This apartment complex at 125 Wellington and 50 Cathcart Streets in Hamilton has been acquired by the Equiton Residential Income Fund. (Courtesy Equiton)
The Equiton Residential Income Fundhas made its first acquisition of what founder and CEO Jason Roque expects to be a busy 2021. The fund has expanded into Hamilton with the purchase of two linked apartment buildings, totalling 360 units, for $54.3 million.
Located in the Beasley neighbourhood of East Hamilton, the buildings are at 125 Wellington St. N. (18 storeys) and 50 Cathcart St. (six storeys). They contain a mix of bachelor, one-, two-, and three-bedroom apartments, and occupy nearly an entire city block.
“We had been looking at Hamilton,” Equiton founder and CEO Jason Roque told RENX in an interview. “I’m from Hamilton, so I know the market really well but we hadn’t come across anything that worked for us. This opportunity came up and we thought it was a good deal so we figured we’d better jump on it.”
The off-market deal was facilitated through a mutual acquaintance in the banking industry who connected Equiton with the vendor, Roque said.
The properties were constructed during the 1970s. Roque said the units were both well-maintained and well-operated by the vendor, a private company. Building systems do require some upgrades, however.
“Good deal” for concrete building
“There are some major capital works that are needed on the building, so we are going to start those right away, but I would say what attracted us was that the previous owner had done a good job of managing it,” Roque said.
He noted that while there is some upside opportunity in rents, there is no dramatic gap between in-place and market.
“We just see that from our perspective it was a good deal for a concrete building of this size and this efficiency in that market. Plus the area there in Hamilton is really gentrifying. I think there’s medium- and long-term opportunity because of everything that’s happening in the area.
“I’ve lived in Hamilton my entire life for the most part and you’d always hear about things being built downtown but nothing ever got built, but that’s changing. There are construction cranes nearby, so we know it’s up and coming, so we figured this would be a good long-term buy for us.”
Known as Wellington Place, the buildings are just minutes from downtown Hamilton and a short commute to McMaster University. Nearby are several public parks, public transit, GO Transit, Hamilton General Hospital and St. Joseph’s Healthcare.
Equiton will take over management of the buildings.
Equiton focused on multires acquisitions
The purchase is one of the fund’s largest to date, increasing its portfolio by about 35 per cent to just under 1,400 units and the value to about $325 million in AUM.
While Equiton is also interested in commercial and retail properties, the immediate focus is on multiresidential.
“The majority of our purchases this year, 80 to 90 per cent of our purchases, will be multires,” he said.
For a couple of reasons.
First, Equiton’s fund has been highly successful. Second, there is significant capital available to invest in the sector, which has been a strong performer throughout the pandemic.
“Our fund has been around. It will be our five-year anniversary in May,” Roque said. “The fund has had positive returns every month since inception (59 consecutive months), so we are starting to see the capital flow in much more quickly.
“I would say from my perspective it’s really because of time and tenure. We’ve been around for a long time now so we are starting to see increasing capital inflows.”
Equiton’s purchases in late 2020
Equiton had a busy second half of 2020 in Southern Ontario, making a series of acquisitions and entering into a joint venture in Guelph to build a mixed-use development with RRH Rental Properties. It also internalized its property management functions.
The Guelph development involves the demolition and redevelopment of a 3.5-acre property which has been home to a The Beer Store outlet, which will be moved into a new building in the first phase. The JV will then develop 96 townhomes.
It also acquired two 38-unit apartment buildings at 650 Woodbine and 787 Vaughan Roads in Toronto in November.
In July, it expanded the Equiton Residential Income Fund portfolio in Guelph, purchasing two apartment buildings comprising 112 units. They are located near the Stone Road Mall and an adjacent commercial and services corridor.
“We’re growing,” Roque concluded. “I think over the next few years you are going to see more rapid growth.”
About Equiton
Founded in 2015, Equiton is a private equity firm based in Burlington specializing in private market real estate investments. It purchases and manages residential and commercial income properties, and invests in real estate development projects.
Its leadership team has more than 100 years of combined real estate, investing and management experience.
Collectively they have overseen the acquisition and management of over $10 billion in real estate, developed over 100 million square feet of real estate projects and overseen a combined portfolio of more than 10,000 apartments in Canada and the United States.
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.
