Real eState
12 Most Profitable Real Estate Stocks Now
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In this piece, we will take a look at the 12 most profitable real estate stocks now. For more real estate stocks, head on over to 5 Most Profitable Real Estate Stocks Now.
The real estate sector is one of the most lucrative industries in the world. Its importance is underscored by the fact that some of the largest economies in the world are inextricably linked to real estate development. The biggest example of the sector’s importance is the 2008 financial crisis. This crisis, the after effects of which we are dealing with even today, shook the real estate industry badly . Spurred by a policy of low interest rates, homeowners borrowed extravagantly to own their properties, and banks then used these loans as an asset to sell their interest payments to investors. However, once the interest rates went up, the mortgage owners started to default – kicking a vicious cycle that forced the Federal Reserve to pump billions of dollars into the economy to prevent an all out collapse. How much did the Fed spend to prevent disaster? Well, its latest balance shows that while before the crisis its balance sheet had roughly $0.9 trillion of assets, these swelled to $2.2 trillion by the end of 2008. Effectively, the central bank had to more than double its assets to bail out big banks and the economy, and it is still struggling to contain it, as the coronavirus pandemic further exacerbated the problem and led to the balance sheet swelling to $8.96 trillion.
Another more recent example of the perhaps outsized role that real estate plays come from the world’s second largest economy, China. Spurred by the financial difficulties of China Evergrande Group (OTCMKTS:EGRNF), the crisis continues to threaten not only the Chinese market but also the global economy due to the interlinking of large asset managers such as BlackRock with the Chinese stock market. In order to stimulate real estate, and by extension the broader economy, the Chinese government allowed low interest rates and increased bank lending to real estate companies to build properties and increase home ownership in the country. These stimuli led to the home prices in Shanghai rising by a whopping 150% between 2003 and 2010 and paved the way for excessive borrowing for big construction companies who then used these loans to pay other debts and take out more loans. The spiral led to the government making new laws, called the Three Red Arrows, which limited real estate developers’ ability to raise new funds. Steeped in debt, Evergrande found it difficult to raise working capital and missed bond payments.
In terms of market value, the real estate sector is one of the most valuable in the world. According to research from Allied Market, the global real estate market was worth a whopping $28 trillion in 2021. From then until 2031, the firm believes that it will grow at a compounded annual growth rate (CAGR) of 5.3% to sit at an estimated $48 trillion by the end of the forecast period. Cementing the importance of China in the industry, Allied Market Research points out that Asia Pacific is the world’s largest real estate sector, and that it accounts for more than two fifths of the global market. However, in terms of growth, the research firm believes that Latin America, the Middle East, and Africa (LAMEA) market will be the strongest growing region, as it outpaces the broader industry by posting a CAGR of 6.4%.
Today we’ll look at some of the biggest money makers in the real estate world, with the top performers being Longfor Group Holdings Limited (HKG:0960.HK), China Overseas Land & Investment Limited (HKG:0688.HK), and Prologis, Inc. (NYSE:PLD).
If you want to find out more about the real estate sector, go to 12 High Growth Real Estate Stocks that are Profitable.
Ronnie Chua/Shutterstock.com
Our Methodology
We sifted out the biggest real estate companies in the world in terms of their market capitalization and revenue. Then, their net income for the past twelve months was determined, and the top twelve performers are listed.
Most Profitable Real Estate Stocks Now
12. CBRE Group, Inc. (NYSE:CBRE)
Trailing Twelve Month Net Income: $2 billion
Number of Hedge Fund Holders in Q3 2022: 47
CBRE Group, Inc. (NYSE:CBRE) is a real estate services company that provides services such as building engineering, construction management, investment services to commercial real estate investors, and property sales and mortgage services.
CBRE Group, Inc. (NYSE:CBRE) received a Buy share price rating and a $100 price target from Citi in January 2023 as the bank outlined that the firm is slated to benefit from real estate outsourcing. By the end of September 2022, 47 of the 920 hedge funds polled by Insider Monkey had invested in the firm.
CBRE Group, Inc. (NYSE:CBRE)’s largest investor is Natixis Global Asset Management’s Harris Associates which owns 13.6 million shares that are worth $1 billion.
Along with Prologis, Inc. (NYSE:PLD), Longfor Group Holdings Limited (HKG:0960.HK), and China Overseas Land & Investment Limited (HKG:0688.HK), CBRE Group, Inc. (NYSE:CBRE) is a profitable real estate stock.
12. Public Storage (NYSE:PSA)
Trailing Twelve Month Net Income: $2.1 billion
Number of Hedge Fund Holders in Q3 2022: 34
Public Storage (NYSE:PSA) is an American company that is headquartered in Glendale, California. The firm is a real estate investment trust (REIT) that buys, builds, and operates storage units. It has thousands of facilities all over the U.S., alongside interests in a European storage company that also provides it with a global footprint.
Public Storage (NYSE:PSA) faced a setback in February 2023 when another storage company rejected the firm’s massive $11 billion buyout offer, sharing that it believes the offer is paying too little. 34 of the 920 hedge funds polled by Insider Monkey in Q3 2022 had held a stake in the company. The trailing twelve month net income removes the effect of a security sale on the firm’s profit.
Public Storage (NYSE:PSA)’s largest investor in our database is Jeffrey Furber’s AEW Capital Management which owns 457,800 shares that are worth $128 million.
11. Simon Property Group, Inc. (NYSE:SPG)
Trailing Twelve Month Net Income: $2.14 billion
Number of Hedge Fund Holders in Q3 2022: 35
Simon Property Group, Inc. (NYSE:SPG) focuses on developing and operating hospitality properties such as restaurants and entertainment centers alongside also focusing on high end shopping malls. The firm is headquartered in Indianapolis, Indiana.
Simon Property Group, Inc. (NYSE:SPG) is the largest shopping mall operator in the United States, but despite this, the firm missed a rather large $295 million loan maturity in February 2023. By the end of last year’s third quarter, 35 of the 920 hedge funds surveyed by Insider Monkey had bought the firm’s shares.
Out of these, Israel Englander’s Millennium Management is Simon Property Group, Inc. (NYSE:SPG)’s largest investor. It owns 569,619 shares that are worth $66 million.
10. China Evergrande Group (OTCMKTS:EGRNF)
Trailing Twelve Month Net Income: $2.32 billion (1HKD = 0.13USD)
Number of Hedge Fund Holders in Q3 2022: N/A
China Evergrande Group (OTCMKTS:EGRNF) is a diversified Chinese property company that operates in the development, investment, management, and consumer sales segments. The firm also has finance, healthcare, and internet divisions.
China Evergrande Group (OTCMKTS:EGRNF) is busy investigating matters of financial impropriety, with an investigation revealing in February 2023 that its directors had acted improperly in redirecting loans from its property services division to the group as a whole.
9. Goodman Group (ASX:GMG.AX)
Trailing Twelve Month Net Income: $2.34 billion (1AUD = 0.69USD)
Number of Hedge Fund Holders in Q3 2022: N/A
Goodman Group (ASX:GMG.AX) is an Australian company headquartered in Rosebery, New South Wales. The firm has a global operational footprint, with a presence in lucrative markets such as the United Kingdom, Brazil, North America, Asia, and Europe.
Goodman Group (ASX:GMG.AX)’s first fiscal half of 2022 financial results shared in February 2023 revealed that the firm had raked in AUD1 billion in revenue, which marked a 1.5% drop. At the same time, its operating profit of AUD877 million marked an 11.5% annual increase.
8. American Tower Corporation (NYSE:AMT)
Trailing Twelve Month Net Income: $2.9 billion
Number of Hedge Fund Holders in Q3 2022: 42
American Tower Corporation (NYSE:AMT) is a specialty real estate company that focuses on operating telecommunications towers. The firm has hundreds of thousands of communications sites all over the world.
American Tower Corporation (NYSE:AMT) is busy expanding its global footprint, as a report in February 2023 speculated that the firm is interested in buying out a Spanish mobile tower operator. Insider Monkey dug through 920 hedge fund portfolios for last year’s third quarter to determine that 42 had held a stake in American Tower Corporation (NYSE:AMT).
American Tower Corporation (NYSE:AMT)’s largest investor is Charles Akre’s Akre Capital Management which owns 6.9 million shares that are worth $1.4 billion.
7. Vonovia SE (ETR:VNA.DE)
Trailing Twelve Month Net Income: $3 billion (1EUR = 1.07USD)
Number of Hedge Fund Holders in Q3 2022: N/A
Vonovia SE (ETR:VNA.DE) is a German real estate company that focuses its attention on the residential sector. The firm has more than half a million residential units in its portfolio that are spread across several European countries such as Germany and Sweden.
Vonovia SE (ETR:VNA.DE) is interested in the sustainable real estate development industry, as it is leading a 100 million funding round for an Austrian sustainable homes developer.
Vonovia SE (ETR:VNA.DE) joins our list of profitable real estate stocks, alongside others such as Longfor Group Holdings Limited (HKG:0960.HK), China Overseas Land & Investment Limited (HKG:0688.HK), and Prologis, Inc. (NYSE:PLD).
5. CK Asset Holdings Limited (HKG:1113.HK)
Trailing Twelve Month Net Income: $3.01 billion (1HKD = 0.13USD)
Number of Hedge Fund Holders in Q3 2022: N/A
CK Asset Holdings Limited (HKG:1113.HK) is an Asian property developer with a global footprint. It is headquartered in Central Hong Kong and primarily concerns itself with operating hospitality locations, developing residential properties, and leasing commercial properties such as offices and warehouses. CK Asset Holdings Limited (HKG:1113.HK) has operations in the U.S., China, Hong Kong, the U.K., Singapore, and several other countries.
CK Asset Holdings Limited (HKG:1113.HK) scored a big win in the Hong Kong property scene in February 2023 when it was able to buy 1.42 million square feet of land for a bargain price of $1.1 billion. The purchase came as property prices were dropping, and CK Asset Holdings Limited (HKG:1113.HK) is also required to build a nursing home and a childcare facility as part of the deal.
4. Sun Hung Kai Properties Limited (HKG:0016.HK)
Trailing Twelve Month Net Income: $3.25 billion (1HKD = 0.13USD)
Number of Hedge Fund Holders in Q3 2022: N/A
Sun Hung Kai Properties Limited (HKG:0016.HK) is a Chinese real estate company that develops and sells a wide variety of properties such as shopping malls, residential properties, office spaces, hotels, and more. It has more than a hundred million square feet of property in Mainland China and Hong Kong and is headquartered in Wan Chai, Hong Kong.
Sun Hung Kai Properties Limited (HKG:0016.HK) is one of the leading Hong Kong property developers when it comes to selling eco friendly properties – a feature that has let it generate over a billion dollars in revenue in Mai Po wetlands.
3. Prologis, Inc. (NYSE:PLD)
Trailing Twelve Month Net Income: $3.3 billion
Number of Hedge Fund Holders in Q3 2022: 59
Prologis, Inc. (NYSE:PLD) is an American real estate company that is based in San Francisco, California. The firm has almost a billion square feet of ventures, properties, and projects in more than a dozen countries.
One crucial market that Prologis, Inc. (NYSE:PLD) operates in is Japan, where its properties help with disaster relief operations. The firm expanded this recently by signing agreements with 11 cities for disaster relief. Insider Monkey’s Q3 2022 survey of 920 hedge funds revealed that 59 had held a stake in the company.
Prologis, Inc. (NYSE:PLD)’s largest investor is Jeffrey Furber’s AEW Capital Management which owns 2.8 million shares that are worth $316 million.
2. Longfor Group Holdings Limited (HKG:0960.HK)
Trailing Twelve Month Net Income: $3.49 billion (1HKD = 0.13USD)
Number of Hedge Fund Holders in Q3 2022: N/A
Longfor Group Holdings Limited (HKG:0960.HK) is a diversified Chinese investment holding company that has several real estate divisions that develop, invest in, and manage properties. The firm concerns itself with developing and selling residential, corporate, and commercial properties.
Longfor Group Holdings Limited (HKG:0960.HK) is a rare Chinese property developer that has received funding from government banks to pay off foreign debts. The firm received a $100 million loan for this purpose by keeping its Chinese properties as collateral in December 2022.
1. China Overseas Land & Investment Limited (HKG:0688.HK)
Trailing Twelve Month Net Income: $5.26 billion (1HKD = 0.13USD)
Number of Hedge Fund Holders in Q3 2022: N/A
China Overseas Land & Investment Limited (HKG:0688.HK) is a holding company with real estate interests in China and the U.K. The firm builds and rents residential and commercial properties, alongside providing design consultancy services. It is headquartered in Central Hong Kong.
China Overseas Land & Investment Limited (HKG:0688.HK) won a major reprieve in February 2023 when Fitch reiterated the company’s debt rating to A- at a time when the Chinese real estate segment is suffering from a crisis of confidence.
Disclosure: None. You can also take a peek at Top 10 HR Companies in the World and 10 Hot Healthcare Stocks To Buy Now.
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RE/MAX president and CEO Nick Bailey discusses how rising mortgage rates are adding to housing affordability deterioration on ‘The Claman Countdown.’
As U.S. home prices show signs of cooling and the Fed continues its aggressive rate hike campaign, one of America’s largest real estate groups is signaling market affordability will continue to put pressure on homebuyers this year.
“Affordability has certainly been a hot topic,” RE/MAX President and CEO Nick Bailey said in an exclusive interview on “The Claman Countdown” Tuesday. “If people are going to have a chance at better affordability, we need more product out there, and we’re not going to see that any time soon with new construction.”
Even though U.S. home prices fell for the seventh month in a row by 0.6% from December to January, mortgage rates have dampened consumer demand. The Federal Reserve has remained focused on its inflation reduction goals, lifting the benchmark federal funds rate nine consecutive times.
Interest and mortgage rates are likely to continue “bouncing up and down” as the Fed tries to tame decades-high inflation, Bailey noted.
“We always have to keep in mind that mortgage rates are based on the 10-year Treasury, and that can fluctuate at a different rate than the short term. So what it means to buyers is, rates are going to bounce around, we believe. They have been over the last couple of quarters and we believe they will continue as the year progresses,” the CEO explained.
RE/MAX President and CEO Nick Bailey said housing affordability will be a market issue that continues throughout the year on “The Claman Countdown” Tuesday. (Getty Images)
Bailey detailed other affordability solutions for homebuyers, such as considering a 15-year fixed mortgage or lower down payment and loan opportunities.
“The average homeowner in the U.S. lives in their home eight years and the median is 12.3,” he pointed out. “So in many cases, people are choosing this long-term, three-decade mortgage, but they may not need it. They can have an option at a lower rate.”
National Association of Home Builders CEO Jerry Howard surveys the state of the housing market as the U.S. economy continues to grapple with inflation on ‘Varney & Co.’
“Ninety percent of homeowners out there have an interest rate less than 5%. And of that, 50% of them are under 3.5% percent,” he continued to note. “And so until a life event like getting married, having another child, really has a forcing function on a different property, it’s going to be first-time homebuyers that stay at the forefront of these lower interest rate, more affordable-type products.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RMAX | RE/MAX HOLDINGS INC. | 18.77 | +1.31 | +7.54% |
While market factors play an important role in housing affordability, Bailey again put the onus on new home construction. According to the Census Bureau, housing starts in February 2023 were down 18.4% year-over-year.
National Association of Home Builders CEO Jerry Howard affirmed this trend, telling FOX Business’ Neil Cavuto on Thursday that construction companies aren’t seeing the “uptick in demand” that the industry was expecting this spring.
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The year over year housing prices in the U.S. decreased in February for the first time in more than a decade. Realtors say buyers should strike quickly while prices are lower.
“What we’re really seeing right now, I think, is a very cautious housing market because no one knows what’s going on in the banking sector,” Howard said. “And until that gets clarified, I think you’re going to see builders being a little bit leery about going forward.”
“New construction can’t come out of the ground fast enough. We have less than a million homes on the market, and so it really comes down to supply,” the RE/MAX CEO said. “And because of the move up, buyers being comfortable with their rates, inventory is going to continue to be tight and affordability is going to continue to be an issue this year.”
Real eState
2 real estate agents fired over their ‘you could do worse’ ad campaign double down on their brand
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A pair of real estate agents in London, Ont., who were fired from a realty firm for taking their advertising campaign, “You could do worse,” to billboards and social media have doubled down on their mantra.
Tristan Squire-Smith, 42, and Johnny Hewerdine, 43, were fired in December from a real estate business they don’t want to publicly name, but were quickly snapped up by the Realty Firm. CBC News has seen a copy of their termination letter, which cites “professional differences.”
We might not be for everybody, but the people who like us, really love us.– Tristan Squire-Smith, real estate agent
“They fired us for excessively using the phrase, ‘You could do worse,'” said Hewerdine, a Realty Firm broker who previously worked as an electrician. ‘We just stuck with it and actually doubled down on it, and now it’s just completely taken off.”
The mantra is polarizing, Hewerdine admitted.
But the two say they’re working to humanize the industry.
“It’s a great sort of self-deprecating phrase that means you’re actually not doing too bad,” said Squire-Smith, a registered nurse who retrained as a real estate agent during the pandemic and still works part time in long-term care.
“We might not be for everybody, but the people who like us really love us,” he said.
Randy Pawlowski, past president of the London St. Thomas Association of Realtors, wouldn’t comment directly on the billboard or the slogan, but told CBC that he stands for professionalism in the industry.
‘Zero awards won’
The latest billboard by Squire-Smith and Hewerdine is up on Wharncliffe Road, a busy thoroughfare in London, and features photographs of them as teenagers. Squire-Smith has long curly blond hair and Hewerdine is wearing his graduation robes from his Grade 8 portrait. Another one of their billboards proudly proclaims, “Zero awards won! (No fine print required).”
The two men met two decades ago and were on the varsity swim team together at Western University.
“These photos are taken at our most awkward moment of our lives,” said Hewerdine. “I’m a 13-year-old Grade 8 graduate in this photo and I believe Tristan is 15 years old.”
Both say they’re trying to humanize the industry.
“We’re just really focusing on the consumer, opposed to us standing up on a billboard with arms crossed, trying to make us look perfect,” said Hewerdine.
“They’re total professionals,” said Pete Greenwood, who hired Hewerdine to sell his condo earlier this month. It was listed for $389,900 and sold for $400,000 in five days.
“He’s just a good guy to work with, and so’s Tristan,” said Greenwood. “They did a 30-second video of my house and turns out we’re all big Seinfeld fans, so we actually did a Seinfeld-themed video of my house.
“I never laughed so hard in my life,” he said.
London Morning7:11What’s behind the billboard with the slogan ‘you could do worse’?
London Morning host Rebecca Zandbergen gets to the bottom of a fresh billboard with an odd advertising slogan. Real estate agents Tristan Squire-Smith and Johnny Hewerdine explain how they were going for something out of the ordinary.
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Max Martin outside of the home he rents in Jasper, Alta., on March 19.Peggy Plato/The Globe and Mail
For more than seven decades, housing availability in the mountain town of Jasper, Alta., has been a challenge.
Although the total number of dwellings is slowly growing, in the past 10 years, the rental units in the primary market – units built specifically as rental – has declined as some units have transitioned into condo ownership. The shortfall in the number of dwellings needed to meet demand in Jasper has gone from 235 units in 2002 to roughly 700 in 2022.
“In Jasper, housing has always been in short supply,” says the town’s mayor, Richard Ireland. “Over the years, efforts have been made to correct that, but the problem seems to just continue regardless of all the steps that have been taken.”
These steps have consisted in asking Parks Canada to release land for the construction of both market and non-market, or subsidized and co-op housing.
Located on a national park, Jasper’s town boundary is constrained by Parks Canada’s regulations to limit the townsite’s physical expansion and protect the environment.
To ensure the town’s population remains in balance with the 118,222 square metres of developable land allocated to Jasper, Parks Canada requires that only those who work or run a business are eligible to live there – and releases parcels as needed.
“We’ve been able to get housing that’s more affordable and stays that way,” Mr. Ireland says. “But even with all the units that have been built, the pressure continues.”
In the face of skyrocketing visitor numbers, the need for more staff in Jasper is growing, and the availability of well-maintained, affordable housing for workers in Canada’s second most popular national park seems to be reaching a breaking point.
Since 2014, vacancy rates in Jasper’s primary rental market have remained close to zero, driving rents up by 30 per cent over the same period.
Christine Reyes (whose name has been changed to protect her identity) and her boyfriend share a one-bedroom apartment in Cavell Apartments, the town’s first purpose-built rental complex developed to provide staff accommodation in the 1970s.
Originally from the Philippines, Ms. Reyes moved to Cavell Apartments in the fall of 2021. Since then, the couple’s rent has gone up by 20 per cent – from $1,075 to $1,270 – and further increases are expected in 2023.
“What we’re paying now is just enough for us to make [ends meet],” Ms. Reyes says, noting she pays an additional $185 a month in parking, storage and pet fees. “I have family back home that I’m sending money to. I don’t think I could send money if rent [goes] up.”
In February, some tenants of Cavell Apartments received a letter from property management, informing them rents would be rising by about 40 per cent this year. The notice cites inflation, interest rates, as well as supply and demand as the drivers of such an increase.
While the proposed hike for existing tenants has been reconsidered, a bachelor suite in the complex was listed in March for a monthly rent of $1,604.50 – a rate akin to downtown Vancouver’s average rent for the same type of unit.
The property management company did not respond to requests for comment.
In a town where a significant share of renters are employed in the tourism industry, and whose hourly wage averages $18.36 (roughly $1.80 less than in B.C.), spending more than $900 a month in rent isn’t a viable option.
For local businesses, this challenge means they have to step in and absorb some of the cost of housing on behalf of their staff.
To ensure she can hire full-time staff year-round, Lynn Wannop, owner of Coco’s Café, has rented a two-bedroom unit in Cavell Apartments for nearly a decade. “That apartment makes it so that I can hold on to staff in the winter, when it’s really slow,” she explains.
Currently, she pays $1,225 a month in rent for the unit, and charges her staff $500 to live there. But in the face of the proposed increases, she wouldn’t have a choice but to continue to pay whatever rate the landlords ask. “As a business owner I have to suck it up and pay,” Ms. Wannop says. “I can’t operate my business without it.”
But spending more in staff housing costs means Ms. Wannop can’t raise wages either.
“I want my staff to be able to afford to live,” she says. “But I can’t afford to pay them any more.”
Moreover, Jasper’s housing shortfall doesn’t only drive rents up – it also creates challenges for tenants who end up living in sub-par accommodations for a lack of alternatives within their budget.
Since November, Max Martin and four friends have shared a five-bedroom, two-bathroom bungalow in the middle of town. While the group pay what they consider a reasonable amount in rent, the condition of the home is precarious.
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Max Martin in an unusable, mould-filled bathroom in the home he rents with four friends.The Globe and Mail
“We have mould that [the landlords] have refused to come help fix,” Mr. Martin says, adding that “we went without heating for almost seven weeks.”
According to recent inspection reports from Alberta Health Services and the Jasper Fire Department, the dwelling presents critical safety issues, including windows that don’t open, exterior doors that can’t be locked for a lack of keys, faulty heating, and no smoke alarms.
In Mr. Martin’s view, Jasper’s tight rental market allows landlords to take advantage of young workers who, like him, come from overseas attracted by the natural beauty of the Rocky Mountains.
“People should be held accountable for their actions and the choices they make,” Mr. Martin says. “Especially when it comes to other people’s lives. As a landlord you’re in a privileged position where you can have a house that provides you passive income to let live and do what you want.”
But more supply is on the way.
Last December, a new purpose-built rental complex finally received a development permit, six years after the project was first announced. However, a building permit application is yet to be received by Parks Canada (the developer has until Dec. 13 to apply for this permit).
Featuring 144,822 square feet of apartments spread between two buildings, this development is expected to make a dent on Jasper’s housing gap when completed – but it’s unlikely that new market units can support the affordability levels required by tourism and hospitality staff.
Because market housing is subject to speculation and financialization, providing rental housing at rates commensurate to the wages of workers isn’t always possible, as returns for shareholders take priority.
“This model prays on power imbalances and problems that were already in place,” says Laura Murphy, research coordinator at the University of Alberta’s Affordable Housing Solutions Lab. “Especially in Alberta, where tenants are really dependent on landlords … because we don’t have lot of protections for tenants.”
In Alberta there are no limits to how much landlords can hike rents, as long as these increase only once a year.
To address this, Ms. Murphy suggests governments invest in non-market housing, as this “has proven to work time and time and again.”
Currently, there are about 155 non-market units in Jasper, but only 21 of them are rentals – and the landlord’s agreement with the municipality to provide housing at below market rates in the latter ends in 2029.
Like anywhere else in Canada, to boost the supply of suitable housing that remains affordable in perpetuity, Jasper requires support from senior levels of government.
“[In] 2023, council has budgeted a $5-million debenture to assist housing, but we will need some other partners to do that,” Mr. Ireland says. “We now need matching funds from either the province or the feds. We’ve gone to the province and made that application, so we will see what comes of that.”
On March 22, the municipality announced it would receive $6.5-million from the provincial and federal governments.
Combined with private investment, this new funding is expected to create 40 affordable units.
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