June 17, 2024

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Altus Group Terminates Proposed Acquisition of Situs Group’s Commercial Real Estate Valuation Services Business

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Transaction unlikely to receive regulatory approval in a timely manner; Altus Group maintains focus on organic strategy to enhance consistency and transparency of valuations within the CRE industry

TORONTO, May 17, 2024 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group” or the “Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today that it has delivered a termination notice with respect to its previously announced acquisition of Situs Group LLC’s (“Situs”) commercial real estate valuation and advisory services (“REVS”) business. Despite extensive engagement with the U.S. Federal Trade Commission (“FTC”) over the past six months, Altus Group believes that the transaction was unlikely to receive regulatory approval in a timely manner. In connection with the termination of this transaction, Altus Group will pay a US$3 million termination fee to Situs.

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“We are disappointed that we cannot move forward with a deal we believe would benefit all stakeholders and contribute towards our efforts to bring greater consistency and transparency of valuations across the CRE industry,” said Jim Hannon, Chief Executive Officer. “This opportunity would have led to improved compliance reporting of valuations and provided our clients and their investors with deeper insights on the performance of their CRE assets. Moving forward, Altus Group is strongly positioned to execute on our organic strategy to deliver best-in-class valuation intelligence to our clients.”

Altus Group’s Valuation Management Solutions (“VMS”) business boasts an impressive organic growth track record and Altus Group believes it is well positioned to take advantage of its large addressable market opportunity. While the REVS transaction offered exciting opportunities for all stakeholders, Altus Group can deliver on its organic strategy to expand client value through superior asset and fund-level intelligence and new innovative analytics offerings that help clients manage the performance and risk of their real estate assets. The Company’s 2024 technology roadmap includes new analytics capabilities launching this year, including enhancing Altus Group’s portfolio performance and valuation offers with powerful new analytics tools. The Company will continue investing in its VMS business to further enhance its financial profile.

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About Altus Group

Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 3,000 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

Forward-looking Information

Certain information in this Press Release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, the discussion of the Company’s business, strategies, investment intent and expectations of future performance. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.

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Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; the size of the addressable market opportunity for VMS, continued adoption of cloud subscriptions by the Company’s customers; retention of material clients and bookings; sustaining the Company’s software and subscription renewals; successful execution of the Company’s business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for commercial real estate; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.

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Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to those described in the Company’s annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2023 (which are available on SEDAR+ at www.sedarplus.ca).

Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although The Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, the Company’s financial or operating results, or the Company’s securities.

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
[email protected]


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Ross McCredie On Rebranding Sutton Group And The Future Of Real Estate Transactions

It's not everyday that one of the largest real estate brokerages in the country gets sold, so it was big news when Sutton Group announced on December 7, 2023 that it had been acquired.

Who acquired Sutton Group made it even bigger news, as the brokerage had been bought by Ross McCredie, the Founder of Sotheby's International Realty Canada, real estate investment company Dundee 360, and wealth management platform RealWealth.


In between founding and growing those companies, McCredie also spent some time in the US, where he served as Chief Global Strategist for Pacific Union, leading the sale of the company to Compass to create the largest independent brokerage in the US.

After bringing the Sotheby's brand to Canada in 2004, McCredie served as President & CEO as the company expanded across 30 markets and grew to have a roster of over 900 realtors.

Just about two decades later, he's now buying into a brokerage that's already well-established, with over 200 offices across Canada and a roster of more than 6,000 agents.

In an interview with STOREYS in late-April, McCredie discusses how he grew Sotheby's, the rebranding of Sutton Group that was launched this week, and how he wants to change the real estate industry.

I wanted to start off by going back about 20 years, when you founded Sotheby’s International Realty Canada. What was the driving force there? Why was it something you wanted to do?

At the time, I was running Intrawest in Whistler — developing, sales, and marketing — and we were just seeing more and more international buyers, especially in the higher end of the market. I was always looking for different ways, as a developer and developer's rep, to figure out the best way to reach these foreign buyers and international markets.

Sotheby's Auction House had done a licensing agreement with Realogy, which had Century 21 and Coldwell Banker, so I reached out to them in 2004 and said "Hey, I'd love to figure out what you guys are gonna do in Canada because I'm really interested in the Sotheby's brand," and that's how that started.

I wasn't a real estate agent — I've actually never been a real estate agent — so we bought the rights to Canada and I asked my wife to go out and get a real estate license. I just saw a huge opportunity to get an iconic brand like Sotheby's, which has been around since 1744, and owning the rights to Canada seemed like a smart move at the time.

You acquire the Canadian rights and then you set out to grow the company. What was your approach? Looking back at it now, what do you think were some of the key moves? Anything you’d perhaps do differently in hindsight?

We started the first office and we had one agent, which was my wife, and we had no staff. Over the course of 12 years, we opened 40 offices across the country, we recruited all of the people ourselves, we owned and operated each of the offices, and we didn't franchise even though I could've franchised.

I was a bit of a control freak and I really felt like the power of the Sotheby's brand — we really needed to control that. To be honest, it was really hard. I didn't know much about the business. I reached out to a lot of people in the industry and not a lot of people really wanted to help me, so that was a bit interesting.

As we grew, every time we opened a new office I felt like we were making less mistakes. By the time we got to our fifteenth office, we kind of had it dialled. Then the brand really had traction because we won the bid to do the Hotel Georgia here in Vancouver, we launched Revelstoke Mountain Resort, we did the Four Seasons in Toronto, so we really developed, pretty quickly, a strong brand recognition across the country.

And we were really focused on top-level people, but more importantly people that were truly professional and wanted to be in the business and actually wanted to act like fiduciaries. I really felt that the industry had a mix of good, bad, and ugly, and there wasn't a brand out there that stood for what we call "the Navy SEALs of the business." We wanted the best and the brightest, hardest working, and most ethical people, and Sotheby's was a great brand to do that with.

You mentioned that people didn't really want to help you early on. Why do you think that was?

We used to get emails people all the time, forwarded from someone else, saying that "Ross is gonna be broke in six months" or "He doesn't know what he's doing."

We were doing things differently. Our model wasn't to get as many agents as possible. It was literally focused on [sales] volume and people. There's so many real estate agents in North America right now and about half of them last year didn't even do a transaction. It's an industry that sells itself with delusions of grandeur — come in, sell real estate, get rich — and the reality is it's just not true. The vast majority of people that go into the business don't survive three years. In fact, most of them don't survive one year.

So, when we opened our shop, we were just telling people the truth. Usually what I would say is "Go work at RE/MAX for a couple of years and if you make it, come back and talk to us." We stood our ground, whereas every other brokerage was literally just, every week, recruiting more agents.

Fast-forwarding a bit to just before buying Sutton Group, what did you see when you were looking at Sutton Group from the outside looking in?

I had just spent 10 years in California, mainly. I helped Compass reconstruct their business finance and then I saw an opportunity in California to get involved with Pacific Union, which was — at the time — the twelfth largest brokerage in America. I went in as a Partner and Chief Global Strategist and we bought seven more companies and built that business up in California, going from the twelfth to the fifth. At the same time, Compass was growing quite a bit, and was funded by Softbank, so I reached out to [Compass] and I basically got them to merge.

I saw the NAR lawsuit, which has been brewing for seven or eight years now, as a huge opportunity for a company to really move the needle around the conversation. The vast majority of the public doesn't understand why a real estate transaction takes so long and costs so much. In California, I started to become really focused on data. The US consumer has so much more data and when I came back to Canada, I couldn't believe how bad the information Canadians have [is]. Probably the worst of any G7 country in the world. We just don't have access to data and information that we should, so I was looking and had been pretty focused on real estate technology and how we need to reduce time and money, which adds value to the asset itself.

That's been in the background of everything I've done, probably, for the last 15 years. I've continued to seek out ways to do that and really focus on more of a wealth management model than a transactional model. And right now I believe everyone in the real estate industry is focused on the transaction. They're not focused on the homeowner or the asset itself.

What data is available to consumers in the US but not here?

For instance, if you pull up a property address for somewhere in Seattle, you can get almost all of the registry information, you can see who's owned the asset, you can see previous sales, how much it traded for, property tax information. Crazy enough, you can see information like the number of times that police officers have been called to that address. There's a lot of datapoints.

It's one thing to have a lot of data and information, but a lot of the time it's not verified, so it's really about getting verified data and information. In Canada, if you wanted to pull up a property address in Vancouver, it's pretty hard to get information on that asset. You either got to pay or you have to go to somebody in the industry who has access to BC OnLine.

So, my point there is that I think everybody keeps talking about affordability and housing, and the first thing we can probably do to help people is give them really good and accurate information at the time that they're looking to buy or potentially sell an asset. Also [important is] information related to the cost of the asset, because a lot of people get involved in real estate thinking that real estate is always a good investment, and it's not always true, right? So the true cost of ownership of an asset is incredibly important for people to make a decision.

This seems like an ambitious and grand goal. How do you plan on making it happen?

Well, I think it's by asking people for help, but a lot of people in the industry aren't necessarily interested in helping us achieve our goal, cause they're pretty short-sighted. That middle-aged stock broker that existed in 1993 who probably didn't add a lot of value to the transaction? They're gone. They're completely gone. E-Trade came in and people started to realize it doesn't need to take 10 to 15 days to trade an asset and I can get a lot of this information myself online, I can buy the asset myself, so the role of that stock broker had to change to much more of an advisory and fiduciary role.

With real estate, about 40% to 50% of transactions occur through death or divorce. A lot of people don't talk about this, but that's a highly emotional time, usually, and people don't make great decisions, and a lot of bad actors come into play and a lot of financial elder abuse happens. I've experienced it in my own family and I kept asking people, "Why hasn't anybody created a transparent platform that allows digital information to be provided to potential homeowners and fiduciaries so you can prevent financial elder abuse from happening?"

The other thing that happens a lot of times in this world is a lot of Canadians don't have a will, and if you don't have a will, it's a huge problem in the event of a death. I just saw this movie happen when I was at Sotheby's over and over again and I kept thinking, "There's gotta be a better solution here." So we built this first platform inside Sotheby's and it was called 1744 and the goal there was to create portfolios of data and information around an asset, cause we knew that if you did that, the asset itself actually became more valuable.

An example of that is collector cars. If you're buying a collector car and you've got a lot of detailed information on the asset, you'll get a premium of anywhere from 5% to 10% and if you don't have it, the asset gets discounted heavily. When you think about a real estate asset, the majority of information you're getting is from MLS or Realtor.ca, and a lot of the time that data may not be accurate. I just think that it's crazy that people are making one of the most important financial decisions you'll ever make based on data that can fit on a single sheet of paper. That, to me, is just nuts.

With Sotheby's, you founded the company. Now with Sutton Group, you're taking over a company that's already established. Was that part of the appeal for you, that it's a different kind of challenge?

Sutton revolutionized the business 41 years ago. They came in and they completely disrupted the entire industry with desk fees rather than [commission] splits. At the time, back in the early 80s when Block Brothers [Realty] was a big player, the splits between the agents [and brokerage] was 50/50. When Sutton came in, they were the first people to just charge you a desk fee and then the transaction fee, so you went from paying half of your commission to keeping 97% or 98% of your commission, so they grew very, very fast.

But in the past 10 to 15 years, the brand started getting a little tired, the ownership wasn't really investing in the business, and I saw an opportunity to acquire it. We're about to launch, in about two weeks, a new brand and brand identity, we're transitioning the business much more from a transactional business model to a wealth management model. With 200 offices and 6,000 agents, about $40B in transactions, it's a pretty good distribution for launching a digital platform that I think is going to change the way people manage and transact real estate.

The other thing that has been really beneficial to me is — as much as I didn't want to do franchises when I owned Sotheby's, now I see them truly as my partners. I don't have to manage those brokerages; they do. I don't need to know those markets, because they live in and breathe in those markets. They seem to be very excited about the ownership [change] and what we're bringing to bear.

The previous Sutton Group logo (left) and the new logo (right).The previous Sutton Group logo (left) and the new logo (right).(Sutton Group)

Is there anything else on your agenda for Sutton Group? Where do you wanna take the company?

Right now, it's to establish ourselves as a brand and truly transition it from transactional to wealth management. I'm not looking at any of the other brands or business models for real estate brokerages in Canada. I'm looking at financial service companies, wealth management companies, private banks.

Our goal this year is to reinvigorate the brand. We're in deep discussions with municipal, provincial, and federal people related to data and information and housing affordability, because everybody talks about affordability when they talk about housing and they never really talk about the role the government plays in terms of the costs. It's a huge part of an asset. People don't really understand, when you buy a house, how much of that dollar is paid out in taxes and permits. I think Canadians need to know that.

If you look at the cost of housing in the US and the cost of housing in Canada, it's dramatically different. Everybody knows that to be true, but nobody really understands why. And what I can tell you is that by providing a digital platform and giving people information, they're gonna start asking their municipal leaders, provincial leaders, and federal leaders why they're paying so much money either to manage or transact real estate.

We're also growing the brand. I've hired a new President and Chief Operating Officer. He's phenomenal. I've hired a new Chief Marketing Officer who's incredible. We're building a new website, we're launching a new app, and Cornerstone — it will be Sutton Group powered by Cornerstone — is the technology partner [for the digital platform.] I'm equally as excited as I was in 2004 when I bought Sotheby's.

Having spent time in the US and now being back in Canada, what do make of the NAR commissions settlement and how it may or may not impact Canada?

I feel like the industry is finally having to change. [As a result of] COVID, a lot of people had to figure out how to do things digitally. We had appraisals being done for properties that nobody actually went into. We had transactions of real estate where buyers and sellers never met. That revolution forced the industry to start behaving differently and in order to do that, a higher degree of trust needed to be provided when it came to data and information.

The lawsuit in the US, and [the one] ongoing in Canada, I think is a really good thing. Consumers need to be asking the industry "Isn't there a better way to manage and transact real estate?" And the answer is "Yes."

We're not in that space. Our agents, it's up to them to negotiate the fee they charge with their homeowners and we had the same mindset when I owned Sotheby's. I really never understood why the industry would set a standard where if you're a real estate agent and you've been in the business for two weeks, you're gonna charge me the same as someone who's been in the business for 20 years? The industry was protecting the business model and commission structure that made no sense.

Things like title insurance. People are starting to ask the question, "Do I even need title insurance?" And the answer is probably "No." That's a cost to the transaction. Appraisals in Canada cost $600 and take 10 days, and they shouldn't. It should be $100 and take 24 hours. All these little things — inspections, appraisals, title insurance, the taxes, commissions — go into the cost of an asset and also the timing of why it takes so long.

The Land Title Office is the one that holds all the information that allows that transaction to occur. With a stock or a bond, you've got six different intermediaries and they figured that out so you and I could've been buying and selling stocks on this phone call right now. And that's a much more complicated transaction than a real estate transaction. I'm 100% focused on figuring out how to do this better. That's what's got me excited.

Surrey/Langley SkyTrain station constructing group introduced

A workforce of businesses has been decided on to style and design and create the 8 new stations for the Surrey/Langley SkyTrain extension.

The job will extend the Expo Line 16 kilometres generally alongside Fraser Highway from King George SkyTrain Station in Surrey to Langley City.

From the apps the province decide on South Fraser Station Partners to enter into deal negotiations. The South Fraser Station Associates team is comprised of:

• Aecon Constructors, a division of Aecon Construction Team Inc., a contractor

• Acciona Infrastructure Canada Inc. which is building the Web site-C hydroelectric dam challenge, the Pattullo Bridge substitution, and the extension of the Millennium Line of the Broadway subway

• Pomerleau BC Inc., a design organization and

• AECOM Canada Ltd., an infrastructure consulting business.

In addition to making the stations, they will be liable for the biking and going for walks paths all around the new stations. The province will be negotiating with the South Fraser Station Companions as the styles are finalized but the team will commence early will work on the venture, these types of as pre-design website surveys, finding utilities, geotechnical drilling, and station structure perform.

Other early operates are underway together the Fraser Highway corridor. This consists of function to relocate electrical power lines and get ready for the start off of main construction this calendar year. Individuals who travel the Fraser Highway ought to prepare more journey time or take into account alternative routes, as operate is using spot in multiple places alongside the corridor.

Key construction is predicted to commence this calendar year.

The Surrey Langley SkyTrain project is staying sent via 3 different contracts. Past thirty day period, the Province announced that SkyLink Guideway Companions has been chosen as the most popular proponent to style and design, make and finance the elevated guideway and related roadworks, utilities and lively transportation things of the job.

The competitive range procedure for the programs and observe-perform deal is ongoing. Requests for proposals for all three phases have been issued in early 2023. Official deal-award bulletins are expected in the coming months.

Find out more about the venture at provincial website devoted to the extension.

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• Go through More: Layout/establish group declared for Surrey/Langley SkyTrain extension

• Read Far more: SkyTrain extension will bring about 2,056 trees to be lost but they will be changed

Group business creating beds to help battle homelessness

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Furnishings uncover a next lifetime at Oyate Tipi Cumini Yape, usually recognized as Winnipeg's Home furnishings Financial institution, a position where by Winnipeggers dealing with financial insecurity can locate what they need to have to make a house a property.

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A short while ago, the group, with the assistance of youth volunteers, began constructing solitary mattress frames from the ground up.

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"As a mom, getting in a position to be in this article and get kids' beds off the ground. It changes lives," reported Leanna Environmentally friendly, the program's co-facilitator.

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Solitary bed frames are an product that is seldom donated in very good situation to Oyate Tipi - if at all.

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The system is meant to fill that void by delivering freshly built beds for families in require.

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"My youngsters have been on the ground for a though," said Green, "We just moved not long ago and now staying listed here, performing listed here, has produced a large affect on my daily life."

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"I like training other people also."

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Jor-El Dupuis, the volunteer program's other facilitator, can also comprehend what some small children go by way of.

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"I have put in a lot of time myself sleeping on futon-esque mattresses on the ground when I was youthful, in single guardian households," said Dupuis.

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"Earning sure little ones just have a at ease put to sleep is pretty important," he explained.

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Any person 16 or older can apply to volunteer and find out to create a bed.

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Apparently, it is a feat that only requires a few of hours.

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"Tool use is extremely basic," explained Dupuis. "Even people who have never ever applied a tool in their existence can understand these applications extremely quickly."

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For folks fewer mechanically-inclined, there are still far more means to assistance that will not require power resources.

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Over and above the mattress frame, there is a lot extra essential for a superior night's relaxation.

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"Every bed that we create nevertheless requirements mattresses, sheets, pillow circumstances, points like that," explained Greg Georgeson, Oyate Tipi's govt director. "Which is a single of the cases the place we count a ton on the general public and the public's assist."

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Georgeson says the firm frequently serves low-money families and newcomers to Canada - or anyone who may perhaps want enable furnishing their new living space.

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"In the scenario of a compact household, for occasion, we want that particular person to be shelling out their income on items like groceries to feed their youngsters, not getting to go out and scrounge up home furniture so that their young ones have a position to snooze," stated Georgeson.

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Oyate Tipi has been dealing with a rising demand from customers for its companies, claims Georgeson. That isn't really, nevertheless, essentially a terrible detail.

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"There is certainly a significant push to close homelessness in Winnipeg ideal now," said Georgeson, "As extra endeavours are place it into finding folks off the streets and into homes, our need is rising." 

Furniture charges could spike yet again as business group pushes for additional tariffs on imports

Rob Robertson, the owner of a furniture shop in Richmond, B.C., is bracing for a pricey déja vu.

Two years in the past, he was slapped with a sudden $60,000 bill following the federal federal government imposed new tariffs as large as 295 for every cent on leather-based furnishings and recliners imported from China and Vietnam.

By the time he observed out about the tariffs, he already experienced two containers on the h2o crammed with customers' orders.

"It was workable," said the owner of Q Dwelling Furniture. "But tough."

Now Robertson is worried it could materialize again.

In a the latest letter to field associates, the Ontario-dependent Canadian Household Furnishings Alliance (CHFA) suggests it truly is hunting to set off yet another equivalent tariff. It states it programs to submit a complaint to Canada Border Companies Agency about Asian imports, particularly from China and Vietnam.

This time, the alliance wants to the federal government to look into what it sees as unfair trading of material seating like sofas and dining chairs.

Exporting merchandise at prices under what they would offer for domestically is recognized as dumping under the Special Import Measures Act (SIMA), and it's a contentious situation in intercontinental trade law. Tariffs are the tool relied on by governments to fight the problem.

If Robertson is quickly hit with new responsibilities once more, he states he'll be compelled to elevate rates.

"You can only take in so much. The margins in home furniture [are] very restricted," he claims.

Robertson suggests about 40 per cent of his business enterprise relies on imports ranging from China to Finland. The remainder are Canadian-created products.

Imports, he claims, are likely to be less highly-priced and meet up with the needs of buyers looking for lower price factors. 

Factories abroad are also ready to deliver more "exceptional seems to be" not found in Canada, he suggests.

He understands why the group of makers wishes to shield the field but queries the effect on smaller stores like himself and individuals.

Decline of wide range

Major merchants like Montreal-based Structube, which owns 75 outlets throughout the state, are also "quite, pretty" anxious.

"Canadians deserve the proper to acquire, at the extremely minimum, a basic dwelling furnishing — a sofa, if you will, at a realistic rate," says the company's vice-president Matthew Fischel.

Structube relies on imported products for its business. Its operators are among those concerned about new tariffs that could limit trade with international factories.
Structube relies on imported items for its business enterprise. Its operators are amongst people worried about new tariffs that could limit trade with worldwide factories. (Gian Paolo Mendoza/CBC)

When sourcing objects, Fischel says they've located Canadian brands are able to only present a fraction of the unique models provided internationally — objects which greater meet his brand's style.

He says the enforcement measures under SIMA feel like a penalty for procuring exterior of the region.

"It can be not for us ... And you want to punish us for the reason that we want to look somewhere else," says Fischel.

He issues whether or not the act is conference the aims of guarding Canadian field or just piling taxes on Canadian enterprises.

The policy's intent

Imposing tariffs does aid safeguard Canadian industry, according to UBC small business professor James Brander.

But he states he understands why merchants truly feel penalized even while it really is not the policy's intent.

Buyers will also get rid of out if extensive-term tariffs are imposed, he claims. Selling prices will go up.

"The price ranges of these Chinese and Vietnamese exports, it will be as well high — they'll just disappear," he suggests.

In its place, Canadians will have to buy domestically manufactured goods, which are generally higher-priced or solutions imported from the United States or Europe.

The CHFA and other associates associated with the group declined interviews with CBC News.

In accordance to the alliance's letter, if accredited, the new tariffs could arrive into result as quickly as May perhaps of up coming yr.
 

Wawanesa Insurance plan Montreal Business Sold to a True Estate Investors’ Group

MONTREAL, July 25, 2023 /CNW/ - Holand Serious Estate Team, a organization headed by Canadian businessmen Gad Bitton and Michael Serruya, owner of numerous Montreal business properties and Previous Port attributes (like the Aldred Making), introduced now the acquisition of a well known residence in the Town of Mount Royal: the Wawanesa Coverage setting up positioned at 8585 Decarie Boulevard.

Holland Automotive Group (CNW Group/Holand Real Estate Group)Holland Automotive Group (CNW Group/Holand Real Estate Group)

Holland Automotive Group (CNW Group/Holand Actual Estate Group)

The residence, initially built in 1953 and expanded by Broccolini in 1997, enjoys a key location on Decarie Boulevard, future to the city's busiest Interchange. Its proximity to the Metro and the anticipated Réseau Express Métropolitain (REM) positions it uniquely in the city's transportation network. The area's modern change towards a extra densified, multi-household profile provides to the property's enchantment.

"With this acquisition, we're attaining a stake in an place dealing with considerable adjust," said Gad Bitton, President & CEO. "We see large prospective for progress in TMR, given its central site, affluent demographics, and expanding level of popularity."

The acquisition will come amid appreciable progress in Montreal's housing current market. In unique, the condominium market in the Town of Mount Royal has viewed sustained selling price will increase, marking it as a hotspot for true estate investments. The all round financial development forecasted for Montreal more bolsters the investment's strategic price.

"The immediate economic and household expansion in Montreal, notably in the Mount Royal area, offers an enjoyable opportunity for true estate improvement," included partner Michael Serruya. "This acquisition underscores our self confidence in Montreal's long run and our commitment to be a part of it."

About Holand Genuine Estate Group

Holand Serious Estate Group owns and operates multiple household, rental, retail, industrial, workplace and industrial properties in Montreal. Place is rented at aggressive selling prices, in suitable destinations and with ample good quality services. Remaining part of the Holand Automotive Group – 1 of Canada's top luxurious automotive vendors –the Holand Group provides companies and persons alike a 1-stop location for all their lodging and automotive wants.

www.holandrealestategroup.com

Holand Real Estate Group logo (CNW Group/Holand Real Estate Group)Holand Real Estate Group logo (CNW Group/Holand Real Estate Group)

Holand Real Estate Team emblem (CNW Team/Holand True Estate Team)

Source Holand Actual Estate Team

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Potential 15: Knock and Pacaso CEOs explore true estate’s latest homeownership group: co-possession

In the most current episode of Foreseeable future 15, host and Knock CEO Sean Black sat down with Austin Allison, CEO of Pacaso. The two titans of business examined the increase in the new group of homeownership, and how it will have an effect on all facets of the industry, from housing affordability to residence automation.

Enjoy the comprehensive movie for their total insights, but here are some critical takeaways from Sean and Austin’s discussion about co-ownership.

Owners get increased versatility and extra accessibility with co-possession

Sean: What do you imagine residence obtaining and offering appears to be like like in 10 several years?

Austin: The pattern that I’m closest to is this notion that we, at Pacaso, describe as, “the independence of place”, which is this new reality that quite a few people encounter: additional adaptability. Flexibility to function remotely, both portion-time or total-time. That’s empowering folks to rethink how and the place they stay and work. 10 several years from now, I assume there will be a large amount much more each main and secondary house owners in marketplaces that have historically been primarily second household destinations.

Sean: Do you see a upcoming in which the next property is the property?

Austin: I do. I really don't be expecting that to be representative of how everybody lives, but I unquestionably assume that there is a cohort of people today who now are living nomadically. Think about if you could purchase a quarter of a property in San Francisco and a quarter of a dwelling in a few other areas and expend your time in different areas throughout the 12 months. But I also imagine that you are going to see people that keep on to have a main household spot. In simple fact, I consider that will be the norm.

Sean: I want to discuss about how substantially of what you’re performing is digitized. How considerably of the working experience is on your mobile phone?

Austin: For us, technological innovation allows the entire market. There are quite a few things that excite me a good offer about the long term. A person, in particular, is the intelligent house and dwelling automation capabilities. Let’s say you are strolling into your [Pacaso home], and as you walk in there are digitized spouse and children shots of you and your household on the wall. The temperature on the thermostat is currently established up for the temperature that you and your spouse and children choose. It recognized you as you were strolling up to the dwelling and it currently unlocked the door securely. That is the type of practical experience that we can generate for our entrepreneurs leveraging technology.

Co-ownership benefits housing affordability, local economies, and the earth

Sean: Do you guys see a upcoming which is in key residence ownership staying shared? How significantly do you see the sharing economy variation of houses heading?

Austin: The sharing economic system will impression housing in a incredibly beneficial way simply because, frankly, it has to. We’re in the center of a housing affordability disaster and it’s not having any greater. There’s way additional need than source, and then the housing affordability disaster is most pronounced in 2nd-residence destinations mainly because you’ve obtained this influx of new 2nd-property potential buyers that are buying up all the homes at the median cost tier, generating it unachievable for locals to find the money for key homes. Co-ownership is a genuinely critical portion of the alternative there mainly because what co-possession does is it consolidates need absent from the median tier and moves it into the luxurious tier.

The other benefit of the sharing overall economy is to community economies and to the atmosphere. The average 2nd house is only employed 5 weeks per calendar year. Each and every vacant next property means an additional dwelling demands to be developed to soak up desire, which creates a larger carbon footprint and it starves nearby firms for the duration of the slower year for the reason that owners aren’t even in the residence supporting the regional firms for all those people months during the year.

With co-possession on the desk, agents can increase an additional dimension to their business

Sean: Let’s talk a tiny bit about the business? How, if at all, do brokers perform a function in your universe?

Austin: We consider about agents like an extension of our crew. We companion with authentic estate agents on all the authentic estate transaction related information. The factor that actual estate agents are getting most exciting about our model is that it’s an additive to their core enterprise, initially and foremost. It does not contend with their complete-household small business. It’s icing on the cake. It’s an accelerant to their organization.

Sean: So you are permitting agents to depict consumers to purchase a fractional section of these residences like they would a one-family members residence?

Austin: Totally. If we can supercharge actual estate agents’ small business by offering them an additional variety of item to sell, a software that allows them to change people who would’ve otherwise been window purchasers mainly because they didn’t have the spending plan for the complete house they had been dreaming of. Now with Pacaso you can change people window customers into home owners.

Enjoy the complete episode for extra.

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