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
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
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 joins Inovalis board
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
“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.
What Is the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) is a Canadian Crown Corporation that serves as the national housing agency of Canada and provides mortgage loans to prospective buyers, particularly those in need.
Understanding the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) serves as the national housing agency of Canada. CMHC is a state-owned enterprise, or a Crown corporation, that provides a range of services for home buyers, the government, and the housing industry.
CMHC’s stated mission is to “promote housing affordability and choice; to facilitate access to, and competition and efficiency in the provision of, housing finance; to protect the availability of adequate funding for housing, and generally to contribute to the well-being of the housing sector.”1
A primary focus of CMHC is to provide federal funding for Canadian housing programs, particularly to buyers with demonstrated needs. CMHC, headquartered in Ottawa, provides many additional services to renters and home buyers, including mortgage insurance and financial assistance programs. CMHC acts as an information hub for consumers, providing information on renting, financial planning, home buying, and mortgage management.
CMHC also provides mortgage loan insurance for public and private housing organizations and facilitates affordable, accessible, and adaptable housing in Canada.2 Additionally, CMHC provides financial assistance and housing programs to First Nations and Indigenous communities in Canada.3
Professionals and Consumers
CMHC provides services to both professionals and consumers. For professionals, CMHC aims to work in collaboration with different groups to provide affordable housing. Services include project funding and mortgage financing, providing information to understand Canada’s housing market, innovation and leadership networks to access funding and talent to spur housing innovation and increase supply, and providing speakers and hosting events for the industry.4
For consumers, CMHC seeks to provide all the tools an individual would need to either buy a home or rent a home and a variety of information and assistance for current homeowners, such as managing a mortgage, services for seniors to age in place, and financial hardship assistance.56
For financial hardship and mortgage assistance, CMHC provides tools that include payment deferrals, extending the repayment period, adding missed payments to the mortgage balance, moving from a variable-rate to a fixed-rate mortgage, and other special payment arrangements.7
Canada Mortgage and Housing Corporation (CMHC) and the National Housing Strategy
In November 2017, the Canadian government announced the National Housing Strategy.8 Rooted in the idea that housing is a human right, this 10-year, $70 billion project will largely be administered by CMHC, although some services and deliverables will be provided by third-party contractors and other Canadian federal agencies.9
Strategic initiatives of the National Housing Strategy include:
- Building new affordable housing and renewing existing affordable housing stock
- Providing technical assistance, tools, and resources to build capacity in the community housing sector and funds to support local organizations
- Supporting research, capacity-building, excellence, and innovation in housing research10
History of the Canada Mortgage and Housing Corporation (CMHC)
CMHC was established in 1946 as the Central Mortgage and Housing Corporation by the federal government in Canada with the primary mission of administering the National Housing Act and the Home Improvement Loans Guarantee Act and facilitating discounts to mortgage companies. Initially, CMHC began by providing housing to returning Canadian war veterans, and toward the end of the 1940s, CMHC began to administer a program providing low-income housing across Canada.11
In 1947, CMHC was responsible for opening Regent Park, a large low-income housing project, and Toronto’s first urban renewal project. By the 1960s, CMHC introduced co-op housing and multi-unit apartment buildings throughout Canada.11
In 1979, the Central Mortgage and Housing Corporation changed its name to the Canada Mortgage and Housing Corporation
Canadian home price gains accelerate again in May
Canadian home prices accelerated again in May from the previous month, posting the largest monthly rise in the history of the Teranet-National Bank Composite House Price Index, data showed on Thursday.
The index, which tracks repeat sales of single-family homes in 11 major Canadian markets, rose 2.8% on the month in May, led by strong month-over-month gains in the Ottawa-Gatineau capital region, in Halifax, Nova Scotia, and in Hamilton, Ontario.
“It was a third consecutive month in which all 11 markets of the composite index were up from the month before,” said Daren King, an economist at National Bank of Canada, in a note.
On an annual basis, the Teranet index was up 13.7% from a year earlier, the 10th consecutive acceleration and the strongest 12-month gain since July 2017.
Halifax led the year-over-year gains, up 29.9%, followed by Hamilton at 25.5% and Ottawa-Gatineau at 22.8%.
Housing price gains in smaller cities outside Toronto and its immediate suburbs again outpaced the major urban centers, with Barrie, Ontario leading the pack, up 31.4%.
On a month-over-month basis, prices rose 4.9% in Ottawa-Gatineau, 4.3% in Halifax and 3.7% in Hamilton.
The Teranet index measures price gains based on the change between the two most recent sales of properties that have been sold at least twice.
Canada‘s average home selling price, meanwhile, fell 1.1% in May from April, Canadian Real Estate Association data showed on Tuesday, but jumped 38.4% from May 2020.
(Reporting by Julie Gordon in Ottawa; Editing by Christopher Cushing)
Bank of Canada seeing signs of cooling in hot housing market
The sector surged in late 2020 and early 2021, with home prices escalating sharply amid investor activity and fear of missing out. The national average selling price fell 1.1% in May from April but was still up 38.4% from May 2020.
“You are starting to see some early signs of some slowing in the housing market. We are expecting supply to improve and demand to slow down, so we are expecting the housing market to come into better balance,” Macklem said.
“But we do think it is going to take some time and it is something that we are watching closely,” he told the Canadian Senate’s banking committee.
Macklem reiterated that the central bank saw evidence people were buying houses with a view to selling them for a profit and said recent price jumps were not sustainable.
“Interest rates are unusually low, which means eventually there’s more scope for them to go up,” he said.
Last year, the central bank slashed its key interest rate to a record-low 0.25% and Macklem reiterated it would stay there at least until economic slack had been fully absorbed, which should be some time in the second half of 2022.
“The economic recovery is making good progress … (but) a complete recovery will still take some time. The third wave of the virus has been a setback,” he said.
The bank has seen some choppiness in growth in the second quarter of 2021 following a sharp economic recovery from the COVID-19 pandemic at the start of the year, he added.
(Reporting by David Ljunggren and Julie Gordon; Editing by Peter Cooney and Richard Pullin)