Tag: real estate news

TD Securities Lowers Dream Office Real Estate Investment Trust (TSE:D.UN) Price Target to C$15.00

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Dream Office Real Estate Investment Trust (TSE:D.UN – Free Report) had its price target reduced by TD Securities from C$17.00 to C$15.00 in a research report sent to investors on Wednesday morning, BayStreet.CA reports.

A number of other brokerages have also recently weighed in on D.UN. CIBC cut Dream Office Real Estate Investment Trust from an outperform rating to a neutral rating and dropped their price objective for the company from C$20.00 to C$17.50 in a research note on Thursday, April 13th. Cormark raised Dream Office Real Estate Investment Trust from a market performing rating to a buy rating and dropped their price objective for the company from C$20.50 to C$17.00 in a research note on Thursday, May 18th. National Bankshares raised Dream Office Real Estate Investment Trust from a sector performance rating to an outperform rating and dropped their price objective for the company from C$18.50 to C$16.00 in a research note on Tuesday, April 18th. Finally, Canaccord Genuity Group dropped their price objective on Dream Office Real Estate Investment Trust from C$16.00 to C$15.50 in a research note on Wednesday, May 17th. Two analysts have rated the stock with a hold rating and three have assigned a buy

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Canada’s housing prices to keep climbing, says Royal LePage

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Royal LePage is forecasting that the average price of a home in Canada will increase 4.5 per cent in the fourth quarter of 2023, compared to the same quarter in 2022. This revised forecast anticipates an earlier-than-expected boost in activity in major housing markets across Canada.

The projection is included in the real estate company’s house price survey released Thursday, which drew from national property data as well as statistics collected from 62 of Canada’s largest real estate markets.

“Coming out of a correction, it is common to underestimate the speed at which the market will turn itself around,” Phil Soper, president and CEO of Royal LePage, said in a press release. “As market activity is rebounding faster than anticipated, we are looking ahead with a sense of cautious optimism. While we do not expect huge price gains this year, some sense of normalcy is returning to the market.”

The average price of a home in Canada reached its peak in February 2022. Over the course of a year, the national average fell 18.9 per cent, according to the Canadian Real Estate Association. According to Soper, the housing market’s “inevitable correction” was triggered by the Bank of Canada’s aggressive interest

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Analysis-Banking crisis scars struggling US real estate stocks

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By Lewis Krauskopf

NEW YORK (Reuters) – US real estate stocks are struggling this year after a rough 2022, as fears that banks will tighten lending standards pile pressure on a sector already hit by higher interest rates.

After slumping 28% last year, the S&P 500 real estate sector has gained about 1% in 2023, lagging an 8% rise for the overall S&P 500. Real estate is the only one of the 11 S&P 500 sectors to underperform the benchmark index in both 2022 and so far in 2023.

Driving this year’s struggles are fears that tumult in the banking sector following the collapse of Silicon Valley Bank in March will make it more difficult for real estate companies to access debt, as banks become more stringent on lending. The real estate sector has slumped 2% since SVB’s troubles came to light on March 8, compared to a 4% rise for the S&P 500.

“There is nothing about the current banking situation … that made life easier for real estate companies,” said Peter Tuz, president of Chase Investment Counsel. Because banks have lost deposits, “they will be just more careful who they lend money to,” he said.

With the S&P

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Could The Housing Market Collapse Again? Recovery Talk ‘Premature’ After Mortgage Rates Surge Past 7%

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Topline

As fears of inflation push mortgage rates back toward multi-decade highs, economists are warning the resurgence in borrowing costs will deal another blow to the precarious housing market, driving home sales to new lows and proving the recent recovery many hoped would mark a turning point may instead be a short-lived “mirage.”

Key Facts

The average rate on the popular 30-year mortgage jumped back above 7% this week for the first time since October—once again approaching the highest levels in 20 years—after a string of worse-than-expected inflation data fueled the expectations of the Federal Reserve will intensify its rate-hiking agenda.

This surge in rates “dealt a fresh blow” to mortgage demand, says Pantheon Macro chief economist Ian Shepherdson, adding he’s been “puzzled” by claims the housing market is starting to recover and instead expects total home sales will plummet to a new multi- year low by May if rates remain close to 7%.

After collapsing more than 35%, home sales have remained relatively flat since November, but Comerica Bank economist Bill Adams calls the recent response in the housing

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Canadian Real Estate Affordability Got Worse With Higher Rates, What Gives?

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Canadian real estate prices are falling with higher mortgage rates, but has it made it easier to buy? Bank of Canada (BoC) data for December’s new uninsured mortgage loans shows the highest rates in well over a decade. Interest costs are rising faster than prices are falling, meaning worse affordability. The hiccup is due to the speed at which rates increase, and affordability is expected to improve in the coming months.

Canadian Mortgage Rates Have Surged To The Highest Level In Over A Decade

Mortgage rates are on the climb, which isn’t news to anyone in Canada. It’s the speed they climb that’s remarkable. The average interest on a new mortgage jumped 0.24 points to 5.53% in December. It was 3.53 points higher than a year before, more than doubling the record low recently experienced. Canada hasn’t seen a mortgage rate this high since the Great Recession.

Canadian Mortgage Rates Have Been Surging Higher

The average rate paid on new residential mortgages in Canada.

Source: Statistics Canada; Better Dwelling.

Prices have yet to reflect the full increase in mortgage rates, despite coming down from the peak. Home prices peaked in March 2022, the same month the BoC began raising rates.

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Toronto Rental Market “A Perfect Storm”

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In a narrative that Torontonians know all too well, rents across the city are soaring. According to the latest national rent report from Rentals.ca, average rent in the city rose to a budget-bruising $2,763 in January, up 20.8% from the year prior. The Toronto rental market continues to be the second-priciest in the country.

Rental affordability challenges have also spilled out of the Toronto core. In fact, Rentals.ca found that some of the highest rents in the country are in mid-sized markets in the Greater Toronto Area, with average monthly rent in Vaughan, Oakville, Etobicoke, Mississauga, Brampton, and Burlington climbing past the $2,400 mark in January.

For renters in and around the city, there’s little reprieve in sight.

Homeownership Still “Out of Reach”

“It’s a perfect storm. I mean, you can’t point to just one thing,” says Karen Chapple, Director of the School of Cities at the University of Toronto. “But number one is the interest rate increases, and how that’s pushed homeowners into the rental market. Homeownership is out of reach for even more people right now.”

She adds, “Incomes have really hardly budged as housing prices have skyrocketed, so that’s a huge problem.”

Karen Chapple, Director of the
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China to guard against risks among property developers – Premier Li

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BEIJING, March 5 (Reuters) – Warning that risks remain in the property market, China’s government said in a report released at parliament’s annual opening on Sunday that it would promote the sector’s stable development and prevent disorderly expansion by developers.

Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amidst still cautious cautious buyer sentiment, following through on the work done at a key economic meeting in December.

“There are more potential risks in the real estate market and some small and medium-sized financial institutions are exposed to risks,” Li said in the government’s work report for 2023.

Since mid-2021, the property sector has grappled with a liquidity crisis, with many developers defaulting on, or delaying, debt payments as they struggle to sell apartments and raise funds. Around half of the 30-odd Chinese developers listed in Hong Kong have defaulted on or delayed bond payments.

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“There are many risks in real estate for homebuyers and property developers, such as buyers’ threat of stopping mortgage repayments, failure to deliver pre-sold homes and default on debt by developers, which indicates a lack of consumption power and confidence,”

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RioCan Real Estate Investment Trust (TSE:REI.UN) PT Raised to C$26.00

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RioCan Real Estate Investment Trust (TSE:REI.UN – Get Rating) had its target price lifted by stock analysts at TD Securities from C$25.00 to C$26.00 in a research note issued on Friday, BayStreet.CA reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. TD Securities’ price objective would suggest a potential upside of 16.54% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Scotiabank lowered their price target on RioCan Real Estate Investment Trust from C$26.25 to C$26.00 in a report on Friday. CIBC increased their price objective on RioCan Real Estate Investment Trust from C$24.00 to C$25.00 and gave the stock an “outperform” rating in a report on Friday. BMO Capital Markets decreased their price objective on RioCan Real Estate Investment Trust from C$24.75 to C$22.75 in a report on Monday, November 7th. Finally, National Bank shares increased their price objective on RioCan Real Estate Investment Trust from C$23.00 to C$24.00 and gave the stock an “outperform” rating in a report on Monday, January 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to

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This city might have the strongest housing market in Canada

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While other centers are seeing steep declines, prices in this city are still rising

As much of Canada endures a housing correction, the market in Alberta, especially Calgary, is bucking the trend.
As much of Canada endures a housing correction, the market in Alberta, especially Calgary, is bucking the trend. Photo by Gavin Young/Postmedia

Good Morning!

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Crexi Partners with the CCIM Institute to Provide One-Stop Property Listing Services for All Designee Members

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Published: Feb. 7, 2023 at 3:31 PM CST|Updated: 6 hours ago

CCIM Designees will be able to add and view sale and lease property listings nationwide in one easy process

LOS ANGELES, Feb. 7, 2023 /PRNewswire/ — Crexithe commercial real estate (CRE) industry’s leading marketplace, data, and technology platform, today announced their partnership with the CCIM Institute.

Official Crexi logo (PRNewsfoto/Crexi)
Official Crexi logo (PRNewsfoto/Crexi)(PRNewswire)

Crexi announced its partnership with the CCIM Institute.

The CCIM Institute has partnered with Crexi to create a Designee-only benefit, known as the CCIM Property Listing Service. CCIM Designees can now connect their Crexi and CCIM accounts for instant access to thousands of CCIM Designee listings across the country.

“The real estate industry is moving to a more collaborative model,” said Mike DeGiorgio, founder and CEO of Crexi. “By partnering with the CCIM Institute, we’re able to share market data on one platform which leads to a perfect solution for both organizations and our clients.”

With this partnership, CCIM Designees can also subscribe to Crexi’s PRO offering at a discounted annual rate, which includes higher rankings in property searches and AI generated property blasts resulting in more qualified buyers with full

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