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Demand for Vancouver condos and townhouses escalates
News Canadian Real Estate Magazine   August 08, 2017   157   0   0   0   0   0
In the year that followed the B.C.government’s introduction of the foreign home buyers’ tax, consumer demand for condominium units and townhouses has significantly outpaced the hunger for free-standing homes, according to the B.C.Real Estate Association. The MLS Home Price Index benchmark price of apartments has increased by 18.5 per cent compared to July 2016, up to $616,000.Meanwhile, the benchmark price for townhouses has grown by 11.9 per cent over the past year, up to $763,700. BCREA economist Brendon Ogmundson attributed this shift to a pronounced need for more affordable residential real estate. Jill Oudil, president of the region’s real estate board, backed this assertion. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February,” Oudil told CBC News. She added that the tax has failed to address the main factor igniting runaway housing costs in Vancouver. “It most certainly hasn’t changed supply which has been our driving force in our market right now,” Oudil said. The MLS Home Price Index benchmark price of apartments has increased by 18.5 per cent compared to July 2016, up to $616,000.Meanwhile, the benchmark price for townhouses has grown by 11.9 per cent over the past year, up to $763,700. Andy
NOL Carryback Repeal Isn’t Getting the Attention It Deserves
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   122   0   0   0   0   0
The changes being discussed are of such a magnitude that many taxpayers are filing extensions while their advisers ponder how 2016 tax elections may affect 2017. We focus here on one major provision that seems to be getting only a minor amount of attention. An important revenue raiser for the government in House Speaker Paul Ryan’s 2016 proposals is the repeal of the net operating loss (NOL) carryback. There is even some enhancement of the NOL as a carryforward—the ability to carry losses forward indefinitely with an increase in the actual loss for an interest factor. There is a new restriction on the NOL as a carryforward in that such a loss couldn’t decrease income by more than 90 percent. While NOLs could be carried forward, they couldn’t be carried back. The unfairness of eliminating the NOL carryback isn’t getting enough discussion. Current rules generally allow an NOL to carry back two years, or three years in the case of a “small business.”  The NOL deduction as a carryover and carryback has a very long history. The NOL deduction as a carryback has some history as early as the WWI era. The concept of carrying back or forward losses helps equalize the tax treatment of businesses with constant income and those with fluctuating income. A taxpayer starting out might have $1 million in tax losses in year one and $1 million in profits in year two and break even tax-wise over two years because the...
10 Must Reads for the CRE Industry Today (August 8, 2017)
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   122   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017 10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017 10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017 10 Must Reads for the CRE Industry Today (August 2, 2017) Aug 02, 2017
Housing Market’s New Dominant Force: Baby Boomers Who Won't Sell
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   136   0   0   0   0   0
(Bloomberg)—Jake Yanoviak is hunting for houses. On a weekday afternoon in North Philadelphia, the 23-year-old painter cruises along on his bike, its black paint obscured under stickers from breweries and rock bands. He turns onto a side street, where he spots a few elderly neighbors, standing on adjoining porches. He parks, leans on one handlebar and makes his pitch. “Anybody on the block considering selling?” Yanoviak asks gently. “I’m not a developer, I’m not interested in renting to students. I’m just a kid trying to buy a house, fix it up and live in it.” “We’re not going no place,” replies a 70-something woman, relaxing in fuzzy white pig slippers in the row house where she’s lived twice as long as Yanoviak has been alive. “All these houses are taken.” Like much of his generation, Yanoviak is desperate to get a piece of an increasingly scarce commodity: prime American real estate. Millennials are finding themselves out in the cold because building has slowed, and longer-living baby boomers are staying put, setting up a simmering conflict between the two biggest generations in U.S. history. To succeed, buyers and real estate brokers must show uncommon persistence and, at times, diplomacy. Yanoviak has tried sheriff’s sales, lost two bidding wars, ridden miles on potholed streets and left notes in mailboxes, all to no avail. People 55 and older own 53 percent of U.S. owner-occupied houses, the biggest share since the government started collecting data in 1900, according to real estate...
Multifamily Developers Try to Solve the Parking Challenge
 
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Canadian Real Estate StreetSmartREI   August 08, 2017   157   0   0   0   0   0
Multifamily developers are fighting for the right to build fewer parking spaces at new apartment properties in downtown areas. “There is a growing awareness among housing officials that the required parking ratios are out of whack with reality,” says Douglas Bibby, president of the National Multifamily Housing Council (NMHC), an industry organization. People still depend on cars to get around in most of the United States. Two-car garages are likely to be standard for many single-family homes for years to come. However, people use fewer parking spaces if they live in places with shops and amenities within easy walking distance and many transit options for longer trips. Developers struggle to find the right parking space ratio Apartment developers need to make sure they don’t skimp on the number of parking spaces they provide at apartment communities. Parking is the community amenity that residents desire most, according to the 2015 NMHC/Kingsley Resident Preferences Survey[1]. But if developers build too much parking, the empty spaces may be difficult to repurpose for any other use. In dense urban areas, parking often needs to be stacked in concrete parking or underground structures that may be expensive or impossible to demolish. Also, many downtown areas, including those in Atlanta and Dallas, are changing to become more walkable areas with more transit choices. “The downtowns have changed dramatically,” says Bibby. “The more infrastructure is built up, the less they need that parking.” Developers now regularly make the case to local officials...
10 Must Reads for the CRE Industry Today (August 7, 2017)
 
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Canadian Real Estate StreetSmartREI   August 07, 2017   149   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017 10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017 10 Must Reads for the CRE Industry Today (August 2, 2017) Aug 02, 2017 10 Must Reads for the CRE Industry Today (August 1, 2017) Aug 01, 2017
ROI of Sustainability is More Complex Than You Think
 
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Canadian Real Estate StreetSmartREI   August 07, 2017   166   0   0   0   0   0
With around 40 percent of U.S. energy consumption accounted for by buildings, most commercial real estate owners, investors and developers recognize the importance of improving the energy efficiency of their properties. And they recognize that it can be financially rewarding to invest in such sustainability upgrades. For investors, energy optimization measures have been shown to generally have a payback period of less than three years. Gone are the days that the investment community was concerned about the ability of sustainable buildings to deliver stable returns. In fact, a survey that Partner conducted in 2015 showed that commercial real estate professionals see energy optimization as the most promising area of investment in real estate assets. When it comes to ROI, many point out that the financial argument for investing in sustainability upgrades is gaining strength. Benchmarking a building’s energy outputs and developing a strategy to implement more sustainable practices will result in a more efficiently operated asset, which in turn yields improved ROI through higher rents, quicker absorption and lower vacancies, and lower overall operating costs. In addition, the incremental cost of implementing more energy-efficient building systems is often negligible when you consider the many available utility rebates and government incentives. But there’s more to it: the reality is that the value of energy efficiency and sustainability can prove to be greater, more lucrative or more complex than it appears on the surface. To reconcile sustainability and profitability for optimal ROI, commercial real estate owners and investors need to explore how financial, regulatory, social...
Strong Demand Allows Rate Hikes for Extended Stay Hotels
 
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Canadian Real Estate StreetSmartREI   August 07, 2017   168   0   0   0   0   0
AVE, a Korman Communities brand, and the Rockefeller Group opened 256 furnished suites and unfurnished residences at AVE Florham Park, in Florham Park, N.J. recently. The property is designed for “extended-stay business travelers and individuals in transition.” It’s just one of hundreds of new developments in the extended stay hotel category opening or under construction in markets across the United States. That’s a lot of new construction for a niche segment of the industry. “In the last five years the business has been growing fast,” says Bobby Bowers, senior vice president with research firm STR. So far, the demand for extended stay suites has been growing faster than the inventory of available rooms, and room rates in the category continue to rise. Lots of new construction There were 3,831 extended stay hotels in the U.S. at the end of 2016, up more than 200 from the year before. There were 146 million “room nights” available at extended stay hotels last year, up 5.7 percent from 138 million in 2015. As of June, the number of room nights available was up 6.3 percent compared to the same time last year, according to STR. “Upper tier developers like Residence Inn and Homewood Suites have increased the size of their portfolios very significantly,” note STR researchers. On the more affordable end of the spectrum, extended stay hoteliers like Woodspring Suites have also been building new properties. For many property types, this level of new construction would...
WeWork Signs Deal in Seattle to Build Third Co-Living Space
 
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Canadian Real Estate StreetSmartREI   August 04, 2017   183   0   0   0   0   0
(Bloomberg)—WeWork Cos., the world’s largest provider of shared work spaces, will be expanding its co-living business to Seattle, the company said Thursday. New York-based WeWork has signed a deal with Martin Selig Real Estate to build a 36-floor mixed-use development in Seattle’s Belltown neighborhood. Twenty-three of those floors will be used for WeLive, the communal housing business that WeWork debuted in 2016, and most of the rest will be WeWork co-working space. The project is WeWork’s largest deal by square footage, the company said. WeWork and Martin Selig Real Estate will share construction costs, and WeWork has secured a multiyear lease for all floors of the building, which is located at Third Avenue and Lenora Street near Pike Place Market and slated to open in 2020. WeWork declined to give details on how much of the construction costs each party will pay, the square footage of the building and the length of the lease. WeWork’s main business is renting out office space for teams, small businesses and entrepreneurs who want to work in a shared area. WeLive is its expansion into apartment and residential buildings, catering to tenants who want a flexible lease in a pre-furnished apartment in a building that hosts events for residents and offers shared common spaces and amenities such as laundry rooms, lounge areas, workout studios and large kitchens. WeWork currently has 400 apartments across two WeLive locations – one in New York City and another in Washington, D.C. Both opened in 2016 and include apartments ranging...
10 Must Reads for the CRE Industry Today (August 4, 2017)
 
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Canadian Real Estate StreetSmartREI   August 04, 2017   168   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017 10 Must Reads for the CRE Industry Today (August 2, 2017) Aug 02, 2017 10 Must Reads for the CRE Industry Today (August 1, 2017) Aug 01, 2017 10 Must Reads for the CRE Industry Today (July 31, 2017) Jul 31, 2017
Strong Demand for Industrial Space Has Lenders Competing for Loans
 
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Canadian Real Estate StreetSmartREI   August 04, 2017   156   0   0   0   0   0
With industrial vacancy under 2.0 percent in many U.S. markets and rents continuing to rise, this asset class is the darling of both investors and lenders. Attorney Steven J. Lurie, a partner in the Los Angeles-based law firm of Greenberg Glusker who represents investors and developers in real estate deals, says, “This is a hot sector. Lenders like it, so there’s a lot of competition for deals, which means good terms for borrowers.” “I’ve closed loans in areas throughout California, as well as Colorado, Oregon and Pennsylvania and haven’t had a problem securing financing anywhere,” he adds. At some point, lenders may overreach, Lurie suggests, but he notes that with the continued increase in e-commerce sales, the industrial sector looks strong for the foreseeable future. According to investor surveys, industrial real estate is the number one asset class preferred by investors and is currently considered the best opportunity for reliable returns, says Jack Fraker, vice chairman and managing director in the global industrial & logistics group of CBRE Capital Markets. “The fundamentals are stronger than ever before. The top 50 markets have record-low vacancy and tangible rent growth,” he says, noting that net absorption has been significantly higher than new supply for several years now. Investors have no problems financing industrial assets today, according to Fraker, with lenders offering financing at 50–70 percent loan to value (LTV) ratios, depending on the sponsor’s credit. This is true even for decades-old, physically obsolete buildings if they are in an urban infill[1]...
Who Are Today’s Commercial Mortgage Lenders?
 
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Canadian Real Estate StreetSmartREI   August 04, 2017   152   0   0   0   0   0
Today, more than ever, commercial mortgage borrowers have many choices when shopping for a commercial mortgage loan. Who are the lenders and what are the differences between them? A competent commercial mortgage broker deals with all types of lending sources on a daily basis and will provide access to many different capital sources. Borrowers no longer need to confine themselves to the limited choices offered by their local banks. Today’s borrowers should seek competitive quotes from several different capital sources and compare all of their options before proceeding. Stephen A. Sobin is the president and founder of Select Commercial Funding LLC, a nationwide commercial brokerage firm. He has more than 30 years of commercial mortgage lending experience.
Summer season blamed for cooled market
News Canadian Real Estate Magazine   August 03, 2017   169   0   0   0   0   0
Toronto’s real estate market continues to cool following Ontario’s unveiling of its fair housing plan – this is how industry stakeholders are reacting. There is some uneasiness among some of the industry’s players, but others have remained optimistic. "What we’re seeing in the Toronto real-estate market right now is the result of two factors.We have to take into account that we’re in the height of summer when we do traditionally see a slow-down, as well as the fact that sellers are still waiting to see what happens following the regulatory measures imposed by the government in the spring,” Zoocasa CEO Lauren Haw said in a statement.“Buyers are waiting to see what happens in the early fall, when the real estate market traditionally sees an upswing.Another consideration is the high-amount of inventory we have available - buyers are becoming pickier about the quality of units that they want. “Good homes are selling quickly, sometimes still in multiples.The less-than-ideal properties are sitting on the market at unrealistic prices.This demonstrates a perfectly balanced market." The Toronto Real Estate Board reported a 40.4% year-over-year drop in home sales in July. The average price has also fallen $175,000 since April to $746,218. Many, however, have chalked it up to seasonal decline, including TREB. “Summer market statistics are often
Possible housing slowdown could trigger real estate jobs exodus
News Canadian Real Estate Magazine   August 03, 2017   134   0   0   0   0   0
Multiple observers have warned of a performance drop for the Canadian residential real estate market looming just beyond the horizon, a development that might prompt a mass exodus among the thousands of workers (from agents and home stagers to construction workers) that have entered the sector over the past few years. In turn, this could prove to be the straw that breaks the camel’s back as the loss of a large number of skilled professionals might lead to even further industry slowdown—and an eventual winding down of a national economy that has grown to lean heavily upon the housing segment. For instance, in red-hot Toronto, the number of real estate agents has surged upward to over 48,000 since 2008, representing 77 per cent growth (compared to a 26.9 per cent growth nationally in the same period). “To a lot of people, [housing] is a get-rich-quick scheme,” Toronto real estate agent David Fleming told Reuters.“But history shows when the market turns, half of the agents leave.” “It is definitely overpopulated,” York Region agent Shawn Zigelstein agreed.“A downturn will weed out of some of those agents who got into the business for the wrong reasons.” However, Manulife Asset Management senior economist Frances Donald stated that such a decline will not be an immediate threat.
Calgary growth ‘far stronger’ than expected for the first half of 2017
News Canadian Real Estate Magazine   August 03, 2017   31   0   0   0   0   0
Latest numbers from the Calgary Real Estate Board (CREB) revealed reliable growth in the city’s housing sales for the first half of this year, in what is appearing to be even more proof of a recovering market. On an annual basis, residential real estate sales grew by 9.24 per cent, up to 11,957 total closed transactions in that 6-month time frame.This is despite some weakness in this metric by July, with sales declining by 6.14 per cent year-over-year (down to 1,637 sales). “When we look at activity in the first half of the year, sales were far stronger than we had originally anticipated,” CREB chief economist Ann-Marie Lurie told CBC News.“So it could be that those sales just happened a lot earlier than what we're seeing now.” However, the numbers suggest that Calgary is still a long way from the strength that it has enjoyed in the early 2000s, Lurie hastened to add. “We’ve gotten used to these boom-bust cycles, but this grow path will be very different,” the economist explained.“I mean we’re having a slower economic recovery, and we should also see a slower recovery in the housing market as well.” Related stories: Despite interest, foreigners still not rushing to Montreal and Calgary Markets moderate in Q2[1][2]  
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