A former junior mining exploration company turned multifamily real estate investor is carving out a niche in the seniors housing sector. ViveRE Communities Inc. (VCOM-X) has grown out of the former NSX Silver company, slowly but steadily adding to its portfolio of rental apartment properties since 2017.
NSX Silver was having trouble attracting capital in 2015 so it sold its silver exploration rights and began looking for alternatives. In July 2016, it received a proposal to move the company into the multifamily real estate business, focused on the opportunities presented by an aging population.
A subsequent private placement in August 2016 brought a group of real estate professionals and investors to NSX, and the vision was put into motion.
10 million Canadians over age 65
“There are presently approximately 10 million Canadians over the age of 65 and, by 2030, all of the baby boom generation will be over 65,” ViveRE chief executive officer Mike Anaka told RENX. “They have financial capacity and are looking for flexibility and convenience in their choice of residence.
“While properties catering to the needs and wants of this demographic exist in bedroom communities across Canada, to our knowledge no one was consolidating or cultivating the growth of these properties into retirement communities.
“Our plan to launch a real estate company focused upon this emerging niche of 55-plus renters was well-researched and tested with asset managers and pension funds. The consensus was that it could become a new sector of senior housing.”
A team of investors with real estate and capital markets knowledge as both managers and developers was assembled when the company decided to move into real estate.
The Halifax-based company also took skill sets and geography into consideration when compiling its board of directors, whose membership has representation from St. John’s to Vancouver.
“Every board member is an investor, as is management,” said Anaka, who previously had a 35-year career with PwC and has experience in financial reporting, transactions, corporate finance and companies ranging from startups to multinationals.
What ViveRE is looking for
ViveRE is focused on acquiring clusters of low- and mid-rise mid-market properties with elevators, community rooms, gyms, workshops and gardens in secondary markets. The plan is to create what it calls “naturally occurring retirement communities” or “NORCs”.
These buildings should have condominium-quality finishes and be close to health-care facilities, shopping and public transit. The resident base should already have a significant 55-plus cohort.
“Our residents are renters by choice and our buildings are their homes,” said Anaka. “They treat the buildings with care and respect, developing community friendships and staying for extended terms.
“In the same way they chose the homes and neighbourhoods where they raised their families, they are looking for smaller, more personal building environments with social activities, physical fitness facilities and the opportunity to continue with hobbies and gardening.
“To meet their desire for choice and convenience, ViveRE will offer a menu of services covering ICT (information and communications technology), homecare and healthcare. The services purchased will be at the choice of the resident and not one-size-fits-all.”
Properties in Saint John, Moncton
ViveRE’s first acquisition was a 31-unit building at 41 Noel Ave. in Saint John, N.B., purchased in 2017 for $4.9 million. It followed that in April this year with the acquisition of an adjacent 42-unit property at 50 Noel Ave. for $7.9 million.
The company has purchase options for two more apartment buildings on the same street, one of which is under construction and expected to be completed in the spring.
“The Noel Avenue properties have all of the features we were looking for,” said Anaka. “They are very close to Saint John Regional Hospital, on public transit and newly built.”
ViveRE also recently closed on two properties at 542 and 550 Ryan St. in Moncton, which have a combined 46 units, for $5.49 million.
The Ryan Oak Estates have been fully occupied since they were completed in 2012, with rents well under market and room for growth. The average age of residents is 71.
“Both Noel and Ryan Street have the finishes and amenities that appeal to the demographic ViveRE is looking to attract,” said Anaka. “We are currently working on implementing services in these NORCs.”
Finally, ViveRE announced on Dec. 3 it has an agreement to acquire a newly constructed 20-unit building at 75 Emma St. in Oshawa, from Emma and Albert Development Inc.
It is comprised of one two-bedroom, and 19 three-bedroom apartments, a community room, fitness centre and a library.
Located within walking distance of the Oshawa city centre, the Emma property is near health facilities, recreation and shopping. ViveRE is purchasing the property for $7,300,000, with a cap rate of 5.25 per cent.
Monthly rents are projected to range from $1,850 to $2,450.
ViveRE’s growth plans
Anaka envisions ViveRE’s acquisition size and pace picking up as it develops critical mass. The short-term target is to reach 500 units by the third quarter of 2020 and to add at least 500 additional units in each of the following two fiscal years.
“We see purpose-built development as a component of our growth strategy, best executed with developer partners, not directly by ViveRE,” said Anaka.
ViveRE uses third-party building management, either keeping existing building managers in place or using partner Novacorp Properties Limited wherever possible.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
