Yep... but this doesn't register right now. Boardwalk is trading at $42, under $140k / unit and they have a lot of good product and a modest development pipeline. Their average unit price well above that mark. Better value on publics right now...

No corp. Written by accountants.

Hi, A friend of mine had been managing a legally suited home for me in Edmonton for the past ~2 years. His plate is too full and can't help me out any more. There is basic PM work required and a monthly report, all of which is in a template that is very easy to follow. Rates are similar to...

Well obviously.... Keep in mind that 80% of the new rentals being constructed have 30% of the units underwritten to achieve above $2000 rents. I have seen dozens of them in Edmonton and Calgary. Many of these folks will become buyers, because renting will not continue to pencil. There is...

I completely agree with this thesis - the shift is going to happen soon where renters become homeowners again. Early stages now in Calgary, but interest rates are low, Millennials may care about "experiences" but getting a mortgage is so easy with even a few thousand dollars saved. This, plus...

@kfort has it right. You have an enforceable contract but it is basically of next to no value. The onus is now squarely on you to show that you are advertising the suite, have viewings, and are doing everything to mitigate your damages. Find out if the tenant has rented another place. Reading...

@Tim Blake then your mortgage specialist doesn't know what they are doing. No such thing as free money.

The math isn't right though... it isn't free money. The cash back gets added back to the mortgage so you still have to pay it back. There is virtually no cash flow from multifamily / residential properties to reinvest if there is leverage - but I hear you. The modern residential investment...

I'm on the Kensington Community League (one of the neighbourhoods featured in the article) and we had a presentation from the BRZ President yesterday. The property taxes are absolutely out of control and it is hurting businesses. The ARP in the area prevents any big-box from coming (thankfully)...

True! If I were to take a stand in this business, I actually wouldn't own real estate at all, I'd just own furniture and pay a fixed rent to landlords, and rent the place on Airbnb. Returns of real estate but without owning any real estate. There is a brilliant company in the U.S. doing this...

@Benjamin M. sorry to ask an unrelated question? But does your Airbnb make money? If you paid market managment fees (20-25% gross revenues from what I've seen), what is the cap rate like? How long did it take to get PLUS? I've looked in great detail at Canmore and don't believe the business case...

That is not always true Thomas. It wasn't true 10-15 years ago and there has been a macro flip. 10-15 years ago you could buy a building at a price per unit less than comparable condos. This is why there were so many condo conversions. Today there are reversions, so I don't quite agree with your...

@CorySperle my comment is more from the perspective of a younger investor looking for an entry point into the market. There is really no difference between an investment building and a single condo on a B-class property, except the units are about 15-20% cheaper as an individual purchase than...

I've been walking around making a distinctive market call but began exploring this with a previous post: Is the sum greater than the parts?, and I'm now going to take an actual stance on it: I believe that Calgary condos are currently undervalued. - 15-20% discount in purchasing standalone...

This is totally universal in real estate, not just in multifamily - although I think often multifamily has the most out to lunch rates. It is pretty typical for brokers to say projected / forecasted / stabilized, current rents under market / under managed, ect.

@Willyboy I hear your argument...but the world is moving towards seeing multi-family as a replacement for fixed income investments. To get something that is Class A in a growing market and unreplaceable location with a 4 - 5% unlevered return is attractive to OMERS, AIMCo, CPP, Brookfield...

Check this out... being marketed as a condo "reversion". This is exactly what my point is on how the market has turned. 10 years ago, this would be a condo conversion. Now selling each of the pieces individually is less than selling the whole. I think a big part of the disconnect is CMHC...

It's mostly underdeveloped in Canada right now. It is picking up speed in the U.S. but regulations are very different. CrowdStreet is probably the best I've seen in the U.S. and have attracted some major funds. Also check out Cadre, they are doing something cool with it as is Rich Uncles and...

Good commentary on market status in Canada: https://researchgateway.cbre.com/Layouts/GKCSearch/DownLoadPublicUrl.ashx I'm not sure how I fell about a best out of mediocre set of options. If you need to allocate capital today, my personal thought is to short Canada. I don't like what I see out...

Yep...Canada may be heading into a recession in 2019. Buy on income, growth will be tepid.