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Pattie Lovett-Reid: Three real estate trends emerging from the coronavirus pandemic – CTV News

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TORONTO —
There is little doubt COVID-19 has wreaked havoc on more than one wedding this season. And while I’m truly disappointed for couples who had big plans for their special day, the average cost of a wedding is not insignificant. Using a rough estimate, let’s call it approximately $30,000. This is a big expense for one day, plus a honeymoon. Saving this sort of money takes discipline and hard work. Marriage is a huge milestone and can be celebrated in many ways.

1. In a unexpected twist, couples planning to tie the knot — while disappointed their wedding plans have been cancelled due to COVID-19 — are not letting that money sit idly. COVID-19 is not stopping them from building their life together emotionally and financially.

According to Rakhee Dhringra, CEO of Mortgage Savvy, “We recently had the pleasure of assisting a few first-time homebuyers who were scheduled to get married this summer. Unfortunately, due to the current environment they had to postpone their wedding. Based on the money they received back from their deposit cheques, they were able to allocate those funds towards buying their first home — one where their family can build long-lasting memories and grow into long-term.”

2. Another emerging trend is the backyard and home renovation. It is safe to say many are hesitant to travel this year until at least a vaccine is found and the result — a staycation option. Rakhee herself has been putting off her backyard reno in favour of travel but has decided this year the travel budget is being shifted toward home investment.

She went on to say, “during COVID-19, we’ve been able to support many clients on the refinancing front. By leveraging existing equity in their homes, many clients have been able to do some much needed home renovations. Doing so, not only gives them the opportunity to invest back into their home and appreciate the overall value of their property, but also design their home to reflect more of their current needs.”

Weeks of isolation has given us a very clear idea of where we spend our time in our home and highlights what has worked and what has been working as well. Our son Kev and his wife Ellen are literally expecting their second child in days. Currently living in a two-bedroom home is ideal for their current situation but are concerned as the family grows and did I mention their two dogs, their home isn’t going to be as ideal as it once was. Thoughts of moving were explored and then tempered by the sheer logistics of it during a pandemic and the costs. Their solution is to build on the existing structure with great savings from the land transfer tax costs combined with real estate fees being redirected towards their home renovation.

For families that are growing, backyards that have overgrown, and with more Canadians working from home, a renovation can be both financially savvy and emotionally satisfying.

3. Cottage life isn’t for everyone and travel to the cottage due to the pandemic has been restricted in some communities for now. However, that hasn’t stopped people from exploring in a low-interest rate environment a second or even investment property. Land, water, fresh air and no air travel can be very appealing. It is still early days however, based on the number of requests I’ve had — 3 to date from people thinking about buying in cottage country, you know waterfront supply and demand will soon kick in and prices will continue trend higher.

Real estate for most is our largest asset and our greatest liability. But our home is so much more, it is also a place of pride and comfort. During periods of difficulty hunkering down in your home can have a calming influence in a time when you feel you have little control over much else.

These may be just a few of the early and unintentional trends in real estate that have evolved out of a pandemic but that doesn’t mean that it is a bad thing.

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Calgary retains commercial real estate team to revive new arena – CTV News Calgary

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The City of Calgary has recruited three people from the commercial real-estate sector in an effort to get a new event centre to replace the aging Scotiabank Saddledome.

CBRE executive vice-president John Fisher, director of strategic initiatives with NAIOP Calgary Guy Huntingford and Ayrshire Group executive chairman Phil Swift have been retained to engage both the city and the and Calgary Sports and Entertainment Corporation (CSEC) to reach a new deal.

At Wednesday’s meeting, the city’s planning and development manager Stuart Dalgleish told committee members the group has already begun their work.

“We are at a stage where our third party is having discussions with both the Calgary Sports and Entertainment Corporation and the City of Calgary, with a view to determining whether there is interest in discussions toward a new event centre, and a new deal towards the new event centre,” Dalgleish said.

Mayor Jyoti Gondek is optimistic the team will be able to break the impasse between the city and CSEC.

“Today’s news is good news, and we need to be patient with what comes following this,” she said.

Ward 1 Coun. Sonya Sharp, who chairs the event centre committee, says naming a third party to assist in negotiations is a big step to seeing a new arena rise from the ashes of the failed deal.

“I’m very satisfied. There’s been a lot of work been put into this to get to where we are today,” she said.  “Everybody wants an event centre built.”

However, sports economist Moshe Lander says it might not be such a great deal for most Calgary taxpayers.

“The issue about who should pay for it is something that goes on in every city, more or less, anytime there’s an arena or stadium discussion,” he said.

“In almost every single case, the public sector blinks first and ends up throwing money at a project that’s not going to recoup its costs.”

“Really, it’s just an issue at this point of how much money does the City of Calgary want to throw at this project, understanding that it’s not going to get it back? How much does it want to sell to the taxpayers that this is what you’re going to be on the hook for, even though the vast majority of residents in the city are not going to use that arena in any capacity?”

CTV reached out to CSEC on Wednesday to ask if the owners still had any interest in reviving the deal. There was no response by publishing deadline.

The original agreement was signed in December 2019. In it, the city and CSEC agreed to split the cost of the $550 million project. When the price tag jumped to over $630 million, the Flames ownership group balked and cancelled the deal. It officially expired New Year’s Eve 2021.

Earlier this month, NHL commissioner Gary Bettman met with CSEC to discuss the arena, among other topics. At the time, he told reporters he remained hopeful a deal could be struck.

“I’m always optimistic,” said Bettman. “There’s nothing going on right this second to report that would indicate there is going to be a solution immediately, but my hope is that everybody can figure this out.”

Bettman also warned without a new arena or an updated Saddledome, Calgary would miss out on significant NHL events such as All-Star games.

The Saddledome is the second-oldest NHL arena behind only New York’s Madison Square Garden.

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Commercial Real Estate Report (Canada 2022) – RE/MAX Canada – RE/MAX News

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  • Commercial real estate report_blog header
Lydia McNutt

Public Relations & Content Manager | RE/MAX Canada

Lydia McNutt is an award-winning writer, editor and public relations professional, with a focus on all things real estate. At RE/MAX Canada, Lydia translates market data and trends into educational and entertaining content for homebuyers and sellers, while furthering the RE/MAX brand reach, nationally and globally. Explore timely news articles, market trend reports and thought-leadership on blog.remax.ca. Lydia has been published nationally on topics ranging from real estate to architecture, design and decor, finance, business, technology, entertainment and lifestyle topics. Email Lydia at lmcnutt@remax.ca


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Calgary recruits commercial real estate expertise to revive new arena – Sportsnet.ca

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CALGARY — The city of Calgary has recruited citizens from the commercial real-estate sector to help get a new event centre and home for the Calgary Flames back on track.

When an agreement between the city and Calgary Sports and Entertainment Corporation, which owns the Flames, collapsed late last year, city council voted in January to get a third party involved.

John Fisher, Guy Huntingford and Phil Swift are tasked with determining whether the Flames still want to build an arena with the city, or if the city will have to look for other potential partners to build an event centre.

Fisher is executive vice-president of CBRE, Huntingford is director of strategic initiatives with NAIOP Calgary, and Swift is executive chairman of the Ayrshire Group investment firm.

“This team brings considerable expertise from the commercial real-estate industry including experience in larger development,” the city’s planning and development manager Stuart Dalgleish said Wednesday in an event centre committee meeting.

“The third party has spent considerable time understanding the items and interests behind the terminated agreement and the current landscape. These items have become clarified.

“Based on a meeting with both the city and CSEC, the next step is for the third party to make recommendations on a possible path forward.”

Dalgleish said there is no definitive commitment or timeline for a new agreement.

The city and the Flames agreed on an arena deal over two years ago with the initial estimate of $550 million split between the two.

Shovels were scheduled to hit the ground in 2022 for a 19,000-seat arena and concert venue replacing the Saddledome, which has been the home of the Flames for 39 years.

The cost estimate for the project rose to $634 million, however.

Since the two sides agreed to an amended deal last July, the city added an additional $19 million in roadwork and climate mitigation to the project, and wanted the Flames to pay for $10 million of that.

CSEC president John Bean said in December that the Flames were withdrawing from the agreement because of an accumulation of issues and increased financial risk.

“While CSEC was prepared to move forward in the face of escalating construction costs, and assume the unknown future construction cost risk, CSEC was not prepared to fund the infrastructure and climate costs that were introduced by the city following our July agreement … and are not included in the current cost estimate of $634 million,” Bean said then.

So the Flames remain in the Saddledome, which is the second-oldest NHL arena behind New York’s Madison Square Garden.

CSEC also owns the Western Hockey League’s Hitmen, Canadian Football League’s Stampeders and National Lacrosse League’s Roughnecks.

The Flames recently announced they will move their American Hockey League affiliate from Stockton, Calif., to Calgary for the 2022-23 season.

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