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.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
