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Booming commercial real estate in downtown Edmonton – Globalnews.ca

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A group of commercial real estate development professionals say they’re excited about Edmonton’s future and want others to see what’s going on.

Kris Augustson, vice-president of Remington Development Corporation, is one of the people who is helping educate others on the opportunities out there.

“We really wanted to get in there and showcase what’s happening in the city today, highlight those major projects and give some background as to what the development community is seeing and some future trends and what we’re predicting moving forward,” he said.

Read more:
How Alberta’s commercial real estate landscape is changing amid COVID-19 pandemic

NAIOP, the commercial real estate development association, is hosting virtual tours and expert panels for Q&A sessions throughout the week.

The group says one of the most successful sectors throughout the pandemic has been industrial.

“It’s been a real winner over the last 24 months in our region, just because of the real booms in e-commerce growth. People are buying things online. They want things delivered to their door,” said Bronwyn Scrivens, an associate broker with Omada Commercial.

Read more:
Edmontonians slowly returning to the office, new report shows

She noted some industrial spaces are even being repurposed into retail options for businesses like craft breweries.

“We used to have a lot of vacancy in our city and now it’s pretty much getting blown through at a rapid rate,” she explained.

In retail, the vacancy rate currently sits at 5.2 per cent, which John Shamey, an associate partner with Cushman and Wakefield, says suggests a healthy market.

But he notes there’s been a change in where retailers are seeing a lot of success with so many working from home.

“The suburban markets are more active than you’ll see on High Street, on Whyte Avenue or Jasper Avenue, but I think that trend is going to shift as people work from the office.”

READ MORE: Big events in Edmonton bring boost in business

When it comes to office spaces, vacancy rates downtown still sit just below 20 per cent, according to Cameron Martin, a senior leasing manager with Epic Investment Services.

But in the last few months, he said interest has piqued, with companies anticipating a return to the office.

“They’re looking and trying to secure their space so they have time to do a construction project, make the move more seamless and figure out logistics,” Martin said.

Those potential tenants are looking for top-of-the-line spaces to help attract and retain talented employees.

“Air circulation, cleaning, light penetration, things like that are definitely very important. Then amenities, fitness centres, board rooms, meeting rooms,” he added.

WATCH: Downtown Business Association urging companies to maintain office space in Edmonton’s core

Not everyone will ditch the home offices, though. Martin noted an uptick in the number of spaces being subleased.

But these developers say that shift may not be as drastic as first predicted back in 2020.

Anand Pye, executive director of NAIOP Edmonton, said the numbers from Colliers show we may have weathered the worst of the storm already.

“Their latest study showed that people needing less office space or who reported that they were downsizing is down to 26 per cent from 46 per cent.”

Tickets for NAIOP events are available here.

© 2021 Global News, a division of Corus Entertainment Inc.

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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.

The Canadian Press. All rights reserved.

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