Benoit Cyr will retire from BTB REIT this fall after 13 years at the REIT, and a four-decade career. (Courtesy BTB)
Dream Unlimited has created and named executives for a new business arm, Dream Equity Partners, an asset management business for private real estate clients.
Rahul Idnani was hired as president, moving from his role as global COO for Nuveen Real Estate, which has $127 billion of assets under management. At Nuveen, Idnani oversaw $90 billion of AUM across various property types.
Previously, he held senior leadership positions at TIAA and was instrumental in the acquisition of Nuveen Investments and the build-out of its global real assets platform.
In addition, just weeks after joining Dream as president of asset management, Jane Gavan was also named executive chair of Dream Equity Partners.
“I am very pleased to expand our asset management business focus to investing private capital in real estate,” Gavan said in a release. “Rahul is a great addition to our team with his deep knowledge of the business and his global relationships.”
Cyr to retire from BTB REIT
BTB REIT (BTB.UN-T) has announced vice-president and CFO Benoit Cyr will retire in September after more than 13 years of service.
“Benoit greatly contributed to the growth of BTB. When he joined BTB, we were four employees and our portfolio barely consisted of six properties with a market value of less than $50 million,” said president and CEO Michel Leonard in a release.
“He was an effective and valued collaborator and an important player in our sustained growth, as today our market value ranges above the $900-million mark.”
Cyr joined BTB in 2007, shortly after the REIT’S first public offering. He participated in acquisitions and ensured the integration of BTB’s portfolio and directed financing, refinancing, co-ordinated more than 20 public issues, and built its financial team.
“After more than 42 years of a professional career rich of well-accomplished and diverse experiences, I wish to slow down and enjoy a new chapter of my life in an active, but calmer fashion,” Cyr said in a release.
“I am truly proud of my accomplishments at BTB and to see the trust reach nearly a billion dollars of assets.”
Marthieu Bolté has assumed the roles of vice-president and CFO, working closely with Cyr until his retirement. Bolté was most recently executive vice-president and CFO at Ivanhoé Cambridge, where he led the financial operations including financial performance, accounting, cash flow and asset valuation.
In 2014, he was the executive finance director for Group Exito and from 2003 to 2014, CFO of GE Capital Americas.
Tricon realigns executive team
Tricon, which is in the final stages of its transformation into a rental housing company, has announced a realignment of roles within its C-suite.
The senior executives reporting directly to CEO and president Gary Berman are as follows: Wissam Francis, executive vice-president and chief financial officer; Jonathan Ellenzweig is promoted to chief investment officer; Kevin Baldridge is promoted to chief operating officer; David Veneziano, chief legal officer; and Sherrie Suski is promoted to chief people officer.
Tricon is in the process of changing its name to Tricon Residential Inc. It will become one unified company, eliminating the parent/subsidiary model.
Turnbull moves to Harrison Street Canada
Jonathan Turnbull is the new managing director and head of Canadian transactions and business development at international investor Harrison Street Real Estate Capital LLC.
Turnbull brings almost three decades of experience with him to Harrison Street, most recently as managing partner at Alignvest Student Housing for the past two-and-a-half years.
He started his career with Salomon Group / Salomon Smith Barney / CitiGroup, holding a number of positions over a 20-year period in London and New York.
During the past decade, he has also spent time at Lazard, Goodwood Inc., before founding Dundee Private Equity, later adding the role of CEO of Dundee Acquisition.
Turnbull is a graduate of the University of Western Ontario.
Cipollone moves to MCAN as VP, CFO
MCAN Mortgage Corporation has hired Floriana Cipollone as its new vice-president and chief financial officer. She has 30 years of progressive business experience, including over 20 years as a senior finance executive for public companies.
Cipollone most recently served as the CFO of Plaza Retail REIT. She graduated from the University of Toronto and holds a CPA CA designation.
CEO Karen Weaver is handling the CFO responsibilities until Cipollone joins the company on June 1.
Fasken promoted at Slate
Katie Fasken is the new managing director of investor relations in Slate Asset Management’s Toronto office. (Courtesy Slate)
Slate Asset Management has promoted Katie Fasken to managing director of investor relations in its Toronto office. She will be responsible for leading the firm’s capital raising and investor relations efforts.
“Katie is a terrific leader of our international fundraising efforts across Slate’s Canadian Opportunity, European Real Estate, institutional separate accounts and publicly traded REIT platforms,” said Blair Welch, founding partner of Slate, in a release.
Fasken joined Slate in January 2016. Prior to arriving at the firm, she held roles on the investment banking team and institutional equity sales desk at CIBC World Markets. She earned her honours business administration degree from Ivey Business School at Western University.
Stanley co-owner at Partners Global
Ian Stanley has become a principal and co-owner at Halifax-based commercial real estate brokerage and advisory services firm Partners Global.
Stanley was a long-term partner at accounting firm Baker Tilly. He will specialize in the sale of investment-grade real estate throughout Atlantic Canada in all asset classes, in addition to playing an active role in business operations.
“Larry (Sowerby) and I had worked with Ian for years as a trusted friend and advisor. We have always had a great deal of admiration for his talent, work ethic and enthusiasm for real estate,” said Brian Toole, principal of Partners Global, in a release.
Over the last 20 years as a CPA, CA Stanley has built knowledge of the finance and business processes that underpin the commercial property market.
Born in Australia, Stanley graduated from Queensland University of Technology in 1998 and obtained his CPA CA designation in 2000.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
