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News Canadian Real Estate Magazine   October 13, 2017   3   0   0   0   0   0
Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise. “Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand.“Rentals will have multiple bidders on them and the situation won’t correct itself any time soon.We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which will help provide relief to the market for a period of time.” But he also warned that the entire rental market will be in dire straits unless purpose-built rental developments are supplied in considerable numbers. A lot of factors have conspired to put relentless pressure on the rental market – the astronomical cost of homeownership, stricter mortgage qualifications, high migration and the Fair Housing Plan, among others – but none has been more pronounced than the supply shortage. Moreover, the reintroduction of rent control has provided tenants increased incentive to remain in their dwellings, stunting the turnover rate. “It was already happening before, because if you were an existing tenant your landlord wouldn’t increase your rent by more than a couple of percent, but on the open market those rents have increased quicker, so that’s why people were staying
News Canadian Real Estate Magazine   October 13, 2017   3   0   0   0   0   0
Work on what is set to become the tallest liveable building nationwide has begun in Toronto last week, the structure’s developer announced. The One, touted by developer Foster + Partners as a state-of-the-art building combining residential and commercial spaces, is an 85-storey, 306-metre structure situated at the border of the downtown area and the Yorkville neighbourhood. The tower is designed as a “clearly articulated building” that will offer commercial units at lower levels and residential apartments at the higher floors. “The structural frame is clearly expressed on the façade creating a distinctive series of vertical, horizontal and diagonal framing elements that are clad in a champagne bronze colour,” Foster + Partners stated.“The building is further articulated with the introduction of horizontal bands at regular intervals where mechanical floors are located.By expressing the functions and its distinctive structure, the building acquires a unique identity, becoming an outstanding new addition to the Toronto skyline.” “The residential floors are based on consistent 57 square-metre (620-square-foot) planning modules, allowing for flexible configurations throughout.The tower is topped by a series of duplex penthouses, which have sweeping views across Lake Ontario and beyond,” the developer added. “The One is the final piece of the jigsaw in the tower cluster at the Yonge and Bloor node – one of the most prominent intersections
What Is the True Number of Store Closings for 2017? | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 13, 2017   13   0   0   0   0   0
Retail industry pundits have been sounding very sure about the trajectory of department and specialty store counts lately, and the consensus is that stores have been closing by the thousands. Experts point to the growing consumer preference to browse online for the specialty goods that would ordinarily be found at brick-and-mortar locations. In the latest sobering research, Fung Global Retail & Technology found that as of the week ended October 6, retailers announced 6,101 store closings, up 183 percent on a year-over-year basis, according to the firm’s Store Openings & Closures Tracker[1]. Not all of Fung Global’s analysis seemed dire, however. The firm also found that retailers had planned 3,427 in store openings, up 60 percent on a year-over-year basis. The latter finding might have lowered the intensity of the alarm, but another analysis sounded outright positive about the future for retail store openings. Broaden the scope of analysis IHL, a Franklin, Tenn.-based retail research group, recently found that the industry would see net store openings of about 4,080. The company looked at a broader sample of the retail industry than department and specialty hard goods and soft goods stores, the two segments that are hardest hit by store closures. Aside from those stores, IHL examined store openings and closings in seven other segments: superstores and warehouse clubs, supermarkets, drug stores, mass merchandisers, convenience stores, bars and restaurants and fast food stores. About five specialty chains represent 28 percent of announced store closings, while 16...
Kushners' Manhattan Tower on Track for Its Worst Year Since 2011
 
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Canadian Real Estate Street Smart REI   October 13, 2017   11   0   0   0   0   0
(Bloomberg)—The midtown Manhattan office tower owned by Kushner Cos. and Vornado Realty Trust is on track to lose $24 million this year, marking the worst performance for 666 Fifth Ave. since a 2011 refinancing. The property had net operating income of $18.3 million for the six months ending in June, according to data filed by the property’s lenders. Debt payments were $30.4 million during the period. The tower’s cash flow is enough to cover only about half of the debt payments on the building, down from 66 percent last year. The ratio has been declining every year since Vornado became a partner in the skyscraper as a result of the refinancing. The losses stem from a $1.2 billion mortgage that Kushner Cos. took on in 2007, when the tower was purchased at the peak of New York’s commercial-property market. While the refinancing temporarily lowered interest payments on the loan, rates have been climbing as a February 2019 repayment deadline approaches. The building is 30 percent vacant. A spokesman for Kushner Cos. said the company wasn’t available to comment Thursday because of the Jewish holiday. A representative for Vornado didn’t immediately respond to a phone call. Kushner Cos. is owned by the family of Jared Kushner, a senior adviser and son-in-law to President Donald Trump. Jared Kushner divested his stake in the building and other assets to family members to take the White House job. The firm has searched around the globe for an investor to help raze...
Canadian home resale prices see biggest drop in 7 years - Article
 
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Canadian Real Estate Street Smart REI   October 13, 2017   13   0   0   0   0   0
Canadian home resale prices in September staged their biggest fall in seven years, while new home prices were flat in August in the once red-hot markets of Toronto and Vancouver, adding to evidence that the country's housing boom continued to cool, data showed on Thursday. Prices dropped 0.8 per cent in September from August, the first monthly decline since 2016 and the biggest since September 2010, according to the Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes. Fraser Institute criticizes OSFI's proposed new mortgage rules The Office of the Superintendent of Financial Institutions (OSFI) proposed in July new measures to stress-test borrowers' ability to pay back loans. The Fraser Institute says this may have unintended consequences for the mortgage market and for homebuyers. CTV's Chief Financial Commentator Pattie Lovett-Reid explains. National price gains also slowed on an annual basis, with prices up 11.4 per cent from last year, compared to an annual increase of 13.1 per cent in August. Two recent interest rate hikes by the Bank of Canada have helped rein in demand, and analysts are divided over whether the market will manage a soft landing or see a U.S. style housing crash. Price increases of more than 30 per cent in Toronto early in the year sparked fears of a housing bubble, and the provincial government slapped a 15 per cent foreign buyers tax on purchases in the city to cool speculation....
Canadian housing having ‘Goldilocks’ moment: Royal LePage - Article
 
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Canadian Real Estate Street Smart REI   October 13, 2017   11   0   0   0   0   0
Home prices in Canada’s five biggest housing markets rose at a manageable pace in the third quarter for the first time in six years, according to the latest Royal LePage House Price Survey. The report, released Thursday, revealed prices in the Greater Toronto Area, Greater Vancouver, and Greater Montreal Area, Calgary, and Ottawa all rose at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis. “Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation’s housing markets,” Royal LePage President and CEO Phil Soper said in the report. “For the first time since 2011, we are seeing real estate in all five of our largest cities appreciate at a manageable, healthy clip.” “Canadian housing is enjoying a Goldilocks moment – not too hot, and not too cold,” Soper added. “For now, the Toronto and Vancouver housing markets have returned to earth,” he continued, noting rising interest rates and a strong loonie kept prices from appreciating rapidly.    Of the five major markets, Toronto saw the greatest year-over-year aggregate home price increase in the third quarter, rising 21.7 per cent to $860,295. Vancouver home prices inched 2.5 per cent higher to $1,229,133, whereas Montreal prices climbed at a higher-than-normal pace, surging 14.3 per cent year-over-year to $511,129. While Toronto saw the biggest price increases year-over-year, home sales in the region have slumped in wake of Ontario’s 16-point plan aimed at cooling the market. Soper...
Selling a Rental Property? 4 Crucial Points to Consider | realtor.com®
 
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Canadian Real Estate Street Smart REI   October 12, 2017   13   0   0   0   0   0
We've discussed the process of selling a house[1] you live in, but selling a rental property is an entirely different bird. For tax purposes, a rental house or condo is considered an investment property, which makes the sale a bit more complicated. When you sell a rental it can be subject to different taxes and rules than a standard residential sale. Read on for the essential facts. 1. Your tenant may have first right of refusal One of the first things to understand is how local real estate laws will affect your sale. Real estate expert and author Michele Lerner says, for example, in Washington, DC, tenants have a “first right of refusal[2],” which means that landlords need to notify the tenant when they are putting the property on the market and must provide the tenant with a complete disclosure of the sales price and other information about the property. The tenant has a specific time period during which he can respond to the landlord and either make an offer on the property or decline to buy it. After that, if the owner receives an acceptable offer from someone other than the tenant, the tenant will have another chance to match the offer or decline to buy it. “None of this may apply in your area, but it’s important to be aware of local legislation when you sell property,” Lerner says. 2. Don't rule out a rent-to-own arrangement Pricing is often the most difficult negotiation you'll have if your tenant wants to buy the property...
Michael Glimcher Takes On a New Role at a Pivotal Industry Moment
 
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Canadian Real Estate Street Smart REI   October 12, 2017   13   0   0   0   0   0
Regional mall owner Starwood Retail Partners has a new CEO—REIT industry veteran Michael Glimcher. Glimcher, who spent 27 years, including 12 as CEO, at Glimcher Realty Trust, will now be responsible for running Starwood Retail’s portfolio of 30 malls and lifestyle centers. The company is a division of global real estate investment firm Starwood Capital Group, run by noted investor Barry Sternlicht. Starting in 2012 and continuing through 2016, the company had been assembling a sizeable mall portfolio[1], buying assets from operators like the Westfield Group (it has since been trying to dispose of some of those malls[2], according to Bloomberg). Glimcher resigned from his previous position last year, after Glimcher Realty Trust merged with Washington Prime Group and formed a new REIT entity[3]. He referred to the SEC filing about his resignation when asked about the reasons for his departure, declining to go into detail. The filing states that Glimcher and the REIT’s board of directors had no dispute, and simply had “differing views as to the strategic direction of the company.” NREI recently spoke with Glimcher about his new position, his outlook for the retail real estate sector and where he envisions taking Starwood Retail Partners. This interview has been edited for style and clarity. NREI: How did the opportunity with Starwood Retail come about? Michael Glimcher: I heard from an industry friend that there was an interest in having a conversation and for me the opportunity to work with such a great organization and a visionary leader like...
The Right Multifamily Investment Opportunities for HNW Investors
 
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Canadian Real Estate Street Smart REI   October 12, 2017   10   0   0   0   0   0
As high-net-worth (HNW) investors and family offices look to increase their portfolio allocations in real estate, the multifamily sector continues to offer attractive investment opportunities[1]. HNW investors demanding predictable cash flows from core properties or value‑add yields on ground-up and redevelopment projects can meet these objectives in the multifamily sector. In this context, what are the market cues that can help pick opportunities that will generate returns that align with portfolio goals? Risks and rewards of multifamily investments While gateway markets such as San Francisco and New York City are attractive, they have also experienced significant multifamily development. That new supply can dampen rental rate increases[2], and when factoring in the high cost of entry in gateway markets, returns are more quickly impacted when rent growth stagnates. Conversely, secondary markets, like Salt Lake City and Denver, have seen comparatively less new development despite strong population and job growth. We think that these markets provide more predictable returns[3] and a more attractive option for HNW investors. Millennials are increasingly demanding more rental housing, and developers are responding with designs and amenities that serve their predicted behaviors. The increase in the development of smaller units in urban environments is one example of this. That said, investors need to exercise caution when too much of this type of product is being delivered in certain markets. Like generations before them, millennials will eventually look to purchase homes in good school districts for their families, and likely in more suburban areas. Separately, growing contingents of...
News Canadian Real Estate Magazine   October 11, 2017   10   0   0   0   0   0
In its latest study, insolvency firm Hoyes, Michalos &Associates revealed that the average unsecured debt of those filing for insolvency in the Kitchener-Waterloo region and Wellington County is $48,437, slightly lower than the Ontario average of $52,634. The report defined unsecured debt as credit card debt, unsecured bank loans, income tax debt, and student loans. The study added that while the average unsecured debt of those who file for insolvency has decreased over the last few years, the phenomenon remains largely driven by a changing housing market and a downward trend in household income. “The reason for that is people are getting into trouble and having problems servicing their debt at lower levels,” co-owner Doug Hoyes told CBC News. “In August, only 6% of our clients actually owned a home at the time they filed a bankruptcy or a proposal,” Hoyes added, noting that this is the lowest level he has seen for that metric. This proportion has slightly gone up since then, which Hoyes attributed to falling house prices, especially considering the recent interest rate hike.He stated that homeowners who hold large unsecured debts seem to prefer filing for insolvency rather than using their homes to repay these obligations, even in part. “We’re going to keep a real close
News Canadian Real Estate Magazine   October 11, 2017   10   0   0   0   0   0
Conventional economic factors including population, incomes and borrowing costs accounted for less than half of the 40% surge in Toronto home prices between 2010 and 2016, according to a Canada Mortgage &Housing Corp.study obtained by Bloomberg through a freedom of information request. Supply constraints, and to a lesser extent speculation and investment, drove most of the rest of the gains, although a lack of high-quality data about the availability of land made firm conclusions hard to draw. The report detailed the “puzzling” dynamics of the Toronto market and suggested factors other than demand are pushing prices higher, leaving Prime Minister Justin Trudeau few options to ease the affordability crisis.It may also mean more needs to be done to promote supply and curb speculation, issues more readily dealt with at the municipal level. “While price increases in Vancouver have largely been supported by economic fundamentals, a more puzzling result points to the state of the Toronto market, where fundamentals haven’t been as strong,” CMHC analysts wrote in the 134-page study prepared for Families Minister Jean-Yves Duclos. The report supported Bank of Canada Governor Stephen Poloz’s view that interest rates aren’t the best tool for dealing with potential housing bubbles.CMHC found about three-quarters of Vancouver’s price gains were tied to fundamentals, versus 40% in Toronto, suggesting the latter city
News Canadian Real Estate Magazine   October 11, 2017   12   0   0   0   0   0
A Vancouver luxury condominium is stiffing pre-sale condo purchasers with a 25% levy if they flip their units before occupancy. Purchasers of units at One Burrard Place, being built by Jim Pattison Developments and Reliance Properties Ltd., once only had to pay the developers a 1.5% fee to re-assign their units, however, in recent weeks they’ve been forced to sign an amended agreement contractually obligating them to pay a quarter of their resale price. It is speculated that Vancouver’s surging price points have whetted the appetites of developers, who want a bigger piece of the pie.However, it’s also believed the reason is to curtail speculation.Units at One Burrard Place went on sale in late 2015, but the 53-storey luxury condominium won’t be complete until 2019, and two years in prices have already climbed astronomically. When sales opened, the price per square foot was in the neighbourhood of $890, however, they’ve risen to about $1,250 today, according to the Vancouver Sun. Jim Stovell of Reliance Properties told the Sun that the inflated fee is designed to discourage speculators from flipping units at One Burrard.He added that buyers are welcome to wait until the units are completed, by which time the sale will be legally binding and the 25% levy won’t apply. Stovell also told the
World Mental Health Day 2017: Men hide anguish before suicide
 
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Canadian Real Estate Street Smart REI   October 10, 2017   22   0   0   0   0   0
IMAGINE renting out your investment property. You use a real estate agent to manage it and rent usually drops into your account on time. A payment is late, you ask them to chase. And what you find out is so gut-wrenchingly sad; you’re left reeling for days. Here, Tim*, 38 from NSW explains. “I was at work and had a million things going on. I was in my own little bubble of stress. Money that was meant to be in my account wasn’t there; I had bills and direct debits lined up. It was inconvenient and I didn’t have time for it. I was annoyed when I called the real estate who was managing my property. I was frustrated about the inconvenience. The tenant had moved in three years before. He was a quiet man who kept himself to himself. His marriage had broken down and he was looking for somewhere to rent as soon as possible. His ex was not handling the break up pleasantly; he was copping too much abuse to stay in the family home and needed out quickly. He paid upfront, he paid on time, and there were no loud parties or no complaints. He told the real estate agent that he had a daughter who was two years old. His ex wasn’t allowing him access. He was stuck in the Family Court. Of course, I didn’t know all of this until a few weeks ago. I’d asked the real estate agent to...
Forget Amazon, Says Investor Backing Brick-and-Mortar Retailers
 
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Canadian Real Estate Street Smart REI   October 09, 2017   24   0   0   0   0   0
(Bloomberg)—It hasn’t been a good year for traditional retailers on either side of the Atlantic. Yet multiple store closures, bankruptcies and profit warnings -- with the finger often pointed toward Amazon.com Inc. -– have created some buying opportunities in the much-maligned sector, according to the head of a $1.1 billion investment company. “You could probably almost buy anything in retail at this precise point in time because sentiment has got so depressed,’’ Alasdair McKinnon, manager of Scottish Investment Trust, said in an interview referring to retailers in both the U.K. and U.S. “Stocks look incredibly cheap.’’ McKinnon, who looks for “ugly duckling’’ investment themes, likes large-cap consumer companies with a turnaround story, including Marks & Spencer Group Plc and Tesco Plc in the U.K., and Gap Inc. in the U.S. The e-commerce giant that brick-and-mortar stores are facing up against is priced “as if nothing can go wrong” and will face a regulatory backlash as concerns build about its growing domination of retail and tax practices, he says. Based on current estimates, Amazon shares trade at more than 100 times 2018 earnings, dwarfing Marks & Spencer on about 13 times, Tesco at 19 times and Gap at 14 times. European retailers have underperformed this year, with the Stoxx 600 Retail Index -- which includes Marks & Spencer and Tesco -- down about 4 percent compared with an 8 percent gain for the broader gauge. It’s been a similar story in the U.S., where the S&P Supercomposite Multiline...
Republicans Worry About Keeping Trump's Middle Class Tax Promise
 
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Canadian Real Estate Street Smart REI   October 09, 2017   22   0   0   0   0   0
(Bloomberg)—Republican lawmakers in red and blue states are expressing unease over the limited details about middle-class relief in the tax framework their leaders released last month, which has raised difficult questions about how to prevent some middle-income Americans from paying more due to fewer tax breaks. As one example, the lack of specifics on how much to raise the child tax credit by has led to "frustration" among GOP lawmakers, said Representative Chris Collins, a New York Republican and ally of President Donald Trump. The early concern previews the political arguments that will surround tax legislation as Congress focuses in on it. Collins said more specifics about GOP plans to increase the child tax credit would make the benefit for middle-income families clearer. Instead, Republican lawmakers are fending off attacks that some middle-income families would be hurt because the plan calls for eliminating dependent exemptions and the state and local tax deduction. “We are committed, the Republicans are committed -- middle-income earners and even upper middle-income earners are not going to pay more in taxes, whether you live in Alabama, or whether you live in New York or New Jersey,” Collins said during a Bloomberg TV interview on Friday. Trump has repeated similar lines -- that the middle class will be the plan’s main beneficiaries. But the rhetoric so far doesn’t match up with the few details released on Sept. 27 -- and some recent analyses by Washington policy groups have used specifics from earlier GOP tax proposals in...
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Multifamily Assets in Smaller Markets Can Deliver Big Yields
In rural towns and tertiary markets, investors...
 
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As Bank of Canada Governor Stephen Poloz defends the...
 
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Take a Look at First Quarter Stats for Retail Real Estate
Real estate research firm Real Capital Analytics...
 
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Sudden Interest Rate Hike Could Tank House Prices 30%: CMHC
OTTAWA — Canada's federal...
 
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Category: Club Updates
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Photo Gallery: The Seven Busiest Markets for Seniors Housing Development
It’s no surprise that with a large...
 
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OSFI to ban ‘bundled’ residential mortgages
Category: News
Late last week, the Office of the Superintendent of...
Tiffany Makes Inroads With Millennials as Hepburn Era Fades | National Real Estate Investor
(Bloomberg)—Tiffany & Co. is making headway with...
 
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Investors silence the critics
Opportunistic investors continue to target key urban markets,...
 
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A unique condo development – no traditional parking –...
 
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