Northern Gem Begins to Shine
The city of North Bay, in the southeastern corner of northern Ontario, may be a surprising location for a hot apartment market. This city, established in 1895, has grown up on the shores of Lake Nippissing, initially in service of northerly expanding railways and growing rich from the mining of silver in Cobalt.
Today, however, North Bay has the most diverse economy of any northern Ontario city, with a major university, a Canadian Forces base, and a strong public sector. The town is also the site of much tourist traffic, with visitors drawn to the natural beauty of its surroundings. A military base and Nipissing University add to the city’s labour market and student base. North Bay has suffered from the 2008 recession. Despite the size of this market, and despite the fact that North Bay’s population is actually lower than it was in 1991, the apartment market shows very favourable trends in both vacancy rates and rent.
The apartment market in North Bay has shrunk since 2005, which has helped lower vacancy rates and raise rents, but a sizable market remains to give investors good rates of return. In addition, North Bay shares the characteristics of other northern Ontario centres, with a diversified marketplace of “old school” landlords.
- As with other northern centres, a diversified economy and strengthening commodities sector will increase jobs and drive up demand.
- Excellent repositioning opportunities exist through renovation and new ownership efficiencies.
- Rents remain undervalued.
- Small, stable market will limit the number of trades.
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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.