The Bank of Canada is attempting to convince people it’s serious about decreasing inflation, which reached 6.9 per cent last month – the highest rate in 31 years.
Steve McLean, RENX, June 8, 2022
CIBC managing director and deputy chief economist Benjamin Tal told an audience at the June 7 Land & Development conference at the Metro Toronto Convention Centre, however, that rising interest rates should be at least as big a concern.
The Bank of Canada increased its policy interest rate by half a percentage point on June 1 to 1.5 per cent as part of its effort to get the inflation rate back to its two per cent target.
Plans to include a residential development in the transformation of Hamilton’s Limeridge Mall are officially in motion.
Ken Mann, 900 CHML, June 8, 2022
Cadillac Fairview’s proposal, which goes before the city’s design review panel on Thursday, is for 320 units within a pair of 12-storey towers on the site of the former Sears store. READ MORE >>
This week witnessed slightly below-average transaction levels.
In Hamilton, the largest transaction was for a retail plaza located across from Westdale Secondary School. The retail and office property sold to Westdale Properties for $14,850,000 ($277/sqft). It’s a decent price considering the large office exposure.
Kitchener-Waterloo witnessed two massive transactions. The largest was for 52 acres of industrial land in Cambridge. This property was purchased by Fengate Asset Management for $91,320,000 ($1,750,000/acre). It’s an absolutely massive value for industrial land. It seems there’s no limit in sight.
You’ll find out the meaning behind some of Hamilton’s most beautiful street art and hear stories about the transformation of local buildings and businesses along the way.
The tour starts at One West Avenue S. It’s a Forge & Foster building adorned with the famous ‘Raise’ mural by Lester and Norman Coloma.
Your guides will lead you to locations around downtown. Bring water and wear comfy shoes. Register now before space fills up.
Admission is free but a donation to the Hamilton Community Fridge is welcomed.
Since 2017, over $733 million in residential and commercial building permits were issued in the city’s core.
By Paul Morse, The Hamilton Spectator, Wed., June 1, 2022
The smiles on the faces of Judy Lam and Norm Schleehahn gave the glorious sunshine a run for its money on May 12 as the city’s two top downtown revitalization leaders stood beside Hamilton’s Gore Park fountain and turned slowly to take in the nearby forest of building cranes reaching into the sky.
“Last year was the highest number of residential unit building permits downtown ever,” Schleehahn, the city’s director of economic development, said. “The developers have really seized an opportunity.” In fact, 2021 hit a record $2 billion in building permits across all of Hamilton, he said.
He and Lam, the city’s manager for commercial districts and small business, are helping to usher in an unprecedented highrise building boom that’s transforming Hamilton’s downtown from a commercial real estate dead zone a little more than a decade ago to today’s construction bonanza.
Slate Asset Management has closed on the acquisition of approximately 800 acres of industrial development land and buildings from Stelco Inc. in Hamilton. The firm said it plans to develop up to 12 million square feet of new industrial on the lands, which is already zoned for a wide range of uses.
The industrial park could create up to 23,000 new jobs across the Greater Toronto and Hamilton area, and inject up to $3.8 billion into the economy according to an economic study conducted by Ernst & Young.
The sale closed this morning, although local media reports disclosed several months ago Slate would become the new owner. Financial details were not immediately disclosed.
The Canadian real estate sector is experiencing a roller-coaster year, with markets catching fire in regions across the country, then cooling down on the heels of interest rate increases and changing mortgage stress tests.
Melissa Aveiro, Ontario Regional Tax Leader & National Real Estate and Construction Tax Leader, MNP, May 17, 2022
The 2022 federal budget attempted to address some of the challenges facing Canadians, although issues around supply chains and rising costs remain.
While many of the announced measures in Budget 2022 are steps in the right direction, specifically in the housing sector, more can be done to reduce roadblocks in the real estate and construction sector. In this article, we break down several of the measures that could impact you and your business.
Business tax measures
Among the business-related tax measures announced in the budget was the change to the small business deduction, which has been expanded to include Canadian-controlled private corporations with higher capital balances. The budget proposed to increase the upper range of the taxable capital range to $50 million, from $15 million.
The average sale price for a detached home in Hamilton was $1.06 million in April.
By Fallon Hewitt, Spectator Reporter
Thu., May 19, 2022
New data from the Teranet-National Bank shows that Hamilton house prices have soared by nearly 30 per cent in the last year.
Released Wednesday, the monthly composite house price index report showed Hamilton’s rate of skyrocketing prices trailed only Halifax among 11 urban areas across Canada last month. READ MORE >>
A multiresidential housing component was always planned for the McMaster Innovation Park (MIP) in Hamilton, but now its developer wants more.
Current zoning allows for residential uses on the employment lands to amount to eight per cent of overall gross floor area in a maximum of two buildings. MIP, however, has asked Hamilton city council and staff for permission to boost that to 15 per cent and have 524 residential units in buildings of 26, 22 and 14 storeys.
“As the innovation park has evolved and the density has increased for life sciences, the appropriate ratio of 15 per cent of the GFA was requested as a revision based on a residential study,” MIP vice-president of development and design Frances Grabowski said in an email interview with RENX. READ MORE >>
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,298 sales of residential properties located within the RAHB market area through the Multiple Listing Service® (MLS®) System in April 2022.
Sales were down by 20.7% month over month, and down by 31.3% compared to April 2021.
There were 2,451 new listings in April, which was down 3.6% month over month, and compared to April 2021, there was a decrease of 7%.
The average sale price for residential properties across the RAHB market area was $1,013,081, which was down 5.6% over the previous month, and up 18.2% compared to April 2021.
The inventory of listings increased to 1.2 months of inventory in April compared to 0.7 months in March. READ MORE >>
As Blackstone continues to increase its investments in Canada, the world’s largest real estate owner and operator has announced it will open an office in Toronto and appointed Janice Lin to head its real estate operations in the country.
The New York-based global investor says its current portfolio in Canada comprises about $14 billion in assets (all figures Cdn), or 429 properties, with about 75 per cent of that value in the logistics sector. READ MORE >>
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