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Winnipeg real estate market breaks three records in third quarter of 2021 – CTV News Winnipeg

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Winnipeg –

The Winnipeg real estate sector wrapped up another strong quarter, falling short of September 2020 sales figures, but still managing to break three annual records.

The Winnipeg Regional Real Estate Board (WRREB) said the year-to-date dollar volume of just under $5 billion surpasses the 2020 annual dollar volume of $4.9 billion.

Meanwhile, the 2,014 condominium sales for the first nine months of 2021 breaks the record of 1,847 set last year, and 1,081 sales of residential-attached properties are slightly ahead of the 2020 sales record of 1,060.

Winnipeg Regional Real Estate Board President Kourosh Doustshenas said in a news release a combination of increased sales and higher prices lead to the strong showing.

“As for condominiums, the growing spread between single-family detached homes and condominium average sale prices in 2021 have made the latter property type an even more affordable option for buyers, especially first-time buyers who do not have the benefit of equity gains from the sale of their existing home. Moreover, residential-attached properties offer another affordable option,” he said.

The board noted the 1,501 sales recorded in September dropped 15 per cent from September 2020, but gained 16 per cent over the previous five-year average for this month.

While some property types, like single-family detached homes and vacant land, were unable to keep pace with red-hot 2020 numbers, condos, duplexes, and commercial land all made gains compared to the same quarter in 2020. Duplexes, for example, nearly doubled in sales from last year, with 81 in 2021 compared to 48 in 2020.

The WRREB also noted the current supply listing was down 28 per cent at the end of September compared to this time last year. New or current listings were down 16 per cent from 2020, and 19 per cent from 2019.

“A number of Winnipeg neighbourhoods did not meet the unrelenting demand for single-family properties,” Doustshenas explained.

The board pointed to Whyte Ridge as an example, where there were 12 sales in September and only one listing in October. Meanwhile, River Park South in southeast Winnipeg had 23 sales, leaving only three listings for sale in October.

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Real estate powers Blackstone’s best quarter ever – The Real Deal

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Stephen A. Schwarzman, CEO of the Blackstone Group (Getty Images, iStock)

Blackstone reported a blockbuster third-quarter this week — the best in its 36-year history.

Earnings more than doubled year-over-year to $1.28 per share, trouncing the average Wall Street analyst estimate of 91 cents. And assets under management swelled 25 percent to $731 billion, besting industry records, said Stephen Schwarzman, the firm’s chairman and CEO.

A workhorse behind that growth: real estate.

A look at the firm’s assets under management shows real estate investment grew to $230 billion — the highest percentage increase among Blackstone’s segments, which include private equity, hedge fund solutions and credit and insurance.

Behind private equity, real estate investments posted the greatest appreciation at 36 percent year-over-year. For investors, the segment brought in the thickest slice of distributable earnings at $2.6 billion.

The firm’s Core+ business, long-term investments in residential, office and life sciences, plus the private real estate investment trust BREIT accounted for much of those gains. Core+ was the largest driver of perpetual capital and fee-related earnings, said Jonathan Gray.

Institutional and retail investors raised $10 billion for the platform in the quarter, and $7.9 billion of that funneled into BREIT, Gray said, topping a record second-quarter.

Behind the top-tier figures were deals for the books and aggressive investment in its favorite sectors.

Late last month, Blackstone closed on its $5.6 billion sale of The Cosmopolitan of Las Vegas, a hotel and casino on the Strip. The deal was the most profitable single-asset sale in history, said the firm, which stood to make $4 billion, or 10 times the equity it invested.

True to its second-quarter promises, Blackstone re-entered the hospitality sector and purchased the land on two Las Vegas Strip hotels for $3.89 billion with plans to lease it back to prior owner MGM Resorts International.

The mammoth company finalized its acquisition of single-family rental firm Home Partners of America for $6 billion and privatized the data-center operator QTS Realty Trust for $10 billion.

Those buys add to the firm’s ongoing industrial play. In August, BREIT snapped up WPT Industrial Real Estate Investment Trust for $3.1 billion. In the past year, Blackstone has picked up warehouses in California, northern New Jersey and Pennsylvania for $358 million and secured $944 million in financing for a West Coast logistics portfolio.

During the earnings call Thursday, Gray said $30 billion in deals were still pending and named rental housing as one of the quarter’s largest investments still in the works.

Looking forward, the firm touted its European expansion through the Blackstone European Property Income Fund, which offers individual investors access to institutional-quality real estate, according to the business’ website. Blackstone expects to see money from BEPIF next quarter.

“It’s early days,” Gray said. “But we’re a bit of a trailblazer like we were with BREIT when we revolutionized the non-traded REIT market.”

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These Popular Fall Renovations Are Getting Done In Canada This Year

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The weather in Canada can be unpredictable, so homeowners often wait for late spring or summer to do their home renovations. They want to take advantage of the warmer weather, especially on outdoor projects.

But contractors continue to work long after the summer ends. Demand for renos can surge in the fall as homeowners try to get things done before the harsh winter weather sets in.

Even moderate renovations to your home can help increase the value when selling. Having a newly renovated house and working with a great real estate agent in Toronto can help get you the best return on your property.

But what renovations are Canadians getting done in the fall?

 

Heated Flooring

The popularity of carpet has dwindled in the last twenty years, as people often favour the sleek style of hardwood and tile flooring. While these floors look beautiful, they can have an unexpected drawback; They’re cold. This is why heated flooring has become one of the most popular “invisible” renovations in modern Canadian homes. Installing underfloor heating helps provide even heat through your floors, so stepping out of bed on a cold morning won’t be so unpleasant. These floors can be installed anywhere in the house, from bathrooms to bedrooms.

Keeping the Heat in

Insulation is another popular renovation in the fall. Upgrading old insulation is not only food for keeping your house toasty on the cooler nights, but it also helps reduce mould, rot, and other unpleasantries that lurk behind the walls. Fall is a popular time to get these renovations done because the temperatures have not yet dropped below freezing, meaning you won’t have to worry about your house letting in too much cold during its renovation period.

For the same reasons, this is also an excellent time to get your doors and windows professionally replaced for more energy-efficient models, as nobody wants a gaping hole in their wall in the middle of winter– or the heat of summer.

Company is Coming

The winter months are full of social occasions, from Thanksgiving to holiday parties. These social occasions mean entertaining guests that are coming over to your home. Fall is an ideal time to get your home renovations well underway before they arrive. These guest-centred renovations usually include bathrooms, which can be particularly good to get finished before the ground starts to freeze and plumbing is harder to access.

Kitchen upgrades are another popular choice to get done, as entertaining guests means having a space to do so and cooking for them. Renovations to make a more ideal and open concept kitchen, as well as the addition of islands peak during this time.

Roof Repair

Have you ever passed people working on a roof in the middle of the summer and wondered how they’re surviving the heat? The striking heat of the summer can make roof work unpleasant, but waiting until winter is dangerous, especially in icy conditions. Fall is the perfect time to get any roof maintenance done before the snow falls and damages your home.

Credit: HeungSoon via Pixabay

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FORT MAC LRA Approves Interim Plan for TD JAKES Real Estate Ventures Group – KPVI News 6

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FORT MAC LRA Approves Interim Plan for TD JAKES Real Estate Ventures Group  KPVI News 6



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