TORONTO, Sept. 16, 2020 /CNW/ – Windsor Private Capital (“Windsor”), a private asset management firm, announced today the launch of its first real estate fund, WPC Real Estate Opportunity Fund I LP (“Fund”), with total capital raised of $150 million CDN. The Fund will focus on acquiring opportunistic and distressed real estate assets in the GTA and Golden Horseshoe region of Ontario. The Fund will seek to find sites that are in early stages of development or redevelopment that may have been impacted by recent economic uncertainty.
The Fund will be managed by Windsor and its senior executive team including, its founder, Chairman and CEO, Rocco Marcello, John Cundari, President, Jordan Kupinsky, Managing Director, as well as our newest team member Marco Di Carlantonio, Senior Vice President who will focus primarily on the Fund.
Regarding the raise of the Fund, Rocco Marcello said, “We are excited about the launch of this new real estate fund given the tremendous opportunities we see in the market. We are pleased with the LiUNA Pension Fund of Central and Eastern Canada, our launch partner for the Fund, for their years of ongoing confidence in Windsor.” Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada said, “We look forward to partnering with Windsor who have produced outstanding results for us over the past 10 years and are looking ahead to the many opportunities the new fund represents. We are proud to be supporting the mandate for redevelopment in our region which will help to spur job creation and prosperity in the GTA and Golden Horseshoe region of Ontario.”
About Windsor Private Capital
Since 1992, Windsor has provided structured credit, bridge financing and equity solutions to emerging and middle-market companies, as well as entrepreneurs and high net-worth individuals. Windsor has a breadth of experience in a wide range of industry sectors including real estate, financial services, technology, telecommunications, manufacturing, and retail. Windsor, together with its affiliates, advises and manages over $2 billion on behalf of institutional and high net worth investors providing access to the attractive alternatives market segment through proprietary funds, off-market joint ventures and expert asset management.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
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.
