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Real estate in Guelph tackles new reality amid coronavirus: 'It's really changed how we're doing business . . .' – GuelphMercury.com

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“When I did enter a home for a final walk-through, we all sanitized, I had gloves on, the lights were all on and cupboards had been left open,” she added, saying that all contact with clients continued through phone and video calls.

While Szabo, who works for Home Group Realty Brokerage, counsels her buyers to continue to look online at properties they could be interested in, she suggests her sellers “to not put their home on the market unless necessary.”

The agent agreed with Arnold’s assessment that the coronavirus pandemic could bring about a more digital future for real estate, saying: “I believe we will see a lot more house shopping (being) done virtually.


“You could be seeing more 360-degree house tours that show the ceilings and the floors,” she explained.

“Listing agents are doing video walk-throughs showing parts of the house they never showed before such as inside of closets, utility rooms, laundry rooms, insides of garages and sheds.”

Quentin Sill has been a licensed agent since 2001 and says that changes made to the way his industry works are “not like anything I have ever seen.”

‘It is odd’

Sill, a Trillium West sales representative, described an unusual experience.

“I have shown one property since the COVID lockdown — it is odd, and I feel uncomfortable with the signed disclosure statements, masks and gloves, but if a property is a good fit and a client needs to make a move, it can be done,” he explained.

For Sill, real estate is about human interaction and virtual showings are “not something that I am 100-per-cent behind — at least not with the way my business is run as of today.”

Sill’s advice tells both sellers and buyers that “if you don’t have to make a move in real estate today, don’t.”

John Leacock had monitored early news reports on the looming coronavirus and, in anticipation of a market impact, advised his clients to sell in February, to “great success.”

“I did not expect the drastic extent (of) COVID-19, though,” he said, adding he believes “the work day has been completely changed” with the regular business of an agent reduced.

But now, Leacock said, “(days) involve researching homes and new web-based technologies for virtual staging, showing of homes and honing the skills necessary to manage multiple virtual showings with clients.”

All of the real estate agents that spoke to the Mercury Tribune emphasized a similar experience spending time fine-tuning their online presence.

“The amount of usual March/April activity has declined well over 80 per cent,” Anita Van Rootselaar explained. The spring months are considered one of the busiest times for the industry.

The RE/MAX agent said: “I’m immersed in learning new technology in regards to meetings, marketing, 360-degree tours (and) social media.”

In the end, said Brad Wylde, real estate is about consumer confidence and with the median sale price still up seven per cent from April 2019, now may not be a bad time to buy.

“Right now prices are a little lower than what they were in early March — money’s cheap. If you’re going to buy something and it’s going to be a longer term hold, you’re going to be set for several years,” he said.

“You might as well take advantage of the market.”

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Slate Asset Management Unveils Canadian Real Estate Special Situations Strategy; Doug Podd Joins as Managing Director – Canada NewsWire

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“Slate has identified an immediate opportunity to provide transitional capital to the Canadian real estate market through a blend of credit and structured equity. Our investment platform, institutional relationships and operational expertise uniquely position the firm to address this gap,” said Blair Welch, Founding Partner.

In conjunction with the strategy’s unveiling, Slate has appointed Doug Podd as Managing Director in the Toronto office, effective immediately.  Doug joins Slate with more than 25 years of experience in commercial real estate lending and previously served as Canadian Lead for Brookfield Financial’s debt advisory business, where he directly placed in excess of $4.5 billion of real estate and infrastructure debt.

“We are delighted to welcome Doug to the firm. His debt advisory and commercial lending background in the Canadian real estate market will be a significant value add to this strategy,” continued Welch.

Slate is offering quick execution and closing certainty on:

  • Bridge and Transitional Lending Solutions: As the financing environment tightens, Slate will assist borrowers on new acquisitions and refinancings, offering a mix of whole and junior loans;
     
  • Acquisition and Restructuring of Loans: Slate will work with lenders facing impaired performing and non-performing loans and securities to re-package existing positions; and
     
  • Flexible Liquidity Solutions for Assets, Funds and Sponsors: Slate will use preferred equity to help stabilize balance sheets where existing debt or equity is constrained.

About Slate Asset Management

Slate Asset Management is a leading real estate-focused alternative investment platform with over $6.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

For Further Information
Investor Relations
+1 416 644 4264
[email protected]

SOURCE Slate Asset Management L.P.

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Report says Ottawa real estate holds on while other cities slump – Ottawa Sun

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The capital is relatively insulated by jobs in the federal government and the technology sector, Real Estate Investment Network says.

Real-estate markets all over the country are slumping, except Ottawa’s, a report from the Real Estate Investment Network says.

Major real-estate markets are in the beginning to the middle of a slump, says the organization that advises investors.

The report divides real estate markets into three phases — slump, recovery and boom — and then segments each phase into beginning, middle and end.

According to the REIN analysis, Toronto and Vancouver are at the beginning of a slump, while Edmonton and Calgary are in the beginning to the middle of a slump because of COVID-19 restrictions.

However, Ottawa is at the beginning to the middle of a boom, said the report, which assesses 16 indicators, including employment, net migration, vacancy rates, affordability and number of days to sell, as well as market influencers.

“The coronavirus has been the greatest market influencer of all time,” said Jennifer Hunt, REIN’s vice-president research.

Ottawa is an “outlier” because it is relatively insulated by jobs in the federal government and the technology sector, Hunt said.

“There are so many strong fundamentals in the Ottawa market. The fundamentals are there.”

The report suggests the effects of COVID-19 on the indicators will move most real-estate markets further into the slump phase in the coming months.

As for the Ottawa market, it’s hard to say how long it will be insulated, Hunt said.

“We don’t have that crystal ball.”

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PC Urban, KingSett acquire Richmond industrial property – Real Estate News EXchange

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The Viking Way Business Centre has been acquired by PC Urban and KingSett Capital. The firms plan to redevelop the 9.7-acre property. (Courtesy PC Urban/Kingsett)

PC Urban Properties and KingSett Capital have partnered to purchase the multi-building light industrial Viking Way Business Centre in Richmond, B.C.

In an announcement Monday, the companies said current buildings on the 9.7-acre property, which include 160,000 square feet of leasable space, are 100 per cent occupied. PC Urban and KingSett plan to announce redevelopment and repositioning plans for the property this fall.

“This is our largest acquisition to date and it’s a well-positioned, well-known industrial property in a desired sub-market of Richmond where there is currently less than one per cent vacancy,” said Brent Sawchyn, CEO of PC Urban Properties, in the release. “For us, this acquisition is a natural progression of our growth and we are excited to be working with KingSett on reimagining and repositioning this property.”

Financial details have not been disclosed.

The property is located in Crestwood, the largest and most active sub-market in Richmond for industrial properties. The new owners say Viking Way Business Centre boasts a highly functional design, extensive frontage, an attractive look and design, and offers proximity to highways and transit.

Viking Way Business Centre

The single-storey, small-bay buildings are home to numerous light industrial businesses in biotech, electronics, aerospace, building products distribution, media, technology, textile and service businesses.

Demand for Viking Way Business Centre remains strong due to the park’s maintenance and appearance, along with its mix of unit sizes and dock/grade loading options.

“This partnership was attractive to us for a number of reasons,” said Andrew Kirkham, the Western Canada vice-president for KingSett Capital.

“Working with PC Urban Properties allows us to leverage local area knowledge and they have a strong track record for redeveloping industrial assets across Western Canada.”

Market rents have grown rapidly in North Richmond during the past three years, with strong demand for light industrial space, extremely limited options for tenants and a competitive atmosphere that includes multiple offers for most available spaces.

The average net rental rate in North Richmond increased more than 40 per cent from 2017 to 2019.

South Richmond has lagged behind due to the delayed George Massey Tunnel replacement and associated highway congestion. With no relief in sight for businesses located in South Richmond, PC Urban and KingSett believe demand will further increase for space in North Richmond.

PC Urban, KingSett partnership

IMAGE: Aerial view of the Viking Way Business Centre in Richmond, B.C. (Google Maps)

Aerial view of the Viking Way Business Centre in Richmond, B.C. (Google Maps)

In creating their partnership, PC Urban and KingSett are part of an emerging trend in the Metro Vancouver region, where local developers partner with institutional investors.

As noted in the CBRE 2020 Canada Market Outlook report, strong commercial real estate fundamentals attracted more investment capital to Vancouver in Q1 of 2020. CBRE is projecting that institutional investors, including Blackstone, Crestpoint and KingSett, will increasingly partner with local firms to gain a foothold in the market.

“Investors are still drawn to Vancouver in a big way and we’re seeing a growing number of institutional investors partnering with local operators in Vancouver,” said CBRE Vancouver managing director Jason Kiselbach, in the release.

“They’re looking at our fundamental lease rates and growth and buying as much as they can in office, industrial and multifamily, driving further construction of new projects.”

RELATED ARTICLES

* PC Urban moves into multiresidential development

* PC Urban to build office, commercial strata in Kelowna

* PC Urban launches new IntraUrban build, mulls spinoff firm

* Starlight, KingSett bid $4.8B for Northview Apt. REIT

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