Canada housing affordability is at its worst in a generation National Bank
Micah Guiao
other
Micah Guiao
other
Posted in Real Estate Related | Comments Off on Canadian housing affordability plummeted in Q1 2022
REBGV Staff
REBGV
At a glance (2 minute read)
Burnaby city council approved rezoning of the Willingdon Lands, adding 5,239 residential units.
Of these units, 4,366 will be leasehold strata, 554 will be market rental, 101 moderate rental, and 218 affordable rental.
The development will also include commercial, studio, and cultural space.
On May 31, 2022, Burnaby council approved bylaw amendments to rezone the Willingdon Lands, a 40-acre parcel at 3405 Willingdon Avenue at the corner of Willingdon Avenue and Canada Way.
The Willingdon Lands are owned by the xʷməθkʷəy̓ əm (Musqueam) and səlilwətaɬ (Tsleil-Waututh) Nations, who will develop the property with Aquilini Development Group.
The parcel is less than one kilometre east of Vancouver and two kilometres south of Burrard Inlet and between Brentwood Town Centre and Metrotown.
The amendments were to the Burnaby Zoning Bylaw 1965, Amendment Bylaw No. 12, 2022 – Bylaw No. 14446.
Burnaby council redesignated the site as an Urban Village through an Official Community Plan amendment which will include multi-family developments outside of town centres, with commercial service and additional public uses through CD zoning comprised of RM5/RM5r, C2 and B2 zones.
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Peter Mitham
Western Investor
Only Sakatoon’s core offices are posting higher vacancies as suburban offices, industrial and multi-family properties share in Canada’s fastest-growing provincial economy
The relocation of tenants to two new office towers at River Landing in Saskatoon has raised vacancies in the city’s core.| Submitted
A surge in industrial investment and new incentives could be just the thing to boost the fortunes of the downtown office market in the city New York bankers are calling ‘Saskaboom”
The label may be prophetic, but it is understandable. Saskatoon is the largest city in a province that RBC economist forecast will lead Canada in economic growth this year, at a sizzling 6 per cent.
“I think industrial is going to drive the office sector,” said Brent Hass, a broker with Re/Max Bridge City Realty in Saskatoon. “We’ve got no more room for these office tenants to go to.”
Development in the industrial area north of the South Saskatchewan River that bisects the city has left very little suburban office space available for lease. But in the core, double-digit vacancies are creating opportunities.Colliers International reports that vacancies averaged 17 per cent in the city in the first quarter, versus 2.5 per cent for industrial space. In the core, office vacancies averaged 22.9 per cent – twice the suburban rate. A significant portion has been driven by the relocation of tenants to two new towers at Triovest’s River Landing development.
To revitalize the core, the city has introduced incentives to encourage the use of vacant buildings or the development of underutilized sites.
Created in 2011, the city’s Vacant Lot & Adaptive Reuse Incentive Program was adjusted in 2018 and 2019 to facilitate projects in the downtown core. It offers a tax abatement linked to the change in value as an incentive for developers to revitalize sites.
“Now with these great incentives to try and bring people downtown, I honestly think that sector will go,” Hass said. “Outside of downtown, there is very little office space available.”
Hass said the strength of the industrial market and the prospects for improvement in the office market support the confidence of out-of-province investors and observers. According to the annual Re/Max Commercial report on commercial real estate, released May 30, analysts at Chase-Manhattan billed the province “Saskaboom” as the province’s resource sector enters a seven-year boom. While this hasn’t yet translated into office jobs, Hass expects those to follow.
“When you’re looking at the return on investment in Saskatchewan, the risk isn’t as great as it was two years ago,” Hass said. “The attitudes are a lot different than they were two years ago.”
Multi-family strength
Demand in the multifamily market highlights the confidence.
Two years ago, purpose-built rental properties were commanding $65,000 to $70,000 a door. Today, properties are selling for $110,000 to $130,000 a door.
“[It] tells me that people are paying a lot more than what the income is worth, which leads me to say that rents have to increase,” he said.
But for rents to increase, people have to have the means to pay, and that’s where the strong economy plays a role. Record capital investments by the province parallel growth in the forestry sector.
The agriculture sector is also strong, notwithstanding severe drought last year. Values are buoyed by commodity prices, which given shortages driven by weather and war in the Ukraine promise to hand producers strong returns this year if the harvest is good.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Saskatoon will lead Canada in economic growth in 2022 | RBC
Dan Fumano
The Vancouver Sun
Posted in Real Estate Related | Comments Off on Vancouver’s council made significant amendments to the long-awaited and widely debated Broadway plan
Avison Young
Western Investor
The shopping centre covers 2.65 acres and is seen as an investment opportunity in a community near Edmonton, Alberta
Property type: Retail
Location: 140 Athabasca Avenue, Sherwood Park, Alberta
Property size: 29.878 square feet
Land size: 115,434 square feet
Land size in acres: 2.65 acres
Zoning: CS (Service commercial)
Sale price: $7.25 million
Date of sale: March 14, 2022
Brokerage: Avison Young, Edmonton
Brokers: Reed Newnham, James Robertson and Karnie Vertz
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 2.65 acres retail at Sherwood Park sells for $7.25 million
Avison Young
Western Investor
The Marquis Lands are within Greater Edmonton and currently agriculture but slated as a riverfront residential development under the local structure plan.
Property type: Land
Location: 18103-17 Street NE, Edmonton
Land size: 2,616,213.6 square feet
Land size in acres: 60.06 acres
Zoning: Agriculture Zoning
Potential: Future use consisting of single/semi-detached residential under Marquis Neighbourhood Structure Plan.
List price: $4.2 million
Sale price: $3.35 million
Date of sale: January 31, 2022
Brokerage: Avison Young, Edmonton
Brokers: Reed Newnham and Darren Snider
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 60.06 acres land in Edmonton sells for $3.35 million
Carla Wilson
Western Investor
The 11,900-square-foot waterfront house sold for $13.195 million, setting a new record for a sale through the Multiple Listing Service in the region
An 11,900-square-foot waterfront house in the Uplands area of Oak Bay, B.C., has sold for $13.195 million, setting a new record for a sale through the Multiple Listing Service in the region.
The 3155 Beach Dr. house, built in 2016, has five bedrooms and eight bathrooms and is set on 1.67 acres. Features include a glass wine cellar, two butler’s pantries, double islands in the kitchen and parking for six vehicles.
A Canadian buyer purchased the property but the name was not immediately available.
The previous sale record was set a year ago, when a Metchosin property at 529 Swanwick Rd. changed hands for $12 million. That property features a 10,500-square-foot house that has won architecture awards.
Prior to that, the most expensive sale through the MLS service was a $10.5-million estate in the Uplands that sold in 2006.
The listing agent for 3155 Beach Dr., Lisa Williams of Sotheby’s International Realty Canada, said the property attracted interest from other parts of Canada, the U.S. and around the world.
The new record is for MLS-listed properties only.
A home on Towner Park Road in North Saanich — where Prince Harry and Meghan Markle stayed in the winter of 2019 — went on the market for $18 million in 2012. It was not marketed within MLS and the sale price was not made public.
The current highest price listed for a house in the capital region on MLS is $16.75 million for 8338 West Saanich Rd., set on 6.8 acres on the waterfront. Once owned by now-disgraced investment advisor Ian Thow, the property includes a 60-foot-long dock, a helipad and a two-bedroom carriage house for guests.
In 1999, the house won an award from the Canadian Home Builders’ Association for best single-family detached home of more than 3,500 square feet.
The new record-holder in the Uplands is among other large estates lining Oak Bay’s waterfront, where some of the capital region’s most valuable homes are situated. Properties next to Saanich Inlet in Central and North Saanich also have some of the highest assessments in Greater Victoria.
“In times of global uncertainty, Canadian real estate is regarded not only as a ‘safe haven’ financial investment, but as a literal ‘safe harbour’ offering personal safety and security,” said Don Kottick, chief executive of Sotheby’s International Realty Canada.
Rising property prices have put single-family homes increasingly out of reach for many Greater Victoria residents. In May, the benchmark value for a single-family home in the core — Oak Bay, Victoria, Esquimalt, Saanich and View Royal — was $1.446 million, an increase of 24 per cent from the same month in the previous year, according to the Victoria Real Estate Board.
Prices are expected to soften slightly as more homes come on a market that has seen little supply.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Oak Bay is setting a new record for sale through the multiple listing service in the region
Zoocasa Staff
other
For a first-time homebuyer, the type of home you buy can make or break your financial goals to come. So it’s vital to buy a “house type” that is affordable, suitable for your lifestyle, and has the greatest potential for value appreciation. Of course, everyone’s situation will differ, but some housing types are more advantageous for specific demographics.
Standard Housing Types for the First Time Home Buyer
No house is off-limits for a first time home buyer, although some are more popular for newbies. The Ontario real estate market (and the Toronto real estate market in particular) has an abundance of all housing types, so there is no shortage of options.
Typical “First Time” Houses for New Homeowners
Choosing the right house for a first time homebuyer in the Ontario real estate market involves more than satisfying personal taste. It’s essential to work with a real estate agent who can find the best options so that first time buyers don’t overlook key purchase factors.
Ideal Housing Type Based on Price for the First Time Home Buyer
Price is often the ultimate deciding factor for aspiring homeowners. It’s why your dream home may not always be your first. Amenities, location, and design can all influence the price of a home, but the type of house
alone can make a place more or less affordable.
For a first time home buyer in the GTA, a townhouse or condo townhouse will likely be the most affordable housing type. You might find semi-detached homes and condos on the lower end if you venture to the outskirts or out of the GTA.
With that said, some areas in the GTA have below-average prices that may better suit a first-time homebuyer.
Affordable Housing in the GTA Based on Location (Average Price as of May 2022)
Oshawa Detached Housing: $921,748
Orangeville Semi-Detached Housing: $676,000
Orangeville Condo Townhouse: $605,000
Oshawa Condo: $503,079
Finding the Home Closest to Your Dream
There’s no one-size-fits-all approach for first time home buyers. The standard house that new homeowners choose may not be the one that works for you and vice-versa.
With that said, it’s crucial to work with an Ontario real estate agent and brokerage who can help you choose the best housing type. They will eliminate the guesswork and make your first purchase seem like less of a gamble.
Are you a first time home buyer? Get in touch with Zoocasa so that you can find the house or condo of your dreams.
Considering Getting Into The Market This Spring?
Sign Up for a Free Buyer Consultation
© 2015 – 2022 Zoocasa Realty Inc., Brokerage
Posted in Real Estate Related | Comments Off on Ideal housing type for first time home buyer
Fergal McAlinden
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Is the market simply experiencing a correction?
As interest rates continue to rise and home sales experience a marked cooldown from the barnstorming activity of the past two years, there’s been much furore of late over the prospect of a housing market crash in Canada.
Still, members of the country’s mortgage industry don’t appear convinced the bottom is about to fall out of Canada’s housing and mortgage markets. Rather, many have emphasized to Canadian Mortgage Professional in recent weeks that homebuying activity across the country is experiencing an inevitable drop toward more normal levels, having witnessed an unprecedented spike throughout the low-rate environment of the early pandemic.
Shubha Dasgupta (pictured), president and CEO of the Pineapple broker network, used an analogy to describe the recent slowdown in Canada’s housing market, noting that activity remained high by historical standards but had tailed off compared with the blistering pace set since April 2020.
“The last couple of years, we’ve been going at 150 km/h down a 100 km/h highway, and right now we’re slowing back down to around that 100-120 km/h range,” he said. “So really, we haven’t even dipped below the speed limit yet. We’re still above it – we’re breaking in and around that, but it just feels like we’re going a lot slower.”
The eyewatering home price appreciation of the last two years – which has seen prices surge by 50% in some markets – was never going to last, Dasgupta said, with the recent trend toward lower activity reflecting the natural ebb and flow of the market.
“The mortgage and real estate market always runs in cycles, and it’s a normal part of any healthy cycle,” he said. “The price growth that we’ve seen over the last few years was never going to be sustainable.”
Read more: Canada home prices – why they’re falling
Home prices in many cities have fallen month over month in the current rising rate environment, although most remain well above their levels at the same time last year.
The actual national home price sat at around $746,000 in April, according to the Canadian Real Estate Association, a figure that was 7.4% higher than the same month in 2021 despite the impact higher rates have had on the housing market.
In the Greater Vancouver Area, the benchmark price for a detached home in May (just under $2.1 million) had fallen by a minuscule 0.4% since April, but was up 15% on a year-over-year basis. Attached homes, meanwhile, saw prices surge 21.5% over May 2021, even though they fell 0.6% from the previous month, said the Real Estate Board of Greater Vancouver (REBGV).
In Toronto, while overall sales dropped by almost 40%, prices had still risen by almost 10% between May 2021 and last month, according to the Toronto Regional Real Estate Board (TRREB).
Indeed, while there’s been some moderation on the home price front, Dasgupta said he did not believe that would be a permanent or pervasive trend.
“As the market continues to cool… [and] slow down a little bit and open doors for other opportunities, there could be some relief for prices from that perspective,” he said. “However, I don’t feel that it would be long-lasting.
Read more: Brokerage president on market uncertainty
“We’re seeing tremendous growth trajectory in the country. Immigration is at all-time highs… We’re just going to be seeing more and more people that require homeownership and that would obviously begin to push prices higher over time.”
Mortgage Scout’s Christelle Mwamba (pictured below) was also adamant that the market isn’t about to plummet into disaster, noting that the pandemic had brought about a unique buying frenzy that was always bound to be temporary.
“I want to make sure everybody knows we are not going to crash,” she told CMP. “We’re not crashing, it’s just a correction. It’s really important for people not to focus too much on the headlines and actually be knowledgeable.”
Mwamba highlighted the need for buyers and existing mortgage holders to have a solid mortgage professional on hand to educate and explain what’s currently happening in the market right now, especially since rising interest rates are causing undue concern to a lot of borrowers.
“The only thing that’s scaring people is the fact that we’ve never seen rates go up this much so fast – but we were about to go this high [before March 2020],” she said. “It’s just that the pandemic really held us up.”
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Posted in Real Estate Related | Comments Off on Home buying activity across the country is experiencing an inevitable drop | CMP
London Pacific Property Agents Inc.
Western Investor
Total sale price of two units was $620,000 above the BC Assessment value for a combined 2,690 square feet in the Surrey Heath Science Centre
London Pacific Property Agents Inc., Vancouver, for Western Investor
Property type: Office strata
Location: Units 204 and 302, 13798 94A Avenue, Surrey, B.C.
Number of units: 2
Size of property: 2,690 square feet (total).
Zoning: C-8
BC Assessment value: $1.32 million
Sale price: $1.95 million
Date of sale: May 13, 2022.
Brokerage: London Pacific Property Agents Inc., Vancouver
Broker: Mike Guinan-Browne
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 2 units office strata in Surrey sells for $1.95 Million
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