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Rent increase forces closure of Kitsilano brunch spot after 30 years of business – CBC.ca

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Since 1993, loyal patrons have flocked to Nelly’s Grill, a casual brunch place on West 4th Avenue in Vancouver’s Kitstilano neighbourhood, known for its friendly service and eggs benedict.

But Nelly’s Grill — formerly Joe’s Grill — will be closed by the end of the month. 

Owner Nelson Ma told CBC he made the difficult decision to close due to an impending rent increase of at least 40 per cent.

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“When my rent goes up at least by 40 per cent, there’s no way we’re going to survive … I’ve decided that it’s time to move on,” said Ma.

Their building’s new owner, who bought the place last September, told Ma they will increase the restaurant’s rent when their lease ends at the end of 2023. 

Joyce and Nelson look at each other at the front door of Nelly's Grill. They are both wearing glasses.
Nelly’s Grill owner Nelson Ma and long-time manager Joyce Yee are pictured at the restaurant on Tuesday. Ma was told their rent would increase by 40 per cent after their lease ends. (Ben Nelms/CBC)

Ma initially tried to sell his business when the new landlord took over, but said buyers were not interested because of the rent increase. 

“I’m just closing because of the rent, nothing else … It’s not because we’re not doing good business.” 

‘Smiling faces and the best bennies ever’

Fiona Scott, who lived in one of the two residential suites above Nelly’s Grill for over seven years, was a regular customer. She went to Nelly’s the first week she moved in, and said Ma and the staff soon became family friends. 

“They were always very welcoming and it was very obvious from the regulars that they had in the diner. I was happy to become one.”

Fiona Scott is pictured. She is a blonde woman wearing a black shirt.
Fiona Scott lived in one of the residential suites above Nelly’s Grill for seven years and was a regular customer. (Fiona Scott)

Scott had to move out last month because the new owner is renovating the suites for over a year, she said, adding she does not plan to return.

“I don’t think I really ever got a clear answer whether I could come back. I’m sure the rent is nearly doubled,” said Scott. 

Scott said she will miss the community at Nelly’s and her favourite order, the ‘Kitchen Sink,’ which she describes as “a good plate of everything.”

“They’re a family … their legacy is smiling faces and the best bennies ever.” 

Two men sit across each other at a diner.
Patrons at Nelly’s Grill in Vancouver on Tuesday. Many say the restaurant is known for their friendly service and eggs benedict. (Ben Nelms/CBC)

Jane McFadden, executive director of the Kitsilano Business Association, said Nelly’s is a staple in the neighbourhood — a great spot for early risers who want a good breakfast, those nursing a hangover, and everyone in between.

“Everyone’s really going to miss that staff and that environment.

“It’s just sad to see it go.” 

‘Local treasures will be priced out of the market’

The building’s new landlord, a company called Novena Land, also owns the buildings on West 4th Avenue that housed Bishop’s Restaurant and Peak Golf’s former location. 

Bishop’s closed earlier this year because of a rent increase, while Peak Golf told CBC they relocated to a new building for the same reason.

Novena Land did not respond to CBC’s request for an interview.

Nelson smiles at the camera. He is wearing glasses and a Nelly's Grill uniform, with the logo on his hat and black shirt.
Nelson Ma pictured at Nelly’s Grill in Vancouver on Tuesday. He says he is looking for a new venue to operate in the future. (Ben Nelms/CBC)

Vancouver city councillor Colleen Hardwick, a long-time customer of Nelly’s, said she is “heartbroken” to see the restaurant go. 

She says there is little the city can do to protect local businesses, as commercial tenancy protections fall on the province. 

“Speculators are getting in on the action and this will transform the neighbourhood. As we’re already seeing, the mom and pop shops, the local treasures will be priced out of the market,” said Hardwick. 

While Nelly’s is saying goodbye for now, Ma said he is looking for a space to operate in the future.

“I have a lot of good loyal customers and I thank them very much. I really appreciate all their patronage all these years.”

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Calgary breaks all-time record in housing starts but increasing demand keeps inventory low – CBC.ca

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Soaring housing demands in Calgary led to an all-time record for new residential builds last year, but inventory levels of completed and unsold units remained low due to demand outpacing supply.

According to the latest report from Canada Mortgage and Housing Corporation (CMHC), total housing starts increased by 13 per cent in Calgary, reaching a total of 19,579 units with growth across all dwelling types in the city.

That compares to a decline of 0.5 per cent overall for housing starts in the six major Canadian cities surveyed by CMHC.

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Calgary also had the highest housing starts by population.

“Part of the reason why we think that might have happened is that developers are responding to low vacancies in the rental market,” said Adebola Omosola, a housing economics specialist with CMHC.

“The population of Calgary is still growing, a record number of people moved here last year, and we still expect that to remain at least in the short term.”

Earlier this year, the Calgary Real Estate Board also predicted that demand, especially for rental apartments, wouldn’t let up any time soon. 

Industry can cope with demand, expert says

According to numbers from the report, average construction times were higher in 2023 for all dwelling types except for apartments.

The agency’s report suggests the increase in the number of under-construction residential projects might mean builders are operating at or near full capacity.

However, there’s optimism the construction industry can match the increasing need.

Brian Hahn, CEO of BILD Calgary Region, said despite concerns around about construction costs, project timelines and labour shortages, the industry has kept up with the demand for new builds.

Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary region CEO Brian Hahn.
Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary Region chief executive officer Brian Hahn. (Shaun Best/Reuters)

“I’ve heard that kind of conversation at the end of 2022 and I heard it in 2023,” Hahn said.

“Yet here we are early in 2024, and January and February were record numbers again.”

Hahn added he believes the current pace of construction will continue for at least the next six months and that the industry is looking at initiatives to attract more people to the trades.

Increase in row house and apartment construction

Construction growth was largely driven by new apartment projects, making up almost half of the housing starts in Calgary in 2023.

The federal housing agency says 9,034 apartment units were started that year, an increase of 17 per cent from the previous year. Of those, about 54 per cent were purpose-built rentals.

Apartments made up around two-thirds of all units under construction, CMHC said, with the total number of units under construction reaching 23,473.

Growth, however, was seen across all dwelling types. Row homes increased by 34 per cent from the previous year while groundbreaking on single-detached homes grew by two per cent.

“Notwithstanding challenges, our members and the industry counterparts that support them managed to produce a record amount of starts and completions,” Hahn said.

“I have little doubt that the industry will do their very best to keep pace at those levels.”

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Ottawa real estate: House starts down, apartments up in 2023 – CTV News Ottawa

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Rental housing dominated construction in Ottawa last year, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).

Residential construction declined significantly in 2023, with housing starts dropping to 9,245 units, a 19.5 per cent decline from the record high observed in 2022. But while single-detached and row housing starts fell compared to 2022, new construction for rental units and condominiums rose.

“There’s been a shift toward rental construction over the past two years. Rental housing starts made up nearly one third of total starts in 2023, close to double the average of the previous five years,” the report stated.

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Apartment starts reached their highest level since the 1970s.

“The trend toward rental and condominium apartment construction follows increased demand in these market segments due to population growth, households looking for affordable options, and some seniors downsizing to smaller units,” the CMHC said.

Demand from international migration and students, the high cost of home ownership, and people moving to Ottawa from other parts of Ontario were the main drivers for rental housing starts in 2023. The CMHC says rental and condominium apartment starts made up 63 per cent of total starts in 2023, compared to the average of 37 per cent for the period 2018-2022.

There was a modest increase in rental housing starts in 2023 over the record-high seen the year prior and a jump in new condominiums. The report shows 5,846 new apartments were built in Ottawa last year, up 2.1 per cent compared to 2022.

Housing starts in Ottawa by year. (CMHC)

Big demand for condos

The CMHC said condo starts reached a new high in 2023, increasing 3 per cent from 2022 numbers.

“As of the end of 2023, there were only 13 completed and unsold condominium units, highlighting continued demand for new units,” the CMHC said.

Condominum starts increased in areas such as Chinatown, Hintonburg, Vanier and Alta Vista, as well as some suburban areas like Kanata, Stittsville, and western Orléans. Condo apartment construction declined in denser parts of the city like downtown, Lowertown and Centretown, the report says.

Taller buildings are also becoming more common, as the cranes dotting the skyline can attest. The CMHC notes that buildings with more than 20 storeys accounted for nearly 10 per cent of apartment structure starts in 2022 and 2023, compared to an average of 2 per cent over the 2017-2021 period. The number of units per building also rose 7 per cent compared to 2022.

Apartment building heights in Ottawa by year. (CMHC)

Single-detached home construction down significantly

The number of new single-detached homes built in Ottawa last year was the lowest level seen in the city since the mid 1990s, CMHC said.

“The Ottawa area experienced a slowdown in residential construction in 2023, driven by a significant decline in single-detached and row housing starts,” the CMHC said.

Single-detached housing starts were down 45 per cent compared to 2022. Row house starts dropped by 38 per cent compared to 2022, marking a third year of declines in a row.

“Demand for single-detached and row houses also declined in 2023. Higher mortgage rates and home prices have led to a shift in demand toward more affordable rental and condominium units,” the report said.

There were 1,535 single-detached housing starts in Ottawa last year, 208 new semi-detached homes and 1,678 new row houses.

The majority of single-detached and row housing starts were built in suburban communities such as Barrhaven, Stittsville, Kanata, Orléans and rural parts of the city.

“Increased construction costs resulting from higher financing rates and inflation that occurred in 2022 and 2023 contributed to the decline in construction in the region,” the CMHC said. 

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Trump’s media company ticker leads to fleeting windfall for some investors

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A man looks at a screen that displays trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26.Brendan McDermid/Reuters

Possible confusion over the new stock symbol for former President Donald Trump’s Truth Social (DJT-Q) saw some investor brokerage balances briefly jump by hundreds of thousands of dollars on Tuesday, the first day Trump’s “DJT” ticker traded.

Several people complained on social media about briefly seeing the value of their DJT stock holdings on Charles Schwab platforms inflated to figures more in line with what they would be worth if the shares traded at the level of the Dow Jones Transportation Average.

Some users said they faced a similar issue in pre-market hours on Morgan Stanley’s E*Trade trading platform.

Shares of Trump Media & Technology Group opened Tuesday at $70.90, while the Dow Jones Transportation Average started the session at 15,937.73 points.

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For one trader, the Schwab brokerage balance jumped by more than $1 million due to the error, according to a screen grab shared on social media platform X. Reuters was unable to contact the trader or independently verify the brokerage balance.

“It sure was nice seeing millions in the account, even if it wasn’t real,” another person, going by the username @DanielBenjamin8, who faced the issue in his E*Trade account, posted on X.

Two X users and one on Reddit surmised that the inflated balances were due to the ticker symbol for the company being nearly identical to the index.

A spokeswoman for Charles Schwab said that certain users on some of Schwab’s trading platforms saw their brokerage balances briefly inflated due to a technical issue.

The issue has been resolved and investors are able to trade equities and options on Schwab platforms, she said. Schwab declined to describe the exact cause of the issue.

E*Trade did not immediately respond to a request for comment outside of regular business hours.

Trump Media & Technology Group and S&P Dow Jones Indices, which maintains the Dow Jones Transportation Average Index, did not immediately comment on the issue.

While social media users said the issue appeared to have been resolved, many rued not being able to cash out their supposed gains from the error.

“I better go tell my boss that I’m actually not retiring,” the trader whose account balance had briefly jump by more than $1 million, wrote on X.

Trump Media & Technology Group shares surged more than 36% on Tuesday in their debut on the Nasdaq that comes more than two years since its merger with a blank-check firm was announced.

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