Nathalie Palladitcheff gets asked all the time when things will get “back to normal” in the commercial real estate world, but the chief executive of Ivanhoé Cambridge thinks the premise of the question is flawed.
Real eState
Why those waiting for a return to normal in commercial real estate will get left behind
The effects of the COVID-19 pandemic and the shift to hybrid work are still rippling through the real estate markets. Demand for residential and industrial space has shot up while offices and shopping centres have been slower to recover.
Palladitcheff, who was recently appointed as chair of the Real Property Association of Canada (REALPAC), the main industry group representing the country’s commercial real estate giants, said she tells her team that waiting for that recovery is not an option.
A Commercial Real Estate Services (CBRE) report that examined the Canadian office market in the third quarter of this year put Vancouver’s vacancy rate at 7.1 per cent, Ottawa’s at 11.5 per cent and Toronto’s at 11.8 per cent. Those figures compare favourably to major U.S. centres such as Dallas at 32.2 per cent, San Francisco at 24.2 per cent and Manhattan at 15.2 per cent.
We have to innovate and we’re going to have to … just be a little bit smarter than we used to be
Nathalie Palladitcheff
She said that the landlords who are able to hang on in 2023 are going to be the owners of sustainable A-class commercial spaces.
Montreal-based Ivanhoé Cambridge is the real estate arm of the deep-pocketed Caisse de dépôt et placement du Québec, which manages that province’s major public pension plans.
The French-born executive kicks off her two-year term as chair of REALPAC in January, after being named to the position in November. She had previously served as vice chair.
Palladitcheff said encouraging her team to be smarter means looking at real estate as a solution rather than a problem.
She said her experience in European commercial real estate — she worked at a company there 15 years ago that already had a head of environmental, social and governance (ESG), a post that is only now becoming common in Canada — has given her an advantage when it comes to addressing sustainability.
“Real estate professionals who are going to provide the world with solutions … not more problems are going to win this race,” she said.
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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.
The Canadian Press. All rights reserved.
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.
The Canadian Press. All rights reserved.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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