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Canadian Real Estate CanadianREI   May 31, 2017   91   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 31, 2017   91   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 31, 2017   92   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 31, 2017   98   0   0   0   0   0
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What’s at Issue in the Jared Kushner Investigation
 
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Canadian Real Estate CanadianREI   May 31, 2017   117   0   0   0   0   0
The outcry surrounding the potential conflicts of interest faced by President Trump’s son-in-law, White House advisor and New York real estate scion Jared Kushner continues to grow. The latest development involves the call for investigation into “potentially fraudulent statements” made by two companies marketing a Kushner Companies development[1] to Chinese EB-5 investors, according to Reuters. The companies include Chinese immigration agency Qiaowai and the U.S. Immigration Fund (USIF), based in Jupiter, Fla. The firms have worked together to market Kushner Companies’ One Journal Square[2], a mixed-use tower in Jersey City, N.J., to Chinese buyers through the EB-5 program. At issue? According to Reuters, the promotional materials used by Qiaowai referred to a green card “safeguard,” even though permanent U.S. residency is not guaranteed to EB-5 investors at this stage in the process. As a result, Chuck Grassley, a Republican senator from Iowa and the chairman of the Senate Judiciary Committee, has requested a review of Quiaowai claims. “It is a fundamental rule of the EB-5 program that an applicant’s investment must remain ‘at risk’ up to the end of the alien’s conditional permanent resident status, and a ‘guaranteed’ investment fails this basic EB-5 test; if Qiaowai is in fact guaranteeing the safety of the investment principal, all related EB-5 petitions should be rejected by USCIS,” Grassley wrote in a letter addressed to the Department of Homeland Security and the SEC. (The full text of the letter can be accessed on the senator’s website[3]). The news comes just a few weeks after...
The entrepreneurial cohort’s flight from the Toronto market
News Canadian Real Estate Magazine   May 31, 2017   91   0   0   0   0   0
Toronto’s high-volume, high-demand housing market has apparently overheated to the point where even the relatively well-off entrepreneur purchasing demographic would now rather buy homes in smaller and more affordable (if less ideally located) markets across the Greater Golden Horseshoe—and in the process making the region more attractive in terms of available services.   Case in point:Cassie McDaniel and Mark Staplehurst, who went for a property in Paris, Ontario and got started with their own digital agency, Jane and Jury, nearly as soon as they could.   “We came out here a few times and it just clicked.It’s beautiful.There’s no traffic.You don’t have to fight for a spot when you sit down for coffee,” McDaniel told The Globe and Mail.“It just made sense for us and the kind of lifestyle we want.”   The couple’s firm attends to the needs of clients not just in Paris, but worldwide as well.   “We draw from our experience in the city and the contacts we made there, but we have made a name for ourselves locally,” McDaniel added.“There’s no one else out here that really has the same skill set.That’s definitely a bonus.There’s enough competition to feel inspired, but not so much that it’s overwhelming or intimidating.”   Paul Emerson, chief administrative officer for the County of
Ontario’s vicious cycle of sluggish income growth and sustained real estate strength
News Canadian Real Estate Magazine   May 31, 2017   82   0   0   0   0   0
A new forecast by the Conference Board of Canada predicted a 2.6 per cent increase in the Greater Toronto Area’s gross domestic product this year, but latest data from Statistics Canada indicated that this will appear to have negligible impact on Torontonians’ purchasing power.   This is because the average earnings per week in Ontario improved by just 1.1 per cent last year, a troubling development in light of the steady growth in home prices that the province has been experiencing over the past few quarters.   “There’s a collision between the psychology of consumer confidence and the reality of the economic numbers,” Nanos Research executive chair Nik Nanos told CBC News.“When people don't feel that real wages are significantly increasing, when they're unsure about their level of job security, it creates a psychological chill on consumer confidence.”   And this trend is not set to cool down any time soon, as the region’s inflamed housing market has actually become a crucial driver of Ontario’s income.Real estate now represents 13.2 per cent of the provincial GDP, a larger figure than the manufacturing segment’s 12.1 per cent.   Crucially, the decline in manufacturing’s significance was brought about by the 2008-09 recession, and part-time / contract work has become an economic reality for the new generation of workers
Is this the most interesting investment property currently for sale?
News Canadian Real Estate Magazine   May 31, 2017   93   0   0   0   0   0
Listed at a mere $150,000, this historical two-storey home boasts five total units.But there’s a catch. Half of it sits on American land and the other half is in Canada. According to the listing[1], the house offers investors “a chance to own property on the Canadian border.It straddles the border, and a small portion of the house is in Canada.Historic building called the “Old Stone Store” was formerly a store and US/Canadian Post Office.Currently 5 living units in need of some fixing up to rent ...Canadians or Americans can buy!Sold ‘as is.’ Come take a look!” Source:Century 21 The home was built in 1782 and boasts a total of 3,010 square feet. Part of the property is situated in Beebe Plain, Vermont;the other is in Stanstead, Quebec. “When I was a kid we walked across and just played on both sides without even thinking about it.In that town, the border didn’t really exist.Inside the house, it was fun,” current owner Brian Dumouli told Macleans.“My aunt slept in Canada and my uncle slept in the States.They had a Canadian TV and an American TV, a Canadian phone and an American phone.The electricity came from Vermont.The water came from Canada.” Dumoulin inherited the property from his aunt over 40
Meadowlands Mall Builder Sets Year's Top Unrated Muni Sale
 
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Canadian Real Estate CanadianREI   May 30, 2017   106   0   0   0   0   0
(Bloomberg)—The Canadian developer building the long-stalled mega-mall in New Jersey’s Meadowlands plans to sell $800 million of tax-exempt municipal bonds next week to help complete the construction of the complex begun more than a decade ago. Goldman Sachs Group Inc. is managing the deal, the largest sale of unrated municipal bonds this year, for mall owner Triple Five Group, run by the billionaire Ghermezian family. The bonds are backed by payments in lieu of property taxes and will be issued through a Wisconsin agency, the Public Finance Authority, that specializes in acting as a conduit for risky debt. Borrowers for speculative projects sometimes forgo credit ratings rather than risk the taint of being labeled junk. The sale may benefit from a rally in the tax-exempt securities market as investors steer money into municipal-bond mutual funds, pushing yields to the lowest since early November. As investors seek bigger returns, high-yield state and local bonds have delivered gains of 6.1 percent this year, compared with 3.6 percent for the overall market, according to Bloomberg Barclays indexes. Initial construction on the project in East Rutherford, about 10 miles (16 kilometers) west of Manhattan, began in 2004, only to be halted after the initial developers ran short of funds. Triple Five took over the project in 2011 and will receive $350 million in grants from New Jersey if the project meets sales-tax revenue targets. The 2.9 million square-foot (270,000 square-meter) American Dream, originally called Xanadu, will feature an indoor amusement park and water...
Rise in Home Prices in 20 U.S. Cities Reflects Lean Inventory
 
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Canadian Real Estate CanadianREI   May 30, 2017   100   0   0   0   0   0
(Bloomberg)—A larger-than-forecast increase in home prices in 20 U.S. cities in March underscores both steady demand and lean inventory, figures from S&P CoreLogic Case-Shiller showed Tuesday. Highlights of Home Price Report (March) 20-city property values index rose 5.9% from March 2016 (forecast 5.7%), matching February as biggest since July 2014 National price gauge climbed 5.8% in the 12 months through March Seasonally adjusted 20-city index rose 0.9% from a month earlier (matching forecast) Key Takeaway Mortgage rates at a six-month low, along with a strong job market and healthier finances, are giving prospective buyers more wherewithal to make purchases. In addition to rising demand, persistent inventory shortages in the previously owned property market are also contributing to price gains. At the same time, wage growth has been slower to pick up than property values, representing a potential headwind to even faster price gains. Economist Views “While there is some regional variation, prices are rising across the U.S.,” David Blitzer, chairman of the S&P index committee, said in a statement. The gain reflected “unusually low inventory of homes for sale.” He said “there is no way to tell when rising prices and mortgage rates will force a slowdown in housing.” Other Details All 20 cities in the index showed year-over-year gains, led by a 12.3 percent increase in Seattle and a 9.2 percent advance in Portland, Oregon After seasonal adjustment, Minneapolis had the biggest month-over-month rise at 1.3 percent, followed by Detroit...
10 Must Reads for the CRE Industry Today (May 30, 2017)
 
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Canadian Real Estate CanadianREI   May 30, 2017   111   0   0   0   0   0
10 Must Reads for the CRE Industry Today (May 26, 2017) May 26, 2017 10 Must Reads for the CRE Industry Today (May 25, 2017) May 25, 2017 10 Must Reads for the CRE Industry Today (May 24, 2017) May 24, 2017 10 Must Reads for the CRE Industry Today (May 23, 2017) May 23, 2017
How Multifamily Owners Can Maximize Revenue before Peak Leasing Season
 
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Canadian Real Estate CanadianREI   May 30, 2017   77   0   0   0   0   0
Before peak leasing season is in full swing, there are several steps that multifamily property owners and managers must take to ensure that they make the most out of the busy time. Owners who invest the time and effort now will drive strong net operating income and stable cash flow for their properties year-round. With the busy season starting in early summer, now is the time to implement low-cost changes that will generate a high return on investment and impress new and prospective residents. As a property management firm that manages 171 apartment communities totaling 23,645 units, we’ve identified several key strategies to implement prior to peak leasing season in order to maximize property value, attract new tenants and drive long-term revenue. Invest in capital improvements First and foremost, multifamily owners should utilize this time wisely to invest in capital improvements that will add long-term value to their apartment communities. By addressing deferred maintenance items and upgrading the common areas, owners can ensure that their properties are leased at maximum capacity by the end of the summer. So which capital expenditures will generate the highest return on investment? Investing in communal gathering areas and indoor/outdoor amenity spaces can help establish a sense of community at your property, thereby driving resident retention and minimizing turnover. Some of the most sought-after amenities that build this sense of community include larger clubhouses, BBQ areas and on-site movie theaters, among others. Upgrading and modernizing interior features of empty units...
Investment Sales Market for Multifamily Begins to Recover after a Pause
 
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Canadian Real Estate CanadianREI   May 30, 2017   124   0   0   0   0   0
The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again. “Apartment cap rates, and cap rate spreads, are declining,” says Jim Costello, senior vice president with Real Capital Analytics (RCA), a New York City-based research firm. “However, deal volume is also down considerably.” This year is likely to be starkly different from 2016 in the volume of apartment properties that are traded. “It is going to be incredibly difficult to surpass the volume of both single asset sales and portfolio transactions we experienced in 2016,” says Will Matthews, senior vice president with real estate services firm Colliers International. Investors finally began buying apartment properties again in April 2017. Sales volume for the month was up 6.0 percent compared to the year before, according to RCA. However, one active month can’t make up for the incredibly slow first quarter of 2017. “The trepidation that was prevalent at the start of the year due to the election, anticipated interest rate hikes and geopolitical uncertainty, led many groups to sit on the sidelines in the first quarter,” says Matthews. As a result, it’s unlikely that this year’s sales volume is going to catch up to last year’s levels....
How Multifamily Owners Can Maximize Revenue before Peak Leasing Season
 
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Canadian Real Estate CanadianREI   May 30, 2017   2   0   0   0   0   0
Before peak leasing season is in full swing, there are several steps that multifamily property owners and managers must take to ensure that they make the most out of the busy time. Owners who invest the time and effort now will drive strong net operating income and stable cash flow for their properties year-round. With the busy season starting in early summer, now is the time to implement low-cost changes that will generate a high return on investment and impress new and prospective residents. As a property management firm that manages 171 apartment communities totaling 23,645 units, we’ve identified several key strategies to implement prior to peak leasing season in order to maximize property value, attract new tenants and drive long-term revenue. Invest in capital improvements First and foremost, multifamily owners should utilize this time wisely to invest in capital improvements that will add long-term value to their apartment communities. By addressing deferred maintenance items and upgrading the common areas, owners can ensure that their properties are leased at maximum capacity by the end of the summer. So which capital expenditures will generate the highest return on investment? Investing in communal gathering areas and indoor/outdoor amenity spaces can help establish a sense of community at your property, thereby driving resident retention and minimizing turnover. Some of the most sought-after amenities that build this sense of community include larger clubhouses, BBQ areas and on-site movie theaters, among others. Upgrading and modernizing interior features of empty units...
Investment Sales Market for Multifamily Begins to Recover after a Pause
 
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0.0 (0)
Canadian Real Estate CanadianREI   May 30, 2017   2   0   0   0   0   0
The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again. “Apartment cap rates, and cap rate spreads, are declining,” says Jim Costello, senior vice president with Real Capital Analytics (RCA), a New York City-based research firm. “However, deal volume is also down considerably.” This year is likely to be starkly different from 2016 in the volume of apartment properties that are traded. “It is going to be incredibly difficult to surpass the volume of both single asset sales and portfolio transactions we experienced in 2016,” says Will Matthews, senior vice president with real estate services firm Colliers International. Investors finally began buying apartment properties again in April 2017. Sales volume for the month was up 6.0 percent compared to the year before, according to RCA. However, one active month can’t make up for the incredibly slow first quarter of 2017. “The trepidation that was prevalent at the start of the year due to the election, anticipated interest rate hikes and geopolitical uncertainty, led many groups to sit on the sidelines in the first quarter,” says Matthews. As a result, it’s unlikely that this year’s sales volume is going to catch up to last year’s levels....
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