Great Gulf raises funds for Youth Bipolar Disorder

A recent golf tournament held by Great Gulf at Cardinal Golf Club raised a record $209,378 for Youth Bipolar Disorder at Sunnybrook Health Sciences Centre.

This is the tenth year that Great Gulf has helped raise funds and awareness contributing to the expansion of the clinic. This strategic partnership has improved care, raised awareness to encourage early treatment and reduce stigma to improve the lives of teens suffering from bipolar disorder. In total, Great Gulf has helped raise $1.8 million in funds benefitting worthy causes.

“We have a proud tradition of supporting the Centre for Youth Bipolar Disorder through our commitment to raising much needed funds and awareness for mental illness, one of the most pressing issues facing our teens today. With each dollar we raise, we improve treatment and care for this disorder,” said Josh Reisman, Great Gulf, in a press release. “I would like to thank all the golfers, sponsors, the Golf Committee chaired by Rochelle Kaminsky-Glasner and all the volunteers for making this one of the most successful tournaments.”

Dr. Benjamin Goldstein, the director of the Centre for Youth Bipolar Disorder, and his team have advanced studies that bring together scientists and clinicians across the hospital and research institute, who are teaming up to accelerate progress in the treatment and understanding of youth bipolar disorder, including specialists in cardiology, ophthalmology, neurology, medical imaging and anesthesia.

“With the generous support of the Great Gulf community, the Centre for Youth Bipolar Disorder has grown from a staff of two to a team of 25, including psychiatrists, social workers, researchers, students and volunteers,” said Dr. Goldstein. “Our sustained focus on bipolar disorder in youth is yielding important advances in terms of comprehensive clinical services, research discoveries and public education. As a platform to speak openly about bipolar disorder, and to hear first-hand from our patients and families, the annual golf tournament has become an opportunity to collectively reduce stigma. We are ever grateful for, and honoured by, the support of Great Gulf.”

Photo (from left to right): Gus Platis, Eugene Filice, Carolyn Poirier, Aggie Wawszczyk, Rochelle Kaminsky-Glasner, Dr. Benjamin Goldstein, friend of the Centre, Tad Putyra, Josh Reisman.

Slower sales in July for GTA new home market

Sales of new homes in the GTA slowed in July as prices held steady, according to new data released by the Building Industry and Land Development Association (BILD).

In July 2018, there were a total of 1,071 new homes sold, a decline of 44 per cent compared to July 2017 and 55 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. July 2018 also saw sales of new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units fall 52 per cent year-over-year to 855 units, which is 40 per cent below the 10-year average.

Sales of new single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) climbed 85 per cent from July 2017 to 216 units sold. However, this figure remained 77 per cent below the 10-year average.

The benchmark price of new condominium apartments was $774,759, an increase of 16.5 per cent compared to last July, which is virtually unchanged compared to last month. The benchmark price of new single-family homes was $1,142,574, a decline of 13.2 per cent on an annual basis and just 0.85 per cent above last month’s benchmark price.

“New home sales in the GTA typically take a breather in the summer months compared to the spring,” said Patricia Arsenault, Altus Group’s executive vice-president, data solutions, in a press release. “This July was no exception, although minimal new project launches in July, along with declining affordability of new condominium apartments due to recent price escalation, amplified the June-to-July decline in sales somewhat this year.”

Since only two projects opened in July, the total remaining new home inventory fell to 14,784 units, comprised of 9,931 condo apartment units and 4,853 single-family units. Remaining inventory includes units in preconstruction projects, in projects that are currently under construction, and in completed buildings.

“We are still seeing a shortfall in condo apartment inventory,” said David Wilkes, BILD president and CEO. “Given the current pace of sales, we should have nine to 12 months’ worth of inventory, but we only have five. We expect that more condo apartment product will become available in the fall.”

Can developers enter section 98 agreements?

Can developers enter the Section 98 agreements that must be in place for owners to alter common elements?

Interestingly, the Condominium Act does not prohibit a developer from entering into a section 98 agreement with the condo while it still owns the units. In fact, many developers now include section 98 agreements as a standard part of the disclosure package that they provide to potential purchasers.

Shortly after the declaration and description are registered creating the condo, and before any of the units are sold to the purchasers, the developer registers the agreement against all of the units. The board of directors appointed by the developer will sign the agreement on behalf of the condo and a representative of the developer will sign as owner of the units. In many cases the person signing on behalf of the condo is the same person signing for units. There is nothing improper in this arrangement as long as it is done in accordance with the requirements of the Act.

A section 98 agreement from the developer can save the condo a significant amount of time, effort, and money as it eliminates the need for the condo to enter into individual agreements with each owner looking to change the common elements. (Note: those owners would still require board approval.) Group section 98 agreements, which are an improvement over individual agreements, still require a significant amount of work compared to agreements put in place by the developer because the signature of each owner must be collected with a group agreement.

Notwithstanding the benefits, developers and their lawyers must be careful when proposing these agreements. As mentioned above, the agreement should be disclosed to purchasers in the disclosure package so they are aware of it before they purchase the unit, especially where the agreement shifts responsibilities for maintenance, repairs, and insurance to the owners of the units. Disclosing the agreement will protect the developer, but it will also make it easier for the condo to enforce the agreement against any owner who chose not to follow the terms of the agreement.

It is fairly common for developers to offer upgrades or extra features to purchasers. Sometimes these are constructed before registration, sometimes after. Sometimes there are items installed by the purchasers with approval from the developer while it controls the board of directors. Regardless of the situation, the developer should keep a list of improvements made by it or the purchasers to the common elements during the time that it controls the board of directors. The list, or minutes evidencing approval for the improvements, should be provided to the condo at the turn-over meeting or shortly thereafter. Without a list of improvements, costly disputes may arise between the condo and subsequent owners when it comes time to maintain or repair certain components in the future.

Like all section 98 agreements, proper record keeping is vital for agreements provided by the developer.

Michelle Kelly is a condo lawyer at Robson Carpenter LLP, a firm that specializes in the development of condos and subdivisions. She leads the firm’s condo management practice providing legal assistance to condos, directors, and managers throughout Ontario.

Alberta dominates Clean Air Awards

Alberta buildings have earned a major share of the Clean Air Awards for a second year in a row.

The U.S.-based National Air Filtration Association (NAFA) runs the annual awards to recognize facilities utilizing best air filtration practices in their buildings across Canada and the U.S.

Edmonton tops this year’s list with an impressive 10 recipients on the University of Alberta campus, including the Chemical/Material Engineering building, Clinical Sciences building, Computing Science Centre, Electrical & Computer Engineering Research Facility, Heritage Medical Research Centre, Katz Group Centre for Pharmacy & Health Research, and Rutherford Library South, Headhouse and Li Ka Shing Centre for Health Research Innovation

Calgary boasts eight recipients – 707 5th, Calgary Place, Calgary Telus Convention Centre, AMEC Place, Child Development Centre and TFDL on the University of Calgary campus, Telus Spark and University City, Tower A & B.
Fort Saskatchewan rounds off Alberta’s winners with the Shell Scotford Admin Building 1B also receiving an award.

Award-winning buildings pass through a rigorous point system in order to be eligible and are acknowledged for excellence in air filtration and sustaining a clean and healthy indoor work environment. In order to maintain the Clean Air Award and the signage that comes with it, the winners must maintain IAQ diligence and submit inspection data each year.

Other Canadian recipients are:
• Cypress Regional Hospital, Swift Current, Sask.
• Saskatoon Police Services, Saskatoon
• Saskatoon Square, Saskatoon
• Operations Centre managed by the City of Surrey – Surrey, B.C.
• F.V.N.T.S.O, Surrey, B.C.
• Yorkdale managed by Oxford Properties Group – Toronto

Only seven of the 32 recipients come from the U.S.

WHO classifies hoarding as a medical condition

Mental health advocates and clinicians are calling for more targeted research and hoping for less public stigma now that the World Health Organization has recognized hoarding as a medical condition, distinct from other disorders with which it is often associated. The new definition is found in the recently released 11th edition of International Classification of Diseases (ICD), the international standard for diagnosing and reporting diseases, disorders, injuries and related health conditions.

This updates the circa 1990 ICD 10th edition and now aligns with the American Psychiatric Association’s Diagnostic and Statistical Manual of Mental Disorders, which categorized hoarding separately from obsessive compulsive disorder in 2013. A report in the international medical research and news digest, The Lancet, reiterates that expanding stashes of collectables also present a health and safety hazard for residents and neighbours of hoarders’ properties, while the treatment is far more complex than simply removing accumulated materials and/or menageries.

Although ICD-11 clarifies that excessive acquisition and extreme aversion to discarding possessions can be a unique condition, many sufferers have other diagnoses or emotional stresses such as bereavement. The Lancet report notes that individuals with autism spectrum disorder may be prone to hoard certain kinds of items, while in comparison to the general population, hoarders “are more likely to depressed, overweight or to have chronic medical conditions”.

Psychiatric researchers are focused on identifying triggers and positive interventions. The new ICD-11 classification is considered a boost for the relatively nascent field of study.

“There are frequently early signs of hoarding disorders in adolescence, although presentations do not tend to occur until much later in life,” the Lancet report states. “There is emerging evidence that cognitive behavioural therapy is an effective treatment; whether this is best delivered individually or in groups is yet to be confirmed.”

Landlords could be among the beneficiaries of better awareness and kinder perceptions of hoarding. They are currently among the most common discoverers and reporters of tenants with the condition since those afflicted may neither see their behaviour as problematic nor wish to expose it by seeking help.

New B.C. building and plumbing code effective Dec.

The new B.C. Building and Plumbing Code will be effective December 10, 2018 and will apply to building permits applied for on or after that date. The B.C. Fire Code is anticipated to be adopted in the fall of 2018 and effective December 10, 2018. Buildings with permits in place under the previous 2012 B.C. Building Code will generally not be affected by the adoption of the new code.

The B.C. Building and Plumbing Code is based substantially on the model National Building and Plumbing Codes of Canada (National Codes). The 2015 National Codes adopted 600 technical changes to improve clarity, introduce new concepts, and expand existing requirements. Some of the new requirements in the National Codes include:

updates to airborne sound transmission ratings,
seismic design and climatic data, and
updates to stairs, ramps, handrails and guards, including an increase to the run dimensions for residential dwellings.

The 2018 B.C. Building and Plumbing Code includes most of the 2015 National Code requirements and some variations specific to British Columbia. Some important B.C. specific code changes introduced in the 2018 B.C. Building Code include:

increasing building accessibility for persons with disabilities,
improving the energy efficiency of buildings to require compliance with new building energy efficiency codes and standards,
providing a variation to the National Building Code requirements for mid-rise combustible buildings to require 10 per cent street frontage and exterior cladding with increased fire resistance, and
updating radon data, based on recent studies.

The online version of the 2018 B.C. Building and Plumbing Code will be available for purchase in the coming weeks at www.bccodes.ca. The Building and Safety Standards Branch will notify code users when the online version is published. The print version is expected at a later date, and code users will be notified when it becomes available.

The provincial government’s Building and Safety Standards Branch is working with partners to deliver education and support code users in learning about the new requirements. Additional code resources will be posted to its website, in the coming months.

For more information, please visit the 2018 BC Building and Plumbing Code website.

GTA apartment sector continues to flourish

The latest market report from Marcus & Millichap reveals the GTA apartment sector is experiencing another strong year, with continued growth projected.

One of the key factors influencing this outcome has been the rise in household formation, aided by the flourishing tech sector. According to the report, Toronto has registered exceptional job growth in tech-related positions, adding more employers in this sector than many other major metros in the U.S.

Over the past year ending in June, 73,100 jobs were created across the GTA, marking a 2.2 per cent expansion to the workforce from a year earlier. The unemployment rate rested at 6.3 per cent in June, recording a 50-basis-point year-over-year decline, creating challenges for employers amid tightness in the labour market.

Household growth remains strong with an estimated 29,000 households projected to form in 2018, bolstering demand for apartments across Toronto to keep vacancy low and support rent growth.

Large down-payments make purchasing a home prohibitive

The single-family benchmark home price fell 8.8 per cent in June from one year earlier to $878,000 as mortgage regulations put in place last year continue to take effect. Even though home values have fallen, entry-level homebuyers are still finding the housing market to be challenging due to the large amount needed for a down-payment.

With a limited number of starter homes on the market, apartment demand has held exceptionally strong, lifting rents more than 5 per cent last year while keeping the vacancy rate near 1 per cent, motivating developers to increase activity. More than 7,000 apartments were underway at mid-year, the highest level in more than 20 years.

Robust supply growth remains overshadowed by substantive rental demand. Roughly 3,000 apartments are forecast for completion in 2018, most concentrated in downtown Toronto and the eastern suburbs.

One of the largest projects set for delivery this year is Casa, a 1,471-door mid-rise in the Emery neighbourhood. Most projects incorporate a mixed-use component, filling demand from young professionals who desire an urban and active lifestyle.

The GTA vacancy rate will remain on a downward trajectory even with completions set to double last year’s total, contributing to a 5 per cent increase to the average rent to $1,365 per month in 2018.

Robust investor demand lifted deal flow 14 per cent over the year ended in June compared with the prior year-long stretch. Sales activity was highest in the city of Toronto, North York and Oshawa.

Additional GTA apartment sector investment highlights:

The average cap rate compressed 40 basis points over the past year to the mid-3 per cent to low-4 per cent area. First-year yields surrounding Oshawa neared 5 per cent, fueling activity among yield-driven investors.
Prices climbed 17 per cent on strong buyer demand to an average of $256,800 per unit for properties traded over the past year. Assets in the city of Toronto changed hands at $318,300 per unit. In Oshawa an average price of $135,600 per unit was posted.
Rent controls put in place recently have yet to slow investor demand or rent growth as was previously feared. Strong rental demand and improving property performance will keep sales activity elevated this year, particularly in areas near employment hubs with transit connectivity.

Tridel reveals first smart condominium at Ten York

Tridel has unveiled its first smart condominium, a newly completed 69-storey development, in downtown Toronto. Ten York features Tridel Connect, an innovative range of integrated smart home features designed to make everyday tasks easier.

Tridel Connect provides residents with an easier way to enter and exit their home, manage temperature settings and security, host guests and receive packages. It also allows homeowners to rely on voice and data connectivity within the building, a benefit that is extremely important as fewer people own landlines or cable and require a powerful Wi-Fi connection.

“Tridel Connect is the result of a collaboration with real estate technology company SmartONE Solutions, which helped us elevate Ten York beyond standard condo living, using smart building features,” said Bruno Giancola, Tridel’s senior vice president project management/innovation & sustainability, in a press release. “Their platform uses a central network and integrates multiple systems to enable shared services and individual features for each suite.”

Tridel Connect at Ten York provides residents with the following features:

Residents can adjust the temperature, set a security alarm and receive notifications about community events and services through an in-suite wall pad or remotely using a smartphone app;
A wall pad allows homeowners to see and speak with guests before allowing them entrance to the building;
A key-free suite entry using digital door locks and a personalized access code for entry. Residents can program additional codes for family members, friends or service providers, such as a dog walker. Homeowners can also assign nicknames to friends and family to keep a record of who has entered their unit;
A camera view of some common areas and direct video communication with the concierge provides added security for residents;
A personalized Bluetooth smartphone app unlocks common area doors as a resident approaches;
License plate recognition allows automated entry to the parking garage for residents and registered guests, with no key fob or door opener required for entry;
An automated smart locker system allows package deliveries to be locked up for safety, with a digital message for the resident informing them their package is being held until it is convenient for them to pick it up;
A dedicated team monitors the network to keep the system connected and running smoothly;
A distributed antenna system enhances voice and data connectivity to provide mobile devices within the building with clear service, no matter what floor they’re on; and
All suites at Ten York include unlimited, ultra high-speed 500 mbps internet as a utility and high-speed guest internet is available in the building’s common amenity areas.

Unique affordable rental housing project opens in Vancouver

A unique affordable rental housing project called Co:Here has officially opened in Vancouver’s Commercial Drive and Grandview-Woodlands neighbourhood. The 26-unit building is supported through partnerships between the Governments of Canada and British Columbia, Streetohome Foundation, and many other organizations and individuals.

“These new homes represent an innovative approach to supportive housing, with the fostering of a network of support in the building,” said Honourable Shane Simpson, Minister of Social Development and Poverty Reduction and MLA for Vancouver-Hastings. “Our Government understands the importance of putting people first and when community is part of the solution, we are able to help more people with the housing and social assistance they need to make a fresh start in life.”

Located at 1723 Victoria Dr., the building features 18 units for people who are homeless or are at risk of homelessness and eight units for low-to-moderate-income individuals, couples and families.

The Co:Here Housing Community is managed and operated by Salsbury Community Society and the project is based on a community development approach to supportive housing whereby the connection between neighbours from different economic, cultural, health and societal backgrounds help to provide support services.

“Co:Here is a great example of the type of creative affordable housing solutions that are possible when all levels of government and our non-profit partners work together to deliver urgently needed housing,” said Gregor Robertson, Mayor of the City of Vancouver. “In addition to providing 26 new homes geared towards low to moderate income households, this building gives people a chance to put down roots and continue to build their community within this vibrant East Vancouver neighbourhood. This is a project that the City of Vancouver is proud to support and I want to thank our partners in the federal and provincial governments, at the Streetohome Foundation, and the Co:Here Foundation and from the Salsbury Community Society for opening the doors on these new homes.”

Quick facts:

The Government of Canada through CMHC and the Government of British Columbia through BC Housing jointly contributed approximately $3.5 million under the Investment in Affordable Housing Agreement.
CMHC provided $37,300 in seed funding toward the project.
The City of Vancouver contributed $500,000 from the Housing Infrastructure Grant and provided $257,000 in municipal waivers.
Streetohome Foundation provided a grant in the amount of $520,000.
Grandview Church provided the land valued at approximately $2.68 million.
Co:Here Foundation raised the balance of the funds of approximately $4.8 million through foundations, private organizations and individuals.

Renos draw unwanted critters out of woodwork

Whether breaking ground on new construction or remodeling an existing property, facility managers should be aware that renovations can turn up the heat on pest pressures.

Construction uproots pests, disturbing their habitat and forcing them to search for what they need to survive: water, food and shelter. Even if a robust sanitation and maintenance program is already in place to deter pests, it can be disrupted by renovations and leave a property more vulnerable to infestation.

Each pest comes with its own set of unique challenges that can affect the success of renovations and construction. Cockroaches reproduce quickly, can spread disease, contaminate food and even cause allergies. Then there are carpenter and acrobat ants, which target wood in structural timbers and hardwood flooring. Rats and mice can carry several diseases and may cause structural damage within a facility, gnawing on wood, paper, dry wall and wiring. They frequently mistake the wiring on electrical equipment for plant roots and their chewing on them can become a major fire hazard.

All of these pests can actually be built into properties during the construction process. Fortunately, there are ways to seal out pests while renovations are ongoing to prevent infestations later.

An Integrated Pest Management (IPM) approach stresses prevention over remediation by focusing on proactively limiting pests’ access to key survival elements with measures such as sanitation and facility maintenance. Be sure to meet with building contractors before they finalize the blueprints to discuss how an IPM program can be incorporated into the construction process. Follow the below tools of the trade in all three phases of construction to build a solid foundation for pest management.

Phase One: Planning and prep work

Survey the site for potential pest issues and prepare an IPM program that addresses building and site-specific needs. Monitoring devices can be used to detect pest presence, assess populations in the area and take note of the property’s surroundings. Certain geographic, topographic and climatic conditions might create additional pest pressure. For example, forested and wooded areas may see increased carpenter ant activity. It’s important to:

Review blueprints and plans to ensure potential roosting or nesting areas for birds and other animals are minimized.
Aim to start construction in the driest season. Wet conditions amplify pest problems.
Inspect the construction site and incoming materials for existing pests and monitor for on-site pest activity in materials such as shingles and wood.
Grade the land around the property, if possible. Grading the land will help prevent puddles from forming and remove sources of water.
Choose pest-resistant building materials, such as non-cellulose insulation and fiber-cement siding.
Install a first line of defense using a non-toxic baiting and monitoring system around the facility to monitor and detect pest presence. Once detected, the pests can be controlled using the appropriate techniques.

Phase Two: During Construction

When construction begins, pests will be displaced from their homes and typically start to appear on site. This is when a property is at the highest risk of pest infestation. Take the following steps to manage their relocation and ensure easy access to their survival needs is not being provided:

Monitor for moisture to help prevent pests, such as foreign grain, plaster and fungus beetles, which feed on the fungus that grows and accumulates on wet wood.
Keep the construction site clean. Ask workers to dispose of food scraps, wrappers and drink cans and cover up building supplies to avert pests such as ants, flies and rodents.
Install LED lights on site to make it less attractive to flying insects.
Thoroughly inspect the foundation for cracks and crevices. Some pests can access buildings through openings of less than two millimetres.
Ensure that all doors and windows are flush against frames and sealed with weather stripping.

Phase Three: After the build and beyond

The facility manager’s job isn’t done once construction or renovation is complete. It’s important to remember that effective IPM is an ongoing process, not a one-time event. Continue to fortify facilities against pests with the following tips:

Install a half-metre gravel strip around the building. Rodents do not like to be out in the open, and this provides a no-cover zone. Gravel also creates a rough terrain for insects to traverse.
Trim plants to keep them at least half a metre away from the building. Branches should be cut back to prevent bridge-like, easy access to the building. Avoid fruit-bearing trees that attract flies and pest birds.
Ensure the building has positive airflow — air that flows out the door, rather than in. When doors open, air should push flying insects out and not suck them into a building.

It’s possible to keep pests out of facilities undergoing construction or remodeling by design. Making pest management a top priority before renovations turn up pest pressures can protect these types of investments and create a solid foundation for a pest-free future.

Alice Sinia, Ph.D. is quality assurance manager – Regulatory/Lab Services for Orkin Canada focusing on government regulations pertaining to the pest control industry. With more than 15 years of experience, she manages the Quality Assurance Laboratory for Orkin Canada and performs analytical entomology as well as provides technical support in pest/insect identification to branch offices and clients. For more information, email Alice Sinia at [email protected].

Vancouver wins national award for digital strategy

The City of Vancouver has been recognized with a national award, winning in the Large Public Sector Transformation category for its digital strategy at the 2018 IT World Canada Digital Transformation Conference.

Vancouver is the first city in Canada to develop and implement a digital strategy and the first to hire a chief digital officer. The four-year strategy, implemented in 2013 has seen the city go from having low digital maturity relative to other global cities to now being a template and model for cities around the world looking to take their digital footprint to the next level.

“People, businesses and governments around the world are grappling with emerging technologies and the pace of technological change,” says Mayor Gregor Robertson. “Through the city’s digital strategy, we’ve been able to leverage and embrace technological innovation to better deliver services to residents and provide them with tools to more actively engage and participate in local government.”

The city’s multi-year digital strategy focuses on four pillars: engagement and access; digital economy; digital assets and infrastructure; and organizational maturity.

Each pillar has a unique goal, objectives, and actions which were distilled from many ideas contributed by businesses, social service providers, citizens, and staff.

“Our digital transformation initiatives across the organization have delivered value and benefits to residents, staff, businesses, and visitors,” says Jessie Adcock, chief technology officer with the City of Vancouver. “It is an absolute honour to have our hard work recognized by IT World Canada, and we look forward to continuing to lead and innovate into the future.”

A key outcome from the strategy was the launch of VanConnect in 2015, the City’s mobile app that allows users to view and access information about various city programs and services from anywhere, at any time. Residents can perform almost all of their city-related transactions online through the app with a connected device.

To date the app has been downloaded more than 40,000 times with over 100,000 service requests submitted to the city by people, using the app.

The city also launched #VanWiFi in 2015 giving the public access to free public Wi-Fi at an initial 43 civic locations. Recently, the city expanded coverage to more than 550 locations citywide, making VanWiFi one of the largest free public Wi-Fi networks in North America. #VanWifi was a core objective of the Digital Strategy and has been accessed by more than 280,000 users in 2017 alone.

U.S. multifamily sector remains strong in 2018

Strong market fundamentals, an abundance of capital, and an influx of investors continue to propel the U.S. multifamily investment market, according to Real Capital Markets’ 2018 Multifamily Investor Sentiment Report.

The majority of investors surveyed by Real Capital Markets are in a buying mode, with many finding a shortage of quality assets, particularly in the value-add category. Experts interviewed by Real Capital Markets in July 2018 noted that underlying fundamentals shaping rental demand continue to draw a wide range of investors into the U.S. multifamily sector, despite upward movement in interest rates.

“Overall, the commercial real estate market—and particularly the multifamily sector—remains strong, with significant capital, both domestic and foreign, looking to be placed,” said Tina Lichens, COO, Real Capital Markets. “The challenge for many investors is finding quality assets at reasonable prices.

Statistics on rents per square foot, cap rates, sales prices and unit completions, aggregated by the National Multifamily Housing Council demonstrate the continued strength of the multifamily sector. Moreover, mid-year sales statistics reported by Real Capital Analytics showing $69.8 billion in mid-year multifamily sales underscore the findings of the RCM Report.

RCM surveyed its U.S. database of multifamily investors and conducted follow-up interviews to gauge investor sentiment on various topics.

Highlights of the Multifamily Investor Sentiment Report include:

• Market thrives with capital chasing deals — according to experts interviewed for the report, there is at least $250 billion in capital already committed to commercial real estate, with much of it likely focused on the multifamily sector. This capital is coming from a range of investors including institutions, private equity, REITS, as well as private and public funds. The product types they are chasing most include garden and suburban style apartments, followed by urban style apartments.
• Interest rates are a looming threat — most industry experts interviewed, and 69.7 percent of survey participants, ranked interest rates as a looming concern, as the market has already absorbed 12 to 18 months of increases and spreads are very thin. The consensus is that further rate hikes will be difficult for lenders to absorb. This increased cost may cause investors to modify strategies.
• Value-add remains hot, but elusive — approximately 58 percent of Investors are looking for 1970s and 80s rental properties that need upgrades but are finding fierce competition and an upward tick in pricing.
• Job growth is driving multifamily activity — in many core and secondary markets across the country, strong employment, often from the tech sector, is fueling growth in the multifamily sector.
• Fundamentals look strong — with national and individual market vacancy rates fluctuating as new supply is brought online, more than half the survey participants believe that further increases in vacancy rates are likely, but the level of increase will be only marginal. Nearly 65 percent believe that rents will increase at least marginally. Given these factors, while almost one third of investors see a slight slowing of the market, approximately 66 percent of investors believe the market will maintain at current levels and remain strong.

“Housing is one of the most fundamental needs, regardless of income level or socio-economic status,” said Steve Shanahan, Executive Managing Director, Real Capital Markets. “Investors will continue to leverage those intrinsic needs, as well as strong market fundamentals, to create and take advantage of a steady stream of investment opportunities.”

Alberta invests in Vivo expansion project

Alberta has announced it will be providing $15 million over three years for the Vivo for Healthier Generations expansion project, which will add 25,900 square metres (85,000 square feet) to the popular health and wellness centre operated by the charity in northeast Calgary. The expanded venue will include a unique indoor park and an applied research facility that will become a centre of excellence in helping families become healthier, happier and more connected.

Designed by Dialog, the facility will role model and demonstrate innovation and healthy living leadership. The main project components include an expanded aquatics centre, an expanded fitness centre, an indoor park, and the Canadian Healthier Living Academy for Healthier Generations.

The most innovative aspect of the expansion will be an indoor park – a literal moving indoors of all physical and social activities one would engage in at a park: from spontaneous play such as hide and seek, 3-on-3 soccer with jackets as goal posts, or reading a good book under the trees; to social gatherings such as movie in the park nights; to structured programs like bootcamps; all the way to community rentals. The park will include hillside play, a zen garden, activity nodes, and an urban beach.

Vivo works closely with more than 22 community organizations to provide programming to families in the rapidly growing neighbourhoods of north Calgary. Since the centre opened in 2004, there have been more than 1.3 million visits annually to the facility to gather, celebrate, be active and play.

The expansion of Vivo is expected to create 320 new jobs during construction and another 60 permanent jobs upon completion. The total project cost is estimated at $60 million.

Stronger national sales activity recorded in July

Canadian home sales climbed 1.9 per cent from June to July 2019, according to statistics released by the Canadian Real Estate Association (CREA). Stronger home sales activity was built on increases in each of the two previous months, but was still below levels recorded from mid-2013 to the end of 2017. Led by the Greater Toronto Area (GTA), over half of all local housing markets reported an increase in monthly home sales activity in July.

Actual (not seasonally adjusted) activity fell 1.3 per cent year-over-year, reflecting fewer sales in major urban centres in British Columbia and an offsetting improvement in activity in the GTA.

“This year’s new stress test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slighting in Toronto and nearby markets,” said Barb Sukkau, CREA president, in a press release. “The degree to which the stress test continues to sideline home buyers varies depending on location, housing type and price range.”

“Improving national home sales activity in recent months obscures significant differences in regional trends for home sales and prices,” added Gregory Klump, CREA’s chief economist. “Regardless, rising interest rates and this year’s stress test on mortgage applicants will likely prove to be difficult hurdles to overcome for many would-be first time and move-up homebuyers, heading into the second half of the year and beyond.”

The number of newly listed homes declined by 1.2 per cent from June to July, remaining below monthly levels recorded over most of the past eight years. New listings fell in more than half of all local housing markets, led by Calgary, Edmonton and Greater Vancouver. Fewer new listings in these markets more than balanced out the increase in new supply in the GTA.

As home sales increased and new listings fell, the national sales-to-new listings ratio tightened to 55.9 per cent in July. Based on a comparison of the sales-to-new listings ratio with the long-term average, about two-thirds of all local housing markets were in balanced territory in July 2018. On a national basis, there were 5.3 moths of inventory at the end of July 2018, a decline from 5.4 months in June, but hovering near the long-term average of 5.2 months.

The Aggregate Composite MLS Home Price Index climbed 2.1 per cent year-over-year in July 2018, marking the first acceleration in annual home price growth since April 2017. It also hints that last summer’s decline in home prices and their rebound in and around the GTA that followed may contribute to further annual gains in the coming months.

The largest year-over-year price gains were experienced by apartment units, which saw prices increase by an average of 10.1 per cent, followed by townhouse/row units, with increases of 4.7 per cent. Meanwhile, one-storey and two-storey single family home prices were again down on an annual basis (-0.7 per cent and -1.5 per cent, respectively), but these declines were smaller than in recent months.

Home prices were up in eight of the 15 housing markets tracked by the MLS HPI, while home prices in two markets remained relatively level. The remaining five housing markets saw prices decline.

Home price gains are declining on an annual basis in the Greater Vancouver Area (+6.7 per cent), Fraser Valley (+13.8 per cent), Victoria (+8.2 per cent) and elsewhere on Vancouver Island (+13.7 per cent).

In the Greater Golden Horseshoe, home prices remain elevated from year-ago levels in Guelph (+4.1 per cent), while they stabilized in Oakville-Milton (+0.1 per cent). In the GTA and Barrie and District, however, home prices declined on a year-over-year basis (-0.6 per cent and -3 per cent, respectively).

Prairie regions saw benchmark home prices remain down on an annual basis, with Calgary, Edmonton, Regina and Saskatoon all experiencing declines (-1.7 per cent, -1.3 per cent, -4.8 per cent and -2.1 per cent, respectively).

In Ottawa, however, benchmark home prices increased by 7.2 per cent year-over-year, led by an 8.3 per cent increase in two-storey single family home prices. Greater Montreal home prices increased by 5.7 per cent year-over-year, led by a 7 per cent increase in townhouse/row unit prices, while Greater Moncton’s 5 per cent home price increase was led by a 9.9 per cent increase in apartment unit prices.

The actual (not seasonally adjusted) national average price for homes sold in July 2018 was just below $481,500, an increase of one per cent year-over-year, marking the first year-over-year increase since January.

When removing the Greater Vancouver and Greater Toronto Areas from calculations, due to their active and pricey housing markets, the national average price in July 2018 sat at just under $383,000.

Innovative design delivers modern family home

Can a home feel spacious through innovative design? Vancouver Interior Design firm Falken Reynolds Interiors opens the doors to their latest modern-home interior design project, the Saint George House, which highlights innovative design strategies to create space and serenity.

Enlisted by boutique builder Moosehead Contracting, Falken Reynolds Interiors and Randy Bens Architect designed a family home to fit on a unique lot size 20 by 200 feet (6m x 60m), which is typically the size of a back lane.

“The unique site of the 2,200 square foot (204 square metres) Saint George Street house inspired us to get creative with our design process and visually create more space,” says Chad Falkenberg, principal of Falken Reynolds. “For example, natural light was a big focus so we strategically placed 11 skylights to wash walls with natural light and draw the eye into the room, amplifying spaciousness using the technique of Atmospheric Perspective.”

The home’s strong, minimal exterior is accentuated by standing-seam metal cladding and, midway through the house, a courtyard brings light to its centre. The interior corridors maximize functionality with concealed storage. To ensure the home is fully equipped for a modern, active family, the kitchen is fitted with a large island, the entry hall conceals mudroom storage, and a kids’ zone is acoustically removed from the main living areas.

Inside and out, the fresh palette of white and Nordic toned woods keeps the spaces feeling open. The interior features new LED technology from Delta Lighting (Inform Contract), Bocci lighting & outlets (Bocci), Blu Bathworks plumbing fixtures (Cantu Bathrooms), Frontier Flooring hardwood, and Corian Solid Surface & Quartz (Willis).

The home is styled with new Bensen furniture in exclusive Raf Simons fabrics, and Cloth Studio linen curtains and bedding. Influenced by Scandinavia, Japan and the Westcoast, they create a style Falken Reynolds describes as Canadian Nordic.

A tour of the Saint George House is available during IDS Vancouver’s offsite exhibit on September 19, 2018.

Canada, Quebec invest in Tadoussac library project

The governments of Canada and Quebec are each investing over $134,000 in the redevelopment of the Tadoussac municipal library in the Haute-Côte-Nord region.

The funding is being provided through the New Building Canada Fund, Provincial-Territorial Infrastructure Component—Small Communities Fund. For eligible work, the Municipality of Tadoussac will also invest over $134,000, bringing the total government and municipal investment in the project to over $402,000.

The redevelopment of the library involves expanding its overall space, replacing the roof, doors and windows, upgrading the electrical system, developing a multi-use space and developing a space to store cultural archives on site. One the redevelopment work is complete, the library plans to extend its hours of operation and develop a space for exhibitions.

“Investing in cultural infrastructure helps build strong communities and support local economic growth,” said The Honourable Francois-Philippe Champagne, Minister of Infrastructure and Communities, in a press release. “With a larger space that is better suited to the needs of residents – with an emphasis on digital – the Tadoussac municipal library will be better equipped to fulfill its educational and social function and to provide improved services to residents.”

Broccolini starts construction on Ottawa Amazon facility

Broccolini has officially launched construction on the new Amazon distribution centre in Ottawa, which is being constructed to the retail giant’s specifications.

Spanning over one million square feet, the distribution centre will be the largest industrial facility ever built in the area. Over the course of its construction, the facility will create up to 1,500 jobs, with another 650 full-time jobs created once the facility is operational. The distribution centre is expected to open in the summer of 2019.

“Broccolini continues to pursue the development of major projects in the National Capital Region and this new project in the federal capital confirms its position as a Canadian leader in real estate and in the construction of industrial buildings in Canada,” said James Beach, director of real estate and development at Broccolini’s Ottawa office, in a press release.

Broccolini, a real estate developer that caters to the industrial, commercial, institutional and residential markets in Canada, has offices in Ottawa, Toronto and Montreal. The firm provides a wide range of services, acting as general contractor, construction manager, project manager, property manager and developer.

In addition to builder and developer for Amazon’s new distribution centre, Broccolini will also act as owner and property manager.

“Amazon will benefit from our considerable and diverse expertise in the coordination of all aspects of development and construction, from start-up to delivery, as well as from our management experience, as Broccolini already owns and manages an impressive portfolio of projects and properties,” continued Beach.