David Dunn has been named the new CEO of Slate Retail REIT. (Courtesy Slate)
Slate Retail REIT (SRT-UN-T) has promoted David Dunn from chief operating officer to chief executive officer effective March 12, when current CEO Greg Stevenson is scheduled to retire.
Dunn has worked closely with Stevenson since 2015, overseeing asset management, property management and leasing. He has also been instrumental in the execution of the REIT’s strategy.
Dunn joined Slate Asset Management as a director in 2015 and previously worked as a broker and portfolio manager at CBRE.
“David’s deep knowledge of our business and the real estate industry will serve the REIT well as we pursue our strategy and growth initiatives,” said Thomas Farley, chairman of the board of trustees, in the announcement. “We will miss Greg, are grateful for his contributions and wish him well.
“We are thankful to him for grooming a successor from within Slate Asset Management who has been so helpful in developing our culture. As a result of Greg’s contributions, the REIT’s operations, balance sheet and portfolio are in the best position they have been since inception of the REIT.”
“I am grateful to Greg for his guidance and leadership over the last five years and for laying the foundation for a best-in-class team that is positioned for future growth,” Dunn said in the prepared statement.
SNC-Lavalin appoints CFO, new directors
SNC-Lavalin (SNC-T) named Jeff Bell its new CFO effective April 14 as a continuation of sweeping changes at the senior leadership level.
Bell is a former group CFO with energy services firm Centrica plc. The native of Barrie joined SNC-Lavalin as executive vice-president on Feb. 11. He will work with current CFO Sylvain Girard to ensure a smooth transition.
“I am very pleased to welcome Jeff Bell as CFO at a pivotal time for SNC-Lavalin,” said Ian L. Edwards, president and CEO, in a release. “SNC-Lavalin is focused on growing its high-potential engineering services business in core geographies around the world, an objective to which Jeff is uniquely suited.”
The firm also announced the nominations of Gary C. Baughman, Chris Clark and Mike Pedersen to the board of directors. They will stand for election by shareholders at the AGM on May 7.
Current board members Jacques Bougie, Catherine J. Hughes, Alain Rhéaume and Eric D. Siegel are stepping down.
Baughman brings extensive international engineering, construction, operations, maintenance and environmental industry experience, most recently as chair and CEO of Texas-based APTIM, a global design, construction, environmental remediation and maintenance service supplier.
Clark is the former PricewaterhouseCoopers Canada CEO and has significant corporate board experience. He sits on the board of Choice Properties REIT, Air Canada and Loblaw Companies, and is a former board member of Hydro One, Brookfield Office Properties and IGM Financial.
Pedersen brings extensive experience in leadership roles at large financial services institutions, including as CEO of TD Bank Group’s U.S. retail and commercial banking business from 2013 to 2017.
Rivett retiring as Fairfax president
After 17 years of service, Paul Rivett has decided to retire as president of Fairfax Financial Holdings Limited (FFH-T). Rivett will continue as the chair of certain Fairfax initiatives, including Fairfax Africa and Recipe Unlimited.
“Paul told me recently that for family reasons, he wanted to retire as president of Fairfax. It was with great sadness that I accepted his decision,” said CEO Prem Watsa in a release. “For 17 years, Paul has given his all and has been instrumental in our success over that time. I have had the pleasure of working very closely with Paul all those years and I will miss him greatly.”
“Working with Prem and the entire Fairfax family has been a joy, an honour and a privilege,” Rivett said in the release. “It has been incredible participating in helping grow the company over the years, working with such talented people and assisting other organizations and individuals along the way.”
Fairfax is a holding company engaged in property and casualty insurance and reinsurance and the associated investment management.
Newmark Knight Frank appoints two in Edmonton
Newmark Knight Frank has added two industry experts, Terrance Kong, B.Comm., AACI, P.App., and Tyler Fedun, B.Comm., AACI, P.App as vice-presidents in the firm’s valuation and advisory practice at its Edmonton office.
“In the wake of NKF V&A’s growth in the United States, our Canada practice is following suit, most recently with the establishment of the Edmonton office, with two very experienced valuation professionals,” said market leader and senior managing director Liam Brunner in a release.
Throughout his 14-year career, Kong has specialized in real estate valuation and advisory in Edmonton and Northern Alberta. He is experienced in cash-flow modelling and analysis of investment-quality assets, including complex assignments for financial reporting of institutional portfolios.
With 12 years of experience in CRE valuation and advisory, Fedun is known for his expertise for various asset types including retail petroleum, multifamily, industrial and land.
Reid has been a member of the board of trustees and a director of its predecessor entity, Firm Capital American Realty Partners Corp., since July 2016. He joined the board while it was undergoing a restructuring and provided “excellent advice and oversight” during the process, the firm says in the announcement.
Kalyk brings over 20 years of capital markets experience to Firm. Until her recent retirement, she spent 15 years with Canaccord Genuity as a managing director and senior member of the institutional equity sales team, focused on REITs and real estate.
Hurst takes new role at CFO Capital
CFO Capital has hired Ian Hurst to fill the role of SVP development for Atlantic Canada. Hurst has over 40 years of experience in hospitality.
A graduate of Ryerson University Hotel Management, he spent 22 years with CP Hotels (now Fairmont Hotels) and followed that with years of independent consulting in hospitality, including development, branding, operations and financing.
Meyer executive board chair at Terra Firma
Real estate finance company Terra Firma Capital Corporation (TII-X) announced Y. Dov Meyer as executive chairman of the board of directors. Meyer had been executive vice-chairman and is also Terra Firma’s former CEO.
He replaced John Kaplan, who has been chairman since 2013. Kaplan also stepped down from the board of directors.
“During (Kaplan’s) tenure as chairman, our loan and mortgage investments grew from just US$34 million to approximately US$140 million and the equity of the company increased by almost four times,” Meyer said in the release. “During this period, we also transitioned the company to focus primarily on the U.S. market which requires a different skill set and network.”
Prior to joining CDPQ, he held senior positions at Canadian Pension Plan Investment Board and General Electric.
Leaguer is a CFA Charterholder, holds an International Master of Business Administration from The University of Chicago Booth School of Business and a Bachelor of Commerce from McGill University.
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.
