Downtown heritage department store to evolve into hotel for computers
John Mackie
The Vancouver Sun
John Mackie
The Vancouver Sun
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Fergal McAlinden
other
Comprehensive guidance helped borrowers absorb the shock of interest rate rises, says duo
As Canada’s mortgage and housing markets continue to shift, many borrowers who purchased a home during the pandemic-era boom are having to contend with interest rates dramatically higher than when they initially signed for their mortgage.
That simply underscores how crucial it was for agents and brokers to emphasize to their clients during that period of unprecedented low rates that borrowing costs would likely spike upwards in the future, according to the co-founders of a Toronto-based brokerage.
Inna Bogdanov (pictured top right) and Katerina Markevich (pictured top left), of IK Financial, told Canadian Mortgage Professional that educating their customers on the likelihood of rate increases had been among their main priorities during the days of rock-bottom rates and frenzied buyer activity during the past two and a half years.
“The mortgages were [lower] than 2% and we had those low interest rates and multiple offers on the property,” Markevich said, “but it wasn’t normal. Even at that time, we were preparing the clients [and telling them] the interest rates will go up.
“No matter if you were to take the fixed rate at that point and lock it [in] for five years – once the renewal will come, you will face completely different interest rates and you have to be ready for it.”
The Bank of Canada kept its trendsetting interest rate at a resolutely low 0.25% throughout nearly two years of the pandemic but has now introduced five consecutive rate hikes since March totalling 3%.
Read next: Revealed – how much Canada home prices will fall this year
Still, comprehensive advice in times of low rates meant IK Financial’s clients were largely prepared for this year’s rising-rate environment and had factored higher borrowing costs into their budget. At present, the duo’s guidance is mainly focused on reminding clients that the real estate market moves in cycles – and today’s high-rate climate won’t last forever, according to Bogdanov.
“We are true firm believers, and understand very well, that the markets are cyclical, and everything takes turns,” she explained. “We remind our clients that while we enjoyed the low interest rates for a while and everything was booming, it was great. But even back then, everybody knew this was unsustainable, it wouldn’t last forever and there would come a point when the market would take a dip.
“Whether it would be a gradual dip or more of a severe fall, more like what we’re experiencing now, that was unknown… But when it reaches its ultimate lowest point, which we [either] may have already reached or are about to reach, it will start to slowly go back up again.”
It’s important to remind clients that the market has seen worse times than it’s currently experiencing, Bogdanov said, and that mortgage professionals and their clients alike worked through those challenging conditions regardless.
The current market has also highlighted the importance of adopting a tailored approach to each client, with the suitability of specific options depending on the personal circumstances and risk tolerance of each client.
Read next: Fixed vs. variable: What’s in store for the rest of 2022?
Borrowers’ needs, goals, and plans for the next year to five years are some of the central factors that IK Financial said it takes into consideration when recommending a path for clients, with recommendations for variable rates only made to those individuals who have room in their budget for possible future variations in their payments.
“Of course rate variations matter and we do adjust what we tell clients based on the current rates that we’re looking at today,” Bogdanov said. “However, the general strategy never changes for us and our approach with clients.”
As for the outlook for the remainder of the year? The prime rate is likely to continue rising further, the duo said, which will probably contribute to a further fall in home prices. Still, they indicated that a healthy market should persist, driven in part by strong forecasted levels of immigration in the coming years.
The federal government has said it aims to welcome 431,645 new permanent residents this year, followed by 447,055 in 2023 and 451,000 in 2024 – meaning upwards of 1.3 million new Canadians are expected to have arrived in the country by that point.
“Realistically speaking, we have lots of immigrants and we have many people who are coming – especially to Toronto [and] Ontario,” Markevich said. “So we have huge, huge demand on property right now.”
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Western Investor Staff
Western Investor
The land in Vancouver Island city ‘s south end is seen as a prime for residential development.
Fraser Elliott, Vancouver , for Western Investor
Property type: Development land
Location: 535-545 Nicol Street, 575 Nicol Street and 120 Needham Street, Nanaimo, B.C.
Land size: 19,034 square feet
Land size in acres: 0.04 acres
Zoning; Potential for 4-6 wood-frame residential redevelopmentList price $1.69 million
Sale price: $1.65 million
Date of sale: September 1, 2022
Brokerages: Fraser Elliott, Vancouver (listing agent) and The Firm Real Estate Service, Vancouver
Broker: Fraser Elliott
© 2022 Western Investor
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Peter Mitham
Western Investor
Building will be home to 170 workers when it opens in 2025
California’s Masimo Corp. is buying 220 Prior Street, set to complete in 2024, for its Vancouver offices.MCM Partnership
California medical device company Masimo Corp. (Nasdaq:MASI) will pay $123 million for digs adjacent to the new St. Paul’s Hospital on the False Creek Flats.
The deal works out to about $1,200 a square foot (not including GST), about 20% less than nearby projects, and a reflection of the fact Masimo is taking the entire building, located at 220 Prior Street.
“It was going to be marketed on a strata sale basis, so the building had been designed for smaller units but also with full-floor opportunities,” said Michael Buchan, a principal with Avison Young, which represented the vendor, Keltic Canada Development Co. Ltd. “Any time you’re looking at a larger-scale transaction there’s definitely going to be a different value than there would be, comparably, than doing smaller units and selling them individually.”
Strata office space in the False Creek Flats and the adjacent Mount Pleasant area is currently selling for $1,400 to $1,600 a square foot. Strata office space at Archetype, a mixed-use development by QuadReal Property Group and Hungerford Properties at 220 East 1st Avenue, is selling for $1,500 a square foot.
A confidentiality agreement limited what Buchan could say regarding Masimo’s purchase, but he noted that the property experienced strong interest even before formal marketing began. Ultimately, the deal with Masimo pre-empted a full marketing campaign.
“There’s been many groups who have followed up and, unfortunately we can’t do anything,” he said.
Keltic acquired the property, formerly home to a warehouse, for $25 million in 2019.
Masimo signed the deal February 14, according to its latest quarterly report, and Keltic officially broke ground on the 102,000-square-foot property on August 30.
Masimo paid an initial deposit of $21 million. The remainder of the purchase price, “subject to certain adjustments,” will be paid when the building completes in the second half of 2024.
Masimo anticipates to have 170 workers in the space when it takes occupancy in 2025. Its local staff currently work out of 17,500 square feet downtown, adding 13,000 square feet to its footprint at 666 Burrard Street earlier this year.
Masimo describes its core business as non-invasive monitoring of arterial blood oxygen saturation and pulse rate, with additional business lines including devices for blood constituent, brain and breath monitoring.
It is just one of a number of U.S. tech companies driving absorption in the downtown office market earlier this year, though the pace of deals has slowed in the latest quarter as rising interest rates weighed on business confidence. But many expect the tide to turn by the time projects such as 220 Prior complete.
“The announcement is great for Vancouver and the area,” Buchan said, noting that the location adjacent to the new St. Paul’s Hospital campus attracted interest from medical users as well as the tech sector. “There was quite a bit of interest from the tech world. A lot of interest from the life sciences world, as well as medical professionals, general office users and groups that really felt a synergy with what’s going to be created down there.”
Cushman & Wakefield senior vice-president Matthew Maclean said groups have been slow to decide on space at Archetype but interest remains strong. The ownership group behind Archetype is patient, and are confident demand will increase prior to the building’s completion in 2025.
The deal with Masimo underscores the long-term appeal of the False Creek Flats.
“It acknowledges that the new hospital is going to be throwing out lots of employment density,” he said.
St. Paul’s is currently scheduled to complete in 2026.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Masimo pay $123M for digs adjacent to the new St. Paul’s Hospital on the False Creek Flats
Canadian Press
The Vancouver Sun
The network of real estate brokers and agents said Wednesday the moderation in the market for the September-to-December period comes amid rising interest rates, record inflation and broader global and economic uncertainties.
A home for sale and sold sign in Calgary, May 4, 2021. Photo by Gavin Young /Postmedia Network
A report by Re/Max Canada forecasts the national average home sale price in Canada will fall 2.2 per cent in the final months of the year.
The network of real estate brokers and agents said Wednesday the moderation in the market for the September-to-December period comes amid rising interest rates, record inflation and broader global and economic uncertainties.
Mortgage rates have risen sharply this year, raising the cost of borrowing for potential buyers.
Re/Max Canada president Christopher Alexander said many markets are experiencing softer sales given the recent interest rate hikes.
“This provides some reprieve from the unprecedented demand and unsustainable price increases we’ve seen across Canada through 2021 and in early 2022,” Alexander said in a statement.
“However, the current lull in the market is only temporary. Until housing supply increases, these ‘boom’ and ‘bust’ cycles will likely be a recurring event.”
Prices in Metro Vancouver are expected to decline 3.0 per cent, while the Greater Toronto Area is forecast to fall 6.3 per cent. Winnipeg is expected to drop 8.0 per cent.
However, the drop in prices in the final months of 2022 isn’t expected to be universal. The report said seven out of the 30 markets analyzed are likely to experience modest price appreciation between 1.5 and seven per cent.
Calgary is expected to rise 3.0 per cent, while Edmonton is forecast to gain 1.5 per cent. St. John’s, N.L., is predicted to gain 7.0 per cent.
The report follows a move by the Canadian Real Estate Association earlier this month to cut its forecast for home sales this year and lower its expectations for price growth.
CREA is expecting 532,545 properties to trade hands via Canadian MLS systems this year, down 20 per cent from the 2021 annual record, while sales are expected to drop another 2.3 per cent in 2023.
The association also forecasts the national average home price is forecast to rise by 4.7 per cent on an annual basis to $720,255 by the end of the year and edge up another 0.2 per cent to $721,814 in 2023.
The outlook is down from CREA’s forecast in June that predicted a 14.7 per cent decline in sales this year and a 10.8 per cent increase in the national average home price.
© 2022 Vancouver Sun
Posted in Real Estate Related | Comments Off on Unprecedented demand unsustainable price increases we’ve seen across Canada
Fergal McAlinden
other
The market cooldown is set to continue
The national average home sale price will fall 2.2% in the remaining months of the year, according to a new report by RE/MAX Canada.
Soaring interest rates, sky-high inflation, global economic unrest and higher mortgage costs will continue to prevail between now and December, the real estate broker network indicated, with a softer housing market expected as a result.
The market has already witnessed a protracted cooldown since peaking in March, with national home prices and sales falling amid a series of interest rate hikes by the Bank of Canada and an ongoing cost-of-living crisis across the country.
Read next: Canada’s inflation rate falls again
Recent weeks have seen the Canadian Real Estate Association (CREA) cut its forecast for home sales and price growth for the remainder of this year.
RE/MAX’s 2022 Fall Canadian Housing Market Outlook Report revealed that the network’s brokers and agents anticipated a decline in sales throughout the fall in 24 of the 30 markets surveyed, although president Christopher Alexander said that activity was likely to pick up again soon.
“The current lull in the market is only temporary,” Alexander said in prepared remarks accompanying the release of the report. “Until housing supply increases, these ‘boom and bust’ cycles will likely be a recurring event.”
Copyright © 1996-2022 KM Business Information Canada Ltd.
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Frank O’Brien
Western Investor
Days after a 1,600-job aircraft manufacturing plant was announced, global tech firm Infosys plans to double its workforce downtown
The jobs keep coming to Calgary.
Just five days after De Havilland Aircraft of Canada announced it will open a manufacturing facility near Calgary that will employ 1,600 workers, a global tech firm said it is bringing 1,000 jobs to downtown Calgary.
Infoys, a leader in next-generation digital systems, has doubled its original hiring commitment from when the company first expanded into the region in 2021.
“Today is the beginning of our next chapter in Canada as we open the Infosys Digital Centre in Calgary,” said Ravi Kumar, president, Infosys. “Calgary’s IT innovation potential is unlimited, and we are delighted to be a part of its future.”
The Bangalore-based company officially opened its new Digital Centre in Calgary Centre on September 26. Space for 1,000 people will eventually require about 200,000 square feet of office space, analysts say.
The Calgary Centre is part of Gulf Canada Square at 401 – 9th Avenue S.W. The new digital centre will train, upskill and reskill employees in advanced digital technologies, including big data and cloud.
“Infosys’ choice to establish Calgary as a major technology centre is a big moment for our city and further demonstrates our city as a prime destination for the world’s leading technology companies,” said Calgary Mayor Jyoti Gondek. “Building a thriving innovation ecosystem takes a village, and Infosys will play a key role in our growth.”
The mayor added that Infosys will partner with local universities to train Calgary students and create job opportunities.
“Infosys could have chosen any place in Canada for this new Digital Centre, but they selected Calgary to tap into our pool of tech talent and to form partnerships with our educational institutions. Infosys will be training the next generation of technology innovators and business leaders right here in our province,” said Tanya Fir, Minister of Jobs, Economy and Innovation, Government of Alberta.
“The opening of the Infosys Digital Centre in the heart of our city shows that Calgary is recognized as a top tech location where bright minds and big ideas come together,” added Brad Parry, president and CEO, Calgary Economic Development, in a statement.
“Calgary’s IT innovation potential is unlimited, and we are delighted to be a part of its future,” Kumar said. Infosys has operations in more than 50 countries, with approximately 300,000 employees providing provides digital services and consulting for clients in many industries, including natural resources, and energy.
The City of Calgary gained 7,000 jobs from July to August, lowering the unemployment rate to 4.9 per cent, according to Statistics Canada.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Canada announces it will open a manufacturing facility near Calgary that will employ 1,600 workers
Kevin Orland
other
Big name announces plans to step down
Bank of Nova Scotia chief executive officer Brian Porter is stepping down and handing the reins to Finning International Inc. CEO Scott Thomson, a rare selection of an outside executive to run one of Canada’s largest banks.
Thomson, 52, will become Scotiabank’s president on Dec. 1, then take the helm on Feb. 1, the Toronto-based bank said Monday. Thomson has been a Scotiabank board member since 2016.
As CEO, Porter overhauled the bank’s Latin America-focused international business and pulled off major acquisitions in its wealth-management business. The selection of Thomson as his successor ends his tenure with a surprise twist, with Canadian banks tending to pick their CEOs from among their top executives. The current heads of the country’s other five large lenders spent much of their careers inside those banks before rising to the top job.
“Our initial reaction to this announcement is one of surprise followed by anticipation,” Darko Mihelic, an analyst at Royal Bank of Canada, said in a note to clients. “The landmark decision from the board of directors to bring in someone from the outside to run a large Canadian bank clearly suggests to us that perhaps some significant changes may be on the way.”
Thomson has an investment-banking background and experience in Latin America, Mihelic said. Combined with his experience on the board, “he is clearly coming into the role with eyes wide open,” Mihelic said.
Thomson will exit Finning on Nov. 15. The company, based in Vancouver, sells, finances and services equipment from Caterpillar Inc.
Porter’s main task after taking over Scotiabank was reorganizing its sprawling international business by pulling it out of markets such as South Korea, Dubai and Puerto Rico, where it was either underperforming or saw little long-term value, and doubling down in countries where it had thrived, such as Mexico, Chile, Peru and Colombia.
Porter, 64, also transformed Scotiabank’s wealth-management business from a relative weak position among its peers into a sizable player with the acquisitions of MD Financial and Jarislowsky Fraser Ltd. for a combined CA$3.5 billion ($2.6 billion).
The sudden changes in the company’s business mix made it difficult at times for analysts to predict earnings and for investors to value the company, weighing on its shares.
Scotiabank’s stock had risen 9.2% from when Porter became CEO in November 2013 through last week, the worst performance among Canada’s six largest banks for the period.
Scotiabank shares fell 2.5% to CA$67.60 at 9:37 a.m. in Toronto, making it the worst performer in the S&P/TSX Commercial Banks Index, which slipped 0.5%.
Porter said in an interview with Bloomberg in December that the work to reposition the international division was largely done and that the market would see the benefits over this year. At the time, he declined to say how much longer he planned to stay but said that the bank had identified as many as four internal candidates, whom he declined to name, as potential successors.
While the choice of new CEO from outside the industry is surprising, Thomson’s experience in Latin America was likely attractive to the board’s search committee, according to John Aiken, an analyst at Barclays Plc. Thomson led Finning through challenging market conditions and improved its earnings capacity, particularly in Latin America, during his nine years as CEO there, Aiken said.
“We do not expect the transition to be jarring,” Aiken said in a note to clients, “and the move leads us to believe that there should not be an immediate shift in Scotia’s strategy as Mr. Thomson has been involved in developing it at the board level.”
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Jonathan Russell
other
Four cities on this list are found in one province
Vancouver and Toronto are not the only white-hot housing markets that are out of reach for the average Canadian homebuyer. While the housing market is cooling slightly, buying a home remains a dream for many. There is hope, however—if you are willing to move. Here are the 10 cheapest places to buy a house in Canada.
Saguenay, Quebec
The price of an average home in Saguenay, Quebec, is just $267,353—the cheapest average cost of a home on this list. That number comes from the Canadian Real Estate Association (CREA), which researched the cheapest areas to purchase a property in Canada at the moment.
Situated in the middle of northern Quebec, on the Saguenay River in the valley of Saguenay Graben, Saguenay is surrounded by rivers, valleys, lakes and hills, making it a top destination for tourists and anyone who loves the outdoors. Within the community, there are aquariums, zoos, museums and parks to explore, as well as world-renowned cheeses.
Newfoundland and Labrador
Throughout the entire province of Newfoundland and Labrador, whose capital city is St. John’s (not to be confused with Saint John, New Brunswick), the average price of a home is $280,200. That figure represents a year-over-year increase of 10.8%.
Saint John, New Brunswick
Saint John, New Brunswick, is the third cheapest place buy a house in Canada, with an average home price of $294,900, according to the CREA. In fact, up until recently, Saint John was the most affordable city in the entire country to purchase a property.
Full of historic architecture, a great music scene, and plenty of parks, Saint John is located on the famed Bay of Fundy, and is known for the reversing rapids. And due to its location, Saint John offers everything from an urban to rural lifestyle, including both the modern and historic.
Provincially, New Brunswick recently lost out as the most affordable province in Canada. (Saskatchewan now holds that designation.) The average home price in New Brunswick shot up nearly $142,000 in the last three years. The calculated benchmark of the cost of a home in N.B. last spring—which includes townhouses, condos, and homes—hit nearly $314,000, according to CREA. Compared to three years ago, that is nearly double the price and is over 34% higher than just year prior.
Regina, Saskatchewan
The average price of a home in Saskatchewan’s capital city of Regina, otherwise known as the Queen City, is $322,800, a year-over-year decrease of 3.5%. The second-largest centre in the province, Regina serves as Saskatchewan’s commercial centre and is ideal for students and families who love modernity, culture, and history.
Regina is also a very green city with a plethora of parks and recreational facilities, as well as top-tier health-care centres and shopping malls. It is also easy to get around, with driving times almost anywhere within the city taking about 20 minutes, which not only saves you time but gas money as well. For these reasons, Regina has a cheaper cost of living than most other metropolitan areas in the entire country.
Quebec City
The average price of a home in the census metropolitan area (CMA) of Quebec is $325,600. That figure represents an annual increase of 11.6%, according to CREA. In fact, of the top 20 cheapest places to purchase a property in Canada, CREA found that six are located in the province of Quebec.
Trois-Rivières, Quebec
Trois-Rivières, Quebec, has an average home price of $330,431, which is a year-over-year increase of 29.5%. With a nearly 400-year history, Trois-Rivières is this region of Quebec’s cultural and economic hub, offering its residents a low cost of living, a scenic outdoors economic optimism. Another major perk for Trois-Rivières is its proximity to a couple of Canada’s biggest commercial and cultural hubs—Montreal and Quebec City. For its location and its affordability, however, you may have to put up with higher taxes and freezing cold winters.
Thunder Bay, Ontario
Don’t count out Thunder Bay, Ontario—it is known as the sunniest city in Eastern Canada, enjoying nearly 2,200 hours of sunlight each year. With an average home price of $358,051 and a year-over-year increase of 12.5%, Thunder Bay offers high levels of employment, good commute times, enthusiastic arts and sports communities and great access to health care. While it is the most affordable housing market in Ontario, experts predict a significant rise in the real estate market value.
Saskatoon, Saskatchewan
The second city on this list based in Saskatchewan, and the largest centre in the province, Saskatoon comes in at number eight on our list. The average cost of a home here is $376,100, with year-over-year increase of 5.4%.
Edmonton, Alberta
The only city in Alberta on this list (although Calgary came in at 13th on CREA’s top 20), Edmonton’s average home price is at $402,800. That figure represents a year-over-year increase of 8.4% in Alberta’s capital city.
Sherbrooke, Quebec
Rounding out the top 10 of CREA’s list of most affordable cities to buy a house in Canada is Sherbrooke, Quebec. The average price of a home here is $435,525, a year-over-year increase of 12%.
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Peter Mitham
Western Investor
Industrial absorption rises during Q3 despite economic jitters
Amazon will take occupancy of the south tower of The Post at 349 West Georgia Street later this year, a sign of ongoing demand from tech tenants in the Vancouver market, says Colliers International.QuadReal Property Group
Strong absorption in both the office and industrial market is keeping B.C. real estate humming despite economic worries.
Third-quarter stats from Colliers International indicates that uptake of office space in Metro Vancouver slowed to 214,808 square feet in the third quarter, pushing vacancies down to 5.8 per cent, while industrial absorption strengthened to 1.5 million square feet driven by new offerings that lifted vacancies from their historic lows to 0.2 per cent.
Demand for office and lab space by tech companies including Abcellera Biologics Inc., Omnisolu Technology Inc. and Archiact Interactive Inc. drove activity in both the Vancouver and Victoria markets.
“They seem to be on a growth curve,” said Susan Thompson, associate director of research at Colliers. “Yes, we have heard of some budget cuts and layoffs, but that’s not consistent across the board. We’ve also got a number that are growing and expanding. There still seems to be demand, and of the active tenant mandates out in the market looking for space, 34 per cent downtown [in Vancouver] is from the tech sector.”
Tech companies will be among the firms taking space in new developments later this year, the fulfilment of earlier commitments but also bringing fresh activity to the downtown Vancouver market. These include Amazon’s occupancy of south tower at The Post, 349 West Georgia Street, which will add 517,375 square feet to the downtown inventory.
“Amazon saw huge growth, obviously, during the pandemic, thanks to e-commerce, and that’s maybe backed off in the last little while, but we’re seeing a lot more demand for technology and equipment, analysis, lab work in the healthcare-life science sector because it’s become a lot more important,” Thompson said.
While the Vancouver market has several options available to life science companies, strong demand has put pressure on the short supply of lab space in Victoria, where office vacancies average 5.9 per cent.
The industrial market offers even fewer options, with almost any space quickly snapped up. While rising construction costs and slowing demand prompted PC Urban to hit pause on IntraUrban Cornerstone, a 167,000-square-foot strata industrial development in Langford, absorption in the third quarter has been high.
“Rents have increased in Q3 and will likely continue to climb for the remainder of 2022. Users will likely want to still get their foot in the door sooner rather than later, because nobody knows when or even if a price reduction will come. Cash is still king and continues to help offset the increased cost of borrowing,” Colliers said of the Victoria industrial market, where vacancies are the lowest in North America at 0.1 per cent.
“Demand still seems pretty high in the B.C. industrial market. Vacancy is so low,” Thompson added. “In Vancouver, we’re talking 0.2 per cent vacancy, which means there’s still less than 400,000 square feet available as options and that’s scattered between 22 buildings. … So if you’re a larger company, you’re still having to do a pretty heavy-duty search to find options that are suitable.”
This has supported strong absorption despite growing economic jitters as companies jockey for what space becomes available, with spillover effects from the tight West Coast markets continuing to buoy Alberta markets where demand also continues to be strong.
“We’re now starting to see companies work through the calculus on, ‘If I take something off a cargo ship in Vancouver, can I move it to Alberta and use that as my distribution hub?’”
The demand has been good for both Calgary and especially Edmonton, where vacancies continue to fall. Despite having the highest industrial vacancy rate of any major market in Canada at 4.2 per cent, Edmonton’s industrial vacancy rate is down from 5.4 per cent at the end of 2021 even as millions of square feet continue to be delivered.
The third quarter, for example, saw 3.4 million square feet of new construction complete in Edmonton, while absorption totalled nearly 3.8 million – more than any other market in Canada.
© 2022 Western Investor
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