Saturday, Jan 11, 2020
Volume 29 Number 2
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House values drop 11% in Vancouver, stabilize or rise elsewhere in B.C. VANCOUVER -- Housing assessments in British Columbia show the real estate market continues to see signs of moderation in the Lower Mainland while stabilizing on Vancouver Island and other parts of the province. The figures released today by BC Assessment show the typical value of a single-family home in Vancouver has dropped 11 per cent, from $1.76 million to $1.57 million, as
of July 1, 2019. The drop is more dramatic in the costly University Endowment Lands on the city’s west side, where values fell 16 per cent from $5.9 million to $4.95 million. At the same time, the values in the resort community of Whistler and nearby Pemberton rose five per cent, while Vancouver Island saw modest reductions and some notable gains.
Bed Bath & Beyond sells some real estate as part of turnaround Bed Bath & Beyond Inc., the home-goods retailer mired in a lengthy sales slump, rose after selling some real estate in a deal that generated net proceeds of more than US$250 million. The properties represent about 2.1 million square feet of space, including retail stores, a distribution facility and offices, the company said Monday. It is leasing back the space in the transaction with an affiliate of Oak Street Real Estate Capital. The properties are located in Texas, Florida, New Hampshire, California and New Jersey, among other states, and include the company’s headquarters in Union, New Jersey. Bed Bath & Beyond has struggled against competition from online retailers, discount and big box stores. Last month, six senior executives left the company, part of a management shake-up by new Chief Executive Officer Mark Tritton as he works to turn the retailer around. The company, which previously said it was re-
viewing its real estate portfolio, said the proceeds may be used for operations, to reduce its debt and to buy back its stock. The sale-leaseback “is likely the first of several steps that unlock shareholder value, including potentially divesting non-core assets,” such as Buybuy Baby, Christmas Tree Shops and Cost Plus, said Anthony Chukumba, managing director at Loop Capital. These may buy Tritton more time to execute his turnaround plan, eliminate management distractions and boost earnings per share by reducing shares outstanding, he said. Bed Bath & Beyond climbed as much as 5.3 per cent in New York to US$16.93. It gained 53 per cent last year amid optimism that Tritton, a former Target Corp. executive, will put the company on a stronger footing. The company’s shares had tumbled the previous five years.
The values of single-family properties in Terrace and Kitimat in northern B.C., where the massive LNG Canada project is being built, rose 20 and 41 per cent respectively. B.C.’s NDP government brought in mea-
sures to cool overheated markets, including a speculation tax on vacant homes, and Housing Minister Selina Robinson says she’s encouraged by the assessment figures.
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