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Nigeria Dangote refinery will boost real estate sector

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Experts projected that the Dangote refinery would spur the growth of real estate along the Lekki-Epe area of Lagos State.

The Chief Executive Officer of UACN Property Development Company Plc, Odunayo Ojo, said this in a chat with our correspondent.

Ojo said, “It will have a net positive impact. That is a massive infrastructure. The first thing that is going to happen is that it is going to create an ecosystem of demand. Thousands of workers are going to be working there directly, and hundreds of thousands of workers are going to be working there indirectly.

“Someone is going to provide food, uniforms, transportation, security, and cleaning services. Someone is going to provide housing for the people who are going to be working there.  There is going to be a multiplier effect. It is going to be a huge driver.

“That is why you have economies all over the world clamouring for companies to come and set up in their countries. I am surprised that many states in the country did not clamour for Dangote to set up in their states, and give him free land, and incentives because one way or the other, it will crystalise. If he is in a Free Zone and it does not pay taxes, the people working there will pay, and the person selling water will have to pay. That is the first thing, economies of scale.”

In the same vein, the Treasurer of the Nigerian Institute of Building, Philips Ayotunde, said the impact of the Dangote refinery would be great, adding that the construction of the refinery had opened up the entire Epe-Ajah axis.

He said, “We need more of such development that will be a catalyst to real estate development in Nigeria.

“Everyone in that area is about to reach a level of prosperity because economic activities will be driven to that area. Land value in that area is going to appreciate.”

He added that structurally, the economic nodes in Lagos would be expanded from Victoria Island and Ikeja to now include the Epe-Ibeju area.

“There is going to be a third node that is going to make sure the city is decentralised. The Epe-Ibeju node is about to really come alive. I believe the effect of the project is a net positive.”

According to Ojo, there are some unintended consequences of traffic management and even environmental ones, which he claimed could be addressed on a case-by-case basis.

“However, net impact, this country needs facilities like that, even more of things like that,” he continued.

Meanwhile, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola, said the impact would be felt if only the operation reduced or eliminated the importation of refined oil, which will help to conserve foreign exchange used for importation and in turn stabilise the country’s forex market.

According to him, this would reduce pressure on the scarcity of dollars.

He added, “If this is achieved, it will drive down inflation and interest rates which will impact positively on the real estate sector. Naturally, this is what is expected to happen. However, in Nigeria, anything can happen and if the Nigeria factor sets in, we may continue to experience what is currently happening in the sector.”

 

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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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