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People Space: Exec hirings at MACH, Colliers, Epic… | RENX – Real Estate News EXchange

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Daniel Arbour is the Daniel Arbour to the vice-president, major projects at Montreal’s Groupe MACH. (Courtesy Groupe MACH)

Montreal-based real estate developer, owner and operator Groupe MACH has appointed engineer and urbanist Daniel Arbour to the position of vice-president, major projects.

Considered a pioneer in modern urban planning and championing Québec expertise in that field across the globe, Arbour was one of MACH’s very first patrons. Until recently, he was senior partner at architectural firm Lemay,  dealing mainly with major urban projects in Québec and Asia.

Previously to that, he had founded Daniel Arbour and Associates, which was eventually acquired by Lemay.

At MACH, Arbour will lead the development of major mixed-use projects, including the Quartier des lumières in Montréal.

He will take his post Sept. 8.

“We are very happy to welcome Daniel to the MACH family,” said Vincent Chiara, president of MACH, in a release. “His arrival at MACH feels like a perfect fit. We share a common vision and the same desire to innovate. Moving forward, his invaluable expertise and remarkable managerial talent will be real assets for our current and future major projects.”

Jackson managing director at Colliers Toronto

Colliers International (CIGI-T) has hired Jamie Jackson as managing director of the office practice group in the Greater Toronto Area.

Jackson’s diverse career reflects the broad skillset he brings to Colliers.

Most recently, Jackson was director of financial services for Iron Mountain, creating and selling multi-million-dollar technology solutions for major banks, insurers and law firms, while overseeing teams of account managers, sales representatives and support teams.

In this role, he was recipient of the firm’s achievement in sales awards in 2016 and 2017.

Prior to this, he was CEO of Fundraising Initiatives North America Inc., leading 500-plus staff during a period of rapid development that resulted in more than 100 per cent revenue growth.

 “We’re excited to have Jamie as part of our leadership team where he will bring in new ideas and drive business development,” says Daniel Holmes, executive managing director of Colliers GTA.

“Jamie has an impressive track record of achieving substantial revenue increases, while doing so with a commitment to excellent client service.”

Sullivan joins Epic board

Toronto-based Epic Investment Services has appointed Kevin Sullivan to its board of directors. He is the board’s first independent director and his appointment expands the board to five members.

“(Sullivan’s) 25 years of experience in investment management and established relationships in the capital market industry will be a great complement to our board’s skills and experience as we execute our growth strategy and create value for our clients,” said Jeff Kohn, chair and co-CEO of Epic Investment Services, in the announcement.

Sullivan was president of KMS Capital Ltd., a Toronto-based advisory firm.

Previously, Sullivan was at GMP Capital since its inception, serving as president and as CEO. He oversaw the creation and growth of GMP Securities and Richardson GMP, a leading Canadian independent investment dealer and wealth management firm, respectively.

He also helped facilitate GMP’s IPO and oversaw its growth from a market capitalization of $300 million to over $1 billion within a seven-year period.

Prior to GMP, he spent three years in the European capital market and was also a lawyer in general practice in Calgary.

Lemay moves to Colonnade BridgePort

Joe Lemay is manager, investment management, at Colonnade BridgePort. (Courtesy Colonnade BridgePort)

Colonnade BridgePort has added Joe Lemay to its investment management team as manager, investment management. In the role, Lemay will lead the transaction management for new acquisitions and dispositions of assets on behalf of the owner.

Lemay moves to Colonnade BridgePort from a national institutional real estate management firm, where he worked on the acquisitions and disposition team. Prior to this he was an analyst in the valuation and advisory department at Altus Group.

Jackson holds two bachelor of commerce degrees, one in finance and the other in entrepreneurship, from the University of Ottawa. Also, he is a candidate member of the Appraisal Institute of Canada.

Three new board members at Minto

Minto Group has appointed three new members to its board of directors. Floriana Cipollone, Gabriel Greenberg and Rachel Greenberg have joined the board of the privately held company.

Cipollone is the chief financial officer of MCAN Mortgage Corporation and previously CFO of Plaza REIT. She brings over 30 years of financial experience to the table including mergers and acquisitions, capital markets, corporate governance and risk, and investor relations.

Gabriel Greenberg is a corporate director of the Greenberg Family Enterprise. Before joining Minto’s board, he spent his career in the banking and real estate management industries in both Canada and the U.S.

Rachel Greenberg continues to work for the Greenberg Family Enterprise, most notably driving the creation of a philanthropy strategy for the third generation of the family.

Freed names Jiwa manager of investments

Imran Jiwa has been named the manager of investments at Freed Developments in Toronto.

Jiwa was most recently involved in real estate asset and investment management at Lux Equity, where he worked for over four years.

He also held a role in in asset management and operations, with a focus on seniors living at Metta Lifestyles, and spent a year as asset manager at Impact Equity.

He is also an executive board member at the Ontario Retirement Communities Association.

Graham retiring as Horizon North co-CEO

Horizon North Logistics Inc. (HNL-T) reports Rod Graham is retiring as co-CEO and president for modular solutions.

Graham will stay on for up to three months to assist with the transition. He will remain a Horizon North director until the next annual meeting as part of the transition plan.

“Mr. Graham was a key contributor in the completion of the Horizon North and Dexterra transaction and in the initial post transaction integration efforts,” said board chair Bill McFarland in the announcement.

“The board and Fairfax Financial Holdings Limited remains fully committed to all three lines of business at Horizon North. All parties agree that one leader and one voice is in the best interests of the corporation at this time as we create a world-class platform and organization.”

John MacCuish will become CEO, with continued leadership as president of the facilities management business.

Mark Becker becomes COO and will be involved in the modular solutions transition and continue to lead as president of the workforce, accommodation, forestry and energy services business.

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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.

The Canadian Press. All rights reserved.

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B.C. voters face atmospheric river with heavy rain, high winds on election day

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VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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No shortage when it comes to B.C. housing policies, as Eby, Rustad offer clear choice

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British Columbia voters face no shortage of policies when it comes to tackling the province’s housing woes in the run-up to Saturday’s election, with a clear choice for the next government’s approach.

David Eby’s New Democrats say the housing market on its own will not deliver the homes people need, while B.C. Conservative Leader John Rustad saysgovernment is part of the problem and B.C. needs to “unleash” the potential of the private sector.

But Andy Yan, director of the City Program at Simon Fraser University, said the “punchline” was that neither would have a hand in regulating interest rates, the “giant X-factor” in housing affordability.

“The one policy that controls it all just happens to be a policy that the province, whoever wins, has absolutely no control over,” said Yan, who made a name for himself scrutinizing B.C.’s chronic affordability problems.

Some metrics have shown those problems easing, with Eby pointing to what he said was a seven per cent drop in rent prices in Vancouver.

But Statistics Canada says 2021 census data shows that 25.5 per cent of B.C. households were paying at least 30 per cent of their income on shelter costs, the worst for any province or territory.

Yan said government had “access to a few levers” aimed at boosting housing affordability, and Eby has been pulling several.

Yet a host of other factors are at play, rates in particular, Yan said.

“This is what makes housing so frustrating, right? It takes time. It takes decades through which solutions and policies play out,” Yan said.

Rustad, meanwhile, is running on a “deregulation” platform.

He has pledged to scrap key NDP housing initiatives, including the speculation and vacancy tax, restrictions on short-term rentals,and legislation aimed at boosting small-scale density in single-family neighbourhoods.

Green Leader Sonia Furstenau, meanwhile, says “commodification” of housing by large investors is a major factor driving up costs, and her party would prioritize people most vulnerable in the housing market.

Yan said it was too soon to fully assess the impact of the NDP government’s housing measures, but there was a risk housing challenges could get worse if certain safeguards were removed, such as policies that preserve existing rental homes.

If interest rates were to drop, spurring a surge of redevelopment, Yan said the new homes with higher rents could wipe the older, cheaper units off the map.

“There is this element of change and redevelopment that needs to occur as a city grows, yet the loss of that stock is part of really, the ongoing challenges,” Yan said.

Given the external forces buffeting the housing market, Yan said the question before voters this month was more about “narrative” than numbers.

“Who do you believe will deliver a better tomorrow?”

Yan said the market has limits, and governments play an important role in providing safeguards for those most vulnerable.

The market “won’t by itself deal with their housing needs,” Yan said, especially given what he described as B.C.’s “30-year deficit of non-market housing.”

IS HOUSING THE ‘GOVERNMENT’S JOB’?

Craig Jones, associate director of the Housing Research Collaborative at the University of British Columbia, echoed Yan, saying people are in “housing distress” and in urgent need of help in the form of social or non-market housing.

“The amount of housing that it’s going to take through straight-up supply to arrive at affordability, it’s more than the system can actually produce,” he said.

Among the three leaders, Yan said it was Furstenau who had focused on the role of the “financialization” of housing, or large investors using housing for profit.

“It really squeezes renters,” he said of the trend. “It captures those units that would ordinarily become affordable and moves (them) into an investment product.”

The Greens’ platform includes a pledge to advocate for federal legislation banning the sale of residential units toreal estate investment trusts, known as REITs.

The party has also proposed a two per cent tax on homes valued at $3 million or higher, while committing $1.5 billion to build 26,000 non-market units each year.

Eby’s NDP government has enacted a suite of policies aimed at speeding up the development and availability of middle-income housing and affordable rentals.

They include the Rental Protection Fund, which Jones described as a “cutting-edge” policy. The $500-million fund enables non-profit organizations to purchase and manage existing rental buildings with the goal of preserving their affordability.

Another flagship NDP housing initiative, dubbed BC Builds, uses $2 billion in government financingto offer low-interest loans for the development of rental buildings on low-cost, underutilized land. Under the program, operators must offer at least 20 per cent of their units at 20 per cent below the market value.

Ravi Kahlon, the NDP candidate for Delta North who serves as Eby’s housing minister,said BC Builds was designed to navigate “huge headwinds” in housing development, including high interest rates, global inflation and the cost of land.

Boosting supply is one piece of the larger housing puzzle, Kahlon said in an interview before the start of the election campaign.

“We also need governments to invest and … come up with innovative programs to be able to get more affordability than the market can deliver,” he said.

The NDP is also pledging to help more middle-class, first-time buyers into the housing market with a plan to finance 40 per cent of the price on certain projects, with the money repayable as a loan and carrying an interest rate of 1.5 per cent. The government’s contribution would have to be repaid upon resale, plus 40 per cent of any increase in value.

The Canadian Press reached out several times requesting a housing-focused interview with Rustad or another Conservative representative, but received no followup.

At a press conference officially launching the Conservatives’ campaign, Rustad said Eby “seems to think that (housing) is government’s job.”

A key element of the Conservatives’ housing plans is a provincial tax exemption dubbed the “Rustad Rebate.” It would start in 2026 with residents able to deduct up to $1,500 per month for rent and mortgage costs, increasing to $3,000 in 2029.

Rustad also wants Ottawa to reintroduce a 1970s federal program that offered tax incentives to spur multi-unit residential building construction.

“It’s critical to bring that back and get the rental stock that we need built,” Rustad said of the so-called MURB program during the recent televised leaders’ debate.

Rustad also wants to axe B.C.’s speculation and vacancy tax, which Eby says has added 20,000 units to the long-term rental market, and repeal rules restricting short-term rentals on platforms such as Airbnb and Vrbo to an operator’s principal residence or one secondary suite.

“(First) of all it was foreigners, and then it was speculators, and then it was vacant properties, and then it was Airbnbs, instead of pointing at the real problem, which is government, and government is getting in the way,” Rustad said during the televised leaders’ debate.

Rustad has also promised to speed up approvals for rezoning and development applications, and to step in if a city fails to meet the six-month target.

Eby’s approach to clearing zoning and regulatory hurdles includes legislation passed last fall that requires municipalities with more than 5,000 residents to allow small-scale, multi-unit housing on lots previously zoned for single family homes.

The New Democrats have also recently announced a series of free, standardized building designs and a plan to fast-track prefabricated homes in the province.

A statement from B.C.’s Housing Ministry said more than 90 per cent of 188 local governments had adopted the New Democrats’ small-scale, multi-unit housing legislation as of last month, while 21 had received extensions allowing more time.

Rustad has pledged to repeal that law too, describing Eby’s approach as “authoritarian.”

The Greens are meanwhile pledging to spend $650 million in annual infrastructure funding for communities, increase subsidies for elderly renters, and bring in vacancy control measures to prevent landlords from drastically raising rents for new tenants.

Yan likened the Oct. 19 election to a “referendum about the course that David Eby has set” for housing, with Rustad “offering a completely different direction.”

Regardless of which party and leader emerges victorious, Yan said B.C.’s next government will be working against the clock, as well as cost pressures.

Yan said failing to deliver affordable homes for everyone, particularly people living on B.C. streets and young, working families, came at a cost to the whole province.

“It diminishes us as a society, but then also as an economy.”

This report by The Canadian Press was first published Oct. 17, 2024.

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