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BC GOV News: Support for Renters & Landlords
[vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="5/6"][vc_column_text] [/vc_column_text][vc_empty_space][vc_column_text] Supporting renters, landlords during COVID-19   To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions. The new rental supplement will help households by offering up to $500 a month towards their rent, building on federal and provincial financial supports already announced for British Columbians facing financial hardship. “With lost jobs and lost wages due to COVID-19, many tenants are worried they can’t make the rent. It’s a challenging time for landlords too,” said Premier John Horgan. “Nobody should lose their home as a result of COVID-19. Our plan will give much-needed financial relief to renters and landlords. It will also provide more security for renters, who will be able to stay in their homes without fear of eviction or increasing rents during this emergency.” The funds will support renters experiencing a loss of income by helping them pay their rent and will be paid directly to landlords on their behalf, to ensure landlords continue to receive rental income during the pandemic. CONTINUE READING ON THE BC GOV WEBSITE HERE. [/vc_column_text][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
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April 7, 2020

Government Announcement Regarding Residential Tenancies and COVID-19
[vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="5/6"][vc_column_text][/vc_column_text][vc_empty_space][vc_column_text] March 25th Government Announcement Regarding Residential Tenancies and COVID-19   What Landlords Need to Know   The announcement made by Premier John Horgan, Housing Minister Selena Robinson, and MLA Spencer Chandra-Herbert outlined several initiatives and policy changes that will occur to address the unique challenges landlords and tenants are facing in the time of COVID-19. The plan from government has a broad scope, touching on rent increases, evictions, access to common areas, methods of service, and landlords’ access to rental units. With that said, a core message delivered by the Premier is that tenants should still be paying their rent and the Province of BC, in partnership with other provincial and federal aid programs, will be there to ensure they are.   Read the Full Article HERE   Additional Resources For Landlords: Breakdown of Federal and Provincial Aid Plans Example Letter to Tenants, Building Owners & Managers [/vc_column_text][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
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March 27, 2020

CBRE Leads Global Investment Sales Activity for Ninth Year in a Row
[vc_row][vc_column][vc_column_text][/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="1/4"][/vc_column][vc_column width="1/2"][vc_empty_space][vc_column_text] CBRE Leads Global Investment Sales Activity for Ninth Year in a Row   CBRE is the top-ranked firm for commercial real estate investment sales globally for the ninth consecutive year, according to Real Capital Analytics (RCA). RCA credited CBRE with 23.0% of market share across all property types on a global basis in 2019—a 680 basis point lead over the nearest competitor. In addition to being number one globally, CBRE held the top spot for commercial real estate investment sales in the Americas and Europe, Middle East & Africa (EMEA). CBRE was the number one firm in RCA’s global rankings across most property types, including office, industrial, retail, apartment and development site sales. “With leadership in every global market, we provide proactive insights and executable strategies to unlock hidden value, drive returns and enhance outcomes for our clients’ real estate investments. Our deep bench of trusted advisors are specialists in their property type and have long track records of successfully guiding clients through every market cycle,” said Chris Ludeman, Global President of Capital Markets for CBRE. Highlights from RCA’s 2019 global rankings include: CBRE executed $61.30 billion in global office sales as seller representative, for an industry-leading market share of 21.5% in 2019. CBRE was again the top global firm in logistics and industrial sales, with $38.43 billion in transactions for a market share of 31.6%. CBRE executed $39.57 billion in global apartment sales for a market leading share of 24.0%. CBRE claimed the top global position in retail sales, with $13.62 billion in transactions, for a market share of 19.7%. CBRE Press Release - March 2019[/vc_column_text][/vc_column][vc_column width="1/4"][/vc_column][/vc_row]
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March 27, 2020

REMI Network: COVID-19 preparedness tips for landlords
[vc_row][vc_column][vc_column_text][/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="5/6"][vc_empty_space][vc_column_text] COVID-19 preparedness tips for landlords Best practices for preventing a building-wide outbreak   All businesses are impacted by the COVID-19 virus, but rental-housing providers play a unique and critical role in the battle to mitigate the spread of this highly communicable disease. As several Canadian provinces declare a state of emergency and the federal government imposes new and extreme measures to contain the virus, apartment building owners are facing unknown futures with tenants and frontlines staff not only at risk, but potentially headed for quarantine as the virus continues to spread. In the face of this unprecedented health crisis, how are rental property managers coping? What are the current best practices for keeping people safe? According to multiple industry sources, much of it comes down to preparedness, communication and engaging in hyper-vigilant cleaning practices. “At Greenwin, we care deeply about our employees, our communities and our residents, and take the COVID-19 situation very seriously,” said Kris Boyce, CEO of Greenwin. “Right now, our focus is on ensuring they have the information, resources and support they need to stay healthy and safe. At this point we are fortunate in that there has not yet been a confirmed case of COVID-19 in any of our buildings, but in the event that this happens we are confident in our level of preparedness.” Continue reading the article on REMI Network HERE.[/vc_column_text][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
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March 27, 2020
video

FLASH CALL: COVID-19 Impact on MultiFamily Real Estate
Over 8,500 clients attended CBRE’s March 24, 2020 Flash Call - COVID-19 Impact on Multifamily Real Estate. CBRE experts and representatives from Citi, Fannie Mae and Freddie Mac examined current conditions in the capital markets, multifamily sector, public equity and debt markets. CBRE professionals also gave real-time insight into transaction activity.. Check out the recording below:   Download a PDF of the Flash Call Summary Here
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March 26, 2020

CBRE Flash Call – COVID-19 Impact on Commercial Real Estate
[vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row][vc_column width="5/6"][vc_column_text]Over 15,000 of CBRE's clients and colleagues dialed into the March 18 Flash Call on COVID-19 Impacts to Commercial Real Estate. CBRE specialists, along with an equity market analyst from Citi, examined the impacts on the macro economy, specific real estate asset classes, capital markets, publicly-traded securities as well as key operational issues. Listen to the recording below:   [/vc_column_text][vc_empty_space][vc_column_text] Download the Presentation Here [/vc_column_text][/vc_column][vc_column width="1/6"][/vc_column][/vc_row]
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March 31, 2020

RENX: Starlight continues to expand Vancouver apt. portfolio
[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Featured on the Real Estate News Exchange (RENX)   Toronto-based Starlight Investments has purchased two Vancouver-area rental apartment buildings as it continues to scale up its West Coast holdings. The deal, brokered by CBRE, was worth $43.5 million and saw Starlight buy a 40-unit concrete building at 1629 Haro St. in Vancouver’s West End. That deal was the first concrete apartment building sale in the City of Vancouver during 2019, according to brokers CBRE. The second component of the transaction is a 113-unit wood-framed low-rise building at 720 Queens Ave. in the Vancouver suburb of New Westminster. Lance Coulson, an executive vice-president with CBRE, represented the seller — a local family which had owned the properties for years. Concrete high-rise rental apartment buildings are a rarity in Vancouver where most apartments are low-rise wood structures, Coulson said. “They don’t come up that often,” Coulson said. “The company is getting scale in Vancouver with these acquisitions, as well as operational and management efficiencies. There’s a lot of value in what they’re accumulating right now.” Continue reading the article here[/vc_column_text][/vc_column][/vc_row]
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January 21, 2020

Investing in Multi-Family Properties with Realistic Goals
[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text]At the CBRE Market Outlook Breakfast, Hani Lammam, VP of Development & Acquisitions for Cressey Development Corp, talked about the current environment of multi-family investing. Hani explained, “The opportunities are always there, as long as we can be creative and nimble. But it’s going to take owners and vendors to have this same sense of reality.” In order to have “realistic” goals, it is important to consider that every property has its own unique attributes and resulting market value. From a multi-family valuation perspective, the following are all factors to consider: current income, property and building condition, completed upgrades and capital expenditures, suite mix, location, future densification potential, market trends, any political policies that may affect the property’s performance, and more. From our experience, the probability of an efficient and successful sale process increases greatly when parties involved understand the unique dynamics of a specific asset.[/vc_column_text][/vc_column][/vc_row]
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November 26, 2019

The Growing Trend of Purpose-Built Rental Apartments
[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text] Developers’ Perspective & Government Policies In the recent years, the softened residential market combined with rampant demand from institutional investors has more developers considering building purpose-built rental buildings as a financially feasible and safer alternative to strata condos. With developers battling higher land prices in Vancouver, attention has been turned to growing secondary markets like Langley and Surrey, where land is more affordable and access to Downtown Vancouver will become easier following the future Fraser Highway Expo Line SkyTrain extension.   There are certain municipalities that have begun implementing initiatives & policies aimed at growing the rental stock, which bodes well for developers. For instance, Burnaby began enforcing a new policy this year that requires all new residential development projects to be composed of at least 20% rental units.   Looking Ahead Currently, the City of Vancouver is beginning the largest urban and socioeconomic planning exercise in the city's history that will span over the next three years and will be addressing the housing supply framework. The official community plans that have been approved over the past decade, such as the West End Plan and Grandview-Woodland Plan, could see some enhancements and updates to various policies, some of which may include potential densification and future re-development opportunities throughout Greater Vancouver.   Industry experts believe we need 30,000 new rental units over the next two years to meet with the high demand caused by increasing migration. From a planning and rezoning perspective, this is typically how long it takes to approve new purpose-built rental projects in Vancouver. With less than 3,300 rental units set to complete this year, local leaders must work together with developers to make this process more efficient and effective for everyone. [/vc_column_text][/vc_column][/vc_row]
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November 28, 2019

Current Capital Markets
[vc_row][vc_column width="1/2"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text]Interest Rates: Despite subdued projections for global economic growth, derived from trade uncertainty and political instability in important markets such as the US and UK, the Bank of Canada recently decided to hold firm on their benchmark rate at 1.75%. The BoC attributes the main driver behind this decision being the “resilience of the Canadian economy”. As reported by the CBRE Canada Monthly Mortgage Commentary, "a recent study by the central bank found that Canadian firms actually expect moderately stronger sales over the next 12 months.". In the short term, interest rates are likely to hold steady, but it will be intriguing to see how that will be impacted by the state of global affairs come mid-2020.   Investment Yields: Like the interest rate, cap rates for multi-family assets in Metro Vancouver have remained relatively stable over the last 12 months. From an investor’s perspective, deals with a lower initial-yield will only continue to be possible as long as financing rates are accretive, which we anticipate being the case given the predicted trend for interest rates. Fortunately, drastic increases in average rents throughout Metro Vancouver have allowed investors to grow their yield rapidly despite the lower initial cap rates. This strategy has generated sizable returns for multi-family investors, which should provide greater confidence in the marketplace moving forward.[/vc_column_text][/vc_column][/vc_row]
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November 21, 2019
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