“The intent is to inspire more projects like this to increase sustainability projects within downtown Edmonton”
Edmonton’s SunRise building is getting a facelift and efficiency upgrades with the help of a new program from the Bank of Montreal (BMO).
“This project will allow us to target our housing demographic of essential workers,” said Daniel Veniot, Avenue Living’s associate vice-president of debt capital markets.
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The former Capital Tower is a 10-floor building located at 10609 101 St., roughly two blocks north of the Ice District. Bought in 2015 by Avenue Living, the building was earmarked for refurbishment from the start. Recently, with the help of a BMO funding program that came online this year, Avenue Living is expecting the project to be completed by the end of 2024.
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The building is currently vacant but once complete it will bring more than 170 residential units to the market with some commercial space on the bottom floor of the building. The units will be comprised of studio and one-bedroom units, targeting the young professional rental market.
Veniot said the $28 million used for the revitalization of the building was split towards refurbishment and efficiency upgrades. The group estimated that the building’s upgrades will contribute to a more than 60 per cent reduction in greenhouse gas emissions. Some of the upgrades include heat pumps, triple-glazed windows, and new exterior wall insulation, among others.
One upgrade that Veniot was excited about is the dual-function mural on the north side of the exterior of the building.
“It’s a major highlight of the project. It will be a one-of-a-kind solar panel mural,” said Veniot.
The mural will be more than 25 metres tall and will operate as both an art installation and functional solar panel made by Mitrex. Mitrex is a solar panel company that specializes in building integrated photovoltaic systems, which are solar facades that generate solar energy without traditional-looking solar panels.
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The solar panel will hide beneath the artistic mural work of local Indigenous artist Lance Cardinal. Cardinal has worked with several businesses throughout Edmonton, including the Edmonton Oilers, Fort Edmonton Park, the Telus World of Science, and even Edmonton’s IKEA.
Since the building is located on Treaty 6 territory and sits near Edmonton’s Chinatown, Cardinal’s mural on the SunRise building is described by Avenue Living as depicting “the unity, coexistence, and cultural parallels between First Nations and Chinese cultures.”
Avenue Living said that it hopes the SunRise building revitalization prompts others like it.
“The intent is to inspire more projects like this to increase sustainability projects within Downtown Edmonton, which will attract more investment in the area and create a fresh lively atmosphere in the neighborhood,” said Veniot.
BMO’s funding comes from a program announced in partnership with the Canadian Infrastructure Bank in January. It helps by providing the necessary funds for commercial real estate owners to maximize efficiency in buildings. James Burrow, director of sustainable finance at BMO capital markets, said the initiative from the bank is a signal to their clients that they want to be a “leading partner” in their path towards net-zero and decarbonizing real estate.
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Burrow said that the funds are available to commercial real estate owners who are retrofitting older buildings during redevelopment to increase sustainability, or to simply upgrade sustainability measures for existing buildings without redevelopment.
“This specific program has one other project announced so far — kind of a similar project of a similar size. We’ve got a bunch more in the pipeline across the country,” said Burrow.
Veniot said that the BMO program, in conjunction with the Canada Mortgage and Housing Corporation’s (CMHC) MLI Select program, can help incentivize commercial real estate operators to commit to affordable, efficient, and accessible housing options when building or redeveloping.
The SunRise building will have several amenity features for its tenants, including a rooftop garden, library, fitness centre, movie theatre and more. Veniot said that once built, the units will be rented under the CMHC’s affordable metric for Edmonton at the time they hit the market.
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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.
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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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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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