Weekly Address October 9th Edition

🎧 Did you know there is an addy podcast? You can subscribe on Apple or Spotify.

A few property updates came out this week, a couple of the highlights include:

• The Montebello in St. Catharines, ON updated their 1136 investors in that property that they are on track and it is anticipated that investors will receive the full 20% IRR. 💰
• Blair Capital, the Issuer on 2440 Albert Street in Rockland, ON received their appraisal back and while they were projecting a $6.1M figure, Colliers has given the project a valuation of $7.04M
• Keith Roy, the Issuer for The Cambie Apartments has updated the 1420 investors in that property provided the 2023 financials and the September 2024 rent roll numbers. 

Today’s reading time is 4½ minutes.

🇺🇸 Owners Day!

714 Canadians just got paid today for their investment in the first US property that dropped on the addy platform. The Apex on Perkins is a 234 unit & 732 bed student housing community located adjacent to Oklahoma State University in Stillwater, Oklahoma. 

It was the first US property to drop on the addy platform enabling Canadians to invest US dollars into US real estate. Did you get paid today?

(What is Owners Day?)

🎤 Issuer Interview

addy Co-Founder Stephen Jagger talks with Syl DeFrancesco, CFO of Lankin Investments about his background, Lankin and their philosophy on real estate investing in the multi-family space. (Watch)

📰 Industry News

Toronto Ranks Highest For Cranes Across Major US And Canadian Markets (Again)

Almost as ubiquitous in Toronto as the noble racoon, construction cranes are a fixture of the city’s skyline. Back in Q3 2023, Toronto had the most operating cranes out of any North American city — a staggering 240 — really just sticking it to Seattle, which had held second place with 45 cranes. (Storeys) 

BC NDP plan increase to the speculation and vacancy tax

David Eby announced today that if the BC NDP were to form government, they would further increase the SVT to 3% for foreign owners and 1% for Canadian citizens or permanent residents, starting in 2025. (Daily Hive) 

Moose Jaw sees increase of 13.3 per cent in residential benchmark price

It was the fifteenth consecutive month of above average sales in the province’s residential real estate market according to the Saskatchewan Realtors Association. Moose Jaw was no exception to the rule, with strong sales despite continuing inventory challenges. (Discover MooseJaw) 

Can private real estate help lead Canada out of the housing crisis?

The 2024 federal budget outlines a housing plan to build nearly 3.9 million net new homes by 2031. Private real estate firms will play an important part in those builds — and in addressing the supply and demand imbalance more generally. (BNN Bloomberg) 

🤖 Tech Tool

Have you seen the latest tool from Google? Google’s new Notebook LM enables you to upload a document and it will create a podcast with two voices in real time. You won’t believe your ears! Take 5 min and watch the video below: 

What did you think of today’s newsletter? 🤔

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