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Wide sidewalks key to help commercial real estate weather the pandemic

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commercial real estate

An economic rebound in commercial retail amid the continuing COVID-19 pandemic may be right under our feet – in the sidewalks we walk on. The key, however, depends on how wide they are.

The positive effects of wide sidewalks as opposed to narrow ones are easy to see, according to Val Rynnimeri, an associate professor of architecture at the University of Waterloo’s School of Architecture. Commercial streets that have them are experiencing a faster return of people and therefore business than those that don’t.

Perhaps the best example, he says, is Baldwin Street in downtown Toronto. Home to a concentrated cluster of bars, restaurants, and cafés that have taken advantage of wide sidewalks with long rows of patios, the stretch between McCaul and Beverley streets is surprisingly vibrant.

Baldwin Street is home to a concentrated cluster of bars, restaurants, and cafés that have taken advantage of wide sidewalks with long rows of patios.

This development, which resembles an outdoor mall, is a possible template for how Toronto and other cities go forward as the pandemic continues.

“That might be the most COVID-friendly street in the city: big sidewalks, places to spill out onto and a nice backdrop [of residential homes],” Prof. Rynnimeri says. “That’s what retail in a post-COVID world should look like.”

With health officials saying that virus transmission is less likely outdoors than indoors, many Canadian cities have adopted temporary measures to allow businesses to extend their operations onto streets. The problem, however, is that not many streets – or sidewalks specifically – are designed to handle such a shift, even in the short term.

Many Canadian cities have adopted temporary measures to allow businesses to extend their operations onto the streets.

Prof. Rynnimeri says that with COVID-19 likely persisting for some time, commercial real estate operators and developers are going to be forced to adapt to this reality. Projects that are currently under development may need to consider the role that sidewalk widths play, not just over the course of the pandemic, but also in the long-term prosperity of an area.

Wide sidewalks played a historic role in establishing downtown Toronto as a retail destination, he adds – particularly the section of Queen Street West between Spadina Avenue and McCaul, just a few blocks from the retail and restaurant cluster on Baldwin Street.

Queen Street started becoming a hub in the late 1970s after a host of discos opened up further north in Yorkville. Hipster crowds looking for an alternative migrated south where they found the Horseshoe Tavern, the Rivoli, the BamBoo, and other bars with their ample sidewalk patio spaces.

The crowds they drew eventually led to a variety of hip businesses such as clothing stores and record shops popping up, which established the area as some of the most valuable commercial real estate in the city.

“That was really the beginning of Queen Street as a place to go to,” Prof. Rynnimeri says. “It was about being able to spill out into the street.”

Michael Hannay, a principal with Toronto-based design firm MBTW Group, says businesses that have been situated on wide sidewalks have indeed traditionally benefited, especially in the case of restaurants and bars with patios.

But despite that, they’re all going to have to contend with the inevitability of worse weather.

“Come winter, the advantage of how wide your sidewalk is goes out the window,” he says. “Streetscape design isn’t going to be a factor at all because an enclosed, heated patio is indoor space. It’s not going to be a factor for much longer.”

Queen Street started becoming a hub in the late 1970s after a host of discos opened up further north in Yorkville.

Other urban design experts suggest that’s where innovation is needed.

A number of winter-prone countries and municipalities have experimented with various cold-fighting technologies over the past few years. The Netherlands, for example, has been building heated bike paths in its cities. Vancouver, meanwhile, created a system that drew heat from sewers to help warm the Olympic Village in 2010.

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“We do need to think creatively and be willing to experiment,” says Shauna Brail, associate professor at the Institute for Management and Innovation at the University of Toronto. “This is the push we didn’t know we needed.”

Prof. Brail points to work done by Toronto-based architecture firm Partisans for Google sister company Sidewalk Labs on “building raincoats,” unveiled last year, as an example of the innovation that cities will need more of, in part to keep commercial real estate alive.

The “raincoat” is essentially an awning consisting of hexagonal plastic panels that attach to the front of a building. Its purpose is twofold – to protect the building from the elements and to provide a sheltered space for outdoor activity, such as a patio.

A variety of hip businesses such as clothing stores and record shops established the Queen Street area as some of the most valuable commercial real estate in the city.

Alexander Josephson, an architect, and co-founder of Partisans, says the raincoats were experimental prototypes that may not end up being deployed because of intellectual property issues associated with Sidewalk Labs, which pulled out of Toronto earlier this year.

Nevertheless, he expects to see more of these types of experiments – on how to make streets more like malls, regardless of the weather – now that the pandemic is forcing a more liberal approach to city planning and how commercial real estate is used.

“It’s a watershed moment in the decolonization of Toronto streets,” he says, referring to historical, long-standing puritanism – especially as it pertains to alcohol regulation – in how city government views property. If there’s a bright side to the pandemic, it’s that novel ways of using streets and properties will now get more consideration.

“It took COVID and an economic crisis for us to let go,” he adds.

Importance Of Commercial Cleaning Services

As an employer, it’s important to take care of your company. This can be done by making sure that your employees are clean and free of diseases at all times. This can be done by ensuring that the office is cleaned and sanitized before they go to work every day.

However, commercial buildings are generally more difficult to maintain because of the amount of waste and debris that often needs to be cleared. One of the best ways for businesses to maintain a clean and hygienic environment within the building is by hiring commercial cleaning services, such as City Wide.

Here are the important benefits of hiring commercial cleaning services:

  • Ensure a hygienic workplace, reducing the possibility of a disease outbreak.
  • Professional commercial cleaners are trained and experienced in keeping the area clean and hygienic, ensuring that your employees are well-protected.
  • Build a good professional image for your clients and investors by having a clean and orderly commercial space.

In addition, here are a few tips that’ll help you find out whether the cleaning company that you’re planning to hire has done a good job or not.

  • First of all, look at the customer testimonials. If a company has many positive reviews, they probably provide good service. It’s always recommended to do a background check on a company before hiring them because if there are any legal issues, then you need to know about them as well.
  • You also need to make sure that they have all the licenses that they need to carry to do their job effectively. When looking for a company to do your cleaning, you should look at their history and check whether they have been in business for several years.
  • Another way to find out whether the company’s background checks are up to scratch is by checking whether the company offers a guarantee on their work.

 

 

 

Source: – The Globe and Mail

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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.

The Canadian Press. All rights reserved.

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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.

The Canadian Press. All rights reserved.

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