Shiller Lavy Realties is packing its bags and leaving Mile End — or starting to, at least.
Real eState
Real-estate investors Shiller Lavy selling five buildings in Mile End
“They’re not people who loved the neighbourhood for what it was,” says Mile End councillor Marie Sterlin.
“I guess I’m not that happy about it,” said S.W. Welch owner Stephen Welch, who fought a hefty Shiller Lavy rent increase in 2021 and won, with help from outraged Mile End residents.
“They bought (this building) as well as other buildings and turfed out other businesses, now they’re selling. It’s due to the market climate, I guess. They’re business people, that’s what they do. It’s kind of lousy, but …”
Welch’s battle earned him a two-year lease extension, which comes to an end this summer. He doesn’t expect to be offered another renewal from either Shiller Lavy or the new owners.
“I’m leaving at the end of July,” Welch said. “I’ll contact them, as I have done in the past, and ask if they want to extend it; but they’re not going to want to. Any time you sell a building, it’s better if the property is as empty as possible.”
Welch would like to stay, “but that’s pie in the sky stuff,” he said. If it doesn’t work out, he will sell his remaining wares and retire.
“When I moved in, it was pretty sleepy around here,” he said. “It’s funny to think, but there were no parking meters on the street. It was a very different place. I sometimes wonder if stores like mine take advantage of an area gentrifying, move in when the rents are still low and help gentrify it.
“Now it’s on the downswing, in my view. Tour groups come by and pause in front of the store, where they probably talk about my fight and the way the community came together to help me stay a while. It’s all very interesting, but once I’m gone it will be: ‘This is where so-and-so used to be. This is where Cagibi used to be.’ Come on. It’s kind of dumb. So what is the street now? Where is the coolness that it used to be? It’s pretty well gone, expect for the cafés and a few other things. It’s not cool anymore. I guess that’s the way it goes.”
A two-storey building across the street at 210 to 212 St-Viateur St. W., of which the ground floor is rented by QDC Burger, was bought by Shiller Lavy in 2016 for $374,000. It’s now selling for $1.475 million.
Over at the corner of Clark St., the complex housing Bishop & Bagg Pub and Falafel Yoni is going for $4.9 million. It was purchased in 2012 for $1.25 million. Bishop & Bagg owners did not respond to a request for comment.
A block away, the building at the corner of St-Laurent Blvd. that was once home to queer-friendly café-resto Le Cagibi is now rented by Mexican restaurant and cocktail bar La Catrina, after sitting empty for a couple years. Bought by Stephen Shiller’s son Brandon Shiller and partner Jeremy Kornbluth for $1.3 million in 2015 and sold to Shiller Lavy for $1.5 million in 2019, it’s now going for $3.5 million.
Reached by phone Wednesday morning, Danny Lavy was not willing to discuss his company’s apparent exodus from Mile End.
“You think I’m going to make a comment?” he said. “No. I appreciate it. Goodbye.”
Avi Breitman, the real-estate agent for the buildings rented by Lululemon and QDC Burger, wouldn’t say why Shiller Lavy decided to sell.
Breitman said there has been interest since the buildings went on the market just before the holidays, and he expects them to sell without trouble.
“We’ve had good traffic,” he said. “We’ve had some offers. I’m not worried.”
Even once all five buildings sell, Shiller Lavy won’t be completely gone from Mile End. The company still owns at least three buildings along the street, home to businesses including Cantina Emilia and Bar Le Waverly.
Marie Sterlin, Projet Montreal councillor for Mile End, says Shiller Lavy’s departure signals the end of a difficult decade for the neighbourhood.
“Shiller Lavy had a devastating effect not only on the commercial fabric but on the social fabric of Mile End,” she said. “They’re not people who loved the neighbourhood for what it was.”
Continue Reading
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.
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.
The Canadian Press. All rights reserved.
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.
News2 hours ago
Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title
News2 hours ago
Talks to resume in B.C. port dispute in bid to end multi-day lockout
News2 hours ago
The Royal Canadian Legion turns to Amazon for annual poppy campaign boost
Investment5 years ago
dynaCERT Inc. Invites You to Join Us at the Vancouver Resource Investment Conference | INN – Investing News Network
Sports5 years ago
AP source: Bears acquiring quarterback Nick Foles from Jaguars – Sportsnet.ca
Media1 year ago
12 Bizarre Things People Did Just To Make Social Media Content
-
News17 hours agoFreeland says she’s ready to deal with Trump |
-
News17 hours agoNASA astronauts won’t say which one of them got sick after almost eight months in space
-
News17 hours ago43 monkeys remain on the run from South Carolina lab. CEO thinks they’re having an adventure
-
News18 hours agoFreeland rallies a united front ahead of Trump’s return to White House
-
News18 hours agoDeputy minister appointed interim CEO of AIMCo after Alberta government fires board
-
News18 hours agoMontreal says Quebec-Canada dispute stalling much-needed funding to help homeless
-
News18 hours agoS&P/TSX composite index down Friday, Wall St. extends post-election gains
-
News17 hours agoMitch Marner powers Matthews-less Maple Leafs over Red Wings
