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Kelowna's downtown core reaching new heights – Vancouver Sun

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Real eState

Kelowna's downtown core reaching new heights – Vancouver Sun

Published

1 year ago

 on

December 23, 2019

By

Harry Miller
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Kelowna-based developer Mission Group has announced it is building a 16-storey office tower, The Block, at the corner of Bernard Ave. and St. Paul St., in the downtown core.


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Two new tower projects in Kelowna are pushing the Okanagan city’s office market into a taller and bolder future.

Kelowna-based developer Mission Group has announced it is building a 16-storey office tower, The Block, at the corner of Bernard Ave. and St. Paul St., in the downtown core.

Pending permissions, The Block will include 85,000 square feet of class-A office space on levels six through 16, as well as four levels of parking and 16,000 sq. ft. of street-level retail.

It’s part of a 1.5-acre complex by Mission Group that also includes two residential towers, the Brooklyn, which is under construction and Bertram, which will launch for sales in the spring.

“We’re very bullish on Kelowna’s downtown in general,” said Luke Turri, executive vice-president with Mission Group. “In the past few years we’ve started to invest quite a bit in the historic core of downtown with residential condo towers. What we’ve seen in that time is certainly a maturing of Kelowna’s economy and also an enhanced interest in downtown Kelowna in general.”

He said pre-releasing has just launched on The Block and they expect to start construction this coming fall.

Meanwhile, construction work continues on Landmark 7, a 23-storey tower by Al Stober Construction that will add about 250,000 square feet to the Landmark District.

More than 3,500 people already work in buildings at the Landmark district in mostly technology, professional services, education and retail.

The building is part of a cluster of office towers that have risen in the district since 1994, creating a commercial district separate from downtown on the south side of Highway 97 between Burtch and Spall roads.

Landmark 7 is expected to complete in mid-2022.

Stephen Webber, an associate vice-president with Colliers International in Kelowna, said the two projects represent the most prominent office buildings currently being built or planned in the city, which has seen its office vacancy rate drop by about half in the last two years.

The local industrial, residential and office markets have all been strong and are fuelling the need for job space, but there has emerged a disparity between the various office classes, with older product getting emptied almost as soon as new product becomes available, Webber said.

The current vacancy rates are 1.7 per cent in class-A, 3.4 per cent in class-B and 7.3 per cent in class-C. Altogether the rate is 4.1 per cent for the Okanagan city of about 130,000, which is starting to claim technology as a major employer.

Overall, Kelowna has just under two million square feet of class-A office inventory across 46 buildings and a total office inventory of just under four million square feet, according to Colliers.

Webber said there will likely be an uptick in overall vacancy once Landmark 7 and The Block open in coming years. To what extent is unclear.

The typical users for the new space will include a mix of professional services and maybe tech companies.

In the 18 hours prior to speaking with Postmedia, Webber said he heard from an accounting firm from Calgary that was seeking office space as part of a move to Kelowna and from a small architecture firm from Alberta looking to relocate to Kelowna as soon as possible.

“That’s your typical kind of user,” he said. “The growth is still happening. The influx and new businesses that are opening and new businesses that are coming here have been absorbing (space) fairly steadily.”

Mission Group’s Turri sees his project as a major step for downtown core that hasn’t seen much new office space.

“To be able have that shared energy of the residential and the office and the supporting retail is just going to create a new presence in this part of the downtown,” he said.

Turri said it’s likely that the space will leased by several tenants, rather than to a single business.

“Certainly, we would make the building available for an entire floorplate or multiple floorplates should tenant demand go there,” he said.

evan@evanduggan.com

twitter.com/EvanBDuggan





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Real eState

Atlantic Canada real estate closes out 2020 with strong performance – Mortgage Broker News

Published

1 hour ago

 on

January 25, 2021

By

Megan Johnson



Atlantic Canada real estate closes out 2020 with strong performance

Despite its tradition of being home to some of the nation’s quieter real estate markets, Atlantic Canada generally followed the trends set by the Canadian housing sector, both in December and for the whole of 2020.

Latest numbers from the Canadian Real Estate Association indicated that on the national level, home sales saw a 12.6% annual increase, reaching a total of 551,392 transactions throughout 2020. The actual (not seasonally adjusted) national average home price was at $607,280 in December, representing a 17.1% year over year gain.

Newfoundland and Labrador

Home sales completed through Newfoundland’s MLS System totalled 4,684 units over the course of 2020, up by 14.7% annually and falling short of the record set in 2008 by less than 30 sales. A significant 54.4% annual surge in December helped propel the market.

Active residential listings declined by 21.1% annually, while the benchmark price for single-family homes rose by 6.5% year over year to $284,800. The benchmark price for townhouse/row units ticked up by 2.4% to $260,900, while the benchmark for apartments fell by 3.7% annually to $226,000.

New Brunswick

New Brunswick’s market saw a total of 9,963 homes sold from January to November 2020 (December data was not publicly available at time of writing), increasing by 11.2% annually.

“With one month still to be counted in 2020, MLS home sales in New Brunswick have already surpassed 2019’s full year totals by more than 500 units,” according to the province’s real estate association.

The average price of homes sold in November grew by 11.8% year over year to $203,907, while new listings went up by 8.3%. In contrast, active residential listings dropped by 37.8% to 2,895 units as of the end of November, levels not seen since 2001.

Nova Scotia

As reported by the Nova Scotia Association of Realtors, sales activity intensified by 13% annually, rising to a total of 13,923 transactions over the course of 2020, the highest level ever recorded in the province.

The annual average sale price, $291,224, was 13.8% higher than in 2019. New listings increased by 25.3% year over year, while active residential listings slid by 38.9%, hitting 2,676 units for sale as of the end of December.

Prince Edward Island

The number of homes sold through the MLS System of the PEI Real Estate Association totalled 1,972 units over the first 11 months of 2020 (PEI’s December data was also unavailable at time of writing), up 8.8% year over year.

The average price of homes sold in November grew by 21.2% annually to reach a new record high of $309,031. This marked the first time that the average sales price in PEI exceeded the $300,000 mark.

New listings had a 27.4% annual gain, while active residential listings as of the end of November were down 29.6% year over year, a level not seen since 2004.

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Real eState

Best Real Estate Investment App For US Investors To Manage Assets Launched – GlobeNewswire

Published

3 hours ago

 on

January 25, 2021

By

Megan Johnson



Cupertino, United States, Jan. 25, 2021 (GLOBE NEWSWIRE) —

BetterCapital.US has announced the launch of its latest real-estate investment app. The new app is designed to provide an easy-to-use platform for real estate investors to help them better manage and track their assets and find opportunities to maximize their capital from one dashboard.

More information is available at https://www.bettercapital.us

The newly launched real estate investment platform aims to eliminate the hassles and bottlenecks associated with managing a real estate portfolio. Many retail real estate investors face a wide range of challenges regarding tracking their investment performance and getting accurate, up-to-date information about market trends.

BetterCapital has launched its latest investment platform for real estate investors to help simplify the asset management process. The app features a real-time market trend update that allows users to receive up to date market news to help them make informed decisions.

The BetterCapital real estate investment app has an asset tracking feature that enables users to conveniently track important information, including rents, invoices, payments, equity, ROI, and more.

In addition, the app features Deep Dive sessions, an innovative training course that teaches users how to become financially independent and retire early. The Deep Dive sessions are also an opportunity for investors to learn from industry experts.

The Deep Dive sessions, in addition, offer users a chance to learn more about the various investment opportunities available on the platform. BetterCapital’s partners utilize the Deep Dive sessions to explain further what their business is about, ensuring users are well-informed before investing with them.

Other benefits users can get from the app include the chance to maximize their investment performance. Investors are introduced to a wide range of cash flow real estate-focused investments other than rentals, including syndication, flip, private money lending, among others, to help them grow their capital.

The company states: “The BetterCapital.US is a real estate investment app that was built by and for real estate investors who wants a better way to manage their assets, keep up-to-date with market trends and find ways to maximize their capital.”

Interested real estate investors can find more details by visiting the website mentioned above.

Contact Info:
Name: Ram Vaidyanathan
Email: Send Email
Organization: BetterCapital.us
Address: 6652 Clifford Ct, Cupertino, California 95014, United States
Website: https://bettercapital.us

Name: Ram Vaidyanathan
Organization: BetterCapital.us
Address: 6652 Clifford Ct, Cupertino, California 95014, United States

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Real eState

2021 Could See the Tightest Muskoka Real Estate Market in Years – Toronto Storeys

Published

9 hours ago

 on

January 24, 2021

By

Megan Johnson


“We had a [property on a] small — tiny — spring-fed lake in Muskoka, where the list-price was $599,000, and it sold in two days for $875,000,” says Ross Halloran of Sotheby’s International Realty, reflecting on the first few weeks of the year.

That’s $276,000 over list price for a two bedroom, one bathroom, “teardown” cottage. Welcome to the current Muskoka real estate market in 2021.

Closing the year on-trend with what the last several months presented, the region’s real estate scene saw record-breaking sales in both its residential non-waterfront and waterfront property categories in December.

And looking forward, Halloran — alongside Maryrose Coleman, also of Sotheby’s International — doesn’t anticipate a decline in buyers’ desires to snag space in Muskoka.

READ: Muskoka Real Estate Closes Out Year with Record-Breaking Activity

What the pair does foresee, however, is supply struggling to keep up with demand.

A Market as Tight as Ever

“I never like to let my listing inventory drop below 30,” Halloran says. “We’re now at seven.”

Coleman reinforces the sentiment, stressing the issue their team continues to face is supply. At the present moment (and for months leading up to the present moment, too) demand is holding its own.

“It’s a really tight market,” Coleman says. “There’s very little available. And there are a ton of buyers out there trying to find the right property.”

In fact, Halloran goes so far as to call the current situation “a bit of a quandary.” Typically, considering cottage country as a whole — from Parry Sound to Lake Simcoe, and down to Bancroft, inclusive of Muskoka, the Kawarthas, Haliburton, and the like — he and Coleman will see about 100 new listings in a given week.

Lately, though, Halloran says they’re seeing far fewer hit the market.

“It was 13 listings last week… as we end this week, 22 new listings have come up,” he says. “We’ve got a stockpile of buyers, because we had so many listings we were able to engage and begin discussions with a number of buyers that had begun their journey… we’ve got what we would normally have in property inventory in buyer briefs.”

In other words, the numbers have essentially reversed themselves, leaving this Sotheby’s team spread thin.

As a result, Halloran and Coleman say they’ve needed to develop new policies for navigating working relationships with buyers. With so many people requesting their time, asking for research to be done on prospective properties, they’ve found themselves going through that whole processes only to find out — as they’re preparing to move forward with an offer — they’re actually in a multi-offer situation.

And let’s be clear: this mad dash for cottage country real estate isn’t just for multi-million dollar, move-in ready properties (though, of course, those are always a sought-after treat). Coleman says that there are “a whole bunch of people” who are looking for tear-downs or lots they’ll be able to build on, and typically, these buyers are hoping to snag spaces like this at prices much lower than those of move-in ready lake houses.

“Part of the challenge is, there are a lot of people who are very specific about what they want,” Coleman explains. “They want to be close to Port Carling, but not right in Port Carling. They want to be on Lake Rosseau or Lake [Joseph], they don’t want to be on any other lake. They need privacy, they want a boathouse.”

If these desires sound familiar, don’t fret. But also, don’t start packing up your boxes just yet.

“There are only so many properties like that,” Coleman says, “but there are a great number of people looking for them.”

Halloran says that, as such, they’re working to do whatever they can to obtain listings as spring approaches. “You are a function of how many listings you have,” he stresses.

Owners Holding On Tight

Halloran says that going forward, he expects a sellers’ market for the foreseeable future. In order to be able to participate in the year ahead, attaining more product is necessary.

“Usually in the spring — come the beginning of March — we’re usually seeing an average of 200 new listings a week leading up to the Spring Cottage Life Show. Then there’s a drop-off, after the Spring Cottage Life Show, and then probably by late-April we’re back up to 200. I think by the time the end of May rolls around … I’d see about 300 listings [across all of cottage country].”

But right now, the region is seeing about 22 listings per week, on average, while days-on-market stats are dropping and sale-to-list averages are increasing. In fact, at the moment, the Lakelands region is looking at less than 0.6 months of inventory — a record low.

As a result of all these changes, Halloran says he expects to see both individual agents and teams alike presenting with less than half their normal inventory. His personal goal? Attaining between 20 and 30 listings before spring hits.

“We’ve got a lot of work to do over the winter,” he says.

But, with ongoing queries, listing proposals, market analyses, direct correspondence, and new product continually being added, it’s safe to say the team has already hit the ground running.

Still, it’ll be “a grind” to get ahold of sustainable inventory, because people are hanging onto their properties… or perhaps they’ve just recently acquired them, and they’re still just settling in! Never mind considering leaving. After all, the last year has proven a flexibility in day-to-day navigation that many may not have considered before, which, in many cases — with consideration to working from home and online schooling — means more room for cottage country to fit in. Whether someone’s long been in the region or only just arrived, it’s understandable that Muskoka living is an experience any owner would want to hold onto.

“[What] the people that own are telling us now is: ‘Sure, I can make a huge profit, but how am I going to be able to buy back in?’” Halloran reports. “‘I may as well just sit tight for now and enjoy what I have… or renovate what I have.’”

Selling your property suddenly becomes less appealing when there’s nothing else left to buy.

Renting as an Impermanent (but Still Competitive) Option

Meanwhile, those struggling to find their perfect property in the resale market — or those simply looking for a less permanent cottage country experience — tend to turn to the region’s rental market. But Coleman, who captains Muskoka District Rentals alongside her Sotheby’s role, says the sector is facing similar supply-and-demand struggles.

“There are a lot of people who aren’t renting who traditionally have rented, when they’ve gone on European vacations [and the like],” she explains. “They might have done the summer — they would rent their cottage for the two, three, four weeks they were going to be away. And that’s not happening now.”

While Coleman says there have been some recent buyers who are open to renting, there have also been properties that used to be on the rental market that have now been sold. In essence, the newly-purchased properties will merely replace those prior rentals, instead of adding to them.

There are also places that may typically be in the rental sphere, but because their owners are currently living or working there, those spots aren’t available these days. What’s more, an air of uncertainty hangs over the summer, leaving cottage-owners unsure of how they’re going to navigate 2021’s warm months. So many unknowns linger, including whether summer camps will be closed or if international travel will be permitted.

Many people who felt the pinch of these scenarios last summer, and who didn’t have a rental option, learned from the experience and booked early. In August and September of 2020, eager summer-lovers reserved their rentals to ensure they’d have something to look forward to when the warmth rolled back around.

Now, Coleman says, others are scrambling, trying to find their own place to stay.

And sure, someone really hankering for a summertime escape could hop on any given rental site to book, but what Muskoka District Rentals offers is different.

“Part of the reason people like to work with a company like ours,” Coleman says, “is they know they’ll get a higher quality of cottage, and they’re going to have available to service them, if anything goes wrong.”

Also, there’s a benefit to the relationships that are built through use of a reliable, human-centred service such as MDR. For example, if someone isn’t able to find a rental option online, a phone call with a listing agent may result in them learning that in just a couple days, the perfect property will be going live.

Ultimately, it’s looking like Muskoka’s wild ride isn’t slowing down anytime soon, regardless of whether the topic of focus is resale or rental. And, if the region’s market has reinforced any universal truth over the last several months, it’s that the more people can’t have a thing, the more they seem to want it.

But another universal truth is this: anything worth having is worth fighting for.

If you’re gunning for a place with a Lake Jo view, or one that’s perfectly poised just minutes from Port Carling, we suggest the latter mantra as the one to keep in mind.

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