L’ÎLE-DES-SŒURS, Quebec, Dec. 03, 2020 (GLOBE NEWSWIRE) — The Quebec Professional Association of Real Estate Brokers (QPAREB) has just released its residential real estate market statistics for the Montreal Census Metropolitan Area (CMA) for the month of November, based on the real estate brokers’ Centris provincial database.
A new November sales record was set in the Montreal CMA despite the second wave of the COVID-19 pandemic. Residential sales jumped by 32 per cent compared to November of last year.
“We also saw a historic 57 per cent increase in the number of new condominium listings on the Island of Montreal, the highest level since the year 2000 when the real estate brokers’ Centris system began compiling market data,” said Charles Brant, director of market analysis at the QPAREB.
- Year-to-date sales have increased by 7 per cent compared to the same period in 2019.
- Sales continued to increase in several periphery markets, including the North Shore (+48 per cent), the South Shore (+37 per cent), Laval (+34 per cent) and Vaudreuil-Soulanges (+32 per cent), as well as on the Island of Montreal (+21 per cent). In contrast, sales in Saint-Jean-sur-Richelieu slowed, registering a 3 per cent increase, due primarily to a record drop in new listings in this market over the past several quarters.
- By property category, plexes (2 to 5 dwellings) registered the largest sales increase (+34 per cent) followed closely by condominiums (+31 per cent) and single-family homes (+31 per cent).
- There was a significant increase in active listings for condominiums (+14 per cent) and plexes (+7 per cent), numbers that have not been seen for a month of November since 2012 and 2014, respectively. This was in contrast to single-family homes, which registered a sharp decline (-38 per cent).
- With market conditions that are still very much to the advantage of sellers, median prices continued to increase significantly for single-family homes (+23 per cent) but tended to slow down for condominiums and plexes (+9 per cent).
If you would like additional information from the Market Analysis Department, such as specific data or regional details on the real estate market, please write to us.
Book your interview for December 16!
On December 16, the QPAREB will unveil its assessment of the 2020 real estate market, along with its forecasts for 2021 and an analysis of the impact of COVID-19. A press release will be issued on November 16. Please reserve your time slot for an interview now at firstname.lastname@example.org.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 13,000 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn, Twitter and Instagram.
Société Centris provides real estate industry stakeholders with access to real estate data and a wide range of technology tools. Centris tools are used by close to 14,000 real estate brokers, as well as other industry professionals. Centris also operates Centris.ca, the most visited real estate website in Quebec.
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Shifting Priorities: The Rise of Alternative Real Estate – Commercial Property Executive
Traditional asset classes will likely continue to attract investor interest going forward due to their stable income stream and low risk-return ratio. However, the pandemic has given investors the opportunity to take a closer look at other asset types, while also accelerating trends that were already underway, such as the rise of e-commerce.
According to Zain Jaffer, founder & CEO of Zain Ventures, the past decade has seen an emergence of new types of real estate assets and investment structures—and their performance is less dependent on local market dynamics. Here’s what Jaffer thinks about the most attractive and financially viable asset types, especially in the current economic climate.
Tell us more about the main trends that form the basis of long-term demand in the alternative real estate sector.
Jaffer: Institutional investors have been smart to pay attention to alternative real estate sectors over the last decade. Performance in those sectors has been steady and counter-cyclical. Returns have been desirably less correlated to the performance of the market as a whole. COVID-19 and its long-term implications make that detached performance all the more valuable, and emerging technological trends are setting the foundation for long-term growth in the alternatives sector.
Anyone active in the market knows everything is interconnected. Right now, technological and social change is underway—health care is experiencing accelerated growth, flexible and remote workspaces are undergoing a mass reimagination, and e-commerce and digital solutions are driving our economic recovery. The demographic shift toward an increasingly elderly population argues a strong case for investing in senior facilities. Health is driving the market and investors who are able to support smart portfolio acquisitions with high-level health and safety operations will see outsized returns in the alternatives market.
How can these forces sustain or increase demand in the long term?
Jaffer: To understand long-term trends in the market, consider the parts of our routine that are undergoing renovation. Businesses are discovering that remote work has the potential to be a more efficient and more cost-effective new normal. Hybrid work models are everywhere, driving demand for more specialty workspaces and data centers.
Similarly, the ensuing silver tsunami is a sure sign that there are returns to be had in health-care facilities, senior housing and assisted living facilities. Growing in its attraction, the senior housing market is being shaped as we speak. Although demand is steady and rising, major inefficiencies have come to light throughout the duration of the pandemic.
Owners and operators will be overwhelmingly rewarded for improvements to design and investments in experience-assisting technology. Investments in the sector that prioritize integrated tech, design innovation and a higher standard of health care will be well positioned for steady returns.
Another pandemic-born trend is the shift to e-commerce, a move that experts are considering semipermanent. Not only are retailers around the world disappointed by the holes in their supply chain operations, they’re also in need of more self storage, cold storage and safety inventory space. E-commerce is a new driving force in the market and the specialty real estate that supports it can be considered a safe bet.
Elaborate on the opportunities arising due to these shifting trends.
Jaffer: A recent report by CBRE compares investor interest in different alternatives from 2016 through 2020. The largest spikes are seen in the health-care and data center sectors.
Health-care employment often has an inverse relationship to economic performance, growing faster in times of economic duress. More employment will be linked to more space absorption and greater rental income. It’s not always a straightforward investment since health-care facilities are highly specialized and require sizable initial investments. But in the aftershock of the pandemic, demand is likely to rise and service offerings are evolving as we speak.
Already a key player in our ever-connected world, data centers will hugely benefit from the shift to remote and hybrid working. Growth in areas with strong infrastructure, tech literacy and power supply—Silicon Valley, Singapore, Tokyo, London and similar areas—will see the greatest returns, and markets with strong growth in tech-related positions will share in the momentum.
If we shift for a moment to the trends in e-commerce, one of the biggest spikes in demand has come from food and grocery sales. Perishables and refrigerated/frozen foods have introduced a completely novel need for cold space solutions and investors have taken notice.
As smaller retailers enter the market as newcomers, opportunities like sale/leasebacks, joint ventures with cold chain operators and metropolitan-adjacent build-to-suit developments are particularly attractive. And as cold storage spaces command higher rent premiums compared to dry spaces, owners and investors might consider space conversions—the transformation from dry to cold storage—as a place to introduce higher portfolio returns.
What can you tell us about today’s leading sectors of alternative real estate?
Jaffer: Roughly 12 percent of commercial real estate investment in the Americas is made up of alternative assets, with the most market activity coming from the U.S. While the market suffered the same pressures as other sectors in the COVID-19 economy, investor interest remains steady in the aforementioned fields.
The promises of alternative real estate still ring true—these assets tend to have less turnover and offer higher yields. Investors are attracted to the stable income and the way that alternatives investing can properly diversify a portfolio. Sectors like health care and student housing are also well known for their downturn protection.
Now, with the transformative force of COVID-19 leaving trends clear in the market, these sectors have added potential due to their involvement in our collective pandemic recovery. The demographic shift underway, combined with the technological and social changes that have been accelerated by COVID-19, present career-defining opportunities for specialty investors to grow the market and be involved in the road back to recovery.
What are the challenges of alternative real estate investment?
Jaffer: Competition is growing quickly and investors need both a clear strategy and an eye for innovation to find their fit in a fast-evolving market. In crafting an investment plan, successful investors are being rewarded for their fresh thinking, agility and, above all, patience. High returns often require the exploration of new sectors, the taking on of risk and an active engagement in the complexities of operation.
In the past, the operational expertise required in the alternatives sector made it a space largely dominated by owner-occupier investments. While it’s clear that new capital in the space will be rewarded, it’s imperative that investors familiarize themselves with the nuances of the spaces they take on. Value-add investors that partner with operators to maximize their understanding will be well positioned. Investors that can identify, comprehend and capitalize on the opportunities present in the alternatives sector will create a winning platform to reap the coming rewards.
How do you see the alternative real estate sector going forward?
Jaffer: My outlook is that the real estate sector holds immense promise and it is likely to become more mainstream in the future. Market information is already more available than it has been in years past and improved transparency in the sector will continue to be beneficial. It’s my opinion that competition in the sector will only be increasing.
Canadian commercial real estate services firm acknowledges cyberattack – Saskatoon StarPhoenix
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The spokesperson was mum when asked to confirm if the attack was ransomware, that files had been copied, whether the information affected was corporate or personal, and, if personal, did it involve current and former employees.
In its most recent quarterly financial statement for the period ending September 30, 2020, Colliers said it had a net income of just under $32 million on revenues of just over US$692 million. According to its 2019 financial results at the beginning of last year, it had about 15,000 employees.
Colliers performs a number of services for real estate firms including property management, sales and appraisals as well as tenant representation.
The Netfilim website entry for Colliers has the headline “Part 1,” suggesting the two files it has posted proves the firm was compromised and could be followed by more trouble.
According to Brett Callow, a British Columbia-based threat researcher for Emsisoft, Nefilim was first noticed in the spring of last year and has since racked up a string of enterprise-space victims including Whirlpool, MAS Holdings, Luxottica and Australian logistics company Toll Group. “Unlike most other big game-hunting groups, Nefilim appears to be a closed shop rather than a ransomware-as-a-service provider, which may explain why the group is less active others,” he said in an email. “The group typically uses Microsoft RDP (remote desk protocol) and other public-facing applications for initial access of victims. Frequently, it also exploits unpatched versions of Citrix’s Application Delivery Controller going after CVE-2019-19781.”
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