Daily Market Update

Chinese investment is good for Canada says President of Asian Real Estate Association… More private investors buying commercial property… Affordable housing faces opposition in Halifax… And could a 3D model change the real estate business?


Immigrants are good for the economy and the housing market

There has been a lot of focus on the levels of foreign investment in our real estate market and although it’s not always said directly, there is often an undertone of suspicion and negativity around these discussions. Tina Mak is the President of the Asian Real Estate Association of America (Vancouver) and says that immigration is positive and reflects the ‘promise of Canada’. Tina came to Canada 26 years ago and became a citizen in 1993; she owns multiple properties and is an employer. She is also passionate about Canada and says that the fact that people from, for example China, want to come here is because it is seen as a safe haven, a solid investment. Mak argues that this should be seen as a positive thing. She highlights the large amounts of investment that is brought into the country, not just in our real estate, and maintains that we should welcome this and be proud that people want to make Canada their home. Read the full story.


Commercial ownership sees changing trend

Much of our commercial property is owned by the large pension funds but new figures show that this changed in the last quarter. Investment firm CBRE say that private investors outpaced the pension funds, whose activity in the sector fell sharply from Q1. Investment from private buyers has increased by more than 50 per cent. Large pension funds are focusing on developing property rather than buying while smaller pension funds are still making acquisitions. The private investor surge is helping to boost commercial property transactions, especially in the west. Read the full story.


Affordable housing faces opposition in Nova Scotia

A plan to create extra affordable housing in part of Nova Scotia is under threat from those opposed to greater housing density. The Housing Trust of Nova Scotia wants to build 123 affordable new homes in the Gottingen Street area of Halifax but says that opponents have challenged the council’s zoning decision.  Read the full story.


Is technology set to revolutionise real estate?

Technology is disrupting almost every sector of business and real estate and the mortgage business is no different. We see new software solutions every day and now a Vancouver company is hoping that its 3D model of the city will revolutionise everything from construction to sales. The model city is so advanced is can be used for searching for attributes such a ‘south facing window’ or even a fire hydrant. GeoSim who have created the product say it takes the idea of Google Earth and adds complete freedom of movement; you can even walk into and around a building. The company says that the uses for its model are multiple; from planners to developers to realtors. It could be used to show prospective property purchasers, especially commercial buyers, almost every aspect of the building and its neighbourhood. Read the full story.


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