A record-low supply of homes continued to put pressure on prices, resulting a record-high average selling price of just under $270,000 for homes sold in December 2019 to wrap up another strong year in the residential real estate market.
A record-low supply of homes continued to put pressure on prices, resulting in a record-high average selling price of just shy of $270,000 for homes sold in December 2019 to wrap up another strong year in the residential real estate market.
The 62 units sold that were recorded through the MLS System of the Chatham-Kent Association of Realtors was actually down 21.5 per cent from the record set in December 2018 but was still in line with the 10-year average for the month, according to an association media release.
On an annual basis, home sales totalled 1,332 units over the course of 2019, up 3.4 per cent from the same period in 2018.
“Home sales levelled out to finish 2019, although that is no surprise given that the number of properties listed for sale in the region is at a record low,” said Michael Gibbons, the newly installed association president, in a written release.
“Unprecedented market tightness is pushing prices rapidly higher. At this point, we are looking at 2020 with cautious optimism.”
The $269,973 record average selling price for homes sold in December surged 26 per cent higher than December 2018.
The more comprehensive annual average selling price for 2019 was $251,460, up 17.5 per cent from all of 2018, says the real estate association.
There were 75 new residential listings in December 2019, down 21.1 per cent on a year-over-year basis.
Active residential listings numbered only 169 units at the end of December, a decrease of 14.2 per cent from the end of December 2018 and the lowest level ever recorded. Months of inventory numbered just 2.7 at the end of December 2019, little changed from the 2.5 months recorded at the end of December 2018 and well below the 10-year average of 7.1 months for this time of year.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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Edmonton warehouse to become new strata industrial hub – Real Estate News EXchange
PC Urban plans to take an unused 100,000-square-foot warehouse in South Edmonton and redevelop it into its eighth IntraUrban small-bay, strata business hub.
The redevelopment at 6008 75 St. NW will create 13 commercial condo properties for the area’s small- to medium-sized businesses. When work begins at the site in May, PC Urban plans to strip the existing building down to its walls and roofs and completely “reimagine” the facility.
“We are transforming an under-utilized, dormant property into a new business hub in an up-and-coming area of Edmonton,” said Brent Sawchyn, the CEO of PC Urban Properties, in a release. “This is an area on an upward trajectory and businesses that become part of the evolution will share in its success.
“IntraUrban Davies Station is a rare ownership opportunity in a core location.”
The company plans to have units available for occupancy before the end of 2020.
About IntraUrban Davies Station
The development is in close proximity to transit and amenities for both customers and employees, and will build on an established industrial and commercial sector in the area. The south industrial district is already home to leading brands such as BMW, BMO and Ledcor Industries.
“We are very excited to see this warehouse transformation development at the Davies Station on the Valley Line LRT coming to market,” said Guy Boston, Edmonton’s transit-oriented development manager, in the release.
“The city’s investment in this LRT line was not only focused on moving people, but it was also intended to spur on this type of development.”
The facility will accommodate unit sizes from 5,300 to 12,400 square feet. The ability to combine these configurations will offer condo opportunities at a more affordable scale than previously available in this area.
Industrial business zoning at the property permits a wide variety of retail and industrial uses, including home improvement outlets, breweries, bars, warehouse sales, light distribution, restaurants, personal service shops, indoor recreation services and much more.
All units will have grade loading capabilities and larger units will feature both grade and dock level loading.
The building will offer 22-foot ceiling heights and high efficiency lighting and will be fully sprinklered and include features such as new glazed storefronts, glass overhead doors and rough-in service for washrooms on the main floor.
Prices will start at $220 per square foot.
“Strong” strata pre-sales
“The whole area of South Edmonton is now on the cusp of being reinvigorated and we’re thrilled PC Urban is coming in and investing in the region as we think it will be one of many investments in that part of the city to come,” said Malcolm Bruce, CEO of Edmonton Global, in the release.
“This area is predominantly older, leased industrial spaces and these new business condos available for purchase will add different options for small and medium businesses who want to stake a claim to their own space.”
Avison Young principal Thomas Ashcroft said continued low mortgage rates and relatively low industrial vacancy rates (below six per cent) mean businesses are more inclined to take advantage of the opportunity to buy their own space.
“There are a lot of industrial and retail businesses that want to shift to ownership and this allows them to buy property in an area they couldn’t otherwise find or afford,” Ashcroft said in the release. “Industrial strata is an emerging market in Edmonton because of the benefits of owning versus leasing.
“We’ve seen strong pre-sales with industrial strata projects, which is not typical in our market, and it is motivating business owners who are eager to buy in great locations like this one.”
IntraUrban Davies Station will be the eighth industrial condo project for PC Urban Properties. Its industrial condo developments in Vancouver, Richmond and Burnaby have consistently sold out before construction completion.
About PC Urban
PC Urban is a Vancouver-based real estate development and investment company specializing in re-imagining commercial and residential properties. It has successfully re-imagined real estate projects across all asset classes – retail, office, industrial and multifamily.
Examples include the reimagining of a heritage industrial building in Mt. Pleasant and industrial condo developments in Vancouver, Kelowna and Calgary.
The company has more than 750,000 square feet of commercial and retail under construction, and 440 residential units, across Western Canada.
Technology, data, starting to transform commercial real estate: survey – CityNews Edmonton
TORONTO — A new report says technology and data are finally shaking up the world of commercial real estate, allowing the industry to make more informed decisions and take on more complex projects.
Toronto-based Altus Group says a majority of 400 global commercial real estate executives surveyed are now seeing the disruptive impact of technology on the property sector for the first time in the five years the real estate group has been conducting the survey.
Altus CEO Bob Courteau says executives are starting to see that data, innovation and technology are going to be critical going forward, after some reluctance in the past to invest in areas beyond the bricks and mortar of real estate.
The change is clear at the executive level, where 80 per cent of firms said they have a chief data officer or equivalent senior executive, compared with only 44 per cent four years ago.
The increased data and efficiencies brought on by technology are allowing real estate firms to expand into growing spaces such as multi-family co-living, a sort of dorm-style arrangement with small private bedrooms and shared living and kitchen space, as well as co-working space and new models for retail.
Altus says a wave of investment in startups focused on real estate tech, or proptech, has created a huge number of players and the sector is ripe for consolidation.
This report by The Canadian Press was first published Jan. 27, 2020.
The Canadian Press
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