Active Winnipeg Market Dominated by Local Players
While Manitoba and Saskatchewan are sometimes overlooked as attention is drawn to Alberta’s hot petro-economy, both provinces have seen strong growth this past decade. Coupled with northern Canada, this region offers considerable opportunities for new construction in the apartment market.
In Saskatchewan, the opportunities are driven by a rising commodities market, especially in oil and potash. Saskatchewan’s population is rising and it is no longer considered a “have not” province. New construction has been slow to start, with only 441 units added to Saskatoon, and no new construction in Regina, but the opportunities for new construction are strong and growing stronger. There is room for new construction, and it is overdue in Regina.
In Manitoba, Winnipeg’s market is very strong. In 2010, Winnipeg had the tightest apartment market in Canada with a vacancy rate of just 0.8% within its apartment universe of 52,319. Vacancy rates are still low, and average rents have increased in all apartment categories.
In the north, activity is picking up around such centers as Yellowknife and Iqaluit. Although the markets are small, populations are already increasing, thanks to the improving commodities market, and the increasing likelihood of resource development in the Canadian Arctic. New housing projects are already underway. A rental development has been proposed for Iqaluit’s central business district.
Manitoba also benefits from the increased economic activity in the Canadian arctic, as they have a well-developed port at Churchill whose traffic has already seen an increase in recent years. Economic activity shipped through Churchill feeds back to Winnipeg.
These same economic realities carry over into northern Ontario, which has not yet taken part in the apartment boom seen in southern Ontario, but where vacancies are tightening and average rents are rising thanks to growing strength in the resource sector. Manitoba, Saskatchewan, and northern Canada are at the beginnings of a new construction boom. The first investors have already entered the market, expecting strong returns over the long term. The markets are tight, but development hasn’t reached the heated pace of neighboring Alberta or southern Ontario.
COUPLED WITH NORTHERN CANADA, SASKATCHEWAN AND MANITOBA OFFER CONSIDERABLE OPPORTUNITIES FOR NEW CONSTRUCTION IN THE APARTMENT MARKET.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.