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Get a load of Barrie's high-end real estate market on HGTV's new show 'Hot Market' –



If you’ve ever dreamed of owning a multimillion-dollar home on the shores of Lake Simcoe, this new HGTV show will give you a peek behind the curtain of that high-end real estate market.

“Hot Market” is a new show on HGTV Canada that follows five top real estate agents based in Toronto as they buy, sell and hustle for listings.

Stephanie Adams, a Toronto-based agent who specializes in listings around Kempenfelt Bay and Lake Simcoe, is one of those featured.

“People are going to get to see inside some stunning homes and go through the process of buying, selling or getting a listing,” she said. “It’s all really, really nice properties.”

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The show features eight hour-long episodes, which were filmed last summer.

In the first episode, viewers see how Adams “hustles” to get a listing for a $10-million-plus home on Kempenfelt Bay with its own helipad, library, sauna, gym, wine cellar, tennis courts and more.

By investing her own money into a presentation for the homeowner, Adams and the company she works for, Harvey Kalles Real Estate Ltd., are able to land the listing.

“It was an amazing experience,” Adams said of being on the show. “I am a very animated person; the fact that I could bring that to the screen, that was really fun for me.”

She said she was able to sell the home featured in the first episode for about $10 million.

High-end real estate has a lot of “eye candy” people love to see, Adams said.

“It’s sexy. It’s exciting,” she said. “Plus, we all like to dream. We are wanting that dream home.”

She said people often ask her about her clients. They want to know who lives in these luxury homes and what they do.

“My clients are so amazing. They’re always so very down to earth,” she said. “You would never know when you meet them that they live in these extreme homes.”

But they are highly successful and have high expectations, which is why Adams has to put the work in and make her money.

To find out when to watch the show, follow Adams on Instagram at @Steff.Adams, or visit

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Edmonton commercial real estate market hits $1.46B in sales mid-2022: report – Edmonton Journal



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Edmonton’s commercial real estate market saw a boost in investment activity during the first half of 2022, according to a mid-year market report.

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Total commercial real estate investment jumped by more than $930 million to $1.46 billion in the second quarter of 2022, said the report from intelligence firm The Network.

President and owner Nathan Gettel attributed part of the gain to lower interest rates for borrowing money earlier on as well as investment from outside the province.

“We saw a lot of B.C. and Ontario purchasers coming to Alberta because those markets are starting to get priced quite high,” he said. “They see quite a bit of upside in Alberta right now, so it’s contributing to a lot of sales and higher prices.”

Overall, year-over-year sales increased more than 120 per cent, the report said, pointing to a “renewed appetite” for industrial property, multi-family properties and undeveloped land compared to the first quarter.

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Industrial property investment sees ‘enormous’ increase

The firm said there was a notable year-over-year increase in the sale of warehouses used by owners. These owner-user properties accounted for 55 of the 79 transactions in the first half of 2022 and $170.8 million in sales, the firm added, while eight transactions involving single-tenant warehouses accounted for more than $254.5 million over the same period.

Investment in industrial warehouses overall saw an “enormous quarter-over-quarter increase” of just under $440 million over 44 transactions, the report said.

Gettel said Edmonton has a strong industrial sector, and properties in the city have drawn interest from large real estate investment trusts (REITs)

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“They’re a good investment in Alberta,” he added.

Investment in multi-family properties also saw a marked climb in the second quarter, the report added, noting 24 transactions that closed for more than $185 million — almost double the value of sales in the first quarter.

By the end of June, there were 42 transactions involving multi-family properties, accounting for more than $397.8 million in sales, the firm reported, adding that row house properties were of particular interest with three selling for more than $25 million each.

News of the upswing in the multi-family asset class follows a reported downturn in the residential market that saw unit sales in July fall 10.3 per cent compared to the same month the year before, and  fall 23.8 per cent compared to June.

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Single-family home sales in July fell 24.4 per cent compared to the month prior, while condo sales dropped 22.1 per cent and duplex units fell 21.3 per cent month-over-month.

Commercial condo sales up from ‘shy’ first quarter

The first quarter of 2022 saw $78.8 million in land sales in the first quarter — a figure that roughly doubled to about $159 million in the second quarter, the firm reported.

By mid-year, 73 transactions accounted for $238 million in sales, the firm added, breaking a four-year record set in mid-2019 that reached $233.4 million and a two-year slump reported in the first halves of 2020 and 2021.

The firm lists Air Products Canada Ltd.’s $60-million purchase of 150 acres in northeast Edmonton as a “stand-out transaction” in 2022 thus far.

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By mid-2022, there was $53.5 million in commercial condo sales over 83 transactions — nearly double 43 transactions seen in a “lackluster first quarter,” the report said.

Early 2022 saw mounting cases of COVID-19 spurred by the Omicron variant. The effects of the COVID-19 pandemic may have led investors to shy away from the market in that first quarter, Gettel said.

“Those sales started trickling in towards the second quarter,” he added.

The first half of the year also saw a high demand for industrial condos, the firm reported, which accounted for 65 per cent of 83 transactions in that asset class (compared to about half of transactions in previous years), and more than $33.7 million in sales.

However, the report said there was only $4.3 million in retail condo sales by the end of June, which is down from about $22 million in mid-2021.

— With files from Kellen Taniguchi


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Metaverse Real Estate Under Water – Forbes



Late last year, a flood of cash from tech enthusiasts and corporate marketers ignited real estate prices in the metaverse. Alt-coin owners and CryptoPunk NFT collectors with stars in their eyes and cash in their pockets looked to justify soaring prices by buying properties near those of celebrities, many of whom were using the metaverse for promotional purposes, rather than, say, the view.

To say that the boom was not built on solid foundations is both accurate and an understatement.

Snoop Dogg, to take one high-profile example, built a digital replica of his Southern California mansion in the middle of the Sandbox metaverse, calling the 144-parcel square the Snoopverse. Snoop’s virtual neighbors include the mega-DJ Steve Aoki and a handful of massive Atari developments, where visitors can play the company’s games and attend events.

Record-setting purchases hit headlines soon after, like when one buyer, known only as P-Ape, spent $450,000 on a nine-parcel property right next door to the Long Beach rapper. Just down the virtual block, an anonymous buyer paid 25 ETH—worth about $60,000 at the time—for a single parcel, which measures 16-by-16 meters.

Prices peaked around the start of this year, but a crypto bear market and slower-than-expected metaverse adoption have ravaged prices, down 85% since January, and purchase volume, which has almost disappeared.

P-Ape’s parcel could now be worth barely $25,000, though having Uncle Snoop as a neighbor likely provides a small boost. A digital map of the Sandbox shows dozens of properties up for sale. Some ambitious sellers have list prices in the hundreds of thousands, but the current market says that won’t happen anytime soon.

The average price of a parcel at five of the largest Ethereum-based metaverse projects fell to around $2,500 from almost $21,000 in January, according to WeMeta, a metaverse data and analytics company. The drop was even sharper at the Sandbox, the largest metaverse world by volume of land sold, where the average has fallen to about $2,800 from $35,500. The weekly volume of property purchased across the top-five metaverse worlds has fallen to $650,000 for the week of August 7, down from $62.5 million in mid-November, a drop of nearly 99%.

“Metaverse investments are risky. There’s a very high likelihood that you’re going to lose everything,” says Fabian Schär, a professor at the University of Basel and the managing director at the school’s Center for Innovative Finance.

Most corporate property owners purchased their land for marketing purposes, hoping to place experiential advertisements or virtual storefronts along the most crowded boulevards in metaverse metropolises. Samsung built a virtual version of its flagship New York store, allowing guests to test products. Adidas owns property in the Sandbox where it hawks digital athletic gear as NFTs.

These businesses paid hundreds of thousands of dollars when metaverse and crypto hype were high and money was flowing into digital assets. The harsher economic outlook has made it harder to justify spending that money on land in virtual worlds. But the utility—or lack thereof—is mostly unchanged.

“The vast majority of utility is still there, but it’s declined in price for other economic reasons,” says Lorne Sugarman, the CEO of Metaverse Group, a virtual real estate company. Sugarman adds that he isn’t concerned about falling prices, as his company expects to hold properties for years to come as utility increases with adoption.

“We don’t see a significant decrease in traffic numbers. But that being said, traffic has never been particularly high,” Schär says. “What has changed is people’s expectations.”

Those remain sky-high for some. The management-consulting giant McKinsey projected in June that the metaverse could grow into a $5 trillion market by 2030, which would equal the size of Japan’s economy, the third-largest in the world.

Billionaire businessman Mark Cuban has been one of the loudest critics of metaverse land sales, despite his investment in Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and its corresponding metaverse world, Otherside. Yuga brought in approximately $320 million by selling Otherdeeds, NFTs that granted ownership to 55,000 parcels of land in the BAYC’s virtual hangout spot.

“The worst part is people are buying real estate in these places. I mean, that’s just the dumbest shit ever,” Cuban said in an interview published Sunday on the crypto-focused YouTube channel Altcoin Daily. Cuban added that purchasing metaverse land was dumb “because there’s unlimited volumes that you can create.”

Cuban added that he thinks some properties will have value once the community in that metaverse is stronger. To his point, the most valuable metaverse land is located in areas where chance encounters were boosted by already-present communities, according to a paper by Schär and fellow researchers.

“It’s an attention economy. People are interested in having the land in places with a lot of foot traffic,” says Mitchell Goldberg, a Ph.D. candidate at the University of Basel and one of Schär’s co-authors. “But, if the attention for the whole world decreases, then the prices for all of these land parcels will decrease.” Goldberg adds that while he believes that Cuban was right that new metaverse land can always be created, companies can’t manufacture the attention.

Another key factor is a memorable address. Metaverse visitors can teleport anywhere within a particular virtual world by typing in X, Y coordinates. Schär said catchy numbers, like 100 degrees by 100 degrees, led to more visitors than, for instance, 271 and 73.

Some businesses have benefited from using short-term rentals instead of purchasing metaverse property. Companies like Sugarman’s Metaverse Group rent land and have a team of developers to build out their tenants’ visions.

The Australian Open rented virtual land from a different metaverse company to host a festival concurrent with the annual tennis tournament. The space included digital stadiums where enthusiasts could interact and watch historic matches together.

Sugarman says his company expects adoption to rise in the next one to three years, but he doesn’t see that happening without more development of traffic-driving features like better games. Metaverse Group has taken advantage of the price drop to build on cheaper land, and Sugarman said he thinks other firms understand that now is the time to develop.

“There needs to be other tools and different experiences to make the metaverse more interesting, and that will drive traffic,” Sugarman says. “As there’s more understanding and more learning, we believe that critical mass will happen.”

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TD Economics says Canadian real-estate market's “fall from grace isn't done yet” – The Georgia Straight



TD Economics expects more bad news for the Canadian housing market.

National sales figures are set to be released this week, likely showing another decline because of high borrowing rates.

Meanwhile, the Bank of Canada is anticipated to increase its interest-setting rate two more times before the end of 2022.

This means home buyers face higher mortgages, thereby dampening market activity.

“Based on early readings of transaction data over July, we are expecting the peak-to-trough decline in prices since the first quarter to continue to push towards our forecast of 19%,” TD Economics stated in a summary of recent events and what to expect ahead.

The post was written by Toronto Dominion bank’s director of economics, James Orlando.

“With the BoC unlikely to pause on rate hikes until later this year, the real estate sector’s fall from grace isn’t done yet,” Orlando stated.

The central bank has raised its interest rate four times so far in 2022, which now stands at 2.5 percent.

It can be recalled that the Canadian housing market sizzled in 2020 and 2021 after the Bank of Canada dropped its interest rate to a historic low of 0.25 percent.

With inflation raging across the country, the central bank has aggressively hiked interest rates.

Orlando noted that inflation seemed to have eased in July 2022, but is “unlikely to cause policymakers” at the central bank to change course.

“The BoC is poised to continue hiking its policy rate at a significant pace as it will need much more evidence that inflation is declining,” Orlando wrote.

The central bank is projected to hike interest rates in September and December this year.

“We are looking for the policy rate to reach 3% by September, getting to 3.25% by year-end,” Orlando stated.

In June 2022, national home sales fell by 5.6 percent on a month-over-month basis from May.

The Canadian Real Estate Association previously reported that monthly activity dropped 23.9 percent below the June record set in 2021.

Meanwhile, the number of newly listed properties was up 4.1 percent month-over-month in July.

The CREA also reported that the benchmark price declined 1.9 percent month-over-month, but was still up 14.9 percent year-over-year.

Moreover, the actual national average sale price marked a 1.8 perent year-over-year decline in June 2022.

The CREA is expected to release July 2022 market numbers Monday (August 15).

In B.C., home sales dropped 42.4 percent in July compared to the same month in 2021.

However, the average price of a home in the province last month posted a 3.6 percent annual increase last year.


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