Newsletter: June 2011
We hope everyone is enjoying their summer and are able to have a nice relaxing place to stay cool. There were a total of 21 sales reported in the month of April with a total value of $71,448,211. Retail building sales accounted for 16.6% of the total, industrial buildings 4.1%, office buildings 5.7%, apartment buildings 3.4%, special buildings 62.1% and vacant land 8.1%.
Sales data has been provided by RealTrack, Inc. For more information visit http://www.realtrack.com or call 1-877-962-9033
There were five transactions in the RETAIL market with a total value of $11,873,400. The most notable transaction was the purchase of 2948 Baseline Road. The property was acquired by 6967230 Canada Inc. (Brigil Homes) from 315743 Ontario Ltd. for $6,000,000 or $151/sf. It is improved with a fully leased one and two-storey multi-tenant mixed-use development consisting of retail and medical offices.
The next largest transaction was the purchase of 1347 Meadow Drive, which sold from 1633936 Ontario Ltd. to Sobey's Capital Inc. for $2,408,400 or $177/sf. It is improved with a one-storey freestanding retail building with partial mezzanine level that was constructed in 2008.
There were two INDUSTRIAL building sales during the month of April with a total value of $2,900,000. 161 Colonnade Road was the most noteworthy transaction. The property transferred from a Private Individual to 907037 Ontario Inc. for $2,000,000 or $129/sf. It is improved with a single-storey industrial building with a two-storey front office component. The building was vacant at the time of sale. Joel Freedman of Metro Suburban Realty was the listing agent with regards to this transaction.
There were four OFFICE building sales with a total value of $4,067,879. The most notable transaction was the sale of 275 Michael Cowpland Drive. The property sold to 275 Michael Cowpland Drive Inc. from 275 MCD Investments Inc. for $1,850,000 or $121/sf. It is improved with a two-storey multi-tenant office building that was constructed in 1989. Marc Morin and Graeme Webster of District Realty Corp were the listing agents involved with this transaction.
There were two transactions in the APARTMENT market during the month of April with a total value of $2,457,500. 333 & 335 McLeod Street represented the largest transaction selling to Hairfax Ontario Limited from a Private Individual for $1,675,000 or $209,375/unit. It is improved with two, three-storey residential fourplex buildings.
There were two transactions in the SPECIAL building market in April with a total value of $44,368,000. 3501 Campeau Drive made up the majority of the total selling from The Royalton Kanata GP Inc. to The Royale GP Corporation for $41,368,000 or $261,823/unit. It is improved with a six-storey retirement residence which sold together with 2485 Princess Street in Kingston.
2564 Market Street in the former Township of Cumberland, represents another significant transaction in the Special building market. The property sold to 2277033 Ontario Inc. from Beth-Mar Realty Investments Ltd. for $3,000,000 or $42,857/bed. It is improved with a single-storey partially subsidized care home facility that was constructed in the 1980's. Randy Stevenson and Allan Jackson of Barclay Commercial Corporation were the listing agents involved with this transaction.
There were six vacant LAND transactions during the month of April for a total consideration of $5,781,432. Of the six transactions, there were two residential land sales and four rural land sales. The most notable transaction was for 149, 151 & 153 Greenbank Road. The property was acquired by Arlington Square Inc. from Private Individuals for $1,800,000 or $58/sf. The properties are improved with three detached homes but will be redeveloped with a six-storey, 72-unit residential apartment building.
The local unemployment rate as reported by Statistics Canada for the month of April decreased to 6.3% from 6.5% the previous month. The provincial rate for April decreased to 7.9% from 8.1% in March. The national overall unemployment rate also saw a slight decrease to 7.6% from 7.7% a month prior.
According to CMHC's news release, the number of residential units under construction decreased 6.1% this year over last year to 4,864 units. Likewise, Housing Starts for the month of April have decreased 11.9% year-over-year, from 506 units in 2010 to 446 units in 2011. Year-to-date housing starts have shown only a slight 0.4% decrease, from 1,548 units in the first four months of 2010 to 1,542 units in the first four months of the current year.