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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 15, 2019 182   0   0   0   0   0
Temperature-controlled industrial properties are a little-known, yet superlative, asset class that’s sure to grow in popularity among institutional investors. The facilities are designed to maintain temperatures as low as -29 degrees Celsius, which makes construction expensive and buy-ins prohibitive for many, but at below 1% of Canada’s overall industrial sector, it teems with opportunity. “It’s a great investment, not only for REITs, but institutional and private investors, as well,” said Victor Cotic, vice president of national investment services with Colliers International.“All the growth we’re seeing among industrial companies in real estate is all related to consumer goods.Manufacturing has really taken a downturn, so industrial real estate today is predominantly around consumer goods, retailers, and public consumption.” Temperature-controlled industrial facilities primarily house food and pharmaceuticals, and for that reason they’re more or less recession-proof. “Those are perfect examples of consumer goods because they’re linked to population, and unlike some other retail sectors, it’s recession-resistant,” continued Cotic.“Even in a down economy, people are going to consume food and need pharmaceuticals.They might buy a cheaper variety, but they’ll still need to put food on the table.” Colliers oversaw a leaseback sale between Congebec Inc.and Skyline Commercial REIT, with the latter taking ownership of a nine-property national portfolio of temperature-controlled warehouses.Two-thirds of the facilities are divided between Montreal and Quebec
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 15, 2019 186   0   0   0   0   0
The average condo apartment rental rate in the GTA has grown by 9.3% last year to exceed $2,300, according to Urbanation’s year-end 2018 rental market results released late last week. This marked the greatest rise ever since Urbanation began tracking the metric in 2010, the report stated.The 2018 increase also outstripped the 8.3% pace in 2017, contributing to the 4.1% overall average growth over the past 8 years. “Recent housing policy changes, combined with strong demand fundamentals and supply constraints led to record growth for rents in the GTA last year.These factors should continue to keep upward pressure on rents, but to a lesser degree in 2019 as affordability becomes a bigger issue and more condominium and rental units finish construction,” Urbanation president Shaun Hildebrand said. Read more:Toronto due for double-digit market rent increase in 2019[1] Inventory stood at 27,426 units as of the end of 2018, but lease activity declined to 8%, the lowest it has been in 5 years. “The reduced level of turnover was likely a function of the expanded rent controls for tenanted units introduced in 2017 and the increased barriers to homeownership caused by elevated prices, higher interest rates, and new mortgage qualification rules.Low turnover limited the amount of supply in the market
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 15, 2019 127   0   0   0   0   0
While Montreal’s housing market is renowned for its relative affordability, especially when compared to powerhouses like Toronto and Vancouver, the city’s luxury segment proved to be no slouch as it boasted of remarkable sales growth last year. Transactions involving single-family properties worth more than $1,000,000 went up by 18% in 2018, while sales of condos worth more than $500,000 grew by 30%, according to the Quebec Federation of Real Estate Boards. This activity impelled the market’s sales to reach a record high last year, with a total of 46,753 deals across all housing types.The 2018 figures represented 5% growth over 2017, and marked the 4th consecutive annual increase in transactions. Read more:Montreal leads country’s metro areas in price growth[1] Condos (overall) experienced 14% growth last year, while plexes (2 to 5 units) had 3% more sales.Single-family homes went up by a relatively meek 1%, which still did not dent the region’s new sales record. “Generally speaking, 2018 ended with market conditions clearly in favour of sellers for single-family homes, condominiums, and plexes.The scarcity of supply of single-family homes as compared to the demand is undeniable on the Island of Montreal, where the number of months of inventory is slightly less than five,” the QFREB noted. Are you looking to
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 13, 2019 134   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
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 13, 2019 114   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.
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 13, 2019 141   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
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 10, 2019 145   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
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 10, 2019 141   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 174   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 08, 2019 179   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 122   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 08, 2019 160   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 49   0   0   0   0   0
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 06, 2019 156   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
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing January 06, 2019 145   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,
 
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