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Avison Young launches real estate and infrastructure offering – Consulting.ca

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Commercial real estate services firm Avison Young (AY) has launched a new real estate and infrastructure consulting offering in Canada. The offering will be led by new addition Scott Pickles, a seasoned real estate and infrastructure consultant who joins AY from Colliers.

Toronto-headquartered AY has continued to expand its professional services practice as the firm diversifies beyond its traditional domain of commercial real estate management and brokerage – which have been negatively impacted by the pandemic.

Since founding its Americas professional services practice in April 2020 under the leadership of former Deloitte partner Sheila Botting, AY has been working to bolster its capabilities in corporate real estate and workplace consulting, infrastructure consulting, valuation and advisory services, and project management.

“Through growing our distinct service offerings, we are able to deliver on increasingly complex business imperatives our occupier, owner, and investor clients have as they evaluate real estate for their service needs and identify their capital investment requirements,” Botting said.

To this end, the company strengthened its valuation advisory offering in Western Canada earlier this month with the hire of three valuation experts in Edmonton from rival firm Colliers.

AY has now added a new real estate and infrastructure consulting offering in Canada, peeling off another Alberta-based leader from Colliers to head it.

Avison Young launches real estate and infrastructure offeringScott Pickles brings 17+ years of experience providing strategic advisory and infrastructure consulting to the private, public, and not-for-profit sectors. The registered architect has worked as a strategic advisor, sustainable real estate developer, and in various roles within municipal government.

Pickles previously spent two years at Colliers as a senior manager of infrastructure advisory, supporting public and private sector clients across Canada. His consulting work included strategy development, best use analysis, project management, and service and capital planning for a broad range of services – including affordable housing, utilities, and recreation.

Before that, he spent 11 years in the Calgary municipal government, where he was latterly program lead for corporate investment strategy & infrastructure planning. He was also previously the leader of strategic planning for community services.

Before joining the municipal government, he was a development manager at Windmill Development Group, where he managed the development of several residential, retail, and mixed-use projects. Pickles started his career as a project architect at Busby Perkins + Will.

He holds an MBA from the University of Colorado at Denver, a master’s degree in architecture from the University of Calgary, and a BA from The University of Lethbridge.

“Scott’s broad experience and leadership as an architect, developer, and public servant have led him to become a trusted strategic advisor across Canada, and he’s a perfect fit as we grow our professional services consulting across the country,” Botting said.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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