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Toronto Buttonville Airport site going up for sale – Real Estate News EXchange

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The Toronto Buttonville Municipal Airport, located just north of the city in Markham. (Google Street View)

The 170-acre Toronto Buttonville Municipal Airport site is being put up for sale by Cadillac Fairview and Armadale Co. Ltd.

“We can confirm that after forming a joint venture almost 10 years ago, Cadillac Fairview and our partner, the Sifton Family, have made a joint decision and are in the process of putting our positions in the Buttonville airport site for sale,” said a statement from Cadillac Fairview manager of external communications and corporate communications Anna Ng in response to a query from RENX.

“At Cadillac Fairview, we are constantly looking at ways to evolve our portfolio, and after a strategic review of our development program we have decided to focus our efforts on our downtown Toronto land bank, which includes the recent purchase of the East Harbour lands, as well as the densification of our existing retail portfolio.”

Cadillac Fairview declined to comment further when asked for additional information about the proposed sale.

The property is located in Markham, about 30 kilometres north of downtown Toronto. It is bounded by 16th Avenue, Highway 404, Renfrew Drive and Valleywood Drive.

Buttonville airport development plan

The joint venture between Cadillac Fairview and Armadale was formed in October 2010, with the intention of redeveloping the Buttonville site.

The property was first used as a grass airstrip in 1953 and became an official airport 10 years later.

It’s operated by the Sifton family-owned Torontair Ltd. and offers an array of general aviation services, including: flight training; aircraft maintenance and avionics service; local and visiting pilot services; based and visiting aircraft services; and hangar and office space for rent.

Toronto Buttonville Municipal Airport is consistently ranked among the 10 most active airports in Canada in terms of aircraft movements, according to its website.

Cadillac Fairview and Armadale submitted a 2011 application for land-use changes to the site to permit a multi-billion-dollar, multi-year development of up to 10 million square feet.

The mixed-use proposal included office, retail, service, commercial, restaurant, hotel, entertainment and park space, as well as a residential component.

At least a dozen mid- and high-rise towers were included in the proposal, with heights reaching up to 60 storeys. A 13-acre, man-made lake would be surrounded by a commercial and office district.

In addition to creating thousands of jobs, the plan included 3.6 million square feet of density for 6,000 to 7,000 residents.

Negotiations with the Ontario Municipal Board — which is now the Local Planning Appeal Tribunal — regarding the site were ongoing, as the large project involves multiple buildings, road networks, site servicing and different stakeholders.

Due to significant delays in reaching an appropriate rezoning, Cadillac Fairview, Armadale and Torontair announced in April 2018 they were extending the timeline for airport operations to continue until at least the spring of 2023.

Cadillac Fairview and Armadale

Cadillac Fairview is one of the largest owners, operators and developers of office, retail and mixed-use properties in North America.

Its portfolio is owned by the Ontario Teachers’ Pension Plan, a diversified global investor that administers the pensions of more than 327,000 active and retired school teachers.

Cadillac Fairview’s Canadian portfolio is valued at around $32 billion.

It includes more than 37 million square feet of leasable space at 70 properties, including Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.

The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.

Armadale is a Markham-based Sifton family holding company of assets in various industries. It identifies opportunities to develop properties and participates operationally and financially either as consultants, owners or in joint ventures.

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

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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.

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

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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

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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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