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Real estate could reap climate action dividends – REMI Network – Real Estate Management Industry Network

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The global urgency for climate action has an upside companion in global opportunities for strategic investment that could improve people’s lives and yield sustainable returns. Delivering the keynote address during the recent online commercial real estate sustainability trailblazers (CREST) awards, Dr. Richard Munang, the United Nations Environment Program (UNEP) climate change coordinator for Africa, underscored how the pursuit of net-zero emissions could open up new markets, create jobs and richly reward investors who move in advance of regulatory mandates.

“Not everybody who chased the zebra caught it, but he who caught it, chased it. This African proverb describes a critical asset that precedes success and it is summed up in two words: Taking chances,” Munang submitted. “Environmental sector players regularly need to take chances and seize opportunities.”

While the landlord-tenant teams participating in the race2reduce — a climate action initiative of the Building Owners and Managers Association (BOMA) of Greater Toronto aimed at finding energy and water savings and curbing solid waste output within commercial buildings — might not define themselves as direct environmental sector players, they fit into Munang’s broader philosophy of moving key economic sectors onto what he terms the net-zero emissions pathway.

Real estate, he maintains, is particularly well positioned to realize the “economic, social and environmental dividends” of operational savings, enhanced asset value, market influence and emerging new investment asset classes such as energy retrofit and affordable housing. Citing the findings of the recently released Intergovernmental Panel on Climate Change (IPCC) report on the physical factors of climate change, he reiterated that real estate’s current quotient of 40 per cent of total global emissions also gives it the weight to lead the transition to net-zero status. Projections for a required USD $4.7 trillion global investment in green buildings over the next eight years represent critical leverage.

“The real question that all of us need to ask today, and also need to answer, is how the process of reducing these emissions can actually unlock more investment opportunities for the real estate industry as we drive inclusive economic growth,” Munang asserted. “Real estate can enhance the chances of realizing and attracting capital in green developments. This comes with a reorientation where focus shifts from ordinary markets and investments to niche markets and investments that place a premium on green sustainability.”

Along with the tangible reduction achievements gained through low-emission technologies, passive design principles and renewable energy options, he credits “soft” attributes such as passion, inspiration and boldness for generating interest, drawing participation, bolstering commitment and helping to overcome obstacles. That’s also central to the race2reduce and CREST strategy, which harnesses friendly rivalry while creating a context for collaborative efforts toward a larger shared goal.

As Munang affirmed, that shared goal is a momentous one:

“In the cycles of life, it happens that big challenges befall one generation which must be solved to guarantee the existence of future generations,” he said. “Climate change is the challenge of our generation. And we have all of 10 to 30 years with which to change the cause and narrative for present and future generations.”

The 2021 CREST winners are:

Performance Leadership, Electricity

  • ≤ 100,000 square feet: 15 Toronto Street, Toronto; owned by 15 Toronto Holdings Limited; managed by Madison Properties Inc.
  • 100,000 to 500,000 square feet: 40 St. Clair Avenue West, Toronto; owned and managed by Colliers International
  • ≥ 500,000 square feet: 100 Wellington Street West, Toronto; owned and managed by The Cadillac Fairview Corporation

Performance Leadership, Gas

  • ≤ 100,000 square feet: 480 Progress Avenue, Toronto; owned by CIBC; managed by BGIS
  • 100,000 to 500,000 square feet: 95 Moatfield Drive Toronto; owned and managed by Colliers International
  • ≥ 500,000 square feet: 3381/3389 Steeles Avenue, Toronto; owned and managed by CentreCorp

Performance Leadership, Water

  • ≤ 100,000 square feet: 154 University Avenue, Toronto; owned and managed by Colliers International
  • 100,000 to 500,000 square feet: 1, 3 & 4 Robert Speck Parkway, Mississauga; owned and managed by Colliers International
  • ≥ 500,000 square feet: 100 Wellington Street West, Toronto; owned and managed by The Cadillac Fairview Corporation

Performance Leadership, Waste

  • ≤ 100,000 square feet: 154 University Avenue, Toronto; owned and managed by Colliers International
  • 100,000 to 500,000 square feet: 390 Bay Street, Toronto; owned by Munich Reinsurance Company of Canada; managed by Avison Young Real Estate Management Services
  • ≥ 500,000 square feet: RioCan portfolio; owned and managed by RioCan Real Estate Investment Trust

Performance Leadership, Landmark Buildings

  • Greater Toronto Airports Authority portfolio; owned and managed by Greater Toronto Airports Authority

Climate Champion

  • 100,000 to 500,000 square feet: 90 Sheppard Avenue East, Toronto; owned and managed by Crown Property Management Inc.
  • ≥ 500,000 square feet: 25 York Street; owned by Menkes Developments; managed by Menkes Property Management Services

Collaborative Excellence, Landlord

  • ≤ 500,000 square feet: 390 Bay Street, Toronto; owned by Munich Reinsurance Company of Canada; managed by Avison Young Real Estate Management Services
  • ≥ 500,000 square feet: 1800 Sheppard Avenue East, Toronto; owned and managed by The Cadillac Fairview Corporation

Collaborative Excellence, Tenant

  • ≤ 500,000 square feet: 250 The Esplanade, Toronto; Tenant, Energy@Work; Owner, Berkeley Castle Investments

Innovative Excellence

  • ≤ 100,000 square feet: 15 Toronto Street, Toronto; owned by 15 Toronto Holdings Limited; managed by Madison Properties Inc.
  • 100,000 to 500,000 square feet: 4711 Yonge Street, Toronto: owned by Menkes Developments & Healthcare of Ontario Pension Plan (HOOPP); managed by Menkes Property Management Services
  • ≥ 500,000 square feet: 999 Upper Wentworth Street, Hamilton; owned and managed by The Cadillac Fairview Corporation

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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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.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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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.

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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.

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