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City's early real estate review encouraging for home values – Calgary Herald

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An early analysis of Calgary property assessment data offers positive signs for home values, say city officials

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An early analysis of Calgary property assessment data offers positive signs for home values, say city officials.

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Advance preparation of the city’s 2022 property assessment roll suggests a significant rebound from a year ago, while home sales continue to topple records.

“This year we are noticing that home sales are heating up along with sale prices,” Eddie Lee, the city’s acting director of assessment, said in a City of Calgary news release.

Lee said the early review shows sales of detached properties, as of the mandated July 1 cut-off, are up 52 per cent from a year ago, while property values in some suburban communities are more than 10 per cent higher.

The findings are supported by the Calgary Real Estate Board, which recorded 2,915 total home sales in June, a record high for the month and 65 per cent better than a year ago. Monthly sales records were also reached in May and April, with year-to-date sales 127 per cent higher than in 2020.

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The sale price of a typical Calgary home in June was $537,200, about one per cent better than May but still 13 per cent higher year over year.

Preliminary findings for non-residential Calgary properties are also showing signs of improvement, with demand for large distribution spaces remaining strong, according to city figures.

“Properties with 100,000 square feet or more of warehouse space increased in value substantially in 2020,” its release states. “We are predicting similar market values for 2022, highlighting market stability.”

A bump in retail property sales in the first quarter of 2021 suggests assessments in that category could also rise, depending on the property type and location.

Not every category is growing, however.

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The value of industrial warehouse space of less than 20,000 square feet is decreasing from a year ago, the data suggests, and continuing high vacancy in Calgary’s office market is expected to produce lower assessments in that segment.

Tourism-related properties have also taken a hit.

“While optimism in the hotel sector is increasing with encouraging vaccination rates and the lifting of restrictions, the impacts from the previous 12 months and the global pandemic are a factor,” the release states. “We expect to see significant decreases in hotel values heading into 2022.”

The city’s assessment department, which distributed 12,000 direct information requests to non-residential and multi-residential property owners in April, will continue to collect property data later into 2021. The process will assess the market value of more than 550,000 city properties.

Residential property owners can update their property details using the city’s online assessment search at calgary.ca/assessmentsearch.

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Simplicity launches real estate conveyancing solution in Ontario – ITBusiness.ca

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Today, Simplicity Global Solutions, a Canadian technology company, announced that its real estate conveyancing solution, Prolegis Real Estate, is available in Ontario.

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Source: Simplicity Global Solutions

Prolegis is a cloud-based real estate conveyancing solution made for real estate lawyers. It integrates with a real estate practice, providing tools and information to help each user enhance their performance, customer engagement, and work-life balance.

Prolegis is designed to help users save time, with all the capabilities and key third-party integrations needed to convey a real estate transaction. The solution provides user flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution at any time. It offers a library of document and workflow management tools, community databases, stakeholder portals, and real-time support.

‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers,” said Neil N. Babiy, co-founder and chief executive officer of Simplicity Global Solutions Ltd. “At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.”

Ontario real estate lawyers and conveyancers can now book a demo and learn more about the tool here.

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U.S. real estate giant Blackstone says it will not target single-family homes in its Canadian expansion – The Globe and Mail

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Blackstone Inc. BX-N said Monday it has no interest in investing in single-family homes in Canada, laying to rest speculation the giant global asset manager would scoop up hundreds of Canadian houses and turn them into rental properties.

After Blackstone announced plans in May to establish a Canadian office in Toronto, rumours abounded that the private equity firm would unleash its firepower, gobble up homes and increase competition for individuals and families looking to buy homes. The typical home price across the country has climbed 50 per cent over the past two years and real estate investors have come under scrutiny for their role in ramping up competition and driving up prices.

But Blackstone’s head of real estate Americas, Nadeem Meghji, said that is not in the cards for the company’s Canadian expansion.

“It’s just not an area that we are focused on in Canada,” he said in a joint interview with Janice Lin, the new head of Blackstone Canada.

Blackstone targets Canadian real estate, opens office in Toronto

The New York-based company, which has US$915.5-billion in assets under management, has been accused of profiting off the 2007 U.S. housing meltdown after it bought swaths of distressed properties and then rented them out to U.S. residents.

Blackstone has said it did not own any single-family homes before the crisis and didn’t foreclose on any of the properties. It has also said many of its purchases were homes that had been sitting vacant and dragging down local property values.

Blackstone has since sold that business and owns a rent-to-own business called Home Partners of America – one of the many players in a growing single-family home rental market in the U.S.

“We don’t have a similar platform in Canada and we don’t have the intention of launching one because, from our perspective, we think there are just more interesting places to deploy capital in the Canadian market,” Mr. Meghji said.

Ms. Lin, a former Canada Pension Plan Investment Board executive, is in charge of Blackstone’s expansion in Canada. She cited the country’s favourable immigration policies and its strong population growth as two key factors that make Canada a winner for Blackstone’s capital.

Blackstone mostly owns warehouses and other industrial space in Canada, as well as a couple of office towers. It also has some investments in apartment building developments. All together, they are worth about US$14-billion, according to Blackstone, representing just a tiny fraction of the company’s global real estate portfolio.

Ms. Lin and Mr. Meghji both said the company will continue to invest in industrial and top office buildings, as well as hotels.

Blackstone has previously said it expects its growth here will be significant. Mr. Meghji would not quantify “significant” except to say he expects growth will be material and Canada could eventually command a larger share of Blackstone’s global real estate portfolio.

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Calls increase for more money as Montreal and rest of Quebec facing housing crunch

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MONTREAL — When Soufia Khmarou moved from Morocco to Montreal in 2009, she thought finding an affordable house for her and her three children was going to be easy.

“I was not expecting this,” Khmarou said in an interview Monday. “What we see, what we hear about Quebec … the reality doesn’t reflect the ad.”

Khmarou appeared next to Manon Massé, a spokesperson with Quebec’s second opposition party, Québec solidaire, who told reporters Montreal’s affordable housing shortage is going to get worse if more money isn’t made available.

Standing next to a construction site of high-end condominiums near downtown Montreal, Massé said, “There are housing units being built in Montreal. But for the families that want to find a place to stay and afford to pay rent each month, there’s a crisis.”

The need for affordable housing will be especially acute after June 30, she said, when most of the leases across the province end. Many families will be forced to remain in or move into homes that are unsanitary or unfit for their needs. Massé said low-income families in Montreal and in the rest of the province are spending up to 85 per cent of their monthly incomes on housing.

Khmarou said she’s been on waiting lists to access subsidized housing for the past three years, hoping to move her family out of a Montreal apartment she said is unsanitary.

“But I don’t have any answers; all I see is more and more people on the same lists,” Khmarou said. “There’s no hope; there’s no low-rental housing that’s being added on the market.”

Montreal Mayor Valérie Plante held a separate news conference on Monday, also to lament the lack of affordable housing in the city. Plante said Montreal has been waiting for the past four years for millions of dollars promised by the federal government to build around 1,200 affordable housing units and renovate an additional 4,700 units.

“We know that there’s a housing crisis — it’s hard on July 1,” Plante told reporters. “To know that there are almost 6,000 units that are taken hostage, that aren’t made available for citizens, it’s unacceptable. It’s been four years, at one point, patience has a limit.

“When we talk about the safety and healthiness of housing units, that’s what’s at stake,” she said.

A coalition of housing committees and tenant associations in Quebec released a report over the weekend indicating a widespread rent increase across the province. The coalition analyzed 51,000 rental listings from February to May and said rents across the province increased by nine per cent between 2021 and 2022, reaching an average of $1,300 per month.

The coalition said that less-populated parts of the province were used to an accessible market but are now seeing strong increases.

Rentals.ca, a Canadian website for apartment rental searches, said the average rent for all Canadian properties listed on its site was $1,888 per month in May — a year-over-year rise of 10.5 per cent. With an average of about $2,000 a month for a two-bedroom unit, Montreal ranked 22nd out of 35 cities. Vancouver, the front-runner, had the same size units listed for an average of $3,495 per month.

The association of homebuilders, called the Association des professionnels de la construction et de l’habitation du Québec, said in a report last week that Quebec is missing 100,000 homes, with more than 37,000 families on waiting lists to access subsidized housing.

Paul Cardinal, director of economic services with the association, wrote that “the only way to sustainably reduce real estate overheating is to increase supply.”

This report by The Canadian Press was first published on June 27, 2022.

This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.

 

Virginie Ann, The Canadian Press

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