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News Canadian Real Estate Magazine   October 06, 2017   142   0   0   0   0   0
Residential property sales in the Greater Vancouver area shot up by 25.2% on a year-over-year basis last month, a development that the region’s real estate board attributed to the sustained strength of the apartment and townhouse segments. In its latest report, the Real Estate Board of Greater Vancouver (REBGV) stated that the region’s September sales numbers (which totalled 2,821) were 13.1% above the 10-year sales average for that particular month. “Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” REBGV president Jill Oudil said. Out of a total of 9,466 homes currently listed for sale in Vancouver’s MLS® as of September, 5,375 of these were detached, attached and apartment properties, representing a 12% year-over-year increase and a 26.6% climb from August 2017. The sales-to-active listings ratio across all residential asset classes last month was 29.8%.By property type, apartments and townhomes clearly dominated at 60.4% and 42.3%, respectively.In contrast, the ratio for detached homes was only 14.6%. The MLS® Home Price Index composite benchmark price for all residential properties in the REBGV’s jurisdiction was $1,037,300, rising by 10.9% from September 2016. Apartment property sales increased by 19.1% on an annual basis in September, up to 1,451.The benchmark price of an apartment unit stood at $635,800, growing
News Canadian Real Estate Magazine   October 06, 2017   145   0   0   0   0   0
Mississauga has become the GTA’s largest condo hub after Toronto, and its torrid pace of residential, infrastructure and amenity development are conspiring to make it ripe for investment. In tandem with the Places to Grow Act, Mayor Bonnie Crombie has recalibrated the city’s growth plan to quickly turn it into an urban hub.Mississauga’s city centre already has a dazzling skyline, and it’s expecting 23 new mixed-use condominium towers. Major builders like Daniels, Amacon, Camrost and Solmar all have major projects going up there that promise to bring life to what’s been a sleepy downtown.However, without a crucial piece of infrastructure, some of these developments might never have been conceived. “The timing is largely a result of the LRT breaking ground next year,” Crombie told CREW.“It is 20-kilometres long with 22 stops, beginning in Port Credit, and then looping around downtown where there will be four stops.It will pull into the transit terminal – the second-biggest in the GTA – then go into Brampton.” The city centre in Canada’s six-largest city has long been built around Square One Shopping Centre, which just received a major facelift and extension, but there are newer arrivals.Sheridan College has two campuses in or near the city centre, with a third in planning stages, and University of Toronto Mississauga isn’t very
U.S. Rents Are Getting More Affordable—as the Renters Get Richer
 
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Canadian Real Estate Street Smart REI   October 05, 2017   168   0   0   0   0   0
(Bloomberg)—Following the Great Recession, the cost of rental housing took a growing bite out of U.S. household budgets, as increasing demand for rental units pushed up prices. Now the share of households considered burdened by high rents is falling, according to a report from New York University’s Furman Center for Real Estate & Urban Policy. That’s good news. But the dynamics driving improved affordability are a mixed bag. One reason for the shift is that wealthier families are increasingly likely to rent, allowing landlords to raise prices without raising the risk that their tenants won’t pay. As the chart shows, the number of households that spend 30 percent of their income on rent (considered cost-burdened) and the share that spend half their income on rent (considered severely cost-burdened) are still historically high. Twenty-one percent of households earning at least 120 percent of the area median income rented in 2015, up from 15 percent in 2006; families with children and households where at least one member has a bachelor’s degree also became more likely to rent over the course of the decade. “More people are choosing to rent, and disproportionately so among the higher-education, higher-income groups,” said Sewin Chan, a professor of public policy at NYU and co-author of the report. “It seems extremely likely that they’re driving up rents.” Not all cities benefited from better affordability; of 53 metros with at least 1 million people, one in three recorded an increase in the number of cost-burdened households....
Why Commercial Real Estate Lending by Big Apple’s Banks Is Down
 
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Canadian Real Estate Street Smart REI   October 05, 2017   184   0   0   0   0   0
Local New York lender Signature Bank was the leading originator of commercial real estate loans in New York City in the second quarter of 2016, and its competitor, New York Community Bank, was No. 3. A year later, both lenders are still on CrediFi’s top 10 ranking[1], but they’ve dropped down to the bottom half, with Signature at No. 7 and NYCB at the bottom of the pack. Why are these Big Apple lenders cutting back on their commercial real estate financing activity? And if they’re not dominating the financing sector, who is? The decline in origination by local lenders is being driven in part by a drop in multifamily financing, following concern expressed by regulators over concentration risk. Across all New York City lenders, multifamily financing has dropped gradually every quarter from the $11.6 billion originated in the second quarter of 2016 to the first quarter of this year, CrediFi found in an analysis of a sample of $115 billion in New York City financing from the second quarter of 2016 to the second quarter of 2017. In the first quarter of this year, multifamily origination shrank to $7.5 billion—the lowest in any quarter in the previous two years—before inching up to $9.6 billion in the second quarter, the analysis found. (Note that properties designated as multifamily may include condominiums and mixed-use properties that have a residential component.) The Office of the Comptroller of the Currency warned[2] last year that credit concentrations had increased in banks...
Amazon Is Said to Test Delivery Service to Rival FedEx, UPS | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 05, 2017   155   0   0   0   0   0
(Bloomberg)—Amazon.com Inc. is experimenting with a new delivery service intended to make more products available for free two-day delivery and relieve overcrowding in its warehouses, according to two people familiar with the plan, which will push the online retailer deeper into functions handled by longtime partners United Parcel Service Inc. and FedEx Corp. The service began two years ago in India, and Amazon has been slowly marketing it to U.S. merchants in preparation for a national expansion, said the people, who asked not to be identified because the U.S. pilot project is confidential. Amazon is calling the project Seller Flex, one person said. The service began on a trial basis this year in West Coast states with a broader rollout planned in 2018, the people said. Amazon declined to comment. Amazon will oversee pickup of packages from warehouses of third-party merchants selling goods on Amazon.com and their delivery to customers’ homes, the people said -- work that is now often handled by UPS and FedEx. Amazon could still use these couriers for delivery, but the company will decide how a package is sent instead of leaving it up to the seller. Handling more deliveries itself would give Amazon greater flexibility and control over the last mile to shoppers’ doorsteps, let it save money through volume discounts, and help avoid congestion in its own warehouses by keeping merchandise in the outside sellers’ own facilities. FedEx shares fell 2.4 percent to $216 in early trading Thursday, while UPS dropped 2.2 percent...
HNW Investors Love Student Housing Investor
 
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Canadian Real Estate Street Smart REI   October 05, 2017   148   0   0   0   0   0
When it comes to real estate investments, high-net-worth (HNW) individuals and family offices have been going to school: in recent years, more of them have been adding student housing to their portfolios. However, some observers say that the interest of HNW investors and family offices in student housing is tapering off as other investors elbow their way into this asset class. Private investors, including HNW investors and family offices, accounted for the largest transaction volume in U.S. student housing from 2010 to 2016, says Jaclyn Fitts, director of student housing at commercial real estate services company CBRE. From 2014 to 2016 alone, the dollar volume of transactions in the sector shot up from $3.0 billion to $9.8 billion, says Fitts, citing CBRE’s internal tracking data. CBRE predicts this year’s volume will be about the same as last year’s. So far in 2017, private investors represent a sizable share—by some accounts, 35 percent to 45 percent—of transaction volume in student housing. However, Fitts says, the percentage is declining as more institutional and international investors target this asset class. Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors, says that as student housing has attracted more institutional capital during its maturation from an alternative asset class to a traditional asset class, his firm’s enthusiasm for the sector has waned a bit. Clients of Boca Raton, Fla.-based Kayne Anderson, which has $4 billion in assets under management, include HNW investors and family offices. Rabil says he and...
10 Must Reads for the CRE Industry Today (October 5, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 05, 2017   111   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 4, 2017) Oct 04, 2017 10 Must Reads for the CRE Industry Today (October 3, 2017) Oct 03, 2017 10 Must Reads for the CRE Industry Today (October 2, 2017) Oct 02, 2017 10 Must Reads for the CRE Industry Today (September 29, 2017) Sep 29, 2017
This proposed mortgage rule will make home ownership harder for careful savers
 
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Canadian Real Estate Street Smart REI   October 04, 2017   201   0   0   0   0   0
If recent interest rate hikes and dozens of new rules affecting the housing market weren’t enough, there’s a new threat to affordability for first-time homebuyers, one that is completely avoidable. The Office of the Superintendent of Financial Institutions recently proposed a new rule for homebuyers who do not need mortgage insurance — those making down payments of more than 20 per cent of the purchase price of a home. It would force these homebuyers to prove they can afford not just the actual interest they negotiated with their lender, but a rate that is two full percentage points higher. Even for a fixed-rate mortgage. When I ask homeowners, and aspiring homeowners, what concerns them most about the housing market, they tell me it’s stability. Young people making the biggest investment of their lives worry that the neighbourhoods they have their eyes on will be suddenly out of reach, while at the same time they’re concerned that after they finally buy the perfect home, it might suddenly be worth less than they paid. And they worry that after years of saving and planning, the rules will suddenly change, so that their first home will be even further away. The combined effect of so many recent changes should concern us all That’s why the combined effect of so many recent changes should concern us all. With the average home price in the Greater Toronto Area now down 20 per cent from April’s peak, a government agency wants...
Toronto home sales sink 35% while owners count on ‘uptick’ - Article
 
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Canadian Real Estate Street Smart REI   October 04, 2017   157   0   0   0   0   0
The sales slump sweeping across Toronto's housing market extended into September as buyers and sellers continued jockeying for position in the wake of the provincial government's 16-point plan[1] to improve affordability. Sales across the Greater Toronto Area sank 35.1 per cent year-over-year last month as 6,379 properties traded hands, according to data released by the Toronto Real Estate Board on Wednesday. The average selling price in September was $775,546. While that marked a slight uptick from the year-ago period and August's average price of $732,292, it was still almost 16 per cent below the April peak of $920,791. Prospective buyers had more selection to choose from last  month, as active listings surged 69 per cent year-over-year. “The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall," said TREB President Tim Syrianos in a press release. "Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong," he added. "As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace." The region's housing market has been in flux since Ontario Premier Kathleen Wynne's Liberal government introduced its so-called Fair Housing Plan in late April, including a 15-per-cent tax on foreign speculators. There was extreme divergence across property types in September. At the upper end of the market, detached...
Ten-X Research’s Top 5 Office Buy-and-Sell Markets
 
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Canadian Real Estate Street Smart REI   October 04, 2017   152   0   0   0   0   0
Gain more CRE insights from Ten-X, including timely analysis and forecasting that helps real estate professionals make intelligent decisions.
10 Must Reads for the CRE Industry Today (October 4, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 04, 2017   127   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 3, 2017) Oct 03, 2017 10 Must Reads for the CRE Industry Today (October 2, 2017) Oct 02, 2017 10 Must Reads for the CRE Industry Today (September 29, 2017) Sep 29, 2017 10 Must Reads for the CRE Industry Today (September 28, 2017) Sep 28, 2017
Retail REITs Insist the Business is “Solid" Estate Investor
 
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Canadian Real Estate Street Smart REI   October 04, 2017   148   0   0   0   0   0
Nowadays, a mix of realism and optimism permeates the retail REIT sector, with landlords acknowledging the rocky atmosphere for brick-and-mortar retail while touting the rise of “experience” retailers[1] that don’t rely heavily on e-commerce. On one end of the spectrum are retail REITs with a heavy concentration of older regional malls in secondary and tertiary markets. These REITs face “substantive risk,” says Alan Pontius, national director of specialty divisions at real estate services firm Marcus & Millichap. On the other end, the outlook is “more positive” for retail REITs operating neighborhood and community centers in markets that are witnessing strong employment growth, Pontius says. The prospects are especially strong for properties attracting retailers that emphasize the experience at least as much as their products and services. As retail REITs struggle with outdated retail concepts and try to find compelling new retailers, they’re also coping with an overall thumbs-down from Wall Street. Year-to-date, retail REITs have underperformed the broader REIT index by roughly 1,400 basis points as retail woes, namely bankruptcies and store closures, have weighed down their stocks, according to Spenser Allaway, an equity research analyst at Green Street Advisors, a real estate research and advisory firm. “While headwinds in the retail space are real, the share underperformance has been much larger than the actual asset value at risk,” Allaway says. “Hence, it appears the market is looking beyond the current disruption in the space and pricing in a much further deterioration of REIT fundamentals.” To executives at...
Investors Look for Bargains in Undervalued Markets | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 04, 2017   123   0   0   0   0   0
Property values have surged steadily higher in the prolonged recovery. But that high tide isn’t raising all boats as some metros are still falling short of 2007 pricing. The broader commercial real estate market has regained and surpassed values that existed at the prior peak. The major metros have seen the biggest bounce with values that are 52.5 percent higher than a decade ago, while the rebound has been more modest in non-major metros at 10.8 percent, according to the CPPI produced by Real Capital Analytics (RCA), a New York City-based research firm. “There are certain markets that are still nowhere near that previous peak,” says Jim Costello, senior vice president at RCA. The firm’s researchers estimate there are still more than a dozen markets where property values are below 2007 levels. Las Vegas tops the list of laggards with average values across property types that, as of July, are 34.3 percent lower than they were 10 years prior. Other metros still battling a steep decline include Orlando, Fla. at 24.9 percent; Sacramento, Calif. at 24.4 percent; Fort Myers/Sarasota/Naples, Fla. at 21.8 percent and Phoenix at 18.4 percent. Metros where values were driven by the housing boom, such as Las Vegas, Phoenix and parts of Florida, are still feeling the negative impact of the housing bust. The local economies don’t have the same “juice” as they did before, which has a ripple effect on the economy and the demand for space, adds Costello. Those metros that were hit hard...
News Canadian Real Estate Magazine   October 04, 2017   108   0   0   0   0   0
The Victoria Real Estate Board saw fewer properties sold in its region last September, the association announced on Monday.A total of 640 properties exchanged hands that month, 18.1% fewer than the 781 sold in September 2016. We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers.Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” said president Ara Balabanian. The market’s pace is trending very slowly towards more balanced conditions, she added.“Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.” The Victoria Real Estate Board is one of 11 real estate boards across B.C.The areas it served includs Greater Victoria from Sooke to Sidney, up-Island as far as Cherry Point Road in Cobble Hill, and the Gulf Islands. There were 1,976 active listings for sale in the association’s listing service at the end of September, 3.1% higher than a month before, but 4.1% less than the 2,061 listings in end-September 2016.The benchmark value for a single family home there stood at $823,100, 10.9% higher than in September 2016. “Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local
News Canadian Real Estate Magazine   October 04, 2017   148   0   0   0   0   0
The provincial government is actively looking at ways to implement medium density housing to combat the affordability issue plaguing Toronto, which could present an investment opportunity in a previously untapped market. Minister of Housing Peter Milczyn and Minister of Municipal Affairs Bill Mauro both addressed media ahead of a Housing Forum event, during which “missing middle” housing – defined as row homes, townhouses, multiplexes and anything else considered medium density – was a topic of discussion.Building industry insiders and government believe medium density can help alleviate the downward pressure on families created by astronomical housing prices, as well as contribute to developing more mixed-use, pedestrian-friendly communities. “In May, we released an updated growth plan for the Greater Golden Horseshoe and Greenbelt,” said Mauro.“These updated plans will guide us as we build thriving, livable, and vibrant communities with a wide variety of housing options for households of all sizes, ages and incomes.Complete communities that are mixed-use, walkable, transit supportive and that make more efficient use of land and infrastructure.To do this we need an effective and efficient planning appeals system in place.” Minister Milczyn says that while the foreign buyer tax brought stability to an out-of-control market, more must be done.The province will begin opening up underused surplus lands it owns to develop 2,000 rental units downtown.The government also wants
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Ten-X Research’s Top 5 Office Buy-and-Sell Markets
Gain more CRE insights from Ten-X, including timely analysis...
 
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Strong rental demand to bolster confidence in Toronto condo market
The relatively lower cost of building new apartments in...
 
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10 Must Reads for the CRE Industry Today (January 4, 2017)
As developers push more condominium units onto the market this...
 
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The wave of Asian investors underwriting commercial real estate...
 
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Bank of Canada -  Rates Remain Unchanged
Would they or wouldn’t they? This was the...
 
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Bidding Wars Appearing Across the Country, BMO reports
The stage has been set, in some regions across...
 
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Industry association pens letter to OSFI
Category: News
The industry continues to fight against further mortgage rule...
Ottawa Makes It Harder To Buy A Home, While B.C. Does The Opposite
British Columbia just announced a policy that,...
 
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