This weeks news: NIMBYs should say yes to development

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Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending October 28, 2016.

TORONTO

NIMBYs Should Say Yes to Development in Their Backyard (Huffington Post)

If you’re lucky enough to own a small slice of the GTA’s pricey property pie, you could find yourself among those vehemently opposed to any new development in their neighbourhood. After all, established Toronto hot spots like The Annex, Bloor West Village and Mount Pleasant are full, right? And you like your cozy little neighbourhood just the way it is. But here’s the problem with the NIMBY (not-in-my-backyard) mentality.

Condo Rental Rates Make‘Scary’ Jump of More Than 7% in Q3 (CBC)

The cost of renting a one- or two-bedroom condominium in Toronto grew substantially in the third quarter of this year, compared with the same time in 2015, a new report shows. New numbers from the Toronto Real Estate Board (TREB) show the average rent for a one-bedroom unit rose 7.2 percent to $1,777, while the average rent for a two-bedroom unit was up 7.9 per cent to $2,419.

The First Glimpse of Toronto Condos Designed by Karl Lagerfeld (FASHION magazine)

Karl Lagerfeld hinted at a neutral palette and lots of books when he visited Toronto in April 2015 to announce his design collaboration with Freed Developments and Capital Developments for the Art Shoppe Lofts + Condos at Yonge and Eglinton. He didn’t disappoint.

Condos Still Need High-Touch Sales Tools (Toronto Star)

Condo sales may have gone high tech with apps and virtual reality, but there is no substitute for the high touch environment of a sales centre, says one veteran developer. Mark Mandelbaum’s company, Lanterra Developments, has invested $3 million in a sales centre with model suites for the Rodeo Drive towers it is building with Cadillac Fairview at the Shops at Don Mills near Don Mills Rd. and Lawrence Ave. East.

Someone is Hilariously Trolling Toronto Condo Proposals (blogTO)

Have Toronto condo developments gone completely berserk? Well, how about this for a test. Someone put up a development application sign at Old City Hall on Friday proposing that a 90 storey tower be built on top of the historical building, which itself would be stripped to its facade and converted into a parking structure.

CANADA

B.C.s New Superintendent of Real Estate Vows Change (CBC)

B.C.’s new superintendent of real estate said changes are coming on how the real estate profession is regulated in British Columbia. Micheal Noseworthy, a former lawyer from Newfoundland and Labrador who has held a number of positions in the Yukon government, started in his new position as superintendent this week.

Calgary Real Estate Market Buoyed by Vancouver and Toronto Developers: Analyst (CBC)

The real estate market in Calgary’s core is being buoyed, in part by outside investors, an analyst says. Matthew Boukall with Altus Group says Calgary is still seeing major development applications and developers buying up land. But much of that is coming from Toronto and Vancouver, he says.

Why Investors in Hudsons Bay Will Be Generously Rewarded (Globe & Mail)

No one has ever accused me of being a fashionista—at least not fairly. But over the past few months, I’ve been shopping at various Hudson’s Bay department stores, hoping to elevate my wardrobe standards. Although colour co-ordination issues remain, I have been getting—and appreciating—the staff’s personalized help. These visits, l confess, have an ulterior motive. I am examining the stock (HBC-T) as an equity investment for clients. As Fidelity’s most famous money manager, Peter Lynch instructed, the first step in due diligence, out of many, is to try the product.

U.S.

From Real Estate Porn to Love At First Sight (Los Angeles Times)

One year ago my husband and I decided to sell our home of 15 years. We loved it, our Big House. We had seen our youngest son through high school there, and had recently completed a major renovation. But we were facing a nasty jump in our mortgage payments, and with the kids gone, the two of us could do with less space.

How Pot is Firing Up This Real Estate (CNBC)

It could be the hottest outgrowth of the pot-conomy—highly lucrative for both investors and cannabis companies. The industrial real estate that houses pot production is in high demand, and it is about to become the first opportunity for investors large and small to get in on marijuana.

INTERNATIONAL

Fake Divorce is Path to Real Estate Riches in China (Bloomberg)

Earlier this year, Mr. and Mrs. Cai, a couple from Shanghai, decided to end their marriage. The rationale wasn’t irreconcilable differences; rather, it was a property market bubble. The pair, who operate a clothing shop, wanted to buy an apartment for 3.6 million yuan ($532,583), adding to three places they already own. But the local government had begun, among other bubble-fighting measures, to limit purchases by existing property holders. So in February, the couple divorced.

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