Neil Lacheur, Avison Young principal and executive vice-president of real estate management services in Canada. (Courtesy Avison Young)
Slate Retail REIT and Slate Office REIT both named new senior executives during the past few days. At Slate Retail (SRT-UN-T), Andrew Agatep was promoted to chief financial officer and David Dunn to chief operating officer. Slate Office REIT named Michael Sheehan as its new CFO.
Agatep joined Slate Retail REIT in 2015 and most recently served as a vice-president and controller overseeing financial reporting, treasury and risk management. Prior to joining Slate, Agatep worked at BHP Billiton in Australia and PricewaterhouseCoopers.
Dunn also joined Slate Retail REIT in 2015 and most recently served as vice-president, asset management. He previously worked at CBRE.
The REIT is an owner and operator of U.S. grocery-anchored real estate.
At Slate Office REIT (SOT-UN-T), Sheehan had previously overseen financial reporting, treasury and risk management as director and controller. Prior to joining Slate, he worked at Ernst & Young LLP.
Both of the CFO positions were previously held by Robert Armstrong. He will continue as a member of the senior leadership team of Slate Asset Management, supporting the REITs and other Slate business verticals.
McAllan retires from Oxford Properties
The retirement of Andrew McAllan after three decades of service truly marks the end of an era at Oxford Properties.
The former head of real estate management “was feted by his friends, colleagues, current and former presidents of Oxford Properties” said Oxford VP John Peets in a LinkedIn post.
“I post on behalf of thousands who celebrate your contributions to Oxford and the real estate industry, we will miss you dearly. You had a legendary career few will ever repeat.”
At Oxford, McAllan rose from managing director and senior vice-president to head of real estate management, a role he maintained for 23 years. He oversaw a 50-million-square-foot portfolio which included office, retail, residential units, industrial and hotels and led 1,300 employees in eight cities.
During his career, McAllan managed the integration of more than 7.7 million square feet of acquisitions.
Lacheur heads AY’s Canadian RE management
Neil Lacheur has joined Avison Young as principal and executive vice-president of real estate management services in Canada. In this newly created role, Lacheur leads the strategy to grow AY’s property management business across the country.
“This is an exciting time to join Avison Young as it continues its ambitious growth trajectory in Canada and globally,” Lacheur said in a release.
Lacheur joins Avison Young from QuadReal Property Group, where he had been since its founding, leading the firm’s customer service strategy and culture. He holds a degree in Economics from University of Victoria and is a LEED-GA.
Hughes joins Quadreal board
Alastair Hughes has joined the board of directors at Quadreal Property Group. (Courtesy Quadreal)
QuadReal Property Group has appointed Alastair Hughes to its board of directors. Hughes has over 30 years of real estate experience in multiple international markets.
He joins QuadReal’s board after serving on the global executive board at JLL, where he held various executive management positions including CEO of JLL Asia Pacific and CEO of JLL Europe, Middle East and Africa.
“Alastair is a globally recognized leader and board member,” said Thomas Garbutt, QuadReal’s board chair, in a release. “We welcome the unparalleled perspective he will bring to complement our board experience and to guide our dedicated leadership team.”
QuadReal’s $37.6-billion portfolio includes $12 billion in international investments.
Hughes holds a bachelor in economics from Heriot-Watt University and a diploma in land economy from the University of Aberdeen.
Goudron takes helm at Parq Vancouver
Peter Goudron has taken on the roles of president and CEO of Parq Vancouver. Goudron brings more than 25 years of gaming, operations management and leadership experience to the position and replaces Joe Brunini.
Most recently he was executive director at the B.C. Gaming Industry Association. Goudron began his career at the Pacific National Exhibition and then held executive roles at Great Canadian Gaming Corporation.
The downtown Vancouver entertainment and gaming complex features two luxury hotels, the downtown’s only casino, restaurants and lounges, park space and more.
Darling Colliers’ new Edmonton managing director
Richard Darling has joined Colliers International as managing director of its Edmonton office.
Darling joins Colliers from Acklands-Grainger, where during a two-decade career he led a team responsible for growing $600 million in annual sales and presided over 300 national accounts.
“Richard brings a fresh perspective to strategic leadership, and a proven history of motivating high-performance teams,” said Scott Addison, president, brokerage at Colliers Canada.
Darling will lead the Edmonton team driving business development and raising the profile of Colliers in the local market.
Lippay named CEO of FirstShot
FirstShot Fund Inc. has appointed Jamie Lippay as its CEO. Lippay previously built a highly successful enterprise sales force automation software and consulting business focused on the U.S. alcoholic beverage distribution industry.
His company was listed on Profit Magazine’s Fastest Growing Companies in Canada many times and received the Microsoft Blue Sky Innovation award for ground-breaking software.
Lippay, a CPA with 25 years of business experience, is a graduate of the University of Toronto commerce program and received an MBA from the Schulich School of Business.
FirstShot is considering acquisitions of distressed and vacant mall properties in Canada and the U.S. to be repurposed for destination sites.
CIM International Group new CFO
Real estate and resources company CIM International Group appointed Pascal Attard as CFO to replace Edward Yang, who had filled the role on an interim basis.
Attard was the CFO of Delivra Corp. until November 2019, when he guided that company through the sale of its business. Attard also served as vice-president of finance and corporate controller.
Prior to that, Attard was the corporate controller for Red Tiger Mining Inc., after rising through the ranks for six years at McGovern Hurley LLP.
He holds a bachelor of accountancy, with honours, from Brock University and is both a CPA and CA.
In addition, Toronto-based CIM said Steven Zhang replaced Yang as its corporate secretary.
Partington heads Gallagher’s Canadian operations
Dave Partington is CEO of Gallagher’s Canadian retail property/casualty brokerage operations. (Courtesy Gallagher)
International insurance firm Gallagher named Dave Partington CEO of its Canadian retail property/casualty brokerage operations.
Partington joined Gallagher in 2012, initially leading regional offices in the U.K. In 2014, he relocated to the U.S. as president of the small business practice for Gallagher’s retail P/C brokerage operations.
Missaghie is president and CEO of Arch Corporation and portfolio manager, Anson Advisors Inc. responsible for management of the Arch Absolute Return Real Estate Fund.
Marleau resigns from Delma board
Hubert Marleau recently resigned from the board of directors of Montreal-based real estate firm Delma Group (DLMA-CN). Marleau was instrumental in achieving the public listing of the company’s RTO.
“Mr. Marleau is among the founders of this company and has contributed to what it has become today and the foundation of tomorrow’s growth,” said Henri Petit, Delma’s CEO, in a release.
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.
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.
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.
