Canadian Apartment Magazine * January 2020

Apartment CANADIAN

VOLUME 17 / NUMBER 1 / JANUARY/FEBRUARY 2020

BEYOND AESTHETICS BEAUTY MEETS INNOVATION AT “UN TOIT VERT” plus

CURB APPEAL

MARKET PM#40063056

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EDITOR’S NOTE>>

Apartment CANADIAN

MORE THAN MEETS THE EYE...

/cammediaedge /cdnapartmentmag /mediaedgecam

In this issue of Canadian Apartment, we explore the broadening concept of curb appeal—from the attractiveness of a building’s exterior to the way it interacts with the surrounding skyline. These days having a nice, manicured entrance isn’t enough. Today, it’s about showcasing where you stand in terms of sustainable practices, resident satisfaction, security, community outreach and more.

As the purpose-built apartment sector continues to grow with more new builds entering the rental market each year, the trend toward sleek, flexible, energy-efficient design is undeniable. Developers are striving to create long-lasting building structures featuring stylish units that cater to comfort while reflecting the “real needs” of occupants.

Featured on our cover is “Un Toit Vert”, a terrific example of a modern rental community in Quebec that set out to raise the bar on sustainable design while targetting low-income families. Read our story on page 18 about the steps that went into creating this unique ecofriendly development.

Meanwhile in Calgary, SODO Residences is catering to a different tenant base—young, urban professionals. On page 14, we go behind the scenes with lead architect Mansoor Kazerouni who takes us through the steps that went into designing for this tech-savvy cohort.

In other news, 2020 is off to a great start for the rental industry with demand outpacing supply and investor confidence running high.

Catch all the latest industry developments in this issue, and be sure to check out REMInetwork.com for all your daily updates.

Editor

Erin Ruddy

Senior Designer

Annette Carlucci

Production Manager

Rachel Selbie

Contributing Writers

Graeme Huycke Andy Schwartze

National Sales

Kelly Nicholls Melissa Valentini

Digital Media Director Steven Chester Circulation

Anthony Campbell For sales information call (416) 512-8186

Canadian Apartment Magazine is published six times a year by:

2001 Sheppard Avenue East, Suite 500 | Toronto, Ontario M2J 4Z8 E-mail: info@mediaedge.ca

President Kevin Brown Group Publisher Sean Foley Copyright 2020 Canada Post Canadian Publications Mail Sales Product Agreement No. 40063056 ISSN 1712-140X Circulation 416-516-8186 ext. 234 circulation@mediaedge.ca Subscription Rates: Canada: 1 year, $50*, 2 years, $90*, US $75 International $100, Single Copy Sales: Canada: $12* * Plus applicable taxes Requests for permission to reprint any portion of this magazine should be sent to Erin Ruddy.

Authors: Canadian Apartment Magazine accepts unsolicited query letters and article suggestions.

Sincerely,

Manufacturers: Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor.

The opinions expressed are those of the authors of articles and do not necessarily reflect the views of Canadian Apartment Magazine. This information is general and is not a substitute for legal advice.

Erin Ruddy @cdnapartmentmag

Sworn Statement of Circulation: Available from the publisher upon written request. Although Canadian Apartment Magazine makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused. Printed in Canada.

rent trends

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Apartment CANADIAN

VOLUME 17 / NUMBER 1 / JANUARY/FEBRUARY 2020

FEATURE 14 T he Heightened Demand for Rental Behind the stunning design at Calgary’s SODO Residences

by Erin Ruddy 22 2 019 FRPO MAC Award Winners Celebrating the best in the biz!

COLUMNS 8 Transactions Apartment Market Outlook: Q1 2020 10 CMHC The Heightened Demand for Rental

by Graeme Huycke 24 Insurance Expect More Cyber Crime

by Andy Schwartze 26 Newsworthy Industry Hot Topics

COVER STORY

DEPARTMENTS

18 A Building for All Seasons Un Toit Vert takes green standards to new heights

by Erin Ruddy

4

Apartment CANADIAN

ON THE COVER:

VOLUME 17 / NUMBER 1 / JANUARY/FEBRUARY 2020

“Un Toit Vert” during construction, located in the Quebec City eco-district of Estimauville.

Editor’s Note

30 Smart Ideas

BEYOND AESTHETICS BEAUTY MEETS INNOVATION AT “UN TOIT VERT” plus

CURB APPEAL

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Apartment Sector off to a Strong Start Investor confidence remains high in Q1 2020 2020 started off with a bang with the proposed acquisition of Northview Apartment REIT by Starlight Investments and KingSett Capital in a transaction valued at approximately $4.8 billion.

This significant portfolio sale is a clear indication of the high levels of confidence investors have in the Canadian multi-suite residential rental property sector. Investors continue to look to the asset class for growth, given the sustained rent growth outlook and broadly healthy rental market fundamentals.

“The combination of near record low vacancy and healthy rental demand patterns hold promise of continuously stable and attractive performance characteristics over the near

term,” said Keith Reading, Director of Research at Morguard.

“While new development activity has picked up significantly, the threat of a sharp rise in vacancy levels is unlikely.”

According to Reading, rental demand will continue to be bolstered by international migration, the high cost of home ownership and demographic shifts ensuring rents hold at the cycle peak. In short, investors will continue to look to the sector to achieve attractive yields and stable performance.

RECENT Transactions: Address

City

#of Units

Sale Price (Millions)

Sale Price/Unit

Purchaser

1.

The Carrington

Calgary

79

$19.5

$246,835

CAPREIT

2.

EQ9 Phase 3 and 4

Montreal

300

$105.0

$350,000

Manulife

3.

2777 Kipling Ave

Toronto

325

$93.0

$286,154

Q Residential

4.

11-25 Sherwood Ave

Toronto

102

$34.5

$338,235

Minto Group

5.

Mayfair on Jasper

Edmonton

238

$100.0

$420,168

Centurion

6.

Harmony @ Hollick Kenyon

Edmonton

95

$19.5

$205,263

JPG Harmony Inc.

8 | Canadian Apartment | Part of the REMI Network |

TRANSACTIONS >>

Canada’s Hottest Rental Markets: January 2020 According to the latest report from Rentals.ca, Montreal, London, Winnipeg and Toronto are all experiencing double digit percentage increases for annual growth in median rents, with Montreal leading the way at 38 per cent. Other cities with double digit increases include: Mississauga, North York, Etobicoke, Ottawa, Scarborough and Quebec City. On the other end of the spectrum, four cities witnessed double digit percentage decreases for annual growth in median rents in January: Saskatoon, Red Deer, Regina, and Edmonton.

Annual Change in Median Rents since January 2019 $1,455

Montréal 38%

$1,425

Kitchener 11%

$1,389

London 36%

$1,925

Vancouver 6%

$1,313

Winnipeg 23%

$1,114

Grande Prairie 3%

$2,200

Toronto 22%

$1,369

Fort McMurray 1%

$1,990

Mississauga 19%

$1,249

Calgary -6%

$1,998

North York 18%

$1,100

Edmonton -10%

$2,000

Etobicoke 16%

$975

Regina -14%

$1,795

Ottawa 12%

$950

Red Deer -14%

$1,793

Scarborough 12%

$925

Saskatoon -16%

$927

Québec City 12%

Province AB

BC

MB

ON

QC

SK

Source: Rentals.ca

Behind the Northview Apartment REIT sale Announced in late February, Starlight Investments and KingSett Capital have entered into an agreement to acquire Northview Apartment REIT in a transaction valued at roughly $4.8 billion. Northview, one of Canada’s largest publicly traded multifamily REITs, owns 27,000 rental units located across the country.

“This transaction provides Northview unitholders with a premium above Northview’s all-time high unit closing price, with the option of continuing to invest alongside Starlight and KingSett in what we believe will be an attractive, publicly-listed, newly formed, high yield, multi-residential fund,” said Daniel Drimmer, Starlight’s President and Chief Executive Officer. “We look forward to building on Northview’s tenant focus by maintaining high-quality, well-operated and sustainable buildings.”

Starlight, which will assume operations of the Northview properties moving forward, says it intends to retain “substantially all of Northview’s site level employees and operational staff, as well as its offices in Calgary and Toronto.” With the addition of these units, Starlight now manages more than $14 billion (CAN) of direct real estate and real estate investment securities, with a portfolio totalling roughly 43,000 multifamily units in Canada and the U.S., along with commercial space.

KingSett Capital is one of Canada’s largest private equity real estate investment firms, with ownership interests in an $11.3 billion (C$15 billion) nationwide asset portfolio through its various funds. The company’s multifamily holdings total more than 3,382 units across the country.

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| www.REMInetwork.com | January/February 2020 | 9

CMHC REPORT >>

The Heightened Demand for Rental What’s driving tight market conditions in the GTA Despite rising supply in both primary and secondary GTA rental markets, tight market conditions persist according to the latest rental market survey from CMHC.

D

riving the demand are millennials and newcomers to the city looking for temporary accommodations in favourable locales. Although some improved supply growth in the purpose-built rental market was achieved, the average apartment vacancy rate remained low at 1.5 per cent in 2019, up slightly from 1.2 per cent the previous year.

High homeownership costs coupled with tightened mortgage regulations have encouraged individuals to continue to seek, or remain in, rental accommodations. House prices continue to recover following unprecedented levels back in 2017, but remain elevated relative to previous years. Furthermore, prices of multiple-family dwellings (such as condominium apartments and townhouses), which are typically more popular among first-time homebuyers, have showed stronger price growth than other housing types over the past 12 months, thus pushing demand towards the rental market.

10 | Canadian Apartment | Part of the REMI Network |

Average rents According to CMHC, these tight rental market conditions allowed landlords to charge new tenants higher rents, and in turn, average rent growth in the GTA significantly exceeded the provincial guideline of 1.8 per cent for 2019. The average rents for the matched two-bedroom units on a year-to-year basis have been growing at an increasing rate. While this growth is predominantly driven by tight rental market conditions, a rising number of renovations may have also put some upward pressure on the average rents of existing units.

The number of newly completed purpose-built rentals (which typically charge higher rents) has also been increasing in recent years, which has contributed to the growth of average rents for the market as a whole. The turnover rate decreasing to 9.5 per cent in 2019 from 11.2 per cent in 2018 is indicative of existing renters remaining in their rental properties, likely influenced by the fact that recently the average

CMHC REPORT >> asking rents charged for vacant units are about 25 per cent higher compared to that of occupied units in the Toronto market.

Key demographics As stated, the primary sources of new demand for rental housing are newly formed households headed by younger age groups and migrants. As of October 2019, the population of individuals aged 25-44, a key demographic in the rental market, saw the strongest year-over-year growth in almost two decades at 4.9 per cent. This demographic cohort has also experienced significant year-over-year growth in full-time employment, which has enhanced their ability to enter the rental market.

Economic conditions in the GTA have been improving with broad-based employment growth across industries (particularly in the technology sector), rising average weekly earnings, and a low unemployment rate. These favourable conditions continue to draw immigrants and temporary workers to the GTA, which is helping to strengthen rental demand. Additionally, international students are on the rise, a cohort that has been growing faster in the GTA than other major Canadian metropolitan area.

Momentum in rental construction Strong rental demand in recent years has resulted in increased construction of rental properties across the GTA. Rental apartment starts have increased over the past five years following a dearth in construction during the preceding decade, but continue to lag that of condominium apartments. Total rental apartment starts1 jumped by 6 DelProperty_Condo_March_2018_torevise.pdf 2018-04-13 per cent to reach 3,4356 units over the 12-month period ending June

• Rising supply in both primary and secondary rental markets has had some impact on loosening vacancy rates, but tight market conditions remain overall; • Millennials and newcomers to the GTA continue to drive rental demand; • Rent growth is strong in both primary and secondary rental markets.

30, 2019 (which is the cut-off point for the survey) while condominium apartment starts rose by 3 per cent to 22,124 units and continue to amount to less than a fifth of the total condominium apartment starts.

Rising rental starts activity has meant the pace of their completions has also risen – with a 25 per cent increase in rental apartment completions between the survey periods. A strong increase in rental apartment completions, along with conversions and units re-added after renovations, helped the total purpose-built rental universe to increase by nearly 1 per cent in 2019.

Reportedly, the Halton Region has recorded the highest growth in units at 4 per cent (about 590 units). Strong transportation networks such PM as the GO-Train service, which provide easy access to downtown 2:44 Toronto, has made this region an attractive market for young renters.

50

C

M

Key Analysis Findings:

20

18

Y

CM

MY

CY

CMY

K

| www.REMInetwork.com | January/February 2020 | 11

CMHC REPORT >>

The lack of purpose-built rental supply in the primary rental market has meant that the condominium apartment market has acted as the de-facto rental accommodation supplier for many years in the GTA.

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12 | Canadian Apartment | Part of the REMI Network |

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Condominium apartment market Tight rental market conditions in the primary rental market has extended to the secondary rental market, with the average condominium apartment vacancy rate edging up but remaining low from a historical standpoint at 0.8 per cent in 2019. The lack of purpose-built rental supply in the primary rental market has meant that the condominium apartment market has acted as the de-facto rental accommodation supplier for many years in the GTA. Data shows that the share of rented condominium apartments in 2019 amounted to a third of the total condominium apartment universe, and is indicative of persistent investor demand.

Meanwhile, the stock of rental condominium apartments has grown by 6 per cent in 2019 compared to a more restrained rate of 3 per cent during the previous year. These supply increases are due to a higher share of newly completed condominium units and previously owner-occupied condominium units being leased. Relatively low interest rates, low yields for some other investment asset classes and stronger growth in resale prices have discouraged investors from selling at completion. In addition, low vacancy rates and higher rent growth have encouraged both new and existing condominium apartment owners to lease out their properties either as a long-term investment or in anticipation of future price appreciation, which is consistent with tight market conditions prevailing in the resale condominium sector this year.

As supply struggled to keep up with the increasing rental demand, property owners have been able to charge higher rents from tenants. The matchedsample average rent for condominium apartments is nearly 13 per cent higher than the previous year, almost double the rate of increase recorded for private purpose-built rental apartments.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Elevating the Rental Experience Behind the stunning design at Calgary’s SODO Residences

by Erin Ruddy

14 | Canadian Apartment | Part of the REMI Network |

FEATURE >> SODO Residences is a landmark new rental development located in Calgary’s trendy Beltline district. Opened to tenants in the spring of 2019, the former manufacturing site of the Alberta Boot Company now features two 33-storey rental towers and a 390-suite Marriott Residence Inn. Visually striking in a way that traditional apartments typically are not, the 38,000-square-foot rental property has transformed the corner at 5th and 10th into a vibrant hub of inner-city activity.

“SODO Residences lends energy to the street in a variety of ways,” says Mansoor Kazerouni, Global Director, Buildings, IBI Living+ and lead architect on the project.

“First, there’s the transparency of the hotel, showcasing the great soaring volume of the lobby and all the activities that are happening inside. Beyond the hotel, the apartment portion creates a very interesting architectural moment along the street.”

In other words, SODO has curb appeal— an effect Kazerouni describes as the impact derived from a building’s presence in the skyline and the manner in which it interacts with the urban context.

“Every building has a responsibility to ensure it enhances the public realm,” he contends. “This is achieved through vibrant, active spaces; building features that animate or provide safety; architectural expression and use of materials. There are many elements that can play into curb appeal.”

In the case of SODO, even the parking podium is an attractive focal point. Clad in precast concrete with light boxes that reflect colour and draw the eye upwards, there’s nothing lacklustre about it.

“At night, the podium is illuminated, becoming almost a beacon of light for the neighbourhood. But what really makes the buildings truly stand out are the cantilevered glass forms and the distinctive cruciform shape of the towers, allowing for eight corner units

on each floor instead of four,” he says. “You typically don’t see exterior features like that in a rental apartment.”

As for what can be found on the inside of those cruciform towers—well, that’s an entirely different conversation. According to Kazerouni, interior spaces are meant to be livable, flexible, functional and stylish. By and large, amenities should invite residents to come out and linger, while the units should offer details that “solve real problems.”

To ensure SODO Residences appealed to its intended demographic, developer

The selling features of SODO • Thoughtfully designed interiors with open-concept layouts and two choices of colour schemes (light and dark); • Suites of various sizes that include vinyl plank flooring, roller blinds, floor-to-ceiling doubleglazed windows, and a built-in storage system; • High-end appliances, including Blomberg compact front-loading washer and dryer, Whirlpool stainless steel kitchen appliances, and in-suite controlled heating and air cooling; • A one-of-a-kind 5th-floor lounge, complete with ample seating and co-working spaces; • A state of the art gym with steam showers, storage cubbies and a change room; • A deluxe demonstration kitchen for cooking and entertaining, complete with a wine chiller and Nespresso coffee bar; • A spacious, pet-friendly outdoor terrace providing lots of green space for sunny afternoons; • A games room featuring a pool table, 70” TV, and retro video game arcade system; • Hotel amenities that can be shared by residents.

| www.REMInetwork.com | January/February 2020 | 15

FEATURE >> Quadreal Residential Properties LP provided IBI Group with comprehensive market surveys identifying the distinct preferences of young, urban professionals and couples.

“This allowed us to design interiors that really reflect the needs of the occupant, and public spaces that are an extension of living spaces,” he explains—noting that the latter is an important distinction between the purpose-built rentals of today versus yesterday. “New buildings support a modern lifestyle with co-mingling spaces and amenities that emphasize health, wellness, and technology.”

Hence SODO’s central courtyard where UBER pickups and food deliveries are made; the handy mix of retail shops and restaurants conveniently located at street level; the spacious ground-floor lobby offering free Wi-Fi and a Nespresso station; the co-living spaces for work and leisure; the electronic parcel delivery system and high-speed elevators with secure key fob floor access, and so on. “At SODO, the amenities support digital connectivity and flexibility, while appealing to real needs.”

Calgary’s Beltline Neighbourhood The hip Beltline area south of downtown is known for its cool shops, restaurants and boutiques selling fashion, retro furniture, vinyl records and eclectic gifts. Dining options span trendy taco joints, casual eateries and Korean restaurants, while nightlife includes craft beer pubs, live music venues and dance clubs. The area is densely populated and has a reputation of being one of Calgary’s primary draws for nightlife, dining and urban culture. seeing a much greater emphasis on sustainable design, durability and longevity,” says Kazerouni.

“It goes beyond the goal of occupant comfort. Society is becoming more conscious of its impact on the planet, and people today want to associate themselves with environments that are inherently sustainable.”

As such, SODO Residences was designed and created consciously, with energy efficiency being top of mind from the get-go. “There is no downside to this approach, as it only leads to buildings that operate more efficiently and effectively, benefitting the occupant and owner equally.”

With its striking appearance, sustainable design, and abundance of amenities that support a modern lifestyle, SODO Residences is a great example of where purpose-built rental design is moving.

For more information on this property, visit: www.rentsodo.com.

Sustainability matters Another important feature for developers and renters today is sustainability. “We’re

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www.dmsproperty.com 16 | Canadian Apartment | Part of the REMI Network |

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COVER STORY >>

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“Un Toit Vert” takes green standards to new heights

By Erin Ruddy

Located in the Quebec City eco-district of Estimauville, a six-storey apartment building stands among the eco-friendly structures built to push the boundaries of today’s sustainable standards. Called “Un Toit Vert” for a reason, the 70-unit residence offers adaptable, affordable rental housing geared at lower income families in an eco-friendly structure that was geometrically designed to optimize each unit’s supply of natural light.

| www.REMInetwork.com | January/February 2020 | 19

COVER STORY >>

With its flora-filled rooftop and sun-splashed courtyard, the property offers no shortage of outdoor green space. But what makes the building really stand out are the components you don’t necessarily see—like the airtight envelope designed with Québec City’s harsh climate in mind. “It’s a snowy, cold city, and the humidity is high,” says Frédéric Allard, Vice President of Constructions Richard Arsenault and general contractor at Un Toit Vert. “These extreme conditions aren’t always easy to work with.”

Managed by the community housing technical group, Action-Habitation, Un Toit Vert features a living rooftop landscaped for resident enjoyment. Hardly a new concept, green roof systems have been delivering well-known benefits for years. They absorb rainwater, provide added insulation, create a habitat for wildlife and help to lower urban air temperatures in high density environments. Design-wise they can be simple or elaborate, consisting of low-maintenance herb gardens or lush, park-like spaces requiring permanent irrigation systems. It all depends on the strength and size of the roof structure and the level of maintenance building owners are prepared to invest.

At Un Toit Vert, the green roof is far from modest. This investment was all part of a master plan by the developer to achieve LEED Multifamily Midrise certification and Novoclimat status. Novoclimat is a certification program offered in Quebec that promises lower energy bills and healthier indoor air quality thanks to superior insulation, energy-efficient systems, and ultraefficient windows and doors. It is estimated that a Novoclimat home can save owners and occupants 20 per cent on energy costs compared to a house that complies with the Québec Construction Code.

To achieve the Novoclimat status, a multiple-unit residence must be heated by electricity, natural gas or residual forest biomass. Better temperature control is achieved through

electronic thermostats, a mechanical ventilation heat recovery system and superior insulation.

At Un Toit Vert, the energy-efficient windows have argon filling, double-glazing and two low-emissivity coatings. The central ERV (Energy Recovery Ventilator) provides fresh air to units while an electric heating system, including baseboard heaters controlled by thermostats, keeps tenants warm. The building exterior is girded by semi-rigid insulation board to prevent thermal bridging of the steel framing.

Because of these features, Allard says, “Un Toit Vert has a really good envelope with an R-value of 27.”

The pursuit of LEED To achieve LEED Multifamily Midrise certification, builders amass points by installing energy-saving features that contribute to the reduction of annual energy use by at least six per cent compared with the baseline building performance set by ASHRAE 90.1.

LEED points at Un Toit Vert were gained from the building’s central energy recovery ventilation system, as well as the green rooftop in the “heat island reduction” category. Heat islands in urban areas are caused by human activity and building density; they are known to diminish in the presence of vegetation.

Overall, Allard says the Un Toit Vert team is aiming for energy cost reductions of 25 per cent in comparison with the ASHRAE 90.1 reference, an accomplishment that will establish a new benchmark for energy-efficient building design.

Addressing thermal bridging To find a way to limit the risk of condensation, improve thermal comfort, and reduce energy loss throughout the structure, the designers needed to minimize thermal bridging between the building’s exterior balconies and conditioned interior slabs.

CIME Consultants Inc., the structural engineering firm for Un Toit Vert, specified the use of Isokorb load-bearing structural

“the Un Toit Vert team is aiming for energy cost reductions of 25 per cent in comparison with the ASHRAE 90.1 reference, an accomplishment that will establish a new benchmark for energy-efficient building design.”

- Frédéric Allard, Vice President, Constructions Richard Arsenault Inc.

20 | Canadian Apartment | Part of the REMI Network |

thermal breaks, a component Allard had some prior experience with. According to Allard, the modules were selected because they contain a graphite-enhanced, expanded polystyrene block, which is less than 2 per cent as conductive as concrete. Additional energy savings are derived from the module’s stainless steel rebar, which is one-third as conductive as its carbon steel equivalent.

As Allard explains, the structural thermal break is aligned with the building envelope insulation layer, and positioned between each balcony and floor slab. Rebar projecting from both sides of the structural thermal break is cast into the interior slab and exterior balcony in a conventional manner, providing continuous insulation while supporting loads equivalent to a conventional pour-through slab.

A total of 67 apartment balconies, plus a balcony projecting from a community room, were fitted with structural thermal breaks. “Because it’s a public project, every cost was watched,” he said. “Un Toit Vert will help low-income people and give families a nice apartment to call home.”

Balcony-based thermal breaks Installing the thermal breaks involved attaching and extending rebar from the thermal break insulation modules to the rebar on the interior floor and balcony slabs, a process Gabriel Lévesque, steel foreman from Les Ferrailleurs du Québec Inc., says wasn’t all that difficult.

The process began with the concrete being poured onto the balcony slabs, then onto the interior slabs using different formulations.

Lévesque notes that when the breaks are properly secured, “they don’t move” as the concrete is being poured. In total, 68 thermallybroken balconies were installed, spanning 343 linear metres.

Although it is still too early to gauge the precise energy savings derived from balcony-based thermal breaks, the Un Toit Vert team is anticipating good results. Meanwhile, occupants are enjoying a modern, eco-friendly place to call home.

Image: TERGOS Architecture & Construction

COVER STORY >>

An Urban Oasis

Celebrated for more than just its green roof, Un Toit Vert has numerous ecologically-friendly features. For starters, the L-shaped volume of the building defines a central courtyard with optimal solar orientation. This volume makes it possible to maximize natural sunlight for a majority of dwellings. Other key features: • About 40% of the units have opposite windows at each end to allow natural ventilation; • Local, healthy, VOC-free and recycled materials were brought to the fore; • High performance centralized mechanical systems were installed; • A rainwater recovery system was integrated to supply community toilets, water outdoor plants, and clean the parking lot and residents’ vehicles.

What is Ecoquartier D’Estimauville?

Stainless steel rebar extending from both sides of the structural thermal breaks is tied into carbon steel rebar of the balcony and floor slab prior to casting.

Located just minutes from Parliament Hill and Old Quebec City, Ecoquartier D’Estimauville is an innovative new neighbourhood where ecology and sustainability are the central focus. The community aims to reconcile density and quality of life by offering residents alternative modes of transportation, more ecologically friendly infrastructures and buildings, and a dynamic neighbourhood where residents can enjoy a full range of goods and services within walking distance.

| www.REMInetwork.com | January/February 2020 | 21

THE 2019 FRPO MAC AWARDS Celebrating the best in the rental-housing business On December 5th, FRPO welcomed over 1,200 guests to the annual MAC Awards, a sold-out

145 Wellington West, Aurora Winner of “Best Curb Appeal”

celebration of innovation, commitment to quality and everything that goes into promoting the brand of rental housing. Canadian Apartment Magazine would like to extend a warm congratulations to all the nominees and award recipients for their outstanding achievements in 2019.

Best Property Management Website Rhapsody Property Management Services in Partnership with Riocan Living www.ecentralliving.com Advertising Excellence for a Single Campaign Hollyburn Properties Limited – #MyHollyburn Advertising Excellence – Social Media Hollyburn Properties Limited Best Lobby Renovation Starlight Investments – 1475 Bloor Street, Mississauga 22 | Canadian Apartment | Part of the REMI Network |

Best Curb Appeal DMS Property Management – 145 Wellington St West, Aurora Best Suite Renovation under $20,000 QuadReal Property Group – 6550 Glen Erin Drive, Mississauga Best Suite Renovation over $20,000 Minto Apartments – 61 Yorkville Avenue, Toronto Rental Development of the Year Tricon Capital Group and OP Trust – The Selby: 25 Selby Street, Toronto

FEATURE >> Amenities Excellence Rhapsody Property Management Services – 25 Montgomery Avenue, Toronto Outstanding Community Service Greenrock Real Estate Advisors

A. Britton Smith honoured with Lifetime Achievement Award

Environmental Excellence Sifton Properties Limited Leasing Professional of the Year Laura Bkhet – MetCap Living Property Manager of the Year Gemma Melchior – Melchior Management 777 Corporation Resident Manager of the Year Laura McNabb- Skyline Living Customer Service Award of Excellence Oxford Properties Group Company Culture Award of Excellence Greenrock Real Estate Advisors Marvin Sadowski Memorial Award for Certified Rental Building Member of the Year Melchior Management 777 Corporation

Celebrated lawyer, philanthropist, and founder of Homestead Land Holdings received top honours with FRPO’s prestigious Lifetime Achievement Award. A man with numerous accolades—including being invested into the Order of Canada in 2019 — Brit Smith’s legacy spans a hundred years.

Described by all as a caring and jovial leader with a hands-on management style, Smith opened Homestead Land Holdings in 1954 and developed it into one of Canada’s largest and most respected landlords. Today Homestead owns and manages more than 26,000 apartment units located predominantly in Ontario.

The portfolio consists of all rental building types and caters to residents from all walks of life.

“I am deeply honoured by the Lifetime Achievement Award,” he said of his latest honour. “Recognition by my peers is more gratifying than any medals.”

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| www.REMInetwork.com | January/February 2020 | 23

INSURANCE>>

Expect More Cyber Crime No business is safe in the foreseeable future

by Andy Schwartze As we enter the new decade, the business of protecting the corporate balance sheet and revenue flow from illegal attacks is becoming a greater concern to owners and managers. These “cyber-attacks” are becoming more frequent, broad-based and certainly creative. With regular digital communications, electronic data and payments being shared over the internet, openings for abuse are expanding and will inevitably become a growing threat.

In this respect, the areas of exposure encompass a number of business sectors. The insurance world is still grappling with the perceived enormity of a possible claim and has not yet fully built out a coverage system that is able to maturely rely on many years of experience.

Nor is it sufficiently defined to enable corporate insurance buyers to accurately nail down a connection between coverage needs and what may be available in the marketplace, not to mention the balancing of these with premium cost availabilities.

Companies have any one of a number of exposures that can be attacked from the outside. These can be defined in broad terms, and probably fall mostly into the following categories: 24 | Canadian Apartment | Part of the REMI Network |

1. Unauthorized access to financial accounts 2. Establishment of fictitious outside payees 3. Access to sensitive/proprietary or intellectual “property” or trade secrets 4. Theft of established and internally developed database information 5. Theft of “personal” information collected from suppliers or customers.

Whether an illegal external intrusion comes from within the organization, or from the outside, the corporate victim generally does not know something has been “stolen” until after the deed

INSURANCE >>

has occurred. It can even happen that the intrusion is hidden for a period of time, enabling the criminal intruder(s) to expand the activity and create even more havoc.

As corporate insurance buyers, we know that there is a wellestablished insurance system in place that protects in the event of criminal theft from within the organization. Where an employee decides to steal from his/her employer, there are insurance contracts that can be entered in to that have well defined and understood coverages. Accounting procedures have been established that will confirm the facts of an employee theft, without the need for a full, extensive audit in order to receive claims benefits. We’ve experienced many of these claims from clients over the years, and they typically result in a satisfactory settlement fairly quickly. The system, if we can call it that, is established and it works well. Experienced adjusters, well-versed and trained in employee theft claims, are readily available and contribute positively to the wrapping up of this kind of claim.

With growing concerns about external electronic intrusions, the insurance system is not yet well established, with many insurers and brokers still in the learning stage. Where a corporate client’s electronic system is invaded, and perhaps vandalized, the rebuilding process can be costly. Where a business’s system is invaded by ransomware and shut down until a money demand has been satisfied, how is that handled and to what extent does one meet the demand? Then there is the concern that the intruders might return. And if an outside criminal element manages to steal the personal information of suppliers or customers, once the notification requirements have been met, what is the corporate responsibility to those affected? How long does that responsibility last? Is it based on provable allegations of negligence? How do you figure out what the dollar value of this inconvenience is, and if not easily calculated, does the business want to make a gratuitous payment to each record owner?

This entire arena of cyber crime is still very immature, and while there is insurance coverage available, the property/casualty industry is being very careful in not offering very high coverage limits. Currently, we are finding that $5,000,000 is the upper level of coverage being offered with numerous underwriters preferring to offer lesser levels. To a large extent currently available coverage offerings are underwritten by Lloyds, the usual place where new insurance ideas are incubated.

But the exposure to unauthorized entry into corporate information systems is something that we all need to understand and discuss with our preferred risk management professionals. As in the case of any “exposure” we have the option of ignoring it, erecting internal protective barriers or look to the insurance world for coverage. In a 2019 “Cyber Risks” report, prepared by The Insurance Institute of Canada, there is constant reference made to statistics that point in only one direction. This problem is escalating and will continue to do so, at least for the foreseeable future.

Andy Schwartze, BSc., MBA, CIP, is an insurance broker specializing in property management and real estate. He can be reached at andy@takecover.ca.

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| www.REMInetwork.com | January/February 2020 | 25

NEWSWORTHY >>

Industry Hot Topics SmartCentres and Greenwin enter new joint venture

S

martCentres Real Estate Investment Trust and Greenwin Corporation announced that they have jointly acquired 1.15 acres in Toronto’s Yonge and Davisville neighbourhood for the development of a mixed-use rental property.

The acquisition of the site, which had been part of Greenwin’s holdings for over 60 years, follows on the recent success of the previously announced joint acquisition of 7.8 acres on Barrie’s waterfront. Together the two properties represent a development pipeline of over 2,000 purpose-built rental units and an aggregate development value of in excess of $1 billion.

“We are very pleased to once again partner with Greenwin on this important property located strategically in the heart of Toronto,” said Mitchell Goldhar, Executive Chairman of SmartCentres. “Steps away from the Davisville TTC subway along with an abundance of restaurants and a myriad of amenities along Yonge Street, I am confident that this will become one of the jewels in the SmartCentres REIT portfolio. This acquisition reaffirms our commitment to focus on recurring revenue growth in purpose-built apartments, seniors, office and self-storage.”

SmartCentres, one of Canada’s largest fully integrated REITs with $9.7 billion in assets, continues to expand its focus to include the planning and development of connected, mixed-use communities on its existing retail properties. A publicly announced $12.1 billion intensification program ($5.5 billion at SmartCentres’ share) represents the REIT’s current major development focus. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.

SmartCentres’ intensification program is expected to produce an additional 27.3 million square feet space; all construction commencing within the next five years, 13.3 million square feet of which is already underway.

“We are looking forward to again partnering with SmartCentres,” said Kevin Green, President of Greenwin. “For Greenwin, this project represents a return to our roots, which stretch back to the 1960s in the Davisville Village. Six decades later, we’re excited to continue that legacy of shaping mid-town Toronto’s skyline. We are confident that this collaboration will lead to the creation of an exceptional rental community.”

CAPREIT completes acquisition of Halifax portfolio

C

anadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) has completed the purchase of the substantial Halifax portfolio it previously announced in December. The portfolio contains fourteen apartment buildings on eight properties located throughout the downtown core and surrounding metro area of Halifax.

Totalling 1,503 rental suites, the acquisition represents a significant percentage of all primary rental housing on the Halifax peninsula.

Occupancy for the total portfolio is currently 99.1 per cent.

“We are very pleased to increase the size and scale of our Halifax 26 | Canadian Apartment | Part of the REMI Network |

portfolio,” commented Mark Kenney, President and CEO. “With the completion of this transaction, our Halifax portfolio has grown significantly to over 3,100 rental suites, transforming CAPREIT into one of the City’s largest providers of quality rental accommodation.”

CAPREIT paid approximately $391 million for the portfolio, satisfied by the assumption of approximately $109.0 million in mortgages with a weighted average interest rate of 1.94 per cent and a weighted average term to maturity of 1.14 years, with the balance in cash from its December equity offering and Acquisition and Operating credit facility.

NEWSWORTHY >>

Vacant homes in Vancouver down 15 per cent

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he City of Vancouver released a report stating the number of homes declared vacant last year under the Empty Homes Tax program have gone down 15 per cent since 2018 and 30 per cent since the program launch in 2017.

The program, a first in North America, is designed to address the city’s rental crisis with that tax money being reinvested into affordable housing. Properties declared vacant will be issued a bill for one per cent of the property’s 2019 assessed taxable value.

For the 2020 tax year, the tax will rise to 1.2 per cent in the hopes it will push owners to occupy their empty homes.

Condos currently make up the majority of vacant homes. Most of them are located in Vancouver’s downtown core where condo density reigns. The West End recorded the highest percentage of unoccupied properties, relative to the number of residential properties in the neighbourhood that were required to declare.

As of the February 4, 2020 declaration deadline, 787 properties were declared vacant in 2019, compared to 922 at the same point in 2018, and 1,131 in 2017. This year, 97 per cent of residential property owners made their property status declaration by the deadline.

Last year, the total overall number of residential properties in the city rose 1.6 per cent year over year, mostly due to a three per cent increase in the number of condo units.

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| www.REMInetwork.com | January/February 2020 | 27

NEWSWORTHY >>

Vancouver rated most walkable city in Canada Vancouver, Montréal and Toronto are the most walkable cities in Canada in 2020, according to new data from American company Walk Score. Burnaby, B.C. and Longueuil, Québec were also in the top five, in fourth and fifth place.

Walk Score, owned by residential brokerage Redfin, rates the walkability of cities (and neighbourhoods) with populations of more than 200,000. Cities where daily errands do not require a car score 90 points and above, a score of 70 to 89 points means most errands can be accomplished on foot and a score of 50 to 69 indicates that some errands can be completed on foot.

Car-dependent cities Markham and Vaughan were ranked as least walkable with a score of almost 35. Vancouver earned a Walk Score of 79.8.

According to Redfin Vancouver market manager Brooks Findlay, well-built properties in walkable areas often sell for a premium. “Over the past 10 years, Vancouver has placed a strong emphasis on development that supports walkability. Many of the new developments are focused on areas that are close to transit—specifically our monorail system,” Findlay said. “The city itself has also been very focused on building new walking and bike paths, allowing for a green commute and discouraging single-driver vehicles. Many young professionals in Vancouver don’t even consider owning a car. Developers have created mini villages in high-traffic areas, meaning you don’t have to travel more than five or six blocks to get anything you need.”

Toronto, meanwhile, earned a lower Walk Score of 61. “A lot of Toronto is connected underground, so when it gets cold in the winter, there are still ways to get around. Then there’s the boardwalk, which allows people to walk across much of the city right on the waterfront,” Redfin Toronto market manager Blair Anderson said. “One thing people don’t always realize about Toronto is that there are lots of nature walks and trails right in the city. If it was just a concrete jungle, people wouldn’t be so inclined to walk places, but since it’s so beautiful, walking is appealing. Plus, city traffic is less than desirable these days, so being able to get around on foot is very advantageous.”

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SECURITY MATTERS When it comes to comfort and curb appeal, safety and security are critical features

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By combining management systems and a smartphone-centric resident environment into one ecosystem, 1VALET is able to transform building operations, enhance resident experience, and create safer, smarter communities.

For the resident, it eliminates the need for door keys, key fobs, and parking garage, as cameras use facial recognition to unlock lobby and resident doors, while cars are equipped with license plate scanners allowing registered vehicles to enter and leave the garage. Expecting a deliver? The system will notify you when it arrives—it will also send you an alert about a leaky sink, turn off the water and even book its own maintenance appointments. Property managers can use the system to manage multi buildings, streamlining management efforts and ensuring long-term building health.

Coming this March from Axis Communications is a new generation of security cameras. The ultra-compact, fixed mini domes feature day/night functionality and Wide Dynamic Range (WDR) for clarity even when there’s both dark and light areas in the scene.

The camera series offers sharp video quality and features a HDMI port that can be used to display live video on a public viewing monitor or setup a virtual window for the backdoor or entrance. Additionally, AXIS M3075-V includes a built-in microphone for audio detection and recording.

Designed for quick and easy installation, the cameras are delivered factory focused so there’s no manual focusing required. Furthermore, they offer versatile mounting options with accessories available for mounting on lighting tracks, tile grids or pendants. Plus, the casings benefit from no visible screws, and simply snap on. They can also be repainted to blend in discreetly and seamlessly with any interior colour scheme.

Find out more at: www.1valet.com 30 | Canadian Apartment | Part of the REMI Network |

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