TUESDAY, FEBRUARY 18, 2020 | THEGLOBEANDMAILO REPORTONBUSINESS| B7
COMMERCIALREALESTATETERMBRIDGECONSTRUCTION
800.494.0389 romspen.com
FscoLicenseNo.10172
500W12thAvenue
Vancouver, B.C.COURTORDERED SALEA HIGH-RISE RESIDENTIAL APARTMENT TOWER WITH
COMMERCIAL PODIUM & REDEVELOPMENT UPSIDE IN VANCOUVERCBRE Limited, Real Estate BrokerageJim Szabo
PersonalRealEstateCorporation
604-662-5125
[email protected]Carter Kerzner
778-372-3932
[email protected]*Broker†Sales RepresentativeFORSALE- INVESTMENTOPPORTUNITY
4342 QUEEN STREET, NIAGARA FALLS, ONAvisonYoung Commercial Real Estate (Ontario) Inc., Brokerage Cushman &Wakefield ULC, Brokerageavisonyoung.ca cushmanwakefield.com- 148,571 sf office building on a 2.8 acre site near downtown, next to the Canada-US border
- Proximity to GO/VIA Rail station, Greyhound bus terminal, and public transit
- 91% occupied - primarily by federal and provincial government tenants
Nick Yanovski*, AACI, Principal
416.673.4067
[email protected]
Richard Chilcott†, Principal
416.673.4053
[email protected]
Jonathan Yuan†, Vice President
416.673.4037
[email protected]Michael (Mickey) Swartz*, SeniorVice President
416.359.2372
[email protected]3439 69 Street NW, Calgary, AB*SalesRepresentative http://www.jll.caJLLRealEstateServices,Inc.+1 403 456 5582
[email protected]+1 403 456 2209
[email protected]
Ryan Murphy*Ken Westhaver*- Anchored by a Real Canadian
Superstore, this will be a major draw
for the entire area. - Site is only 5 minutes from Canada
Olympic Park and less than 20
minutes to Downtown. - Site servicing and subdivision is
expected in the summer of 2020.
AllTurns69STNWAllTurns
RESIDENTIALFUTUREDEVELOPMENT(+/-2.01ACRES) 2.2Acres
ForSaleRECENTASSETTRANSACTIONS
AltusDataSolutionsCanada(AltusGroup,2016,altusgroup.com)–Empoweringsmarterrealestatedecisions.
This transaction data was previously released under REALNET® Canada. It will now be released by Altus Group, powered by a proprietary
data platform led by Altus Data Solutions Canada. Altus Group Limited makes no representation about the accuracy, completeness or
suitability of the material represented herein for the particular purposes of any reader.GREATERTORONTOAREA
SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER
Industrial Brampton 390 Chrysler Dr. $19,815,000 $191 per sq. ft.
Industrial Oakville 2390 South Service Rd. W. $7,250,000 $209 per sq. ft.
Apartment Scarborough 205 & 207 Morningside Ave. $56,250,000 $262,850 per unit
GREATERVANCOUVERAREA
SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER
Apartment Vancouver 1629 Haro St. $18,500,000 $462,500 per unit
Retail Vancouver 1055 Granville St. $4,000,000 $727 per sq. ft.
Industrial Richmond Unit 1061, 11111 Twigg Pl. $4,300,000 $342 per sq. ft.
GREATEROTTAWAAREA
SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER
Office Ottawa 355 Waverley St. $1,095,000 $365 per sq. ft.
Industrial West Carleton 128 Walgreen St. $1,792,500 $201 per sq. ft.
Retail Ottawa 322 Somerset St. E. $1,350,000 $355 per sq. ft.
GREATEREDMONTONAREA
SECTOR MUNICIPALITY ADDRESS PRICE UNITPRICE PARAMETER
Industrial Edmonton 9835 42nd Ave. NW $4,350,000 $118 per sq. ft.
Industrial Edmonton 4010 69th Ave. NW $1,820,000 $173 per sq. ft.
Retail Spruce Grove 5 McLeod Ave. $6,763,945 $385 per sq. ft.GTA:OFFICE27 & 29 Birch Ave.
Old Toronto
$8,520,000
$793 per sq. ft.GVA:INDUSTRIALUnits 100-124, 30722
Marshall Rd., Abbotsford
$12,534,830
$246 per sq. ft.GOA:RETAIL379 Preston St.
Ottawa
$3,700,000
$224 per sq. ft.GEA:INDUSTRIAL304 69th Ave. NW
Edmonton
$23,784,600
$366 per sq. ft.
DIVIDENDS
LEGALS
DIVIDENDNOTICE
The Board of Directors of
Manulife Financial Corporation
has declared the following
dividends to shareholders of
record at the close of business on
February 25, 2020, payable
on and after March 19, 2020:
CommonShares:$0.28
Non-Cumulative
PreferenceShares:
Class A Series 2 - $0.29063
Class A Series 3 - $0.28125
Class 1 Series 3 - $0.136125
Class 1 Series 4 - $0.191413
Class 1 Series 5 - $0.243188
Class 1 Series 7 - $0.2695
Class 1 Series 9 - $0.271938
Class 1 Series 11 - $0.295688
Class 1 Series 13 - $0.275875
Class 1 Series 15 - $0.236625
Class 1 Series 17 - $0.2375
Class 1 Series 19 - $0.2375
Class 1 Series 21 - $0.35
Class 1 Series 23 - $0.303125
Class 1 Series 25 - $0.29375NoticetoCMeditoMsand
OtheMsofFilingofClaims
IN THEMATTEROF
THERECEIVERSHIPOF
CERTAINASSETSAND
PROPERTYOF
THE ESTATEOFNASEEM
SOMANI
Noticeishereby given thatall
personswho assertor wish
toassertaclaim against the
Estateof Naseem Somani,
lateoftheCityofMarkham,
Provinceof Ontario,whodied
onMarch 17,2 019 ,mustfilea
Proof of Claim withtheCourt-
appointedReceiver,Deloitte
RestructuringInc.,onorbefore
5 :00 p.m. (Torontotime)on
March 31,2 02 0after which
date theEstatewillbedistrib-
utedhavingregardonlytothe
claimsthenfiled.
DATED atToronto,Ontariothis
18 thday of February,2 02 0.
DELOITTERESTRUCTURING INC.
8 AdelaideStreetWest,Suite2 00
Toronto,OntarioM5H 0A 9
ATTN:Ms. EmilyKlein
Email:[email protected]
Tel:(41 6 ) 601 -66 96
Fax:(41 6 ) 601 -66 90 LAURENCE TRAINORBrokerx11
[email protected]
KOSTAS DOULAS
BrokerofRecordx17
[email protected]INVESTMENT OPPORTUNITY805 RIDLEY DRIVE
KINGSTON, ONTARIO
19,000 SF +/- former retirement
home on 1.4 acres with 34 rooms
(28 private, 6 semi private).613-384-1997
http://www.rtcr.com294 CONACHER DRIVE
KINGSTON, ONTARIO
24 unit apartment building over
3 levels on 0.9 acre parcel.
1 & 2 bdrm suite mix.Asking $2,290,000Asking $1,890,000[Property Photo]
H–2.4cm- Walmart-anchored retail centre
- High traffic location
- Close proximity to Highway 410
- 99% leased
- Strong covenant, national tenants
- 8.5 years of remaining lease term
RBC CapitalMarketsRealtyInc.,BrokerageRETAILINVESTMENTOPPORTUNITY
410@STEELES,BRAMPTON,ONDAN GIAQUINTO*
[email protected]
416-842-8920NURIT ALTMAN**
[email protected]
416-842-8923
* Brokerof Record ** BrokerHaveTheGlobe
andMaildelivered
toyourdoorCALL1-800-387-5400
TGAM.CA/SUBSCRIBEF
or years, Danny Jellis has
made a mint off of Airbnb.
The basement unit of his
house, located in Toronto’s west
end, clears r3,000 a month from
bookings on the popular short-
term rental site. The previous
long-term tenants paid r1,100. Al-
though Mr. Jellis lives off other in-
come, the Airbnb cash is “the
cherry on the cake.”
Not for much longer. Over the
course of the year, Toronto will
ramp up enforcement of its long-
delayed rules on short-term rent-
al sites, and eventually require
companies to register with the
city, along with hosts that collec-
tively advertise thousands of
units every day.
Only Mr. Jellis won’t be one of
them. Under the rules, hosts will
be able to rent from their primary
residences, but secondary suites
Àsuch as his basementÁ are con-
sidered separate homes.
“I’m going to switch back to
long-term rentals,” he said. “I can
probably get r1,900 dollars a
month, which is certainly enough
for me.”
There are hundreds, if not
thousands, who will join him. As
Toronto implements its short-
term rental rules, the city could
see a flood of units put back on a
long-term rental market that des-
perately needs them.
But the transition, experts say,
will hinge on how effectively To-
ronto roots out illegal operators,
and whether Toronto will suc-
ceed where other cities have
stumbled.
“It’s an evolving cat-and-
mouse situation, where people
who are trying to get around
these rules figure out ways to do
that,” said David Wachsmuth, a
McGill University professor who’s
extensively researched the short-
term rental industry.
But, he added, “if Airbnb and
the city are working co-operative-
ly, all these problems are trivial.”
For years, Toronto’s rental mar-
ket has been characterized by few
vacancies and surging rates. ÀThe
average two-bedroom condo
rented for roughly r2,500 a
month last year, according to
Canada’s federal housing agen-
cy.Á
Given strong population
growth, but little purpose-built
construction, demand has over-
whelmed supply.
Short-term rental sites have
played a role, too, research sug-
gests.
At the end of April, 2019, there
were 21,000 active listings in To-
ronto, on platforms such as
Airbnb, VRBO and HomeAway,
according to a McGill paper co-au-
thored by Prof. Wachsmuth. More
than 5,500 units were booked
enough that they were removed
from Toronto’s long-term hous-
ing market, the paper said, an in-
crease of 24 per cent from a year
earlier. ÀAirbnb has repeatedlydisputed McGill findings that tie
the company to housing losses.Á
Increasingly, hosts bear little
resemblance to Mr. Jellis, who
manages a single listing on his
property. Nearly 40 per cent of To-
ronto listings came from com-
mercial operators – hosts with
two or more entire-home listings,
or three or more private-room
listings – and they generated
most of the previous 12 month’s
revenue of r208-million, the
McGill report said.
“The short-term rental busi-
ness is very lucrative for some in-
vestors,” said Dana Bell, a realtor
who’s rented part of her invest-
ment property in North York on
Airbnb.
The industry flourished as reg-
ulations stalled. The city passed
its rules in two phases by January,
2018, but zoning-bylaw amend-
ments were quickly tied up in ap-
peals, and it wasn’t until last fall
that a tribunal ruled in the city’s
favour. While some hosts are try-
ing to mount another appeal, thecity is moving ahead with its
plans.
Under Toronto’s system, hosts
will have to register with the city,
and can only rent from their prin-
cipal residence. They can rent up
to three bedrooms in their home
for an unlimited number of
nights a year, or their entire home
for no more than 180 nights a
year. ÀA single short-term stay
runs less than 28 consecutive
days.Á
Rental companies will have to
get licensed with the city, and are
responsible for ensuring that list-
ings have valid registration num-
bers. They will need a process for
removing flagrant listings, and
will have to collect records of ac-
tivity and send it to the city upon
request.
“Fundamentally, ]Toronto
has^ a good plan,” Prof. Wach-
smuth said, but “we’ll see what it
looks like when the switch gets
flipped.”
Provided that there are no fur-
ther delays, that should be laterthis year. Licensing and registra-
tion will begin in the spring, ac-
cording to a city website, with en-
forcement to follow in the sum-
mer.
Already, there are rental con-
versions under way. Jason Young
rented out a basement unit in
Scarborough through Airbnb for
close to two years, but switched to
the long-term market in January.
“With all the new regulations
coming in, I figured I’m not going
to break the rules or try to fight
the city on anything,” he said.
But if other cities are any guide,
the transition will be rocky.
After Vancouver put in rules,
some hosts claimed their units
were in other cities – say, Surrey –
allowing them to avoid submit-
ting registration IDs on rental
sites. Users, however, could see
that a Surrey listing was actually
located in Vancouver. The city
was able to clamp down on such
listings, and as of November, it
has “delisted” more than 600
units that have “the potential to
be converted to long-term list-
ings,” according to a city website.
Several hosts who spoke with
The Globe and Mail envisioned
various ways of circumventing
Toronto’s rules. ÀFor instance,
some hosts may strike fake tenan-
cy agreements with family mem-
bers to continue renting out sec-
ondary residences.Á Still, others
said they would sell their homes.
Mr. Young, despite converting a
unit to long-term rental, plans on
cashing out of his income proper-
ty next year.
Prof. Wachsmuth said it’s “very
reasonable” to think 1,000 units
will return to the long-term rental
market in the near term, with the
potential for further gains as the
city works out any kinks in en-
forcement.
“Toronto is the biggest munici-
pality in the country,” he said.
“They’ve got a ton of really highly
trained staff. If anybody’s gonna
be able to pull ]enforcement^ off,
it’s them.”HowToronto’sAirbnbrulescouldshakeuprentalmarket
Condominiums and other buildings in Toronto’s east side are seen last December. At the end of April, 2019,
there were 21,000 active listings in the city on platforms such as Airbnb, VRBO and HomeAway, according to
a McGill University paper.FRED LUM/THE GLOBE AND MAILMATT LUNDY
ECONOMICSREPORTER