Real eState

Report Urges Real Estate Owners to Take Action to Decarbonize Cities – Storeys

Published

2 years ago

May 30, 2022

Written By
Erin Nicole Davis

We’re at the point when it’s no longer a nice idea to decarbonize cities; it’s an urgent necessity.

The latest global research from global real estate firm JLL — who is working with corporations and governments to rapidly decarbonize cities — reveals telling insights into the future of cities in response to the climate crisis.

In simple terms, JLL says we’re at a tipping point. And immediate action is needed.

In a study of 32 global urban centers, Decarbonizing Cities and Real Estate, JLL’s research revealed that real estate’s contribution to emissions averages 60%, even higher in the world’s largest business centers — as much as 78% in London, 73% in Tokyo, 71% in Washington, DC, 70% in Paris, and 66% in New York.

JLL acknowledges that city governments are setting ambitious sustainability targets, yet says plans to tackle the embodied and operational carbon emissions from buildings are often not included. JLL is subsequently urging real estate landlords, investors, developers, and occupiers to step in with other sustainability initiatives to deliver a net-zero environment.

In an overarching theme, the study finds there is a significant gap between the policies enacted in municipalities, the impact of the real estate industry, and the climate science that indicates the need to reach peak emissions to limit global warming. The research identified that the most successful cities to advance decarbonization will be those that balance regulation, incentives, innovation, and accelerators.

The global commercial real estate company says that, in order to deliver a net-zero economy, city governments need to take real estate decarbonization as seriously as other sustainability initiatives and find the right balance between regulation, incentivization, coercion, and advocacy.

The report found that leading cities understand the importance of partnerships to help small and medium-sized companies improve sustainability.

According to the report, one of the biggest gaps in realizing net-zero targets is in greening energy grids — a challenge corporates have no direct control over and one that often requires larger collaboration at the multi-city or national level. “To meet this challenge of both breadth and urgency, cities will need to collaborate with neighbouring local, state, and national governments to develop large-scale renewable energy and storage infrastructure,” reads a JLL-issued press release. “City governments have a pivotal role in greening local energy grids, over which the real estate industry has little direct control. Without decarbonizing the electricity grid there are limits to what building owners can achieve in reducing their carbon emissions.” It’s literally been out of the real estate industry’s hands.

“Partnerships between the private-sector and local governments are critical to driving tangible progress in decarbonizing the economy, particularly in the Global North where so much retrofit is required of existing building stock,” said Guy Grainger, Global Head of Sustainability Services and ESG for JLL. “If this doesn’t happen, expect local governments to introduce heavy regulation and penalties on building standards — there will be winners and losers as cities race to zero.”

The research warns that, in aggregate, at the global scale, policy is lagging the science today and this puts a greater onus on the private sector to take the lead in climate action. Waiting for regulation to take action is not advised, says JLL, and those who act now will have more resilient assets and even a competitive edge.

The research also identified the pivotal role that knowledge sharing and accelerator programs play in facilitating the retrofitting of existing buildings, particularly for small owners and occupants. In developed cities, 80% of the building stock that will be standing in 2050 has already been built. To meet 2050 targets, retrofitting rates will need to exceed 3% per year — they currently stand at 1-2% — making knowledge sharing of sustainable practices between governments and large and small entities critical to keep pace.

The report calls out several cities for their innovative approaches to reducing emissions from buildings, including New York City with a raft of local laws that are among the most stringent globally; Singapore and Vancouver, which have set out holistic approaches to greening their buildings; Paris and Amsterdam, which are taking a lead in considering embodied carbon; London and Los Angeles which are setting the pace on biodiversity; and Tokyo’s cap-and-trade program which incentivizes building owners to reduce emissions.

Closer to home, Toronto’s TransformTO Climate Action Plan has a target to retrofit 100% of existing buildings to achieve an average 40% improvement in energy performance by 2050. Through the Better Buildings Partnership (BBP), the City of Toronto provides energy reporting and benchmarking, retrofit loans, and building support expertise to improve the energy efficiency of all building types. The BBP has supported over 2,600 projects resulting in 810,000 tonnes of CO2 emissions reduction.

On a larger scale, the research highlights how cross-border collaboration will be needed, especially to help mitigate the worst impacts of climate change for the planet, and in particular for the most vulnerable cities in the Global South.

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Real eState

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

Published

3 days ago

November 6, 2024

Anne Joseph

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.

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Real eState

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

Published

2 weeks ago

October 24, 2024

Anne Joseph

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

Published

3 weeks ago

October 17, 2024

Anne Joseph

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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