Former home of Alberta’s longest-serving lieutenant governor up for sale

The six-bedroom single-family home in Glenora went on the market on Nov. 1.

Former home of Alberta’s longest-serving lieutenant governor up for sale

According to the City of Edmonton, the three-storey brick home is designed after the Italian Renaissance style with its pyramidal roof and wide overhanging eaves. Construction is estimated to have cost between $3,000 to $5,000 at the time, which would be around $134,000 when adjusted for inflation.

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CRA rolls out rent subsidy for commercial tenants

The Canada Revenue Agency has commercial tenants and landlords sighing in relief for a change after it announced a rent subsidy program to help them trudge through the fallout from the COVID-19 pandemic.

The CRA will begin processing claims for the Canada Emergency Rent Subsidy (CERS), which covers businesses, non-profits and charities for up to 65% of their eligible expenses, on November 30, according to a news release from the government agency. Claims are retroactive to Sept. 27 and will be paid out by Dec. 4.

Organizations that were either shut down or had their activities significantly restricted by public health orders will be supported by Lockdown Support, “a top-up subsidy of 25%, meaning that they could receive rent or property expenses support of up to 90%.”

The release defined eligible expenses as commercial rent, property taxes (including school and municipal taxes), property insurance, and commercial mortgage interest.

“Since the beginning of the pandemic, our government has provided continued support to businesses and workers,” Deputy Prime Minister and Minister of Finance Chrystia Freeland said in the release. “With the application process for the rent subsidy and Lockdown Support now open, employers impacted by COVID-19 will be able to access the help they need to get through the winter and the second wave of the virus. We will continue to do what it takes to support Canadians through this crisis.”

Small businesses have limped through the pandemic, which began mid-March, and according to Statistics Canada, only half of businesses that closed in March and April reopened in July. With only 43.3% of businesses reopened, Ontario observed the weakest rebound of all provinces, which StatCan attributed to continued restrictions in parts of the province through the month.

Canada’s housing market has been robust since the pandemic began, but persistent struggles in the retail space eventually trickle into and pervade the residential property market, says Davelle Morrison.

“Commercial strips affect residential properties,” said the Bosley Real Estate broker. “Imagine moving into a neighbourhood where a significant number of businesses are closed and storefronts are boarded up; it’s not good for residential property values.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

2020-11-30 19:00:00

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Hudson’s Bay struggles a harbinger of things to come?

Heavyweight retailer Hudson’s Bay has been making headlines in recent days for its inability to pay rent, with landlords taking the company to court for eviction, and according to a commercial broker in Toronto, this could be a sign of things to come.

“I hate to say it, but yes, we could see more of this,” Nicole Attias told CREW. “We didn’t expect the pandemic, or for it to last this long, and this is part of the fallout. It’s a matter of how things will play out because there are too many unknowns right now.”

Attias found the news that Hudson’s Bay wasn’t paying rent surprising because, until now, she’d heard seemingly myriad stories about smaller retail tenants either deferring rent or not paying it at all, but scarcely anything about juggernaut retailers doing the same.

At Centrepoint Mall in North York’s Yonge and Steeles neighbourhood, Hudson’s Bay’s landlord tried having it evicted for not paying rent during the COVID-19 pandemic. In Quebec, a judge recently ordered the company to pay rent to several department stores in the province.

According to PwC’s Emerging Trends in Real Estate 2021 report, the pandemic isn’t the only reason large retailers like Hudson’s Bay are struggling to pay their rents. The trend had already been well underway, thanks to the rise of e-commerce, although there’s nary a question that the pandemic has exacerbated the retail sector’s woes.

“Interviewees are seeing a structural shift in retail, but it is an acceleration of the move toward e-commerce already underway,” said the report. “Several retailers, including big-name brands, have shut their doors permanently or are seeking creditor protection. Enclosed malls have been hit particularly hard, and street retailers in downtown cores like Toronto, Montreal, and Vancouver are seeing less foot traffic because many office towers are still mostly vacant.”

The federal government doled out a rent relief program when the pandemic began, but it has since ended and thrust retailers back into precarious situations. Some have negotiated everything from rent-free periods to rents that are based on a percentage of sales. However, many brick and mortar retailers are worried that the pandemic will have permanently shifted consumer behaviour towards e-commerce, and it’s spurred some outside-of-the-box thinking.

“With some areas of brick-and-mortar retail, like outlet centres, regional malls, and power centres, struggling, there is a strong sense among interviewees that retail properties need to evolve,” said the PwC report. “Malls might convert into residential or mixed-use properties, possibly using some of that space for warehousing, distribution, or fulfilment—including last-mile delivery—to satisfy the growing demand for online shopping.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

2020-11-30 17:00:00

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220 36 Street Southwest, Edmonton. Click for more photos and pricing

Check out this home!

This luxurious 4 bedroom, 2-story has everything you've been looking for. On the main floor you'll find a den large enough to accommodate your home office or make it a guest room as there is a full 4-piece bathroom adjacent to it. You'll also find an open concept living and dining area. Modern kitchen cabinets have granite and quartz tops. There's also a spice kitchen.

Click for more photos and details.

220 36 Street Southwest, Edmonton. Click for more photos and pricing

220 36 Street Southwest, Edmonton T6X 2W5. Click for more photos and pricing

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