Distrikt Trafalgar will be the first venture into high-rise development for Distrikt Capital. (Courtesy Distrikt)
“Distrikt is only five years old, but it’s a business that was 25 years in the making,” co-founder and chief executive officer Paul Simcox says of Distrikt Capital, which acquires and develops Greater Toronto Area (GTA) real estate.
“We’ve brought together a lot of experience and work that people have done at other locations, and they want to do it at Distrikt.”
Simcox is also the founder of NorthHaven Capital Group. The private equity and real estate investment and advisory firm is focused on multi-year corporate and portfolio mandates, as well as new platform creation, investment and growth.
Simcox started his career in investment banking and private equity in New York City before returning to Canada in 2007 to co-found Whiterock REIT, a Toronto Stock Exchange-listed firm that was acquired in 2012 by Dundee REIT (now known as Dream Office REIT). He’s also been involved with retail and residential development in Canada and income property acquisitions in the United States.
Toma previously co-led an international supply and construction services company called Caribbean International Supply that was based out of Toronto but with multiple offices in Central America. It was heavily involved in the Caribbean resort development industry.
“We were doing everything from design, tendering, supply, installation, turnkey service and after-sale service,” Toma told RENX.
The firm was sold in 2008 to enable him to return to Toronto to build custom homes and development properties.
Distrikt Capital’s launch and growth
The two men became friends when Toma was building a home for Simcox. They thought there was a good business fit between their skills and experience and they launched Distrikt Capital in 2015.
“We have the ability to oversee projects, not just on the development side, but also from construction to occupancy,” said Toma. “We’ve attracted a lot of attention from financial institutions and have a mix of private investment and institutional investment working with us.”
Distrikt, which will be up to 15 employees by the fall after making a couple of new hires, invests alongside its partners in every deal.
Distrikt isn’t involved in property management at this point.
“Once our portfolio is larger, we might look at it, but right now we get the best service and value from larger providers,” Simcox told RENX.
Focus on GTA residential development
While Distrikt’s early focus was on low-rise housing, it’s moving more into mid-rise and high-rise residential development, with some projects also including small commercial components.
The company’s current focus is on projects in Oakville and Toronto.
“We look at ourselves as investors first and developers second,” said Simcox. “From an investor viewpoint, we think the GTA is an excellent place to be.”
Simcox said Distrikt has land banked which can support up to 1.8 million square feet of development.
“We have a robust pipeline and are always looking for new opportunities where we can see value in the land, number one, and second in the eventual build-out.”
Distrikt’s Oakville projects
Distrikt The 6ixth is a sold-out 100-townhome development that’s delivering properties and will be finished construction this year.
Distrikt Trailside 2.0 sold more than 200 units, both virtually and through a sales centre, in 72 hours. After selling most of its first release, it’s pushing the second release up to this month.
The two Trailside projects will combine to have about 600 mid-rise and townhome units.
“People are excited about it because it’s a combination of good value, good design, good location and on- and off-site amenities,” said Simcox. “We look for what we call walkable suburban locations where you can walk to major transportation, grocery stores, schools and sports infrastructure.
“That’s what attracted us to these Oakville locations.”
At Distrikt Station, land is still being assembled for a condo project planned for the foot of the Queen Elizabeth Way and Trafalgar Road, near the heavily used Oakville GO Transit station.
Distrikt is working on a site plan application for that site as well.
“Oakville is growing dramatically, not only with residential population but also jobs,” said Simcox. “Five thousand people take that specific train, reverse commuting, for jobs in Oakville.”
Distrikt Trafalgar will mark the company’s move into high-rise development, with two 30-storey towers that will combine for about 650 units.
It’s on a main artery in north Oakville, close to the Trafalgar GO station and within walking distance of grocery stores, restaurants, banks and schools.
Simcox said it’s too early to talk about suite mixes or pricing since sales aren’t expected to launch until mid-2021. He added Distrikt Trafalgar may include a couple of convenience amenities, such as a coffee shop or dentist office.
Distrikt’s Toronto projects
Distrikt Islington Village is a townhome development on Burnhamthorpe Road that’s located about 500 metres from the Islington subway station and close to schools and amenities on Dundas Street.
It’s still in the planning process.
Simcox called it “a great example of missing-middle development” that will be comprised of townhomes slightly larger than average in size. He expects it to appeal to both move-up and movie-down buyers.
“This will be a higher-end, high-quality project that fits in with the historic Etobicoke area. We’re taking a lot of design cues from local buildings and integrating that into our design.”
Distrikt Forest Hill will feature 45 townhomes near Bathurst Street and Elderwood Drive in the upscale Forest Hill neighbourhood, where many homes sell for $5 million and up. Simcox expects the project to launch soon.
“This is a great form of gentle density, bringing in higher-end townhomes primarily for move-down buyers looking to stay in the area, but looking for a new product,” he said.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
