The dizzying, bionic two years of a record-setting sales pace in Ottawa’s real estate market has certainly slowed and realtors describe a return to normal levels.
That return to normalcy though has stirred up fears and many misconceptions, says Taylor Bennett of Bennett Property Shop Realty.
Bennett is the co-host of The Bennett Real Estate and Wealth Show on Newstalk 580 CFRA and regular contributor to CTV Ottawa’s News at Noon.
“I spend a great deal of my time acting as a therapist for people who are worried about the market,” says Bennett
He says he hears many myths and misconceptions, many times a day, every day from nervous clients. He wants to correct them to help quell clients’ anxiety.
Taylor Bennett on Five Current Myths
Myth: “Sales are down, the market is crashing”
“While sales are down compared to last year, it’s important to put the last year into context – 2021 was the best year for real estate, setting both sales and price records,” Bennett says.
“So, a comparison to the best year on record is like comparing an NHLers season stats to Wayne Gretzky’s best year – it’s not going to look very successful. But when you pull back and take a broader look, we are currently on the same pace as we were in 2019 – the third best year on record.”
Myth: “There are no more multiple offers, I can low-ball sellers”
“While it’s true that there are fewer multiple offers than before, there are still some occurring on well-priced and unique homes. But even in transactions where it’s one seller vs one buyer, on average, homes are selling for $10,000 more than their list price so buyers should be prepared to pay the asking price,” Bennett said. “However, buyers do get an advantage as they now have the opportunity to perhaps work in a condition or two for added protection.”
Myth: “Homes are taking longer to sell, sellers are panicking”
“Homes are, in fact, taking 55 per cent more time to sell; but to add some context, the average days-on-market has increased by only one week from 13 days to 20. Again, we have become accustomed to seeing homes sell in less than a week, but that was extremely unusual for Ottawa,” Bennett says.
“In June 2019, on average it took over 35 days for a home to sell, and that was considered exceptionally quick at that time. Plus keep in mind, that there is a difference between the selling date and the closing date – many sellers are looking for closing dates in the 90-day range, so if a sale takes a few weeks longer they still have ample time for their desired closing date.”
Myth: “I missed the best opportunity to sell. There are no more record-setting prices”
“Since the end of 2019, prices in the Ottawa market have increased by over 64 per cent (From $441,693 to $727,556)! That type of growth would normally take almost 10 years to achieve, but it took only 30 months,” Bennett said.
“So, if you are still thinking of selling, while you may not set a record price for your neighbourhood, if you bought your home before 2019, your home has likely increased well beyond the value it would be if Ottawa had its typical increases.
“But it’s important to keep in mind that setting a record price doesn’t necessarily mean you made the most profit – even though you may sell for less than your neighbour, if you paid less and/or put less money into your home (renovations, updates, etc.) than it’s likely your return-on-investment would be far greater than your neighbour.”
Myth: “With mortgage rates on the rise, people will default on their mortgages”
“The rising interest rates have undoubtedly had an impact on the market. In fact, that was one of the major reasons why the mortgage interest rates were increased, to help stabilize the markets. But mortgage rates are roughly at the same level that they were in 2019 – again, the third best year on record. The most recent increase was announced last week at 100 basis points, or one per cent. While one per cent may seem like an insignificant number, that rise decreased buying power by 10 per cent! But these increases weren’t announced overnight, many homeowners and buyers were able to lock in at the lower rates before they increased,” Bennett said.
“More importantly, when approving a mortgage loan, banks use a qualifying rate – which is approximately two per cent higher than your actual mortgage rate. Being risk-averse, banks build in this ‘buffer room’ to protect against an increase in the mortgage rates – which is precisely what is happening now. Which means, this recent rate increase shouldn’t impact current homeowners or any buyers who are working with a full-service brokerage and have locked in a guaranteed rate with a mortgage pre-approval. However, if you are a potential buyer shopping on your own and you simply used an online mortgage calculator to get pre-approved, it’s unlikely you have a guaranteed rate and this recent increase will have an impact on your purchase.”
LAS VEGAS — A 54-year-old man was identified Friday as the suspect arrested in the killing of one person and wounding of two others during a family argument in a Las Vegas Strip hotel room.
Billy Hemsley was arrested within six hours of the 8:30 p.m. Thursday shooting at The Mirage resort, Capt. Dori Koren and the department said.
A department statement said detectives located and apprehended Hemsley in a southeast Las Vegas neighborhood and he was booked into the Clark County Detention Center on suspicion of murder and attempted murder.
It was not immediately clear if Hemsley had an attorney who could speak for him ahead of an initial court appearance scheduled for Saturday.
The shooting prompted a lockdown for more than two hours after tourists watched police rush into the iconic casino and hotel on Las Vegas Boulevard.
The injured women were taken to a hospital. No details were disclosed about their conditions and they were not identified.
Koren, head of the department homicide division, told reporters that the shooter had a Las Vegas address and the incident did not pose a wider threat to the public.
A police statement on Friday said it stemmed from an argument “with several family members” in an eighth-floor room.
An official with MGM Resorts International, operator of The Mirage, did not immediately respond Friday to messages.
The Polynesian-themed property, with a fire-spewing volcano and more than 3,000 rooms, opened in November 1989. The property is credited with helping transform Las Vegas from a gambling hub into a luxury resort destination with international appeal.
MGM Resorts announced plans last December to sell operations of The Mirage for nearly $1.1 billion to Hard Rock International, owned by the Seminole Tribe of Florida. The new operator plans to replace it with a huge guitar-shaped hotel. The sale is pending regulatory approval.
It is a tough time to be selling a house, even for the premier of Ontario.
Doug Ford put his Etobicoke home up for sale on July 15 with an asking price of just under $3.2 million.
But that listing was terminated on Monday and the premier has now relisted the property at $2,800,888.
It’s an increasingly common tactic in a real estate market that has now seen four consecutive months of price declines amid an aggressive interest rate hiking cycle by the Bank of Canada.
In fact, Toronto-based real estate platform Strata issued a report this month in which it said that terminated listings across the GTA have increased by 643 per cent since the start of the year.
RBC is also warning of a “historic” housing correction which could see average house prices in Ontario drop by 14 per cent from their February peak.
Ford’s home has been targeted by protesters on a number of occasions, particularly during the COVID-19 pandemic.
In June, 2021 a 44-year-old man allegedly armed with a butcher’s knife was even arrested on Ford’s doorstep by the Ontario Provincial Police, however the premier and his wife were not home at the time of that incident.
The two-storey property boasts six bedrooms, four bathrooms and nearly 4,500 square feet of living space,” according to the listing.
Ford has previously said that he plans to move to his late mother’s house, which is located nearby.
As Toronto’s once-hot real estate market continues to shows signs of cooling, one realtor says sellers are growing increasingly “desperate.”
Brett Stein, of Toronto’s Stein Realty Group, said those looking to buy a home now have more negotiating power as lowball offers are becoming more common place.
“Right now, I mean, the table’s open for negotiation. Low ball offers are coming in on houses hundreds of thousands of dollars lower than the asking price and as a seller you can’t get offended. You have to play ball,” he told CTV News Channel Thursday.
Stein said that so-called ball is now in the purchaser’s court.
“So, if you’re a buyer and you see something and there’s not a lot of competition on it act fast and that’ll give you a lot of opportunity to negotiate. A lot of people are desperate to sell right now because they’ve already purchased their next home and in order to get that financing, they need to sell and they need to sell quick.”
On Wednesday, the Toronto Regional Real Estate Board said home prices in the GTA dropped for the fourth consecutive month in June by just over 41 per cent compared with the same month last year. Roughly 6,500 homes were sold in the Toronto area last month compared to just over 11,000 in June 2021, TRREB said.
June 2022 home sales were also down compared to the previous month as a 7.7 per cent inflation rate coupled with high borrowing costs continue to negatively impact the market. With the latest interest rate hike on July 6, fixed mortgage rates are now more than five per cent, compared to less than two per cent previously.
“Obviously, that’s a huge disparity, a huge change in a short period of time. So of course, as your interest rates go up, your monthly payments go up and buyer confidence drops. And as we continue to see rates go up and more hikes that’s going to continue to happen,” Stein said.
With that in mind, he said his “number one” piece of advice for prospective purchasers is to sell your current property first then buy your new one.
“In the craziness of the market, everyone was buying first because they know that their property would yield a fantastic sale price,” said Stein.
“Now, with things a little bit more up in the air, sell first, now how much money you’re going to put in your pocket. That way you can budget accordingly for what you’re going to buy.”
Stein said those buying or sell their home must “do your math.”
“If prices are going to continue to drop, how much are they going to continue to drop? If you’re getting a $50,000 discount how does that compare to a 1 per cent raise in your interest rate? So you have to know what your numbers are and what you can afford on a monthly basis,” he said.
“Create that plan with your real estate agent so that you can go forward and attack opportunities because for buyers right now there are opportunities that you can capitalize on. You really have to, you know, make a conscious decision to wait for opportunity, rather to just wait indefinitely until a news article comes that says you should go out and buy.”
Stein also said it might not be the best idea to sell your condo at this time as the market for this kind of housing is “cold.”
“I have multiple listings. I know agents all across TRREB who have multiple listings that are sitting, that are not getting the kind of showings that we’re used to and buyer confidence for condos as they continue to build more and more and more of these skyscrapers, the demand is low right now,” he said, urging people to either hold on to their condo and rent it out, or “adjust their price expectations in order to sell.”
-with files from The Canadian Press
SOUTHERN COLORADO — A two-day raid continued on Thursday as multiple law enforcement agencies invest Top Dollar Pawn, a chain story in Pueblo and Colorado Springs.
The Grand Jury Indictment released by the 4th Judicial District Attorney’s office reveals former employees of the pawn shops claim the owners knew they were selling stolen items, but chose to sell them anyways.
“Ultimately you just kind of go… What the heck?” said Reed Robins, a former pawn shop owner in Colorado Springs.
Robins fulfilled his lifelong dream of owning a pawn shop when he opened Altitude Pawn for roughly eight years. He says the stigma that pawnshops are “seedy” is a misconception.
“Pawnshops are actually really quite highly regulated in most cases. I mean, anything a pawn shop takes in they have to have a, you know, description, serial numbers, things like that. You have to have an ID, fingerprint for everybody.”
The Indictment says the owners “engaged in a pattern of buying and selling stolen property sold to them by boosters who stole those items from various retail stores.”
Walt Mauro, Mischa Jargowski, Jack Jargowski, Daria Mauro each face 29 felony charges in association with the investigation:
The court document also claims the owners used laundered money to continue their criminal operation.
In line with its commitment to making the average median earning family own their own homes in any part of the country, SuCasa is set to launch its accessible, ultra-modern properties on June 2022 at the De Icon Events Centre in East Legon, Accra.
The launch event will showcase SuCasa’s luxurious two, three and 4-bedroom units.
Speaking ahead of the launch, CEO of SuCasa Properties, Michael O’Grantson-Agyapong noted that there will be an exclusive discount offer for all prospective clients in attendance.
“If we indeed want to see our nations within the region shed the tag of ‘developing countries’ and to be part of the developed world at a rapid rate, this begins with the real estate industry, in my not-so-humble opinion. Nations are built. The onus lies on the private citizen to build and manage our nations with the support of the honorable men holding public offices, not the other way round.”
“SuCasa envisions to lead the way in the delivery of real estate services and projects in the real estate industry. It is our mission to bring to the table a classic approach with modern systems to curb the lack of access to homes in our society. To reward our prospective clients and many partners, we will be giving an exclusive discount offer to all in attendance” he added.
On his part, General Manager of SuCasa Properties, Abdul Rahman Shehab assured clients and prospective clients of free litigation and excellent service.
“We assure our clients of free litigation and convenience of service by conducting our due diligence. Also, we engage in strategic partnerships to ensure your comfort. Collaboration, accountability, sustainability, and ingenuity are our core values. We are looking forward to have you join the SuCasa O’Granston Community”, he concluded.
SuCasa Properties is a real estate company that provides all your realty services. SuCasa Properties design, build, sell, rent, renovate, offer consultancy and advisory services on litigation, and property management. It is the only real estate company that offers a 100% cash back guarantee and are the custodian of client satisfaction.
Source: Peacefmonline.com/Ghana
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WASHINGTON (AP) — Members of the House committee investigating the Capitol riot said Sunday they have uncovered enough evidence for the Justice Department to consider an unprecedented criminal indictment against former President Donald Trump for seeking to overturn the results of the 2020 election.
The committee announced that Trump’s campaign manager, Bill Stepien, is among the witnesses scheduled to testify at a hearing Monday that focuses on Trump’s effort to spread his lies about a stolen election. Stepien was subpoenaed for his public testimony.
As the hearings unfold, Rep. Adam Schiff said he would like the department to “investigate any credible allegation of criminal activity on the part of Donald Trump.” Schiff, D-Calif., who also leads the House Intelligence Committee, said that ”there are certain actions, parts of these different lines of effort to overturn the election that I don’t see evidence the Justice Department is investigating.”
The committee launched its public hearings last week, with members laying out their case against Trump to show how the defeated president relentlessly pushed his false claims of a rigged election despite multiple advisers telling him otherwise and how he intensified an extraordinary scheme to overturn Joe Biden’s victory.
Additional evidence is to be released in hearings this week, Democrats say, that will demonstrate that Trump and some of his advisers engaged in a “massive effort” to spread misinformation, pressured the Justice Department to embrace his false claims, and urged then-Vice President Mike Pence to reject state electors and block the vote certification on Jan. 6, 2021.
Stepien, a longtime Trump ally, is now a top campaign adviser to the Trump-endorsed House candidate in Wyoming’s Republican primary, Harriet Hageman, who is challenging Rep. Liz Cheney, the committee’s vice chair and a vociferous critic of the former president. A Trump spokesman, Taylor Budowich, suggested that the committee’s decision to call Stepien was politically motivated.
Monday’s witness list also includes BJay Pak, the top federal prosecutor in Atlanta who left his position on Jan. 4, 2021, a day after an audio recording was made public in which Trump called him a “never-Trumper”; Chris Stirewalt, the former political editor for Fox News; noted Washington elections attorney Benjamin Ginsberg; and Al Schmidt, a former city commissioner in Philadelphia.
The panel will also focus on the millions of dollars Trump’s team brought in fundraising in the run-up to Jan. 6, according to a committee aide who insisted on anonymity to discuss the details.
The committee has said most of those interviewed in the investigation are coming forward voluntarily, although some have wanted subpoenas to appear in public. Filmmaker Nick Quested, who provided documentary footage of the attack, said during last week’s hearing he received a subpoena to appear.
Committee members said they would present clear evidence that “multiple” GOP lawmakers, including Rep. Scott Perry, R-Pa., had sought a pardon from Trump, which would protect him from prosecution. Perry on Friday denied he ever did so, calling the assertion an “absolute, shameless, and soulless lie.”
“We’re not going to make accusations or say things without proof or evidence backing it,” said Rep. Adam Kinzinger, R-Ill.
Lawmakers indicated that perhaps their most important audience member over the course of the hearings may be Attorney General Merrick Garland, who must decide whether his department can and should prosecute Trump. They left no doubt as to their own view whether the evidence is sufficient to proceed.
“Once the evidence is accumulated by the Justice Department, it needs to make a decision about whether it can prove to a jury beyond a reasonable doubt the president’s guilt or anyone else’s,” Schiff said. “But they need to be investigated if there’s credible evidence, which I think there is.”
Rep. Jamie Raskin, D-Md., said he doesn’t intend to “browbeat” Garland but noted the committee has already laid out in legal pleadings criminal statutes they believe Trump violated.
“I think that he knows, his staff knows, the U.S. attorneys know, what’s at stake here,” Raskin said. “They know the importance of it, but I think they are rightfully paying close attention to precedent in history as well, as the facts of this case.”
Garland has not specified whether he would be willing to prosecute, which would be unprecedented and may be complicated in a political election season in which Trump has openly flirted with the idea of running for president again.
No president or ex-president has ever been indicted.
Richard Nixon resigned from office in 1974 as he faced an impeachment and a likely grand jury indictment on charges of bribery, conspiracy and obstruction of justice. President Gerald Ford later pardoned his predecessor before any criminal charges related to Watergate could be filed.
Legal experts have said a Justice Department prosecution of Trump over the riot could set an uneasy precedent in which an administration of one party could more routinely go after the former president of another.
“We will follow the facts wherever they lead,” Garland said in his speech at Harvard University’s commencement ceremony last month.
A federal judge in California said in a March ruling in a civil case that Trump “more likely than not” committed federal crimes in seeking to obstruct the congressional count of the Electoral College ballots on Jan. 6, 2021. The judge cited two statutes: obstruction of an official proceeding, and conspiracy to defraud the United States. Trump has denied all wrongdoing.
Schiff appeared on ABC’s “This Week,” Raskin spoke on CNN’s “State of the Union,” and Kinzinger was on CBS’s “Face the Nation.”
AP Congressional Correspondent Lisa Mascaro in Washington and Associated Press writer Jill Colvin in New York contributed to this report.
For full coverage of the Jan. 6 hearings, go to https://www.apnews.com/capitol-siege
SINGAPORE: A property agent was sentenced to 23 weeks’ jail and fined S$11,000 on Thursday (Jun 9) for deceiving both the buyer and seller of a Housing and Development Board (HDB) flat to receive double the amount of commission.
Toh Yew Hock, 52, pleaded guilty earlier this month to one charge of dual representation under the Estate Agents (Estate Agency Work) Regulations, and one count each of criminal breach of trust and cheating.
He was a registered salesperson with PropNex Realty at the time of the offences. A Council for Estate Agencies (CEA) prosecutor told the court his registration will expire at the end of the year.
The prosecutor said the discovery of the offences was “entirely fortuitous” as the buyer and seller were able to have a face-to-face discussion when Toh was late for an inspection of the flat.
AGENT COMMISSION
In April 2018, a couple who owned the flat engaged Toh to represent them in the sale of the flat. It was advertised online for S$820,000.
An interested buyer came across the advertisement the following month and contacted Toh to arrange a viewing.
On May 21, 2018, Toh told him that the owners had suspended all further viewings after receiving an offer of S$810,000. This was untrue.
To secure a viewing, the interested buyer offered to match the S$810,000 offer and pay 3 per cent agent commission to Toh, comprising the buyer’s 1 per cent and seller’s 2 per cent commissions.
The buyer was under the impression that Toh represented him in the sale because he had engaged Toh to do so. They later signed an estate agency agreement on Jun 15, 2018.
He viewed the flat on May 24, 2018, after which Toh advised him to increase his offer, saying that the seller had rejected a similar offer previously.
The buyer raised his offer to S$820,000 but did not offer to pay the seller’s commission this time. He also issued a S$1,000 crossed cheque to cover the option fee and gave this to Toh to pass to the seller.
The seller accepted the S$820,000 offer and issued the option to purchase the next day.
Toh informed the buyer that his offer was accepted, but lied that the seller had added on the condition that he paid half the seller’s commission. There was in fact no such condition.
The buyer was reluctant and negotiated with Toh to pay a S$15,000 commission instead. This comprised the buyer’s 1 per cent commission and half of the seller’s 2 per cent commission, minus S$1,400, as a discount.
CASH OVER VALUATION
A valuation report on Jun 11, 2018 established the flat’s value as S$760,000 – about S$60,000 below the accepted offer. The buyer would therefore have to pay cash over valuation of S$60,000.
The buyer forwarded the report to Toh, informing the agent that he was not upset or troubled about the valuation. He did not give any indication that he could not afford the additional S$60,000.
However, about two weeks later, Toh called the seller and lied that the buyer faced difficulties securing a bank loan due to the low valuation of the flat.
He also said that the buyer was only able to pay at most S$20,000 of the cash over valuation. This was also untrue.
Toh said he would try to resolve the situation. The next day, he called the seller and proposed selling the flat for S$790,000 instead, S$30,000 less than the accepted offer.
The seller grudgingly agreed to this arrangement as she had already paid an option fee for a new property, and urgently needed to sell the flat to finance the new purchase.
TOH’S SCHEME
On Jun 15, 2018, Toh and the buyer met to finalise the sale.
Toh lied that the remaining S$4,000 of the option exercise fee should be paid with a cash cheque as the seller needed cash urgently. The buyer entrusted Toh with the cheque, which he misappropriated.
Later, Toh met the seller and lied that he had negotiated with the buyer to buy the flat at S$797,800.
As this supposed price was below the S$820,000 price listed on the option to purchase, Toh proposed to the seller a way to account for the difference of S$22,200.
He lied that the buyer had asked for a waiver of the S$4,000 and a “refund” of S$10,000. He also lied that the buyer had asked the seller to pay the buyer’s commission of S$8,200.
The overall effect of this was to allow Toh to keep the S$4,000 cash cheque for himself while enjoying a double share of the buyer’s commission, said Deputy Public Prosecutor Joshua Phang.
The seller felt uneasy and asked Toh if the option to purchase could be amended or reissued to reflect the new lower selling price. But Toh said this would delay the sales process and could result in the buyer being unable to exercise the option to purchase before its expiry.
The seller agreed with Toh as she did not want the sale to fall through, court documents stated.
Toh kept the S$4,000 cash cheque for himself. He passed the S$10,000 “refund” to the buyer and claimed that the seller felt bad about the flat’s lower valuation and wanted to give him compensation.
Toh then received a S$15,000 commission from the buyer.
DISCOVERY OF OFFENCES
The offences were discovered on Aug 18, 2018 during an inspection of the flat. Toh was supposed to be there but was running late.
In his absence, the buyer and seller started discussing the sale and discovered that they were both paying the buyer’s commission to Toh.
When Toh arrived, they confronted him about this. The buyer also discovered that the seller had not received his S$4,000 cheque.
Toh admitted he had kept the S$4,000, but claimed that “he deserved it as he had worked hard and met the expectations of the parties in closing the transaction at the agreed price”, court documents stated.
The buyer and seller reported these events to CEA and PropNex.
Toh made full restitution of S$15,000 to the buyer and S$4,000 to the seller, via PropNex. The agency also waived the agent’s commission payable on the transaction.
Mr Phang said Toh’s offences were premeditated and “carefully calculated to exploit information asymmetries between his buyer and seller victims to maximise his personal benefit”.
ADVICE TO CONSUMERS
After the case was heard, CEA reminded consumers that an agent cannot represent and collect commission fees from both the buyer and seller, or tenant and landlord, in the same property transaction.
“Dual representation creates a conflict of interest as it is not possible for the agent to act in the best interests of both parties,” the council said.
However, an agent who has his or her client’s consent can help the other party with paperwork. It must be clear to all involved that the agent is not acting for the other party, said CEA.
After the transaction has been completed, the commission should be paid to the property agency and not the agent, it added.
Property agencies and agents are also not allowed to handle transaction money, including the option fee, which should be handled by consumers themselves.
Tara Deschamps, The Canadian Press
Published Wednesday, June 8, 2022 3:17PM EDT
Last Updated Wednesday, June 8, 2022 3:17PM EDT
TORONTO – When the COVID-19 pandemic struck and many abandoned in-person shopping and dining out, brick-and-mortar retail became one of the most undesirable assets in Canada.
But now, as many Canadians no longer fear congregating and vaccine passports have been dropped, real estate firms say retail and restaurant chains are scrambling to pick up space again.
“There’s been a fairly ugly period brought on by COVID, where there was a lot of uncertainty surrounding where physical retail fits within the consumer landscape, and even before COVID…because of e-commerce,” said Jonathan Gitlin, chief executive of RioCan Real Estate Investment Trust.
“Now, I can comfortably say we’re in a position where physical retail has established itself and there’s far less ambiguity.”
Fried chickenchain Popeyes has plans to open 200 more stores in Canada and the U.S. this year, burrito joint Chipotle will add 10 shops in B.C. and Ontario and BeaverTails has more than 20 in the works. Footwear brand Allbirds and fast-food spots Xero Degrees and Prince Town Pizza are all locking in Canadian locations too.
More than 90 per cent of RioCan’s real estate portfolio is comprised of retail space. Grocers, pharmacy and liquor tenants make up 20 per cent of its retail rent – the biggest share of any sector – followed by specialty retailers at about 15 per cent, personal services at 14 per cent and value retailers at 11 per cent.
Grocers recently approached RioCan about growing their footprint, pharmacies are in “hyper expansion mode,” discount retailers like dollar stores or Winners are looking for space and so are quick-serve restaurants, Gitlin said.
The pandemic push to prioritize health and take on furry friends is also shaping real estate, with Gitlin noticing more doctors, dentists, clinics and veterinarians opening.
“Petsmart, they are growing and where Petsmart has historically been a larger box store, they’re now looking for smaller, more urban spaces, so a condo owner can go get a dog leash or cat supplies,” said Gitlin.
RioCan’s retail portfolio, which features a large number of open air shopping centres in urban and suburban areas, is about 94 per cent occupied, but vacancies still loom.
The national vacancy rate experienced declines in the second and third quarter of 2021. However, the rate has now tapered off at 4.1 per cent, commercial real estate company CBRE found through a quarterly survey of real estate investment trusts.
The survey, which covers about 30 per cent of the market and excludes storefront properties, revealed the bulk of available space during the first quarter was in regional shopping centres, where the national vacancy rate sat at 7.6 per cent, but was even higher in many locales including Halifax, where it reached 24.2 per cent.
In Toronto, Tim Sanderson sees people flocking to Yorkville, Queen Street and King Street again, but the heart of the Financial District is still rife with for lease signs.
“There’s just people everywhere, but you’re not seeing that in the core and you won’t…until occupancy levels of the office towers get back up to where they used to be – if they ever get back there,” said the executive vice-president and national lead for retail at real estate firm JLL.
He believes the pace of growth in brick-and-mortar retail is “not going to be what it has been” because retailers are becoming more judicious and less likely to expand through 40- or 80-store plans like they used to.
He is seeing this from the Gap, which announced it will close 350 stores by 2023, and Starbucks which shed up to 300.
Sanderson and Arlin Markowitz, executive vice-president and head of the Toronto urban retail team at CBRE, notice property hunters are often seeking smaller spaces with curbside pickup infrastructure because they’re increasingly relying on e-commerce and warehouses.
“Small space? No problem. Ground floor space? No problem,” said Markowitz.
“Where you start to see problematic spaces are in the 15 to 30,000 square foot, two level boxes, where it was once clothing.”
While those seeking space previously desired short leases to contend with pandemic uncertainty, Markowitz said companies are having the confidence to sign longer contracts again.
Many have even dropped COVID-19 clauses from leases, he said.
“We’re at the best point that we’ve been at since before the pandemic,” he said.
“Obviously, it’s taken a long time, but we’ve seen a big recovery and a big shift in sentiment and momentum.”
This report by The Canadian Press was first published June 8, 2022.
Incidents reported to Danville and Vermilion County police include:
Friday, May 27:
3:36 a.m., aggravated battery, South Street.
7:39 a.m., battery, resisting police officer, Columbus Street.
8:41 a.m., elder abuse, 300 block of North Franklin Street.
9:25 a.m., theft, 700 block of Oak Street.
10:16 a.m., property damage accident, Vermilion Street and Shady Lane.
12:19 p.m., aggravated discharge of a firearm, reckless discharge of a firearm, 1400 block of East Main Street.
1:07 p.m., aggravated criminal sexual abuse involving a juvenile at an undisclosed location.
1:37 p.m., burglary, 500 block of North Henning Road.
1:44 p.m., personal injury accident in Westville, 18000 block of East 1200 North Road.
2:40 p.m., aggravated domestic battery, 900 block of Fowler Avenue.
2:43 p.m., theft, Illinois Street.
2:51 p.m., aggravated domestic battery, Williams and Jackson Streets.
3:25 p.m., property damage accident, hit and run, North Vermilion Street and Liberty Lane.
3:41 p.m., property damage accident, East Fairchild Street and North Bowman Avenue.
4:29 p.m., domestic battery, South Alexander Street.
4:32 p.m., theft, 400 block of North Vermilion Street.
4:45 p.m., property damage accident in Westville, 1200 block of South State Street.
5:35 p.m., theft, 400 block of West Fairchild Street.
7:00 p.m., domestic battery involving a juvenile at an undisclosed location.
10:34 p.m., reckless discharge of a firearm, 1100 block of Harmon Street.
Saturday, May 28:
12:23 a.m., property damage accident, 14000 block of Catlin Tilton Road.
2:34 a.m., aggravated unlawful use of a weapon, driving while license suspended, Bremer Avenue and Main Street.
7:12 a.m., criminal damage in Westville, Danville Street.
9:26 a.m., theft, 800 block of Harmon Street.
12:21 p.m., criminal sexual assault involving a juvenile at an undisclosed location.
2:12 p.m., domestic battery involving a juvenile at an undisclosed location.
4:00 p.m., battery involving a juvenile at an undisclosed location.
4:25 p.m., property damage accident, Bismark Street.
4:25 p.m., aggravated battery, Bismark Street.
4:48 p.m., theft, 1600 block of Beechwood Drive.
4:56 p.m., retail theft in Rossville, 100 block of South Chicago Street.
5:45 p.m., burglary, 1100 block of Meadow Street.
6:13 p.m., criminal damage, 2100 block of Alpha Drive.
6:36 p.m., mob action, aggravated battery with a firearm, 1800 block of Griggs Street.
7:45 p.m., aggravated battery, mob action involving a juvenile at an undisclosed location.
9:15 p.m., theft, 1600 block of Oak Street.
Sunday, May 29:
12:04 a.m., criminal damage in Bismarck, 27000 block of North 1700 East Road.
1:21 a.m., domestic battery in Bismarck, 27000 block of North 1700 East Road.
1:31 a.m., domestic battery, violating order of protection in Rankin, 100 block of North Dixon Street.
1:54 a.m., property damage accident, Lake Shore Drive.
1:57 a.m., property damage accident, Lake Shore Drive.
2:23 a.m., aggravated assault in Westville, 1700 block of South State Street.
5:46 a.m., criminal trespass, 800 block of North Logan Avenue.
6:45 a.m. aggravated battery of police officer, 800 block of North Logan Avenue.
8:10 a.m., burglary to vehicle, theft, criminal damage in Westville, 300 block of South State Street.
8:23 a.m., death investigation at an undisclosed location.
9:50 a.m., reckless discharge of a firearm in Bismarck, 16000 block of East 2750 North Road.
10:20 a.m., domestic battery, unlawful use of a weapon by a felon, aggravated assault, disorderly conduct, unlawful possession of ammunition, 100 block of Michigan Avenue.
10:50 a.m., domestic battery, 1100 block of Grant Street.
12:50 p.m., burglary in Tilton, 2000 block of Liberty Street.
1:22 p.m., criminal damage to property, 3000 block of North Bowman Avenue.
1:50 p.m., criminal trespass in Bismarck, 27000 block of North 1700 East Road.
3:36 p.m., domestic battery at an undisclosed location.
4:19 p.m., criminal damage to property, 300 block of Commercial Street.
4:40 p.m., battery, 300 block of North Washington Avenue.
5:11 p.m., aggravated battery at an undisclosed location.
5:36 p.m., aggravated battery, 1600 block of Beechwood Drive.
8:30 p.m., aggravated unlawful use of a weapon, aggravated fleeing, Woodlawn Avenue.
9:09 p.m., aggravated arson, 400 block of Elmwood Avenue.
9:34 p.m., property damage accident in Indianola, 370 North Road and 100 East Road.
10:49 p.m., criminal trespass, 800 block of North Logan Avenue.
11:05 p.m., retail theft in Ridge Farm, 500 block of North State Street.
11:58 p.m., criminal trespass, 1800 block of East Main Street.
Monday, May 30:
1:09 a.m., reckless discharge of a firearm, 1400 block of North Bowman Avenue.
2:19 a.m., battery, 700 block of Oak Street.