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The State of Canada Real Estate

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Canada is a country that is known to consistently have a great housing market. Their prices are always on the incline, and they’ve not had any dilemmas regarding their housing economy. With the emergence of the pandemic, housing in Canada might change for the better, or for the worse.

Real Estate During the Pandemic

With the rise in the coronavirus pandemic, people have stopped looking for new homes in ThenCanada. Fewer and fewer homes and spaces are being sold day by day. Rather than risk moving into a new place, Canada’s residents are staying put until they can safely move. Business owners are no longer buying or renting work spaces either. With the stay at home order, there is no need to have a work space they can’t use. Nevertheless, though fewer people are buying houses in Canada, the prices of houses are still increasing. The cost of resales have surged all across the country.

 

The Cost of Canada Real Estate

On average, the cost of houses in Canada is about 500,000 canadian dollars. The cost of each home is based on region. Houses in big cities like Ottawa and Toronto are meant to be on the higher end of housing costs. Canada real estate prices are on the rise to make up for limited sales. Canada is lucky in that it does not suffer from the same housing crisis as the United States, and other parts of the world in 2008. They’ve stayed secure in their prices and economy, and though the pandemic has affected them, there will be few repercussions when the pandemic ends.

Canada’s Best Places for Real Estate

Investing in Canada real estate is easy and simple. There are plenty of great regions to buy homes to live in, rent out, or make a vacation home. The best places for Canada real estate are located in the province of Ontario. Places like Peterborough and Kawarthas have saw significant increase in the housing market over 2019. These houses will spawn a profit, and they are in locations that are affordable and central to Canada. Ontario is a great province because it hosts the country’s capital city, Ottawa, and it borders the great lakes and the United States.

 

The Housing Market

The Coronavirus has certainly shifted Canada’s housing market, but not in enough of a way to make a difference. Homeowners in Canada are beginning to worry that their equity and assets are going to depreciate, but as of yet, Canada’s economy is still intact. There is worry across the country that the housing prices will fall. Then again, there are others who hope the prices fall– they’ve been consistent for so long– so they can afford to buy a home in Canada. Either way, someone will benefit from the rise or decline of the housing market due to coronavirus.

Canada is a country full of kindness is beautiful houses. The time to buy a house is not now. The prices of homes are increasing, but they could soon drop. The pandemic has changed things all over the world. Canada real estate is no different.

 

Published By Harry Miller

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Calgary retains commercial real estate team to revive new arena – CTV News Calgary

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The City of Calgary has recruited three people from the commercial real-estate sector in an effort to get a new event centre to replace the aging Scotiabank Saddledome.

CBRE executive vice-president John Fisher, director of strategic initiatives with NAIOP Calgary Guy Huntingford and Ayrshire Group executive chairman Phil Swift have been retained to engage both the city and the and Calgary Sports and Entertainment Corporation (CSEC) to reach a new deal.

At Wednesday’s meeting, the city’s planning and development manager Stuart Dalgleish told committee members the group has already begun their work.

“We are at a stage where our third party is having discussions with both the Calgary Sports and Entertainment Corporation and the City of Calgary, with a view to determining whether there is interest in discussions toward a new event centre, and a new deal towards the new event centre,” Dalgleish said.

Mayor Jyoti Gondek is optimistic the team will be able to break the impasse between the city and CSEC.

“Today’s news is good news, and we need to be patient with what comes following this,” she said.

Ward 1 Coun. Sonya Sharp, who chairs the event centre committee, says naming a third party to assist in negotiations is a big step to seeing a new arena rise from the ashes of the failed deal.

“I’m very satisfied. There’s been a lot of work been put into this to get to where we are today,” she said.  “Everybody wants an event centre built.”

However, sports economist Moshe Lander says it might not be such a great deal for most Calgary taxpayers.

“The issue about who should pay for it is something that goes on in every city, more or less, anytime there’s an arena or stadium discussion,” he said.

“In almost every single case, the public sector blinks first and ends up throwing money at a project that’s not going to recoup its costs.”

“Really, it’s just an issue at this point of how much money does the City of Calgary want to throw at this project, understanding that it’s not going to get it back? How much does it want to sell to the taxpayers that this is what you’re going to be on the hook for, even though the vast majority of residents in the city are not going to use that arena in any capacity?”

CTV reached out to CSEC on Wednesday to ask if the owners still had any interest in reviving the deal. There was no response by publishing deadline.

The original agreement was signed in December 2019. In it, the city and CSEC agreed to split the cost of the $550 million project. When the price tag jumped to over $630 million, the Flames ownership group balked and cancelled the deal. It officially expired New Year’s Eve 2021.

Earlier this month, NHL commissioner Gary Bettman met with CSEC to discuss the arena, among other topics. At the time, he told reporters he remained hopeful a deal could be struck.

“I’m always optimistic,” said Bettman. “There’s nothing going on right this second to report that would indicate there is going to be a solution immediately, but my hope is that everybody can figure this out.”

Bettman also warned without a new arena or an updated Saddledome, Calgary would miss out on significant NHL events such as All-Star games.

The Saddledome is the second-oldest NHL arena behind only New York’s Madison Square Garden.

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Commercial Real Estate Report (Canada 2022) – RE/MAX Canada – RE/MAX News

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  • Commercial real estate report_blog header
Lydia McNutt

Public Relations & Content Manager | RE/MAX Canada

Lydia McNutt is an award-winning writer, editor and public relations professional, with a focus on all things real estate. At RE/MAX Canada, Lydia translates market data and trends into educational and entertaining content for homebuyers and sellers, while furthering the RE/MAX brand reach, nationally and globally. Explore timely news articles, market trend reports and thought-leadership on blog.remax.ca. Lydia has been published nationally on topics ranging from real estate to architecture, design and decor, finance, business, technology, entertainment and lifestyle topics. Email Lydia at lmcnutt@remax.ca


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Calgary recruits commercial real estate expertise to revive new arena – Sportsnet.ca

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CALGARY — The city of Calgary has recruited citizens from the commercial real-estate sector to help get a new event centre and home for the Calgary Flames back on track.

When an agreement between the city and Calgary Sports and Entertainment Corporation, which owns the Flames, collapsed late last year, city council voted in January to get a third party involved.

John Fisher, Guy Huntingford and Phil Swift are tasked with determining whether the Flames still want to build an arena with the city, or if the city will have to look for other potential partners to build an event centre.

Fisher is executive vice-president of CBRE, Huntingford is director of strategic initiatives with NAIOP Calgary, and Swift is executive chairman of the Ayrshire Group investment firm.

“This team brings considerable expertise from the commercial real-estate industry including experience in larger development,” the city’s planning and development manager Stuart Dalgleish said Wednesday in an event centre committee meeting.

“The third party has spent considerable time understanding the items and interests behind the terminated agreement and the current landscape. These items have become clarified.

“Based on a meeting with both the city and CSEC, the next step is for the third party to make recommendations on a possible path forward.”

Dalgleish said there is no definitive commitment or timeline for a new agreement.

The city and the Flames agreed on an arena deal over two years ago with the initial estimate of $550 million split between the two.

Shovels were scheduled to hit the ground in 2022 for a 19,000-seat arena and concert venue replacing the Saddledome, which has been the home of the Flames for 39 years.

The cost estimate for the project rose to $634 million, however.

Since the two sides agreed to an amended deal last July, the city added an additional $19 million in roadwork and climate mitigation to the project, and wanted the Flames to pay for $10 million of that.

CSEC president John Bean said in December that the Flames were withdrawing from the agreement because of an accumulation of issues and increased financial risk.

“While CSEC was prepared to move forward in the face of escalating construction costs, and assume the unknown future construction cost risk, CSEC was not prepared to fund the infrastructure and climate costs that were introduced by the city following our July agreement … and are not included in the current cost estimate of $634 million,” Bean said then.

So the Flames remain in the Saddledome, which is the second-oldest NHL arena behind New York’s Madison Square Garden.

CSEC also owns the Western Hockey League’s Hitmen, Canadian Football League’s Stampeders and National Lacrosse League’s Roughnecks.

The Flames recently announced they will move their American Hockey League affiliate from Stockton, Calif., to Calgary for the 2022-23 season.

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