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Hundreds of millions in commercial real estate deals, despite pandemic – Times Colonist

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Despite the pandemic, there were dozens of major commercial real estate deals over the past year in Greater Victoria, worth hundreds of millions of dollars.

Langford, Colwood and View Royal continued to be hotbeds for development, while the provincial government was a major buyer in its efforts to house the homeless and provide affordable housing, according to commercial realtor Dustin Miller, who compiled a list of the year’s top-10 transactions.

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Miller, managing broker for 8X Real Estate, said he compiled the list based on the value of transactions and used data from builders, B.C. Land Titles, B.C. Assessment, mortgage and tax documents and other sources.

1. 945 Reunion Ave., Langford

Price: $60 million

Site area: Air Space Title

Improvements: 156 unit multi-family apartment building

Vendor: Ledcor Property Investments, Vancouver

Purchaser: Killam Apartment REIT, Halifax

The Crossing At Belmont is the rental component of Belmont Market, a 160,000-square-foot outdoor shopping centre with anchor Thrifty Foods. The rental units have condo-like amenities and there is a rent-to-own program for tenants to save down payments to purchase across the street at the Belmont Residences strata building.

2. 2861 Craigowan Rd., View Royal

Price: $54 million

Site area: 15.8 acres of peninsula, waterfront on all sides.

Improvements: 161 units

Vendor: Realstar Group, Toronto

Purchaser: Killam REIT, Halifax

The Christie Point Apartments is a unique property on its own peninsula in Portage Inlet The waterfront property has a ­variety of low-density ­buildings originally constructed in the 1960s. Improvements call for five two-storey apartment ­buildings and four two-storey townhouse buildings.

3. 1085 Goldstream Ave., ­Langford

Price: $52.050 million

Site area: 2.157 acres

Improvements: 166 units

Vendor: Molnar Group, Vancouver

Purchaser: Skyline Wealth, Guelph, Ont.

The Star on Goldstream is a luxury rental building at ­Goldstream Avenue and Leigh Road completed in 2019. The West Shore region has been a major growth driver in the investment marketplace.

4. The Capital Iron Lands, ­Victoria

Price: $46.25 million

Site area: 6.7 acres

Improvements: Seven parcels composed of parking, retail and office.

Vendor: The Greene family (Capital Iron founders)

Purchaser: Reliance Properties, Vancouver

The sales included six properties in Victoria’s Old Town District — the Capital Iron building that runs from the foreshore, the two adjacent brick buildings, the Capital Iron Parking Lot at 1907 Store St., and the retail strip mall at 530 Chatham St. The property only contains 93,000 square feet of built leasable space, with the remainder being paved parking lots. Reliance CEO Jon Stovell has said he will work with the city in its goals for this north downtown area and plan for an Innovation District. Any project proposal will have a lengthy public consultation and municipal permitting approval process.

5. 1910 West Park Lane, View Royal

Price: $39.635 million

Site area: 2.3 acres

Improvements: 152 units

Vendor: 1138049 BC LTD Limona Properties – John Sercombe

Purchaser: Capital Regional Housing Corporation

Thetis Lake Apartments is a purpose-built rental development on the former Thetis Lake campground and trailer park with two six-storey buildings. The Capital Regional District is offering 118 of the 152 suites as affordable units, 34 units as provincial assistance units and 20 barrier-free accessible units.

6. 2251 Cadboro Bay Rd., ­Saanich

Price: $30.736 million

Site area: 3.9 acres

Improvements: 15,000-square-foot institutional health facility slated for demolition

Vendor: Island Health

Purchaser: Capital Regional Hospital District Corporation

The Oak Bay Lodge is a five-storey building constructed in 1972 and initially operated as a retirement community. In the early 1980s, it was converted to long-term care with 235 beds. The lodge closed in July when residents moved into a new 320-bed facility on Hillside Avenue. The property has been slated for demolition and a development proposal is expected in the new year for a public-use project.

7. 2850 Bryn Maur Rd., Langford

Price: $30.525 million

Site area: 0.541 acres

Improvements: 93 rental apartment units

Vendor: Bill Beadle constructed by DB Building Services, ­Victoria

Purchaser: Centurion Apartments REIT, Toronto

The Arc is a new construction rental apartment building at Bryn Maur Road and Hockley Ave. The six-storey building uses cross-laminated timber.

8. 3020 Blanshard St., Victoria

Price: $18.5 million

Site area: 120,721 square feet

Improvements: 151-room hotel

Vendor: Cornell Developments Ltd., Victoria

Purchaser: B.C. Housing The Comfort Inn & Suites was acquired in May by the province for use as shelter for 90 homeless campers. B.C. Housing partnered with Our Place to run the building.

9. 21 Gorge Rd. East, Victoria

Price: $15.77 million

Site Area: 30,247

Improvements: 52 rental units

Vendor: Greater Victoria Rental Development Society

Purchaser: Real Homes Management Corporation

The Loreen is a 2011-built affordable rental building along Gorge Road. The property is site of the former Capri Motel, which was demolished in 2009. It was originally co-owned by private developer Alanna Holroyd, Kaye Melliship and the Greater Victoria Housing Society. They have sold to another like-minded company, Real Homes Development/Real Homes Management Corp.

10. 1900 Douglas St., Victoria

Price: $14 million

Site Area: 60,005 square feet or 1.3 acres

Improvements: 75-room motel

Vendor: Paul’s Restaurants Ltd., Victoria

Purchaser: B.C. Housing

Paul’s Motor Inn was the ­second hotel acquisition in ­Victoria made by the province in response to the pandemic. It purchased the property in June for use as a homeless shelter. The long-term plan is to use the site for affordable housing.

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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.

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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.

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