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10 Must Reads for the CRE Industry Today (August 14, 2017) | National Real Estate Investor
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   113   0   0   0   0   0
U.S. Tax Change Proposals Anger Builders, Real Estate Agents, Charities[1] “Looking for an easier legislative win ahead of the 2018 midterm elections, most lawmakers in the Republican majority want to cut individual incomes taxes. President Donald Trump has been pushing hard for tax changes this year. Still, proposed changes to the personal tax code have already stirred opposition from real estate agents, home builders, mortgage lenders and charities. These groups say proposed changes will hurt home sales and cut charitable contributions.” (CNBC) How to Insure Your First Investment Property Isn’t a Bust[2] “Investment property is a prime way to start your real estate portfolio and get in on the rental game. While it can be easy to get caught up in the excitement of making your first property purchase, it is important to take it slow and proceed with some caution. Jumping the gun on a property can be a costly lesson for buyers to learn. You could end up with an investment that costs far more than you bargained for.” (Forbes) Chicago’s Grocery List Gets Shorter: Fewer Stores in Area[3] “Grocers aren't stocking up on new stores in Chicago, leaving many shoppers with fewer places to fill their cart. There are 262 grocery stores in Chicago and close-in suburbs, the lowest number since 2009, according to an urban grocery report by retail brokerage Mid-America Real Estate Group. Grocers occupy just over 9.3 million square feet of space, also an eight-year low.” (Chicago Tribune) Meridian, Rockefeller Partner on DC-Area Office Tower[4]...
Wait for U.S. Inflation Pickup Drags On, Clouding Fed Outlook
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   109   0   0   0   0   0
(Bloomberg)—It’s becoming an endless wait for U.S. inflation to pick up. And the fifth straight miss on core-price forecasts adds to the burden on Federal Reserve policy makers to explain why they’re moving toward a December interest-rate increase. Consumer prices continued to be subdued in July, a Labor Department report showed Friday, pushing against the idea that unemployment at a 16-year low will help inflation accelerate. Declines in hotel rates, vehicle prices and child care accompanied a continuing drop in wireless-phone service costs that some Fed officials have labeled as transitory. Highlights of Consumer Price Index (July) Consumer price index rose 0.1% m/m (est. 0.2%) after no change the prior month; up 1.7% y/y (est. 1.8%) Excluding food and energy, so-called core CPI rose 0.1% m/m (est. 0.2%); up 1.7% y/y (matching est.) Five-month gain in core CPI is weakest stretch since 2010 Hotel costs fell record 4.9% m/m; new vehicle prices dropped 0.5%, most since 2009. Economists also cite retailers’ lack of pricing power and still-tepid wage gains as factors keeping price pressures subdued, with the July results another sign inflation may take longer to reach the central bank’s goal even as it prepares to wind down asset holdings. The report adds fodder to the debate among policy makers over whether price gains are indeed making clear progress toward their 2 percent goal. “This is a string of five weak prints in a row -- it is not just noise, it’s the trend, and it reflects...
Which Product Types Will Be the Most Profitable in Seniors Housing
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   132   0   0   0   0   0
With all the talk about aging baby boomers and life-extending health care advances, it might be a bit bewildering deciding which seniors housing assets are best primed for success. Lee Everett, managing consultant at research firm CoStar Portfolio Strategy, might be able to provide some clarity. Two product types—active adult communities and continuing care retirement communities (CCRCs)—will be the winners in the seniors housing race both in the short and the long term, Everett says. Everett and his CoStar colleagues are bullish about active adult communities, which are age-restricted developments that offer an independent lifestyle and relatively maintenance-free housing. Growth in this segment is “just around the corner,” with more baby boomers getting older and seeking alternatives to traditional homes and apartments. “We’re looking at a period where there’s going to be a lot of fast and explosive growth in active adult communities,” Everett says. The amount of growth in active living communities will depend on how the projects are developed, says seniors housing consultant Andrew Carle, an adjunct professor at George Mason University. For instance, baby boomers aren’t inclined to live in a community anchored by a golf course. They do, however, feel comfortable in community settings, since many of them attended big high schools and colleges, and have worked at big corporations, Carle says. “What we know about baby boomers—and I’m one, by the way—is we actually will congregate. We’ve never been alone; we’re probably the most social demographic in history,” Carle says. One...
What Will Hosting the 2028 Olympics Do for Los Angeles’ Reputation?
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   76   0   0   0   0   0
I was proud and excited about the recent announcement that my hometown Los Angeles will be hosting the 2028 Summer Olympic Games. Los Angeles joins Paris and London as the only cities to have hosted an Olympics three times, though Los Angeles will set a milestone as the first city to host twice in the modern era. Los Angeles aspires to share another critical designation with Paris and London – joining the upper echelon of elite global cities. Los Angeles’s thriving[1] commercial real estate market is leading to robust growth in infrastructure and office space, boosted by an infusion of tech, entertainment and other growing businesses. A decade of preparation for the 2028 Olympics, and the economic influx and added post-event revenue that this will likely bring, should catapult Los Angeles into a higher ranking of dominant world cities. A world city (also called a global city or a world center) is a critical nerve center of business, innovation, economic output and cultural capital. World cities propel global finance, political stability, quality of life for its citizens and information exchange. Some of the key metrics used to quantify global influence, as in AT Kearney’s annual global cities report[2], include infusion of trade, international business, innovation and multiple major industries (including the presence of industry leaders), network centers and strategic regional hubs, as well as intrinsic value to the global community at large. Higher ranking global cities often dictate[3] where businesses choose to build major hubs and headquarters. A rise in world...
Which Product Types Will Be the Most Profitable in the Seniors Housing Sector?
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   104   0   0   0   0   0
With all the talk about aging baby boomers and life-extending health care advances, it might be a bit bewildering deciding which seniors housing assets are best primed for success. Lee Everett, managing consultant at research firm CoStar Portfolio Strategy, might be able to provide some clarity. Two product types—active adult communities and continuing care retirement communities (CCRCs)—will be the winners in the seniors housing race both in the short and the long term, Everett says. Everett and his CoStar colleagues are bullish about active adult communities, which are age-restricted developments that offer an independent lifestyle and relatively maintenance-free housing. Growth in this segment is “just around the corner,” with more baby boomers getting older and seeking alternatives to traditional homes and apartments. “We’re looking at a period where there’s going to be a lot of fast and explosive growth in active adult communities,” Everett says. The amount of growth in active living communities will depend on how the projects are developed, says seniors housing consultant Andrew Carle, an adjunct professor at George Mason University. For instance, baby boomers aren’t inclined to live in a community anchored by a golf course. They do, however, feel comfortable in community settings, since many of them attended big high schools and colleges, and have worked at big corporations, Carle says. “What we know about baby boomers—and I’m one, by the way—is we actually will congregate. We’ve never been alone; we’re probably the most social demographic in history,” Carle says. One...
Fed Taper Brings Risk to Mortgage Bonds Unseen in Treasuries | National Real Estate Investor
 
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Canadian Real Estate StreetSmartREI   August 14, 2017   134   0   0   0   0   0
(Bloomberg)—For all the talk that Janet Yellen’s plan to shrink the Federal Reserve’s balance sheet will hurt Treasuries, U.S. mortgage bonds face a bigger test. The securities are already lagging behind Treasuries for the first time since 2011. Investors are demanding 29 basis points of extra yield to buy the bonds instead of Treasuries, with the spread almost tripling from 2016’s low, Bloomberg data show. Firms including Allianz Investment Management and Federated Investors say the spread widening probably isn’t over. “The market will be able to digest it, but you’ll need a higher yield to make buyers buy it,” said Marc Fovinci, head of fixed income at Ferguson Wellman Capital Management Inc. in Portland, Oregon, which handles $4.8 billion. “The pace Yellen is talking about, it won’t be like flipping the light switch off. It’ll be like turning the dimmer switch down" on investor demand. The spread will probably double in a year, Fovinci said. The Fed owns more than a quarter of the $6.86 trillion in agency mortgage-backed securities, and its holdings are likely to dwindle to almost nothing at some point because it only bought the securities as an emergency measure to prop up U.S. housing in the last recession. The Fed holds 18 percent of the publicly traded Treasuries market, and it’s likely to ultimately keep more of those holdings as part of its monetary policy arsenal. The Fed’s effort to trim its balance sheet will mark the beginning of the end to its historic effort...
Building is booming but will it last?
News Canadian Real Estate Magazine   August 13, 2017   107   0   0   0   0   0
Housing starts rose in July – an unexpected development that isn’t expected to last, according to RBC. “Our base case outlook continues to assume that that pullback in resale activity alongside gradually rising interest rates and stretched home affordability in some regions will ultimately prompt a further gradual slowdown in resales and, eventually, building activity later this year,” Nathan Janzen, senior economist with RBC, said in a recent report. Canada Mortgage and Housing Corp.reported the seasonally adjusted annual rate of housing starts increased to 222,324 units in July, up from 212,948 in June. The annual pace of urban home construction increased by 5.5 per cent to 206,122 units, driven by a rise in multiple urban starts -- generally apartment buildings, townhouses and condominiums -- while single, detached home starts slowed. Multiple urban starts increased by 10.4 per cent to 141,950 while single-detached urban starts fell by 3.9 per cent to 64,172. Rural starts were estimated at a seasonally adjusted annual rate of 16,202 units. The six-month moving average of the monthly seasonally adjusted annual rates increased to 217,550 in July compared with 215,175 in June. “New Canadian homebuilding remained very strong to kick off the second half of 2017.The 222k (annualized rate) housing starts in July was above the average 215k over
B.C. recreational market remains Western Canada’s most affordable destination
News Canadian Real Estate Magazine   August 13, 2017   89   0   0   0   0   0
Amid continuously elevated home prices in Metro Vancouver—with the benchmark price of a detached house in the city now at $1.3 million, and that of a condo unit at $600,000—the province’s recreational real estate market is proving to be among the top destinations for those seeking affordable cottages and waterfront properties. Rudy Nielsen of NIHO Land &Cattle Company Ltd.—B.C.’s single largest land holder—specifically pointed at Cariboo as the area that offers the greatest recreational value, Business in Vancouver reported. Aside from easy access to lake waters, Cariboo offers readily purchasable properties, with the average price paid for a recreational title standing at $87,845 this year.The title for a 6.8-acre parcel on Francois Lake in the high Cariboo is currently available for $41,000, featuring easy access to a wide range of amenities such as a nearby resort with a store, a restaurant and a boat launch. Vacation properties across the province have been seeing increased demand recently—a development spurred on by denizens of Metro Vancouver continuously snapping up cottages situated within reasonable travelling distance from the city, according to Royal LePage Western Canada manager Jim Morris. Released late last month, the latest edition of the Royal LePage Canadian Recreational Housing Report noted that B.C.recreational properties now sell for an average of $595,077, with the most expensive ones in Okanagan
Vancouver office vacancy rates to plunge further—study
News Canadian Real Estate Magazine   August 13, 2017   128   0   0   0   0   0
In its latest global office report, commercial real estate services company Cushman &Wakefield pointed at a steady trend of Vancouver’s office spaces being progressively filled up over the next few years. The study found that by 2019, Vancouver is slated to have the second-lowest office vacancy rate in the Western hemisphere (6.3 per cent), coming behind only Toronto (3.9 per cent).Other Canadian cities that are predicted to reach remarkable lows are Orlando (7.2 per cent), Ottawa (7.3 per cent), and Winnipeg (7.4 per cent). The report added that over the next two years, the 10 fastest-growing office markets in the Americas will include Toronto at 6.6 per cent, Winnipeg (6.4 per cent), Edmonton (4 per cent) and Vancouver (3.7 per cent). Aside from economic drivers and supply-and-demand pressures, Vancouver boasted of robust development, with 2.3 million square feet of new office space delivered to the downtown area between 2015 and 2017. “That 2.3 million was the most significant wave of development to arrive in basically the last 25 years in downtown Vancouver,” Cushman &Wakefield national director of research Stuart Barron told the Vancouver Sun.“The strength in the technology sector has been so strong that demand in the B- and C-class buildings has been more-or-less explosive.” “The creative companies do love creative buildings,” Barron added.“Companies are
Fed Taper Brings Risk to Mortgage Bonds Unseen in Treasuries
 
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Canadian Real Estate StreetSmartREI   August 11, 2017   189   0   0   0   0   0
(Bloomberg)—For all the talk that Janet Yellen’s plan to shrink the Federal Reserve’s balance sheet will hurt Treasuries, U.S. mortgage bonds face a bigger test. The securities are already lagging behind Treasuries for the first time since 2011. Investors are demanding 29 basis points of extra yield to buy the bonds instead of Treasuries, with the spread almost tripling from 2016’s low, Bloomberg data show. Firms including Allianz Investment Management and Federated Investors say the spread widening probably isn’t over. “The market will be able to digest it, but you’ll need a higher yield to make buyers buy it,” said Marc Fovinci, head of fixed income at Ferguson Wellman Capital Management Inc. in Portland, Oregon, which handles $4.8 billion. “The pace Yellen is talking about, it won’t be like flipping the light switch off. It’ll be like turning the dimmer switch down" on investor demand. The spread will probably double in a year, Fovinci said. The Fed owns more than a quarter of the $6.86 trillion in agency mortgage-backed securities, and its holdings are likely to dwindle to almost nothing at some point because it only bought the securities as an emergency measure to prop up U.S. housing in the last recession. The Fed holds 18 percent of the publicly traded Treasuries market, and it’s likely to ultimately keep more of those holdings as part of its monetary policy arsenal. The Fed’s effort to trim its balance sheet will mark the beginning of the end to its historic effort...
10 Must Reads for the CRE Industry Today (August 11, 2017)
 
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Canadian Real Estate StreetSmartREI   August 11, 2017   124   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 10, 2017) Aug 10, 2017 10 Must Reads for the CRE Industry Today (August 9, 2017) Aug 09, 2017 10 Must Reads for the CRE Industry Today (August 8, 2017) Aug 08, 2017 10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017
How Important Is the Asset Manager’s Relationship with the Acquisition/Disposition Team?
 
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Canadian Real Estate StreetSmartREI   August 11, 2017   151   0   0   0   0   0
Over the past few years, there has been a growing focus at IREM on the increasingly sophisticated, highly nuanced relationship between property managers and asset managers. Also coming under greater scrutiny is the relationship between the asset manager and a company’s acquisitions/dispositions team. Not surprisingly, that relationship changes from firm to firm, as Dustin Read, PhD/JD, points out in his new book, Acquisitions & Dispositions: The Role of The Real Estate Asset Manager. One of the key points in the book, and certainly one that I have seen borne out in my own professional experience, is that the most successful combinations of talent exist in a culture of communication and respect across disciplines. In that way, there is little difference between the relative roles of asset manager and acquisitions/dispositions and that of the property and asset manager. Creating a collaborative dynamic across disciplines is a process that grows from the top down. “The structural organization of a real estate investment management firm must . . . be taken into account when exploring ways to help asset managers collaborate with acquisition and disposition teams,” writes Read. As one professional interviewed for the book is quoted as saying, “Acquisitions has to see asset management as a partner. Our asset management team has people working across different regions and different product types with different levels of experience in redeveloping or repositioning properties. It’s on acquisitions to seek out the right people with the right experience for a given transaction.” Clearly, it’s important...
Healthy Job Growth Will Support Steady Absorption in the Office Sector
 
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Canadian Real Estate StreetSmartREI   August 11, 2017   149   0   0   0   0   0
A total of 209,000 new jobs were created in July, more than the 183,000 jobs expected, the U.S. Bureau of Labor Statistics reported last week, and the national unemployment rate fell to 4.3 percent. The number of employed Americans hit a new high of 146.6 million, causing the employment-to-population ratio to move up to 60.2 percent, the highest level since February 2009. Continued steady job gains have led to positive performance in the office sector, even though total absorption was 28 million sq. ft. in the first two quarters of the year, down from 38 million sq. ft. during the same period last year, according to Marcus & Millichap data. “This is not a bad number,” says Alan Pontius, San Francisco-based national director of specialty divisions at Marcus & Millichap. “Absorption has slowed, but it is still positive, and construction remains muted.” New construction deliveries were the biggest story in the second quarter, with 16.1 million sq. ft. of space—the largest amount since the second quarter of 2009, bringing total new product delivered this year to 28.4 million sq. ft., according to Cushman & Wakefield’s second quarter 2017 office report[1]. With healthy absorption, the vacancy rate remained at 13.3 percent since the beginning of the year. As has been the case throughout this expansion cycle, the tightest markets continue to be those with a strong technology sector, the CW report noted. The top challenge in attracting talent to gateway markets like San Francisco and New York City is the high cost...
New mortgage data released
News Canadian Real Estate Magazine   August 11, 2017   139   0   0   0   0   0
New mortgages continue to grow in Canada, according to a new report. There were just over $1 million new mortgage loans funded in Canada last year -- up 1.4% year-over-year, according to the Canada Mortgage and Housing Corporation. Of those new loans, 39.6% were for new-owners and 9.5% were for home owners moving to a new home. “From 2015 to 2016, the number of new mortgages extended to new owners in Canada declined by 1.3% and the number of consumers refinancing their existing mortgage for a larger amount increased by 3.8%,” CMHC said in the report.“The growth in refinanced loans in Vancouver and Toronto and their surrounding areas implies that existing homeowners are leveraging larger amounts of home equity.” New mortgage loans were supported mostly by existing owners who refinanced or moved their existing mortgages to new lenders.That segment comprised 21.4% (or 219,897 total loans) of new mortgages that were funded for owners seeking larger mortgage amounts. “British Columbia and Ontario are the only provinces to record growth in almost all types of mortgage categories, with refinances being among the fastest growing category in both provinces,” CMHC said.“In Ontario, refinance activity was especially concentrated in the Census Metropolitan Areas (CMAs) bordering Toronto, including Hamilton, Oshawa, Barrie, and St.Catharines- Niagara.All of British Columbia CMAs recorded
Solo home owners abound in the Yukon
News Canadian Real Estate Magazine   August 11, 2017   129   0   0   0   0   0
Latest census data for the Yukon (covering the whole of 2016) revealed that one-person households accounted for 32.2 per cent of homes in the territory. The data released last week showed that the proportion of lone ownership in the territory is second only to Quebec, which posted 32.3 per cent.Nationally, this figure stood at an average of 28.2 per cent. According to Gary Brown, senior information officer at the Yukon Bureau of Statistics, this is not a new development as Quebec and the Yukon have consistently posted the greatest proportion of single-person households in Canada since 1981.He attributed this to various economic factors. “One is that some of our workforce is fairly transient:people coming up for a job and just living by themselves,” Brown told the Whitehorse Daily Star.“Another is there’s high income levels here and so people are able to live alone.” Karol Campbell, president of the Yukon Real Estate Association, backed up these observations. “I’ve had a number of clients that have been on their own, of all age groups,” Campbell said.“I can speak personally, people I know, that it was a wiser option to go into home ownership and pay your mortgage than to deal with some of the rents that are out there, because they’re pretty steep.” Campbell
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