of a “sharp, sustained correction in house prices given the wealth effect on spending,” BMO senior economist Sal Guatieri told Global News. Read more:Investors have little to fear of a housing meltdown[1] Guatieri admitted, however, that this trend appeared inevitable in light of the “sharp rise in home values” observed in red-hot markets like Toronto and Vancouver over the past decade. From Q1 2009 up to Q2 2017, the total value of Canadian real estate grew from around $2 trillion to approximately $4.2 trillion.This subsequently moderated, relatively speaking, to $4.1 trillion in Q3 2017. 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 you right now if you have an existing mortgage.Click here to get help choosing the best mortgage rate[2]
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 08, 2019 68   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 08, 2019 70   0   0   0   0   0
Later this week, Ontario will be conducting a lottery to determine the recipients of one of the province’s 25 available cannabis store licences. However, while the set-up might provide the fairest chance for those vying for the coveted spots, independent companies and retailers – which account for a large portion of the province’s commercial tenants – will almost certainly take on much of the risks and possible penalties, whereas larger organizations won’t have too much trouble. “[The lottery is] definitely designed for larger operators who are prepared to go out on a limb and go ahead and spend significant amounts of money without knowing whether they’re one of the 25,” Brazeau Seller partner Trina Fraser told BNN Bloomberg. “We’re not thinking through all the possible things that could go wrong here.” Read more:This asset class remains Toronto’s powerhouse segment[1] Among the heavier penalties are tens of thousands of dollars – even as much as $50,000 in the worst-case scenarios – should a licence recipient fail to begin operations by the end of April. “It’s not been ideal, obviously, but it’s difficult to criticize too strongly, either, because we do have a supply issue,” Fraser said. “I understand that the provincial government has made a commitment to stores
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 06, 2019 7   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 06, 2019 73   0   0   0   0   0
Calgary might begin offering lower costs for commercial tenants this year due to a significant 32% decline in the downtown area’s office building values in 2019, but observers argued that this would not necessarily lead to improved occupancy. As of the end of 2018, Calgary’s vacancy stood at 26.4%. While lower rents could magnetize more tenants, employers in Calgary will still have to find a way to replace the thousands of petroleum industry workers who lost their jobs in the wake of the oil price crashes of recent years. “The disease is unemployment, it’s not property values,” CBRE Alberta managing director Greg Kwong told BNN Bloomberg.“It’s not going to change dramatically until we get people back to work.” Read more:Investment in Alberta not all it appears to be[1] Moreover, the lower office building property assessment might lead to even higher business taxes, according to Mark Cooper of the Calgary Chamber of Commerce. “We’ve seen the vibrancy stripped from the downtown core due to the rising vacancy rates because of the downturn and now we risk losing businesses outside of the core that are being weighed down by these unsustainable tax increases and other regulatory burdens,” Cooper explained, adding that these factors should also be considered
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 06, 2019 61   0   0   0   0   0
Owing to some of the lowest vacancy rates in North America along with a breakneck pace of development and a sustained pace of price growth, B.C.’s industrial market is promising to be one of the best investment destinations in Canada at the start of this year. In particular, Metro Vancouver would become the epicentre of this market strength, according to Avison Young. “It is a historical time for Metro Vancouver’s commercial real estate,” Avison Young Vancouver market analyst Andrew Petrozzi told Western Investor. During Q3 2018, around 1.5 million square feet of new industrial space was added to Metro Vancouver’s supply.Absorption was incredibly strong in the same time frame;approximately 1.4 million square feet was either sold or leased during the period, leading to a near record-low vacancy rate of 1.46%. Read more:Morguard reports extremely positive outlook for the industrial segment[1] Richmond and Delta will also remain powerhouse industrial hubs well into 2019, according to Avison Young. Richmond’s vacancy increased to 2.3% in fall 2018, and it now comprises Metro Vancouver’s single largest industrial market at 37.7 million square feet.Meanwhile, Delta vacancy fell to 1.9% in its approximately 25 million square feet of industrial space.   Are you looking to invest in property?If you like,
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 03, 2019 87   0   0   0   0   0
End-of-2018 data from the Calgary Real Estate Board pointed at a year characterized by unusual weakness. The numbers showed that overall residential sales in 2018 shrunk by 14.5% compared to 2017, a development that was exacerbated by the significant 21% year-over-year decline in December’s sales. Benchmark prices also went down by 1.5% in 2018, and 3.4% annually in December. CREB chief economist Ann-Marie Lurie said that these results are a natural outgrowth of the provinces multiple struggles during the year, including subpar job growth, a lack of pipelines, multiple interest rate hikes, and stricter mortgage qualification requirements. “[The recovery] was supposed to be driven by economic improvements, which we just didn’t have,” Lurie told Global News.“In fact, we just had more troubles happening in the latter part of the year.” Read more:Global oil price weakness is hurting Alberta, but…[1] Weaker employment numbers also exerted pressure upon the city’s home sales activity. “Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year.Rising costs of ownership also continue to weigh on housing demand,” Lurie said in November. Are you looking to invest in property?If you like, we can get one of our mortgage experts to tell you exactly how
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 01, 2019 165   0   0   0   0   0
Access to affordable housing dominated the conversation in British Columbia in 2018, with residents aged 18 to 34 beginning to doubt the ability of elected officials to get a grip on the problem. According to a recent report by local BC media outlet Burnaby Now, BC residents favoured increasing the availability of rental units, but took on a more subdued view when it came to new construction projects.The report indicated that it was vital for the provincial government to show where the funds from new housing taxes were going, and how these actions will benefit residents. Give the gift of real estate success this year – grab a seasonal CREW subscription. Use code HOLIDAYS2018 to claim your free festive gift.[1] Burnaby Now also reported that transportation and traffic gridlock were also issues that BC residents were concerned with in 2018.In a survey conducted in November, two-thirds of residents in the Greater Vancouver Area favoured a cap on drivers to ensure that congestion does not increase, and that a majority wanted ride-hailing services to employ drivers who hold a commercial Class 4 licence, instead of the standard Class 5 licence that most motorists rely on. According to Burnaby Now, signs indicate that BC is heading towards a made-in-BC solution,
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   January 01, 2019 69   0   0   0   0   0
This year, real estate professionals will increasingly find themselves using online services and apps to facilitate transactions. According to CTV News, the industry will see growing usage of technology in a bid to target increasingly tech-savvy millennials homebuyers. Subscribe to CREW for the best in real estate news and insight – whatever the season. Use code HOLIDAYS2018 to claim your free festive gift.[1] New proptech online services allow professionals to remotely conduct presentations, digitized documents, and close transactions online.“Now our clients can open their phone up, push a few buttons and the (offer) papers are signed,” Shawn Zigelstein, a real estate agent in Ontario, told CTV News. “The agents that are not adapting to this change are going to see their business drop considerably because they can't adapt fast enough.” The real estate industry has been historically been slow to embrace technology, Frank Magliocco, a partner at PwC Canada who specializes in the housing market, told CTV News. “But I think what you're going to see now is a fairly significant ramp up in embracing that technology once it becomes more mainstream.” “It'll be increasingly important to remain and be competitive in the marketplace.Once you see these technologies prove out, you'll see more and
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