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Canadian Real Estate CanadianREI   March 29, 2017   35   0   0   0   0   0
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Canadian Real Estate CanadianREI   March 29, 2017   39   0   0   0   0   0
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Canadian Real Estate CanadianREI   March 29, 2017   40   0   0   0   0   0
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Federal Realty Bringing Hydroponic Shipping Containers to a Shopping Center Near You
 
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Canadian Real Estate CanadianREI   March 29, 2017   37   0   0   0   0   0
If shipping containers can be reused as housing, why not retrofit them for farms, too? Rockville-based Federal Realty Investment Trust (NYSE: FRT) has struck up a partnership with a Boston-based company to bring farms contained in retrofitted shipping containers to select shopping centers across the United States. The partnership with Freight Farms, according to a release, "empowers anyone to use this technology while repurposing Federal Realty's unused parking spaces.
 
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Canadian Real Estate CanadianREI   March 29, 2017   35   0   0   0   0   0
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10 Must Reads for the CRE Industry (March 29, 2017)
 
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Canadian Real Estate CanadianREI   March 29, 2017   32   0   0   0   0   0
Two more rate hikes could be on the table for 2017, Federal Reserve Vice Chairman Stanley Fischer tells CNBC. International tourists are cutting back on U.S. trips, leaving luxury U.S. retailers in a lurch, reports Fortune. These are among today’s must reads from around the commercial real estate industry.
Canada's Addiction To Building Homes ‘A Loud Alarm Bell': BMO
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   March 29, 2017   37   0   0   0   0   0
The cost of buying a home in Canada has hit record highs, and so has the country's reliance on housing construction to drive the economy. Bank of Montreal chief economist Douglas Porter published a chart Tuesday showing a massive divergence in the U.S.’s and Canada’s reliance on home construction, following the burst of the U.S. housing bubble a decade ago. Residential construction in Canada has hit an all-time high above 7.5 per cent of GDP. That's a greater dependency than during the housing bubble of the late 1980s. In the U.S., that number is just below 4 per cent. “Both the gap with the U.S. and the level of activity are loud alarm bells for Canada’s market,” Porter wrote in a client note. Porter earlier this month declared Toronto’s red-hot housing market to be in a bubble[1]. While some others disagree, the number of industry insiders concerned about a correction in the city’s housing market has been growing as rapidly as home prices, which soared by 27.7 per cent in the past year to an average of $875,983 for all housing types. "The real estate industry represents 14 per cent of the economy for Ontario. Kill the new condo market, kill the Ontario economy." — Toronto real estate developer Brad Lamb ​ A growing number of experts fear that a housing correction, particularly in Toronto’s large market, could do serious damage to the economy. ...
Housing co-operative group commends 2017 budget
News Canadian Real Estate Magazine   March 29, 2017   35   0   0   0   0   0
A national group of housing co-operatives has indicated its willingness to work with the federal government in addressing the Canadian housing affordability crisis, in the wake of last week’s announcement of the 2017 federal budget. In a recent CNW press release, the Co-operative Housing Federation of Canada (CHF Canada) praised the “long-term, new investments aimed at addressing affordable housing challenges” outlined in the budget. “Housing co-ops applaud the federal government's significant new investment in housing,” CHF Canada executive director Nicholas Gazzard said. At present, approximately 250,000 Canadians reside in housing co-operatives, with roughly 20,000 households depending on government subsidies to remain solvent. “The lack of choice and affordability in housing for low- and moderate-income Canadians is a major issue, and housing co-ops offer a proven solution.We’re ready to partner with the federal government to leverage our successful model to create new affordable co-op homes for Canadians,” Gazzard added. “According to the budget, the federal government intends to preserve a baseline of funding related to these agreements so that affordability is preserved, with details to be defined this year,” CHF Canada stated in its news release. “Existing funding programs are ending in large numbers, and CHF Canada has called on the federal government to recommit long term support starting in budget 2017 in
Winnipeg councillor pledges ‘all-out war’ on illegal rooming houses
News Canadian Real Estate Magazine   March 29, 2017   37   0   0   0   0   0
South Winnipeg Councillor Janice Lukes called on the local government to intensify its campaign against illegal rooming homes, in the aftermath of a fire at a residence near the University of Manitoba over the weekend. Lukes, who has spoken out against unsafe landlord practices (fire hazards, overcrowding, etc.) in the past few years, has met with the Fort Richmond-University Heights Neighbourhood Association on Saturday (March 25) to discuss possible measures against problem residences. “We’re going to have an all-out war on landlords,” Lukes said, as quoted by the Winnipeg Free Press. Compared to other institutions of higher education across the country, the University of Manitoba ranks relatively low in terms of student housing, according to a report by the university’s planning students earlier this year.Currently, only under 5 per cent of the total student population benefits from the university’s housing program, and over 350 individuals are still in the waiting list.Average rent is at $823 per month. Pasadena Avenue, which lies within walking distance of the campus, also hosts student housing for $672 per month.Resident Arthur Prystenski argued that landlords are largely at fault, not the students. “I’ve met some of the students,” he said.“They’re basically just looking for inexpensive housing… They would like better conditions but that’s what’s offered to them so
Veteran estimates foreign investment as much as 70%, argues for regulation
News Canadian Real Estate Magazine   March 29, 2017   42   0   0   0   0   0
One Toronto brokerage owner is calling for foreign buyer regulation, despite some blowback from his own brokers. Carl Langschmidt, president of Condos.ca, recently penned a blog entitled Foreign Investor Tax and Regulation Please!– a polite, yet assertive call to action. In the piece, Langschmidt argues foreign ownership stats are much higher than the CMHC’s estimate of 2.3% of sales in Toronto.He went so far as to call that figure “laughable.” “Our talks with sales reps in the trenches indicate it is much higher;some reported as high as 70% foreign ownership at developments like CityPlace,” Langschmidt wrote. Anecdotal evidence, to be sure.But how about this other piece of sobering hearsay? “Personally this week alone, one of the agents in my brokerage who was meant to be listing a 50 unit condo building was just informed today the developer sold the entire building to a Chinese consortium.And that we’re not getting any of the listings,” he Langschmidt told Canadian Real Estate Wealth.“That’s how hot the market is.” Vancouver had success with its own foreign real estate regulation when it implemented a 15% sales tax.That helped contribute to double-digit cooling in what was once Canada’s hottest market. And Toronto may soon have its own measures introduced, with Ontario’s budget expected in the
How Is the Price of Owning vs. Renting Affecting the Multifamily Market?
 
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Canadian Real Estate CanadianREI   March 28, 2017   52   0   0   0   0   0
Buying a home is one of the most pivotal moments of a person’s life. Most dream of owning their own home to gain equity in an asset that usually grows in value. Still others prefer the flexibility of renting a home that eases the risk should the housing market crash or a neighborhood lose value. The truth is most people do not get to choose when they can buy a home[1]. They spend years trying to save for a down payment while rising rents are eating into their incomes. But if one were able to time the housing market based solely on the cost differential between renting and owning, how do today’s prices and rents compare? In short, the ratio of home prices to rents has stayed flat for the fourth year in a row in most of the major cities as shown in the ratio of Case-Shiller index to Reis rent in the chart below. This ratio, however, runs somewhat counter to this trend in a number of metros. Looking at the ratio of average apartment rent[2] to Case-Shiller index for the 20 metros that S&P Case-Shiller collects the data for shows a remarkably volatile trend from 2000 through 2012. Most ratios fell dramatically as house prices rose, then soared as house prices collapsed, then settled lower and stayed flat from 2013 through 2016. The ratio of the weighted average of the 20 metro’s rents to Case-Shiller 20-city index ranged from 7.6 to 8.0 over the last four years. Most metros follow...
CMBS Delinquencies Climb Higher
 
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Canadian Real Estate CanadianREI   March 28, 2017   43   0   0   0   0   0
The shrinking mountain of CMBS loan maturities[1] is good news for a real estate industry that has been waiting to see how capital markets would bear up under the heavy demand for fresh financing. Yet it is not all smooth sailing. Problem CMBS loans still stuck in the pipeline are pushing delinquencies higher[2]. Most of the stable legacy loans securitized circa 2007 have already been refinanced or defeased early, whereas much of what is left are the “dregs,” or loans that have very high leverage or vacancy and values, says Patrick C. Sargent, a partner in the finance group at the international law firm of Alston & Bird. Even after 10 years there are loans that haven’t quite been able to grow out of their problems, he says. According to Fitch Ratings, CMBS loan delinquencies rose by three basis points in February to 3.37 percent. That increase seems hardly consequential. However, office and retail are carrying a bigger share of those delinquencies[3], with office CMBS delinquencies rising 34 basis points to 5.41 percent and retail delinquencies rising 14 basis points in February to 5.21 percent. In addition, Fitch is anticipating a bigger spike ahead with its forecast that CMBS loan delinquencies for all property types will reach between 5.25 percent and 5.75 percent by year-end. Research firm Trepp is also reporting an upward trend in delinquencies. After reaching a low of 4.15 percent in February 2016, delinquencies have climbed to 5.31 percent as of early March. It has been widely...
 
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Canadian Real Estate CanadianREI   March 28, 2017   38   0   0   0   0   0
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Canadian Real Estate CanadianREI   March 28, 2017   52   0   0   0   0   0
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Canadian Real Estate CanadianREI   March 28, 2017   55   0   0   0   0   0
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