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CANADA’S LEADING
September 2011
Apartment InvestmentT THE GOLD STANDARD FOR REAL ESTATE INTELLIGENCE
R O P RE
Where Dealmakers Determine Value Maneuvering in a Rent Controlled Market
Shifting Demographics Changes the Tenant Base What are Renters Looking for?
September 14, 2011 Metro Toronto Convention Centre
Gen Y is Redefining Human Capital in Real Estate
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On the cover/this page: The Cherryhill Village, London, Ontario – The Minto Group.
Derek Lobo
Mark Kenney
Where Dealmakers Determine Value Some factors are constants in deals large and small, but one element that can make one sale radically different than the other – or indeed, determine whether it happens at all – lies in the perceptions of the people involved.
By Anja Karadeglija TheSquareFoot.ca
D
ifferent dealmakers have different assessments of where the value lies in any particular deal, which drives the way they approach a sale. Take Minto Group’s $215 million purchase of the London, ON, Cherryhill Village, which holds the distinction of being the country’s biggest-ever sale of an apartment complex in one location. Derek Lobo, Chief Executive Officer, Rock Advisors Inc., was the only broker on the monumental sale, working for both the buyer and ESAM Construction, the seller. He emphasized the development of trust and cooperation between the two sides. The property had been in the Katz family for two generations, and it was important for them to ensure the transition went smoothly for the tenants, who are mostly seniors. This included going so far as to hold parties in the lobbies of the residential buildings to introduce the tenants to the new owners. Lobo said that it’s the broker’s job to maintain good faith on both sides.
“Because you know what’s going to happen on the deal. Invariably, something’s going to go wrong, as you go through. And if both parties behave honorably and trust each other, you can get through anything,” he explained. This perspective led to some unusual arrangements in the Cherryhill Village deal; for instance, Minto was already essentially managing the property before the deal was signed. Aside from Cherryhill, which was built in the 60s and 70s, Lobo has focused much of his energy on new apartment construction, selling six newer-quality buildings in the past year. The market has rebounded after troubles caused by the 2008-2009 recession, when transaction volume fell significantly; if the buyer wants to buy an apartment building today, they have to be willing to pay a higher price. Falling interest rates and falling cap rates have made new apartment construction viable, Lobo argued. “You’re going to see more of it going forward,” he said. Investors may balk at the cost, but Lobo explained the key is to keep a long-term outlook. He gave the example of a 50 year-old building, where expenses and NOI are both 50 per cent. If expenses grow by three per cent and NOI grows two per cent each year, ten years out, the owner will have lost money. A brand new
Cherryhill Village The Cherryhill Village deal was the biggest sale of an apartment complex in one location in Canada – ever. It included 13 apartment buildings with over 2,000 units, an office building, and a 150,000 square foot shopping mall. Canadian Apartment Investment Report / SEPTEMBER 2011
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Contents Where Dealmakers Determine Value What are Renters Looking for? Gen Y is Redefining Human Capital in Real Estate Maneuvering in a Rent Controlled Market Shifting Demographics Changes the Tenant Base
3 4 7 8 10
EDITOR Michel Rémy Michel Rémy is the editor of TheSquareFoot.ca, a commercial real estate publication that specializes in timely market information, news and networking. CANADIAN APARTMENT INVESTMENT CONFERENCE TEAM Laura Aaron Maria Encarnacion Jean Pickering George Przybylowski Karen Wong MERCHANDISE MART PROPERTIES, INC. Mark Falanga President MERCHANDISE MART PROPERTIES CANADA, INC. Steven Levy Senior Vice President ABOUT MMPI CANADA MMPI Canada produces and manages over 50 seminars, conferences, trade and consumer shows every year. We have events in Calgary, Edmonton, Halifax, Montreal, Ottawa, Quebec City, Regina, Saskatoon, Seattle, Toronto, Vancouver and Winnipeg. We touch many sectors including construction, design, craft, art, real estate, furniture, furnishings and others. Over the past 8 years, MMPI Canada has grown from 12 to over 50 staff with offices in Toronto and Vancouver. Our overall mission is to produce creative and profitable events.
www.mmpicanada.com CANADIAN APARTMENT INVESTMENT REPORT MAGAZINE The magazine is published yearly, coinciding with the Canadian Apartment Investment Conference in Toronto in September. DESIGN gbc-design.com ©2011 Merchandise Mart Properties Canada Inc. Disclaimer: The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of MMPI Canada. TO ADVERTISE, CONTACT Frank Scalisi Director of Sponsorship and Advertising Sales Phone: 416-512-3815 • Email: fscalisi@mmart.com CONFERENCES For more information on the Conferences, visit our website at
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Canadian Apartment Investment Report / SEPTEMBER 2011
“The market has rebounded after troubles caused by the 20082009 recession, when transaction volume fell significantly; if the buyer wants to buy an apartment building today, they have to be willing to pay a higher price. Falling interest rates and falling cap rates have made new apartment construction viable.” Derek Lobo, Chief Executive Officer, Rock Advisors Inc.
building won’t have any capital expenditures, and if the owner starts off with his NOI at 70 per cent and expenses at 30 per cent, in ten years, he will be in much better shape, even if expenses and NOI grow at the same rate as for the 50 year-old building. On the other hand, Mark Kenney, chief operating officer of CAPREIT, puts emphasis on energy savings and economy of scale. The company has an in-house energy department, and can take measures like installing controls on all boilers and controlling them from their Toronto office, like they did with a recent purchase in British Columbia. “CAPREIT grew to the point where we could afford these specialists in-house, and the payoff has been tremendous,” Kenney explained. The company typically goes in with a checklist of items to look at. After the recent purchase of the 849suite, Leith Hill Town Garden in the Toronto area, it installed three-litre toilets and water-saving showerheads in every unit and started on hallway renovations and sub-metering within 60 days. Many of the units were paying close to 30 per cent below market price, and Kenney noted that they have already turned over some apartments, and are now charging tenants $1200 for units that were renting for as low as $750 to $800. “The people I’ve spoken to in the street think this was a sort of a landmark price for properties, and sort of set the bar – we think it’s one of the best value deals we’ve done in years, and we’d do it again in a second,” he said. The deal also fits well with the company’s existing portfolio; CAPREIT already has buildings close by, which
affords economies of scale in terms of staffing. It’s a common move for the company: recently it also bought properties that are close to its existing buildings in Vancouver and Markham. This means that CAPREIT can use existing regional offices and staff to manage their new acquisitions. Due to the strategy, no additional administrative or management costs are incurred, Kenney explained. They’re planning to use the same strategy with Domaine Belle-Rive, an 811-suite complex CAPREIT recently bought in Laval, Quebec. While some companies might be scared away by the fact that there are quite a few vacancies, significant outside structural work to be done, and by the fact that the property is somewhat underpriced, CAPREIT feels comfortable with its new buildings. The company is planning on taking advantage of the energy opportunities Kenney describes as “incredible,” and managing it using its existing Quebec team. CAIR
CAPREIT Facts Did you know... In the last three quarters CAPREIT has closed just under 2 500 apartment units including: • Domaine Belle-Rive, in Laval, Quebec which consists of two 24-storeys and one 17-storey towers totaling 811 suites and includes approximately 6,500 square feet of ground floor commercial space; • 12 - 24 Leith Hill Road in Toronto, Ontario that is comprised of a 16-storey luxury high rise building including 218 apartment suites as well as six two-storey townhomes, each with three bedrooms.
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What are Renters Looking for? Many tenants who choose to rent condos are looking for the “wow factor” – details like granite kitchen countertops and hardwood floors, says Ben Myers, editor and executive vice president of Urbanation.
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lot of people are searching for in-suite amenities like stainless steel appliances, nine-foot ceilings and balconies, but don’t necessarily need fitness facilities inside the building if they have them nearby. Rooftop pools are very popular, because they provide an area where tenants can socialize, Myers added. He noted affordability is also important, explaining some amenities get eliminated as a trade off for lower condo fees. In Toronto, the whole market has been hot, but the most popular areas are downtown, says Myers, whose company began publishing the UrbanRental Report, which covers rental activity within the condo market, earlier this year. More condo units are being built than ever before, and the level of investor activity has increased over the past few years.
Ben Myers
“Certainly it depresses any new building in the rental market. Obviously the condo market is supplying the demand for rental units in the city, and that’s only going to increase,” he said. Units are getting smaller, with units in many buildings under 600 feet on average. During the 2008 crisis, when it became more difficult to get financing, developers wanted as high a percentage of their units to be sold as possible, and so made smaller units, which sell faster – and are also popular with investors. The smaller units draw a variety of renters. Students and young professionals make up the majority, but renters also include people who are transient, as well as downsizers. CAIR Anja Karadeglija Canadian Apartment Investment Report / SEPTEMBER 2011
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Canadian Apartment Investment Report / SEPTEMBER 2011
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Craig Smith
Gen Y is Redefining Human Capital in Real Estate As more Generation Y-ers enter the workplace, Canada’s commercial real estate companies are establishing strategies for how best to integrate them into their operations.
Nurit Altman
C
raig Smith, president of Ashlar Urban Realty, says that youth from Gen X and Gen Y are so tech-savvy, they come in with more knowledge than most of the people hiring them. This means the employer can concentrate on teaching “right and wrongs,” as opposed to core skills. The competition for jobs at the company is fierce, and the candidates who end up hired are those who are enthusiastic and prepared. The training process takes several years, in which the first year is spent learning, and by year five candidates are productive within their organizations. Ashlar Urban trains new hires through an apprentice-
ship-type model, in which every junior learns the necessary skills by working with, and for, a senior. “They come with the raw talent, but then they’ve got to be trained on how to perform in the commercial real estate environment,” he said. He noted that the biggest expense on the ledger for most companies is human capital – something that doesn’t necessarily get a lot of attention at real estate conferences. Gen Y-ers attitude has been likened by some to Jim Morrison’s famous lyrics, “we want the world and we want it continued on page 9
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Maneuvering in a Rent Controlled Market
John Dickie
Rent control is in place in five provinces right now, but some voices are calling for the establishment of similar systems in Saskatchewan and Newfoundland.
C Paul Smith
urrently, Ontario, Quebec, BC, Manitoba, and PEI have rent control, said John Dickie, president of the Canadian Federation of Apartment Associations. In Saskatchewan’s provincial election, the opposition NDP is promising rent control, while in Newfoundland, there have also been voices calling for it, albeit in a less organized manner, Dickie explained. Each province has its own distinct system that regulates rents and how landlords can apply to increase them beyond the government-set guideline; for example, applying for an increase based on a significant capital investment in the property.
In Ontario, control applies to the tenant, not the unit, meaning that it doesn’t cover increases between two tenants, and the guideline is equal to the consumer price index (CPI). In BC, it’s also based on the tenant, but landlords don’t apply as often because the guideline is higher than in other provinces, at CPI plus two per cent. Applications are frequent, and are often successful in Manitoba, where the guideline is low and control is based on the unit. Landlords are less likely to be successful in their bids to raise rent in Quebec, where the guideline is low as well. While control in that province is also based on the unit, in practice many new tenants don’t challenge rent increases. Landlords need to watch both the markets and the timing of when they’re incurring costs, said Dickie. “The whole idea of planning what you do to get the best results under rent control, that is something people should be thinking of in any of the five provinces with rent control,” he said. Not all capital investments are created equal when it comes to the tenants, explained Paul Smith, chief administrative officer with DMS property management.
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To a tenant, a visible upgrade, like new elevators, has more of a perceived benefit than work on, say, a garage membrane. “A good strategy is…to try to mix together some of the highly visible, highly desirable, highly perceived value-add renovations along with some of those other, behind the scenes, structural things,” Smith suggested. Another way to make rent increases more palatable for the tenant is by spreading them out over
Rent Control Rent control has been established in Canada’s three biggest provinces, which are also the three with the highest rate of urbanization.
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Canadian Apartment Investment Report / SEPTEMBER 2011
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“Instead of six percent over two years, you take that same increase and carry it over three years, making it 2, 2 and 2% – because of the compounding effect, the landlord ends up with a higher rent at the end of the three years.” Heather Waese, SPAR Property Consultants time, said Heather Waese, president at SPAR Property Consultants. For example, a landlord in Ontario, where the maximum increase is three per cent in one year, could raise rent by six per cent over three years instead of two. “Instead of six percent over two years, you take that same increase and carry it over three years, making it 2, 2 and 2%,” she said. This can be beneficial for the landlord, too – because of the compounding effect, the landlord ends up with a higher rent at the end of the three years. Landlords should keep the maximum increase limit in mind when spending money, Waese added. For example, in Ontario, that limit is nine per cent, and the owner won’t be able to pass on additional costs beyond that. The landlord could also consider dividing the work and limiting the scope of the work in each contract in order to get the most out of the guidelines. CAIR Anja Karadeglija
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Gen Y is Redefining Human Capital in Real Estate
An So
continued from page 7 now,” but Nurit Altman, vice president at Brookfield Financial, says their ambition and impatience can be harnessed to the advantage of an employer. Members of the generation are highly educated, and have grown up in an affluent time, and as a result, have high expectations of the work world. It can be an adjustment for youth to realize that they have to start at the bottom and work their way up, but although The Gen Y attitude has they are willing to work to get what their parents been likened by some to have, they want to Jim Morrison’s famous achieve it quickly. She explained Gen Y-ers are lyrics, “we want the world less likely to be happy and we want it now.” with the status-quo than past generations might have been; for example, they’re ready to move up after two or three years at a job. One effective strategy for managing this generation is emphasizing team work, like the open-concept environment at Brookfield does. It helps eliminate a lot of hierarchy, which Gen Y-ers can find frustrating, and makes them feel included, she added. CAIR Anja Karadeglija
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Canadian Apartment Investment Report / SEPTEMBER 2011
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Shifting Demographics Changes the Tenant Base
Peter Norman
Shifting demographics in the rental market mean that in the years to come, middle-aged tenants and new immigrants will become increasingly important to the industry, says Peter Norman, chief economist with the Altus Group.
T
he industry will need to cater to newcomers to Canada, but that group won’t necessarily choose to rent in the same areas as in the past. While Toronto has traditionally been an important destination for newcomers – in the past, half of all immigrants to Canada would end up there – its share of immigration has plummeted. Investors should take note of the fact that in the last decade, Toronto’s share of immigration fell from 50 percent to below 35 per cent of the Canadian total, Norman noted, adding that downward trend is continuing. This doesn’t mean that big cities like Vancouver or Calgary are necessarily benefiting from Toronto’s exodus, since their immigration numbers are staying stable. Instead, newcomers are going to other centres in Ontario, as well as Manitoba and Atlantic Canada. While immigrants have a very high rate of rental when they first arrive in Canada, their tenures are relatively short; after four years, tenure rates begin to converge with the domestic population. The biggest group of immigrants is here under the government’s skilled worker program, and that group is growing. The number of refugees is also rising, while immigration under the business class and family reunification programs is falling. This is partly due to the federal governments’ efforts to streamline the applications of skilled workers as opposed to immigrants who fall into the other categories, Norman said. “The continued movement from business and family into skilled workers is actually beneficial for… the rental sector, because that puts more people into those classes that tend to rent higher,” he explained.
Tenants are also older than they were 15 years ago – the share of the rental market occupied by those under 40 has fallen by 10 per cent, while the middle-aged group has increased its share by around nine per cent. This is due to the aging population, as well as the fact that the under-40s have shifted their preferences toward buying rather than renting. While the industry has been planning for how to accommodate an influx of seniors in the coming years, Norman warns that age group is also choosing ownership at a higher rate. Seniors have traditionally accounted for around 13 per cent of tenants, a number that Norman expects to grow to 14 or 15 per cent in next five or 10 years. “Even though it’s a big growth area in the economy overall… it’s not necessarily a big growth area for tenants,” he said. CAIR Anja Karadeglija
An Aging Population Means Aging Tenants; and More Aging to Come Percent of Total Rental Households by Age of Household Head 30%
1996
2001
2006
2016
25 20 15 10 5 0
Source: Altus Group based on data from Statistics Canada
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Many Immigrants are Only Short-term Renters, Particularly in the Skilled Worker Class
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realestateforums.com A DV E RT I S E R
PA G E # A D V E RT I S E R
Aird & Berlis LLP 5 DALA CB Richard Ellis / First National Financial National Apartment Group 2 (IFC) Peoples Trust CMHC 11 (IBC) Starlight Investments Coinamatic Canada 7
PA G E #
9 12 (OBC) 8 6
Propensity to Rent (%)
40
71 51
51 40
37 26
4 Years
82 66
63
62
2 Years
6 Months
89 81
80 60
Time since Immigrant Landing
97 90
48
32
20 0
Source: Altus Group based on data from CMHC
10
Canadian Apartment Investment Report / SEPTEMBER 2011
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