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regional edition

WATERLOO

The regional market perspective for the Waterloo rental housing industry

2021


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FOREWORD

2 – theANNUAL Waterloo

what makes them trend! •  Understanding Parcel Lockers, Patrick Armstrong of Snaile, Canada’s Smart Parcel Locker Company, shares his insight on how to select the right parcel locker supplier for your building. Need to know information with parcel deliveries at an all time high. •  Five Things You Should Know, some interesting tips and tools for managing key aspects of your buildings provided by EVSTART, Yardi Canada, RJC Engineers and PAC Building Group. • The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each region. This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc. prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people and companies for their help gathering the information and data which enabled us to deliver this comprehensive guide: John Dickie, CFAA and Eastern Ontario Landlord Organization (EOLO); Tina Novak, Hamilton District Apartment Association, (HDAA); Shane Haskell, London Property Management Association (LPMA); James Craig, Waterloo Region Apartment Association (WRAMA); Kyle Church, Principal Interest Multifamily Investments, Royal LePage Grand Valley Realty; Patrick Armstrong, Snaile, Canada’s Smart Parcel Locker Company; EVSTART, Powered by Wyse Meter Solutions and Elexicon Group; Peter Altobelli, Yardi Canada; Stephen Epp, BSc, P.Eng., RJC Engineers; and David Petrozza, PAC Building Group. RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theANNUAL, both at the National and Regional levels. All the best,

Nishant Rai

Associate Publisher

Associate Publisher Nishant Rai Associate Publisher Debbie Dollar-Seldon Contributing Editor John Dickie, President CFAA Art Director Scott Clark Office Manager Geeta Lokhram Owner Marc Côté

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Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 Produced in Canada All contents copyright © RHB Inc. Canadian Publications Mail Product

INC.

Welcome to the 2021 Regional editions of theANNUAL. Not unlike our National edition, theANNUAL, is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the regional editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data. Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and Boldtv in collaboration with the Canadian Federation of Apartment Associations (CFAA), theANNUAL delivers a complete market perspective for the rental housing industries of Ottawa, Hamilton, Waterloo and London. Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Regional Edition of theANNUAL: •  The State of the Industry Report, an in-depth look at the individual cities’ market conditions, based on CMHC and Stats Canada data. • Realty Check, a look at multi-family sales and purchases in each of the four regional markets, with a special showcase of notable transactions and analysis from Kyle Church, Broker, Principal Interest Multifamily Investments, Royal LePage Grand Valley Realty • Association Report, from our partners at HDAA, LPMA, WRAMA and EOLO, an overview of what we need to know about each city and association. •  Neighbourhood Trends, information and stats you need to know showing

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TABLE OF CONTENTS

2 – FOREWORD

STATE OF THE INDUSTRY – 8

15 – REALTY CHECK

ASSOCIATION REPORT – 21

4 – theANNUAL Waterloo


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TABLE OF CONTENTS

29 – NEIGHBOURHOOD TRENDS

TOP 10 – 35

47 – UNDERSTANDING PARCEL LOCKERS

5 THINGS YOU SHOULD KNOW – 55

6 – theANNUAL Waterloo


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current population

623,930

Three Townships AVR: 0.4% 2BR: $920

Waterloo AVR: 2.9% 2BR: $1464 2

Three Townships AVR: 0.4% 2BR: $920

1 Cambridge Kitchener East AVR: 1.9%

AVR: 1.6% 2BR: $1263

2BR: $1210

Three Townships AVR: 0.4% 2BR: $920

Kitchener-Cambridge-Waterloo Statistics 1. Kitchener Central: AVR: 1.6% 2BR: $1219 2. Kitchener West: AVR: 2.3% 2BR: $1322

AVR= Average Vacancy Rate at October 2020 2BR= Average Rent of 2 Bedroom Suite

AVERAGE RENT SENIOR HOUSING - Standard Spaces

$77,263

median rental household income before taxes

8 – theANNUAL Waterloo

$3401 per month


26.7% Percentage of housing units are apartments

10.9% Percentage of housing units are part of a condominium

RENTERS STRUCTURE TYPE 10.4%

Single-Detached

15.9%

Semi-Detached

4.7%

Row

4.5%

Duplex

36.3%

Low-Rise Apt

27.9%

High-Rise Apt

0.3%

0

5

10

15

20

25

Other

30

35

40

theANNUAL Waterloo – 9


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State of the Industry K-C-W area

Primary rental market

36,036

Secondary rental market

28,314 Total: 64,350

56%

44%

K-C-W’s important rental market facts Important things to know about KCW’s condo market

KCW’S Senior Housing Vacancy Rate

Total Condo Units in 2020 12,358 Average Rent Total Condo Units Used for Rental 2020 3,902 Percent of condo units used for rental 31.6% Vacancy Rate 1.2%

Total number of spaces Residents

8.7% $3401 2787 2795

theANNUAL Waterloo – 11


State of the Industry Info

Cambridge

Survey Date

Kitchener East

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

N/A

N/A

2.3%

1.5%

2.2%

1.7%

N/A

N/A

2.2%

1.6%

Average Rent

$778

$767

$1,032

$1,073

$1,209

$1,263

$1,082

$1,108

$1,148

$1,197

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

N/A

N/A

2.8%

2.2%

1.8%

1.1%

N/A

0.0%

2.5%

1.6%

Average Rent

$774

$779

$961

$999

$1,176

$1,219

$1,599

$1,627

$1,066

$1,108

Info Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

N/A

0.7%

2.9%

1.5%

2.3%

2.2%

1.7%

1.0%

2.4%

1.9%

Average Rent

$752

$825

$978

$1,014

$1,166

$1,210

$1,353

$1,405

$1,118

$1,157

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

N/A

N/A

1.2%

2.2%

1.9%

2.3%

0.0%

0.0%

1.6%

2.3%

Average Rent

$797

$817

$1,046

$1,097

$1,266

$1,322

$1,188

$1,262

$1,171

$1,226

Survey Date Average Vacancy Average Rent

Info

Three Townships

3 Bedrooms +

Oct-20

Info

Waterloo

2 Bedroom

Oct-19

Info

Kitchener West

1 Bedroom

Oct-20

Info

Kitchener Central

Bachelor Oct-19

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

N/A

5.5%

1.4%

2.2%

1.8%

2.6%

0.0%

N/A

1.6%

2.9%

$1,060

$1,146

$1,205

$1,188

$1,368

$1,464

$1,425

N/A

$1,308

$1,381

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

N/A

N/A

1.5%

0.5%

N/A

0.6%

0.0%

0.0%

1.4%

0.4%

Average Rent

$741

N/A

$885

$912

$899

$920

$1,118

$1,185

$908

$943

12 – theANNUAL Waterloo


State of the Industry Guelph

Info

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Survey Date

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Oct-19

Oct-20

Average Vacancy

3.1%

N/A

2.0%

2.4%

2.0%

2.2%

0.4%

0.4%

2.0%

2.2%

Average Rent

$819

$871

$1,145

$1,212

$1,282

$1,356

$1,368

$1,383

$1,228

$1,295

GUELPH’S Senior Housing Vacancy Rate

Average Rent

Total number of spaces Residents

4.9% $3625 1116 1148

RENTERS STRUCTURE TYPE IN GUELPH 14.5%

Single-Detached

15.2%

Semi-Detached

3.5%

Row

9.9%

Duplex

31.7%

Low-Rise Apt

25.0%

High-Rise Apt Other

0.1%

0

5

10

15

20

25

30

35

theANNUAL Waterloo – 13


MULTIFAMILY INVESTMENTS

We help investors buy and sell mid sized apartment buildings in Southwestern Ontario

900+

UNITS SOLD

$150Million+

SOLD

$45Million+

SOLD IN 2021

Recent Transactions

42 Units Apartment Building $205,000 per unit

29 Unit Townhouse Complex $319,000 per unit

22 Units Apartment Building $160,000 per unit

If you are interested in buying or selling apartment buildings in Southwestern Ontario, please subscribe to our mailing list to receive our quarterly report, market updates and exclusive listings. Visit principalinterest.ca

Kyle Church

Andrew Macallum

Broker

kyle.church@royallepagecommercial.com

Contact us: 519.745.7000 Top 2% in Canada

Royal LePage Grand Valley Realty, Brokerage 15C-370 Highland Road West, Kitchener, N2M 5J9 www.principalinterest.ca

Sales Representative andrewmacallum@royallepagecommercial.com

PRINCIPAL INTEREST

MULTI FAMILY INVESTMENTS

Not intended to solicit sellers or buyers currently under contract. Royal LePage® is a registered trademark used under license. All offices are independently owned and operated unless otherwise noted. ©2021 Bridgemarq Real Estate Services Manager Limited. All rights reserved.


Realty Check

The transactions of note in: Waterloo Cambridge Kitchener

Guelph

theANNUAL Waterloo – 15


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16 – theANNUAL Waterloo


Realty Check

K-C-W & Guelph

Despite a global pandemic, Waterloo Region continued to attract significant interest in the multi-family market in 2020. Many investors from the GTA began looking further West on the 401 for higher yields and less competition, however they were disappointed with cap rates in the 3 - 5% range. Throughout the year we saw the price per unit steadily increase from around $125,000 to nearly $200,000 by the end of the year. Buyers were well capitalized, oftentimes

taking advantage of exceptionally low CMHC insured financing with low Loan-to-Value ratios in order to ensure cash flows while waiting for longterm upside through achieving market rents on natural tenant turnover. Kyle Church, Broker Principal Interest Multifamily Investments Royal LePage Grand Valley Realty

Summary Table Average $/Unit

Highest $/Unit

Lowest $/Unit

Vacancy Rate

Average Rent

$185,352

$500,000

$63,627

Unchanged at 2.1%

$1,221 up by 4.0%

Source: Realnet, Realtrack and CMHC

54 Country Hill Drive, Kitchener Purchaser:

Effort Trust

Units:

24

Price per Unit:

$143,083

Date Closed:

12/24/2020

194 Heiman Street, Kitchener Purchaser:

194 Heiman Street Kitchener Inc.

Units:

24

Price per Unit:

$146,875

Date Closed:

11/25/2020

Sold at:

$3,434,000

Sold at:

$3,525,000

theANNUAL Waterloo – 17


Realty Check 896 Courtland Avenue East, Kitchener Purchaser:

Boardwalk REIT

Units:

60

Price per Unit:

$263,833

Date Closed:

09/28/2020

4 Lena Crescent, Cambridge Purchaser:

Boardwalk REIT

Units:

56

Price per Unit:

$289,286

Date Closed:

08/27/2020

Purchaser:

Kik Properties Inc.

Units:

10

Price per Unit:

$173,000

Date Closed:

02/26/2020

18 – theANNUAL Waterloo

$15,830,000

Sold at:

$16,200,000

117 2nd Avenue, Kitchener

23 Brick Street, Kitchener

Sold at:

Purchaser:

Padacort Inc.

Units:

11

Price per Unit:

$177,778

Date Closed:

04/24/2020

Sold at:

$1,730,000

Sold at:

$1,955,000


Recent Realty Transactions 57 Union Street East, Waterloo Purchaser:

Homestead Land Holdings Limited

Units:

97

Price per Unit:

$252,577

Date Closed:

01/30/2020

428 Lancaster Street West, Kitchener Purchaser:

Silicon North Real Estate Corporation

Units:

18

Price per Unit:

$133,333

Date Closed:

01/21/2020

$2,400,000

Purchaser:

Oneka Land Company Ltd

Units:

16

Price per Unit:

$195,625

Date Closed:

01/21/2020

Purchaser:

Whitehall Apartments

Units:

33

Price per Unit:

$116,667

Date Closed:

01/15/2020

$24,500,000

Sold at:

41-71 Nottingham Avenue, Kitchener

21 Stirling Avenue South, Kitchener

Sold at:

Sold at:

$3,130,000

Sold at:

$3,850,000

theANNUAL Waterloo – 19


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Association Report

theANNUAL Waterloo – 21


Association Report Message From Waterloo Regional Apartment Management Association (WRAMA) Over the last year, WRAMA has continued to play a pivotal role in the transformation of rental housing in Waterloo Region. In response to the COVID-19 pandemic, we hosted virtual meetings in place of in-person events. With an increased focused on our marketing and member outreach, attendance was overwhelmingly impressive and our roster of speakers was phenomenal. At WRAMA, we endeavour to be a reliable source of information, networking and advocacy for Landlords throughout Waterloo Region and surrounding areas. We are at the forefront of positive change in the industry and are constantly in search of new and relevant updates and changes to the Residential Tenancies Act, building and fire code and other legislation that may be important to those in the Property Management industry. In early 2021, our membership and website updates went live. We encourage members and nonmembers alike to familiarize themselves with our website at www.wrama.com.

A Year in Review – WRAMA Member Events September 2020 Each September, we host our Annual Expert Panel. Our September event featured Lisa Nadon of Small Matters Paralegal Services, Ho Tek of Domus Housing Inc., and James Craig, WRAMA President and Vice President of CBRE Limited.

Lisa Nadon, Small Matters Paralegal Services

22 – theANNUAL Waterloo

Ho Tek, Domus Housing Inc.

James Craig, VP, CBRE Ltd.


October 2020 Featuring Chad Guziewicz of Rentify and Mark Hopkins of EasyInsure

November 2020 In November of 2020, Andrew Macallum stepped down as President of WRAMA. An election was held for Board and President positions and James Craig became President of WRAMA. Below is a brief statement from past WRAMA President, Andrew Macallum: “After serving as WRAMA president for the past three years, Chad Guziewicz of Rentify Mark Hopkins of EasyInsure it is time to move on. I am proud of the work our board of directors has done during my term and know that the WRAMA membership can depend on them to continue being the credible voice for residential rental provision in and around the Waterloo Region.”

January 2021 Kayla Andrade, President of Ontario Landlord’s Watch In January 2021, Kayla Andrade of OLW hosted a round-table discussion with WRAMA members and discussed some of the industry’s hot topics relating to COVID-19, the Ontario eviction moratorium and backlog at the Landlord and Tenant Board.

February 2021 Jennifer Tsao, Senior Analyst, Canada Mortgage and Housing Corporation (CMHC) In February 2021, Jennifer Tsao provided WRAMA members with updates relating to the nature of the local real estate market, the rental industry, new developments and more.

Kayla Andrade, President of Ontario Landlord’s Watch

March 2021 Joe Hoffer, Cohen Highley Jennifer Tsao, Senior Analyst, Canada Mortgage and Housing Corporation (CMHC)

In March 2021, the Ontario Government made updates to the Ontario Standardized Lease. In collaboration with local legal clinic Cohen Highley LLP and our affiliated Apartment Management Associations, an updated Standard Lease Package and additional documents were made available for purchase to WRAMA members.

WRAMA welcomed Joe Hoffer to discuss some of the important updates and changes to the Ontario Standard Lease and the WRAMA Lease Package. WRAMA members have exclusive access to our Lease Package with a one-time payment. Any member that purchases the lease package will be eligible to receive any future updates to the package at no cost. Visit www.wrama.com for more info.

Joe Hoffer, Cohen Highley

April 2021 In April 2021, we welcomed Stephanie Farenhorst, Enterprise Sales Director of the Landlord Credit Bureau to speak to members about the LCB’s products and services as well as costs. The mission of the LCB is to improve the businesses and lives of landlords, property managers, proptech companies, and responsible tenants.

May 2021 Stephanie Farenhorst, Enterprise Sales Director of the Landlord Credit Bureau

In May of 2021, David Devries of Antec Appraisal Group Inc. discussed the current market through an appraisal lens, hot topics when it comes to preparing a rental property for an appraisal and best tips to increase the overall value of your rental property.

David Devries of Antec Appraisal Group Inc.

theANNUAL Waterloo – 23


Association Report June 2021 In June 2021, Scott Miller Cressman, Water Program Coordinator from The Region of Waterloo provided members with information relating to local water saving rebates, free upgrades Landlords can take advantage of and more. (No photo available).

Why Become A WRAMA Member? At WRAMA, our members receive free access to important member meetings, receive emailed updates and information, and have many opportunities available to them.

OPPORTUNITIES TO GROW We offer a wide range of high-quality events and networking opportunities. We have a commitment to ensure that our members receive the best digital and face-to-face networking opportunities and up-to-date information. We keep it relevant by engaging industry leaders and innovators who support best practices in rental housing provision.

OPPORTUNITIES TO BECOME AN INDUSTRY LEADER Discover best practices from local industry professionals. The nature of our industry is its constant state of change. WRAMA is constantly looking for members to step forward and take on the responsibility of leadership while enjoying the reward of seeing a project, committee, or the industry itself move forward thanks to your efforts.

OPPORTUNITIES TO CONTRIBUTE See your contributions grow our industry and advance your fellow members. There is something in it for you too! By getting involved and contributing, you will gain hands-on experience and watch your contributions shape the future of our industry and see the positive impact of your contribution on your fellow members.

OPPORTUNITIES TO NETWORK It really is who you know. We believe in opportunities for members to come together and make positive change. Our veteran members tell us all the time that the most valuable member benefit is the network of peers they have developed over the duration of their membership. This benefit is timeless. To learn more about becoming a WRAMA member, visit www.wrama.com today!

Our Fall 2021 and 2022 Plans WRAMA will continue to monitor the COVID-19 pandemic and looks forward to the possibility of hosting in-person events again soon. We are considering the structure of our organization in combination with the needs and wants of our members and hope to have a clear direction in the months to come.

Our September 2021 Event Our September 2021 event is scheduled for Wednesday, September 8th and will be hosted via Zoom (online video conference). We are excited to present the following familiar guest speakers who have graciously agreed to speak at our September 8th event. Lisa Nadon is a licensed paralegal with over 20 years experience in Landlord and Tenant Board Matters and Small Claims Court. Lisa started Small Matters Paralegal in 1999. She has taught paralegal studies at Conestoga College. Lisa has sat on the Property Standards Committee of Woolwich and is an active member of WRAMA (Waterloo Regional Apartment Management Association). Lisa is passionate about educating landlords and real estate professionals regarding the “ins and outs” of the Landlord and Tenant Board with seminars and webinars. Ho Tek is one of two Partners at Domus Student Housing Inc. and has over 10 years experience managing in the student housing asset class. Founded in 2005, Domus is headquartered in Waterloo and specializes in the leasing and management of student assets. In 2012 Domus was selected as a finalist for the E&Y Entrepreneur of the Year award, in the Young Entrepreneurs category and the Junior Achievements Entrepreneur of the Year Award. Domus helped to pioneer the extremely popular ‘student investments condos’ servicing investors of the Sage Condos, Ivy Towns and

24 – theANNUAL Waterloo


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Association Report

Lisa Nadon, Small Matters Paralegal Services

Ho Tek, Domus Housing Inc.

James Craig, VP, CBRE Ltd.

Solstice. Domus now manages a portfolio of over 4000 rooms and $425 million in student assets across Canada with their furthest reaching site in Kelowna, British Columbia. With his experience in real estate management, Ho is also the President at Silicon North Real Estate Corp, which specializes in developing, owning and operating in the residential apartment building asset class. James Craig has been involved in organized real estate since 2001 where he started in real estate research, and within one year achieved his real estate license. He has worked in the Waterloo Region markets since that time, and is now the Vice President of CBRE Limited. During his tenure in real estate, he has over 7 years of multi-family sales experience and has been directly involved in over $156M in investment transactions including the sale of over 700 multi-residential units in the last 5 years. He is also the President of the Waterloo Regional Apartment Management Association (WRAMA). With the combined talents of his partners Martin Cote and Joe Benninger and the global platform of CBRE, James is able to offer clients a full range of student and multiresidential real estate services. Not a WRAMA member? No problem! To learn more about and to register for our September event, please visit www.wrama. com and click on “events”. As a reminder, WRAMA members have free access to member events as well as past event recordings on our site. Non-members are welcome to register for our events for $25 per person attending. We look forward to seeing you!

Conner Godin, Manager of Marketing and Membership

James Craig, President

Interested In Becoming a Member? We’re always here to answer questions or provide you with more information. You can contact Conner and James at the emails below: Conner Godin, Manager of Marketing and Membership membership@wrama.com or marketing@wrama.com

26 – theANNUAL Waterloo

James Craig, President president@wrama.com


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• Designed to accept 100% packages, whether it’s a diamond ring or a set of skis. • Best in class technology with 99.9% guaranteed uptime, the most powerful hardware & software suite in the business • Unparalleled service, support teams available 24/7 for carriers, residents and communities • Indoor - Outdoor and Refrigerated models available

Why do property owners and managers prefer Luxer One According to the 2018 Package Delivery Report by NMHC & Kingsley Research, Luxer One is the #1 package locker solution in multifamily. With over 15 years in multifamily lockers, we’ve perfected the delivery experience for residents, carriers, and property managers.

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Neighbourhood Trends Latest information on some of K-C-W’s neighbourhoods in…

Kitchener Cambridge Waterloo

Hespeler Kitchener South-East Waterloo North-West Woolwich & North Dumfries

Guelph

theANNUAL Waterloo – 29


Neighbourhood Trends K-C-W Tenant income distribution

Less than $20,000 before taxes - 11,620 $20,000 to $39,999 before taxes - 17,590 $40,000 to $59,999 before taxes - 14,300 $60k – $79,999k before taxes - 9,250 $80k – $99,999k before taxes - 5,540 $100k+ before taxes - 6,055 0

623,930 K-C-W population

5000

10000

2.1 PEOPLE 30 – theANNUAL Waterloo

20000

19.3% of rental households include at least one senior

32.1% The average rental household size in K-C-W is

15000

of K-C-W’s private homes are rentals

34.5% of rental households are run by 25-34 year olds


Kitchener-Cambridge-Waterloo NUMBERS ARE THE TOTAL OF STARTS (ACTUAL) AND COMPLETIONS IN 2020 ACROSS ALL INTENDED MARKETS (* UNDER CONSTRUCTION INDICATES 2021 NUMBERS)

STARTS (ACTUAL)

Central, East, West

apartments

row houses

South Central

South East

South West

0

83

0

row houses Kitchener South

31

15

Woolwich & North Dumfries

row houses

0

0

apartments

apartments

row houses

356

apartments

UNDER CONSTRUCTION

0

Waterloo Uptown

Central, East, West

apartments*

South Central

South East

South West

0

304

0

row houses* Kitchener South

327

row houses*

0

apartments*

COMPLETION Hespeler

Kitchener South- East

Waterloo North- West

row houses*

421

apartments*

45

row houses

69

row houses

0

row houses

row houses*

1375

apartments*

0

apartments

59

apartments

0

apartments

theANNUAL Waterloo – 31


Neighbourhood Trends Guelph Tenant Income Distribution Less than $20,000 before taxes - 3,315 $20,000 to $39,999 before taxes - 4,450 $40,000 to $59,999 before taxes - 3,980 $60k – $79,999k before taxes - 2,525 $80k – $99,999k before taxes - 1,565 $100k+ before taxes - 1,835

0

150,025 Guelph population

1000

2000

17.2% of Guelph rental households include at least one senior

29.8% The average rental household size in Guelph is

2.1 PEOPLE 32 – theANNUAL Waterloo

3000

of Guelph’s households are rentals

4000

5000

77.9% of Guelph rental households have no children less than 18 years old


Guelph NUMBERS ARE THE TOTAL OF STARTS (ACTUAL) AND COMPLETIONS IN 2020 ACROSS ALL INTENDED MARKETS (* UNDER CONSTRUCTION INDICATES 2021 NUMBERS)

STARTS (ACTUAL) Guelph South

Guelph East

Guelph West

UNDER CONSTRUCTION Guelph South

Guelph East

Guelph West

12

row houses

0

row houses

20

row houses

49

row houses*

52

93

apartments

39

apartments

0

apartments

86

apartments*

140

row houses*

apartments*

79

87

row houses*

apartments*

11

57

COMPLETION Guelph South

Guelph East

Guelph West

row houses

44

apartments

145

row houses

apartments

26

0

row houses

apartments

theANNUAL Waterloo – 33


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Top 10 Kitchener-Cambridge-Waterloo’s top ten private landlords by size

theANNUAL Waterloo – 35


Top 10

Owners, Managers & REITs

Starlight Investments

Category:

Owner/Asset Management

Number of suites

Website:

starlightinvest.com

5022

Greenwin Inc.

36 – theANNUAL Waterloo

Category:

Manager

Number of suites

Website:

greenwin.ca

4693


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The easy way to find your next tenants With 170 million* unique searches in the For Rent category, Kijiji My Business helps you find renters for your managed and owned properties with tools that make it easy to: Create and edit listings for multiple units on Kijiji Measure performance with self-serve reports Make your listings stand out with Kijiji features

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theANNUAL Waterloo – 37 *

Kijiji Internal Data: Total unique searches in the year 2020 in Kijiji’s ‘For Rent’ category


Top 10

Owners, Managers & REITs

Accomod8U Category:

Owner

Number of suites

Website:

accomd8u.com

3840

Drewlo Holdings

38 – theANNUAL Waterloo

Category:

Owner

Number of suites

Website:

drewloholdings.com

2694


Top 10

Owners, Managers & REITs

Homestead Land Holdings Category:

Owner

Number of suites

Website:

homestead.ca

2501

Centurion Asset Management Inc. Category:

REIT

Number of suites

Website:

centurion.ca

2240

EIWO Canadian Management Ltd

40 – theANNUAL Waterloo

Category:

Manager

Number of suites

Website:

elocanadian.com

2150


Top 10

Owners, Managers & REITs

Domus Student Housing Category:

Owner

Number of suites

Website:

domushousing.com

2000

Hazelview Investments Category:

REIT

Number of suites

Website:

hazelview.com

1502

Balnar Management

42 – theANNUAL Waterloo

Category:

Manager

Number of suites

Website:

balnar.com

1657


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44 – theANNUAL Waterloo

Honourable Mentions

Rentcorp Property Management

Williams and McDaniel

Steeves and Rozema

CAPREIT

Boardwalk REIT

InterRent/CLV

Victoria Community Homes

Sifton Properties Limited

Larlyn Property Management

Park Property

DUBRICK

Effort Trust

Grand River Properties

Skyline Apartment REIT

Killam Apartment REIT

Owners, Managers & REITs


Canada’s Canada’s Parcel Parcel Locker Locker Company Company La société La société de casiers de casiers intelligents intelligents du Canada du Canada

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Understanding Parcel Lockers

theANNUAL Waterloo – 47


Understanding Parcel Lockers What You Need to Know About Choosing a Parcel Locker or Parcel Room Supplier in Canada

By Snaile Inc.

Remember the days when a delivery driver used to leave a package in a parcel room or a mechanical steel lockand-key depository in the lobby? If you are still using a parcel room to store deliveries, be sure to read the pitfalls here. Parcel lockers and parcel rooms have come a long way, now falling into the category of a SaaS (softwareas-a-service) model. Consumers expect a lot more from their parcel management system, such as realtime notifications, access via their smartphone, and the option to leave items in their locker for collection and return. With that in mind, Canadian companies looking for a parcel locker or room supplier are faced with a number of factors to consider. If you’re looking to choose a resident delivery management solution that can deliver the service people want and expect in 2021 and beyond, read on for what you need to know.

Parcel lockers and rooms in 2021: What do people want? As the volume of e-commerce purchases has continued to grow, so have the number of parcel delivery companies (Amazon uses more than 12 carriers in Canada alone). Therefore, we need more sophisticated parcel delivery solutions to receive and process data from multiple sources. Multi-family residences demand seamless access to their deliveries from lockers and rooms in condominiums, apartment blocks, high-rise towers, school campuses, and student housing. Users want to pick up their parcels from a secure location when they shop online. Rather than keep a key, locker users now expect to access their items via the internet from a smart device, necessitating cloud storage for critical data and smart receptacles driven by printed circuit boards, firmware, and software. Parcel locker and smart parcel room suppliers should have:

personal details to send notifications • Software sophisticated enough to accommodate returns of e-commerce items and collection of new outbound parcels • Data hosting in Canada to protect Personally Identifiable Information (PII) Compliance with Canada’s Anti-Spam Legislation (CASL) • A multi-tiered approach to data security and privacy • Liability insurance that pays out in Canada • Commercially accepted best practices governing procedures for company-owned software upgrades, maintenance, and fixes (i.e., ISO 27001 and SOC II) • Experienced staff to offer remote and on-site support within Canada In addition, the best solutions will: • Comply with Canadian Electrical Code and Fire Code ratings • Accommodate disabilities — for example, wheelchair users and visually impaired people • Incorporate commercial-grade screens

• Established agreements with delivery companies in Canada

• Be adequately constructed to prevent theft

• Software that integrates with property management software to allow instant access to residents’

• Have motorized locks

48 – theANNUAL Waterloo

• Have some form of compartment content detection • Have child safety locks for internal release.


Let’s look at each of these factors in more detail to help you decide on the most appropriate supplier for you.

Agreements with Canadian delivery companies A key consideration for smart lockers and rooms is whether or not they will be used systemically by Canadian delivery companies. Rather than just being a case of a delivery driver electing to use a locker, the actual delivery corporation must sanction every single delivery. Established delivery agreements ensure Canadian delivery companies: • Have tested and approved the locker or room • Know in advance that they must identify a parcel locker or room at the location to complete deliveries • Will deposit the parcel in the right locker at the municipal address • Accept liability for the parcel as they would in the standard course of business • Know there are contractual recourse and remedies if the delivery driver fails to deliver to the locker.

Parcel lockers or parcel rooms? Parcel rooms appear more effective on paper than in reality. A major drawback is that carriers tend to dump parcel deliveries for multiple residents in the room without notifying each resident that their parcel has arrived. For instance, a carrier has deliveries for units 302, 407, 621, and 801. They gain access to the room using the details for unit 302’s delivery only. The carrier is busy as usual and short on time, so they leave the deliveries for 302, 407, 621, and 801 in the parcel room without entering each resident’s details into the system; this practice is easy and therefore becomes habitual. As a result, only the resident living in 302 knows to come and collect their parcel. The net effect is that packages end up piling up in the parcel room because only one resident in each batch is notified of their delivery, the person whose details the delivery person used to gain access to the room. The rest of the parcels accumulate, which then invites confusion, theft, potential damage and tenant dissatisfaction.

Parcel pickups and returns The next step in parcel locker innovation is for end users to be able to return a parcel or ship out a new package via their locker. In addition, parcel lockers are ideal receptacles for other essential services

requiring items to be collected and deposited, such as dry cleaning and laundry. To facilitate the collection of items, parcel locker suppliers need contracts in place with parcel carriers, plus software integration, so that carriers are notified of a pickup request that they need to act on.

Data hosting in Canada Cloud data hosting location is an important factor when choosing a parcel locker or smart room supplier in Canada. All countries have their own laws designed to protect Personally Identifiable Information (PII), such as names, phone numbers, addresses, and email addresses. In Canada, PII is strictly protected under the Personal Information Protection and Electronic Documents Act (PIPEDA). However, data must be hosted in Canada for PIPEDA to apply. If PII data leaves Canada and goes to the U.S., then the U.S. Patriot Act will apply.

Data security A parcel locker company should take a multi-tiered approach to data security and privacy. This can include: • ISO-27001 information and security certification to ensure compliance with industry-leading standards set by subject matter experts •  SOC 2 compliance from a SaaS provider, an auditing procedure that ensures service providers securely manage a company’s data to protect the organization’s interests and its client’s privacy •  Ongoing third-party penetration testing in which an ethical hacking company attempts to break into the parcel locker supplier’s software; the third party then provides remediation reports according to what issues they find •  Cyber insurance to protect your company, endusers, and the parcel locker provider in the event that anything goes wrong •  A Chief Information Security Officer (CISO), who is abreast of legal and best practice requirements for data privacy and security compliance in Canada.

Integration with property management and building automation software For a parcel locker to send out pickup codes and reminders to end users, they will need access to PII. There are two options here: •  Integration with building management software. If you integrate your parcel lockers, usually by API, to your property management or building automation system, you will need to maintain your

theANNUAL Waterloo – 49


Understanding Parcel Lockers building software. Your parcel lockers will call in automatically for updates. Residents will be able to specify how they are notified when a delivery takes place — for example, whether they prefer an email or cellphone notification. •  Maintaining two separate systems. You will need to maintain two software systems — the property management software and the parcel locker resident roster — which is double the work.

Compliance with Canada’s Anti-Spam Legislation (CASL) Since parcel lockers send out emails or text messages to end users to supply locker pickup codes, those messages should follow Canada’s Anti-Spam Legislation (CASL). These laws are specific to Canada, so check that your parcel locker and parcel room supplier is compliant with CASL.

The same applies to parcel lockers. Ensure that your parcel locker supplier can supply updates as required so that your equipment can be maintained and serviced in a timely manner.

Support, repair, and expertise Choose a locker supplier that can help with installing smart lockers and dealing with issues. Ideally, they should have: • An inventory of spare parts • Experienced installation technicians • A detailed Service Level Agreement (SLA) • Locally trained and certified service technicians to support their IT team • A dedicated account manager to support administration on premises • 24/7 support.

Canadian liability insurance Your parcel locker supplier should have the following policies that pay out in Canada: •  Commercial product liability insurance: Members of the public will use the parcel lockers, and the lockers are likely to be hosted in a commercial business’s premises. Coverage should be at least $2 million. •  Cyber insurance: Parcel lockers use an SaaS model and they host PII, so they need to be protected against data breaches. A minimum coverage of $2 million is ideal. •  Professional liability: This form of insurance helps protect professional advice and service-providing individuals and companies from bearing the total costs of defending a client’s negligence claim and any damages awarded. A $2 million coverage is a good starting point.

Company-owned software Parcel lockers are as much about the software that facilitates their operation as they are about the hardware. If something goes wrong with the locker door or lock, most companies will be able to fix the issue without a problem. However, the software is a separate issue. The software controls the locker terminal, the cloud application where data is stored, the notifications sent out to end users, and triggering of actions at the locker (e.g., opening a specific compartment). When the software is proprietary to the company that made it, a reseller cannot service it. It would be like asking a local IT person to fix an issue with Microsoft Windows in the source code when you need a software patch from Microsoft.

50 – theANNUAL Waterloo

Support

Compliance with Canadian Electrical Code Parcel lockers are electrical devices. It’s essential that they comply with the Canadian Electrical Code and have independent certification from proper organizations (e.g., SGS, Intertek, ESA). Any electrical device that does not carry an approval is subject to a $1 million fine in Canada. Choose lockers with a cUL or CSA certification, which are more likely for lockers made in higher production volumes. Low-volume manufacturing or imported volume lockers should carry at least an ad hoc certification, such as SPM1000.

Canadian Fire Code rating Parcel lockers installed in commercial premises and as a permanent fixture must be Fire Code rated and compliant. In Canada, lockers should be tested


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Understanding Parcel Lockers by an independent lab (e.g., Element Materials Technology) to CAN/ULC S102 standards.

Accessibility consideration and compliance Accessibility laws, such as the Accessibility for Ontarians with Disabilities Act (AODA), are in place to reduce and remove barriers for people with disabilities. Consider how everyone can use the lockers, including those living with disabilities. Examples include ensuring there is a sufficient turn circle for a wheelchair in front of the lockers. For the visually impaired, have a raised home key on the keypad to help them use the screen. Have the ability to set lock compartment maximum height for those in wheelchairs and have a 24/7 bilingual call centre in place for end-user support.

Commercial screens and components Screens in high-use environments should be commercial grade. The same applies to parcel lockers and their components. Look for components rated to a high number of cycles (e.g., 500,000 to 1 million cycles).

Parcel locker construction The purpose of a parcel locker is to take custody of a delivery for a period of time. Therefore, it is vital that manufacturers build them to be strong enough to ward off any intrusion attempts and hold up in general over time. Indoor lockers should be steel construction with a powder coat finish. Outdoor lockers should be made from galvanized steel with a zinc epoxy primer or stainless steel. In colder outdoor climates, the electronics should have a heater to keep them operational even when temperatures dip.

To reduce theft, the construction of the compartment doors is key. The best designs have an inset compartment door design, which means the door is within the frame. Where there is an overlay compartment door, the door closes on top of the frame, which allows for easy prying with a crowbar. With an inset design, there is no lip to pry the door open from underneath.

Compartment content detection Some parcel lockers come with open/close door detection to determine whether a package has been delivered. The locker owner receives notification that the door was opened and closed when a package is delivered. Other parcel lockers have compartment content detection. This technology resides inside each compartment of the parcel locker. The locker tells the computer when there is something or nothing in the compartment.

Compartment motorized locks Most locker suppliers use solenoid locks, which are a type of electromagnetic lock. The force to open and close the locker comes from the minimal force generated by its magnets. If too much pressure is applied to the solenoid latch, the magnet cannot overcome the friction, and the locker will not open. Solenoid locks are prone to jamming when parcels are forced inside, which can happen when a delivery person deposits a parcel that is too big for the selected compartment. The parcel puts pressure on the solenoid lock’s latch from the inside of the compartment; this is called backpressure. Backpressure overcomes the solenoid lock’s magnetic force that usually opens the lock and releases the latch. As a result, the locker will not open. Consider a parcel locker supplier that uses motorized locks. They have a motor to open and close the lock, which has more power to release the latch, even when there is backpressure inside the locker.

Compartment child safety locks

Inset compartment construction

52 – theANNUAL Waterloo

Large parcel locker compartments can be dangerous for children, as they could become trapped inside. It’s an essential preventive measure to ensure that large compartments have a way to open them up from within, in the same way the law requires car manufacturers to have an inside trunk release latch.


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5 things you should know 5 Things You Need to Know About EV Charging – Page 56 – By EVSTART, powered by Wyse Meter Solutions and Elexicon Group

5 tech functionalities that flourished during the pandemic and are here to stay – Page 57 – By Yardi Canada LTD.

5 Regular reviews for your roof – Page 58 – By RJC Engineers

5 Benefits of a Condominium Refurbishment Partner – By PAC Building Group

theANNUAL theANNUAL theANNUAL Waterloo Waterloo Waterloo – 55 – 55 – 55


5 things you should know 5 Things You Need to Know About EV Charging

–B  y EVSTART, powered by Wyse Meter Solutions and Elexicon Group Government incentives, municipal requirements, and blue chip car manufacturer announcements all point to the same direction: electric vehicles (EVs). EVs have become a reality and sales will increase exponentially in the next few years. Accelerating sales also mean increased pressure on multi-family building owners, developers, and condominium corporations to provide reliable, personal EV charging stations. Here are five key aspects that should help building managers rise to this challenge:

1 EV Charging Solutions Are Cheaper

When Dealt with During Construction: Wrong choices during planning and design phases may lead to higher, if not prohibitive costs to add EV chargers in the future. During construction, it is the right time to prepare the building for future EV charging demand. As an example, running conduits to individual parking spots, and properly sizing panels and transformers will result in big future savings. An energized parking spot during construction may cost 50-70% less than a retrofit, considering the full infrastructure cost.

2 Scale Is Key to Increase Efficiency

of Retrofit Projects: There are several activities in an EV charging retrofit that benefit greatly from scale e.g., running conduits. When conducting a retrofit, it is important to plan wisely to dramatically reduce the long-term cost per charger installed. Through optimization of installation for scalable items, we can achieve up to 40% savings in a retrofit project.

3 EV Charging Is Not A Burden, But An

Opportunity For Additional Revenue: With the right turn-key partner, EV charging complexity is reduced and building owners can focus on unlocking new revenue opportunities such as (i) increased rent led by amenities (up to $100 per suite per month), (ii) collection of revenues on pay-as-you-go stations (varies depending on location), (iii) rental of parking spots at premium prices (up to $10k for EV installed parking).

56 – theANNUAL Waterloo

4 Federal Government Incentives

Can Save Up to 50% of EV Charging Infrastructure Costs: In 2019, the Government of Canada launched the Zero Emission Vehicle Infrastructure Program (ZEVIP) with the objective of addressing the lack of charging stations in Canada – one of the key barriers to EV adoption. ZEVIP is a 5-year $280 million program ending in 2024, that will cover up to 50% of total EV charging project costs. For level 2 chargers (most common in MURBs) the rebate is capped at $5,000 per charger.

5 Finding The Right Partner Early Is

a Game Changer: There are many variables in an EV charging solution: technology, load management, number of chargers to install, visitor vs. designated, regulatory constraints and not to mention that the costs to install a charger may range from $1,500 to $10,000+. Finding the right partner early on is critical to run smoothly, find optimal solutions that buy only what you need (and nothing more), and thus be able focus on opportunities and additional revenue potential.


5 tech functionalities that flourished during the pandemic and are here to stay – By Yardi Canada Ltd.

1 Going paperless to streamline

4 Moving to the cloud and adding more

document management Electronic rent collection, invoice and payment processing (including utilities) and outsourcing manual/repetitive tasks like data entry enabled teams to transact with greater efficiency and focus on more critical tasks.

security to help refine your data management Relying on external experts to host and protect data, which may be accessed in real time, empowers teams and further enhances operations.

2 Leveraging online collaboration tools to

5 Onboarding with e-learning to simplify

strengthen team management Video conferencing and virtual document management gained momentum as a great way to feel more connected to and work more effectively with your teams.

growth management Nothing is more crucial than onboarding and training new team members with the added complexity of remote work or flexible schedules. 24/7 access to videos and training tools is the future of talent management.

3 Offering virtual leasing options to supercharge leasing and marketing management Online tours, a tool that was trending prior to the pandemic, further facilitated the lead to lease cycle. The use of CRM, texting, self-service applicant screening and electronic signatures strengthened customer service and have become the industry standard.

theANNUAL Waterloo – 57


5 things you should know 5 Regular reviews for your roof – By RJC Engineers

Stephen Epp, BSc, P.Eng., RRO, ARCA Accepted Inspector, is a Project Engineer with RJC Engineers. He specializes in roof assembly design, assessments and construction review. He is a Registered Roof Observer (RRO) through the Roofing Consultants Institute (RCI). Contact Stephen at sepp@rjc.ca.

1 Clean debris from the roof surface and out of drains. Look for and remove moss, weeds, excessive bird droppings, loose conduits, and abandoned equipment.

2 Identify areas of ponding water or staining away from the roof drain. Ponding water can lead to premature failures of roofing components.

3 Review main traffic routes to, and around, roof top units or access hatches/ladders. Consider providing a high-density rubber walkway in these areas, as unprotected, high traffic areas can accelerate membrane deterioration. Ensure walkways are ballasted or adhered to mitigate risk of blow-off during high wind events.

58 – theANNUAL Waterloo

4 Note any changes in the membrane condition between reviews including membrane ridging, blistering (air bubbles below the membrane), failures/buckling of seams, degranlation, cracking etc. and identify any soft spots or irregularities underfoot as you walk the roof.

5 Review sealants around mechanical unit and/or conduit penetrations for cracks or failures and review flashings on parapets or at penetrations if loose or missing entirely.


5 Benefits of a Condominium Refurbishment Partner – By PAC Building Group Condo refurbishment reaps benefits for owners and residents alike. Making it through the process successfully, however, is no small task. From planning to design, and project scheduling and team coordination, refurbishments can overwhelm even the most seasoned property management team. Here’s where partnering with a Design-Build General Contractor can have its advantages. There are numerous reasons why property stakeholders trust end-to-end contracting firms to quarterback a project. At a high level, they include:

1 Single point of contact: Between architects, designers, engineers, and onsite crews, there is no shortage of teams to keep track of during a refurbishment. That said, having a general contracting partner to serve as your voice and manage third-parties reduces stress, strengthens collaboration, and helps to avoid miscommunications.  “It simply comes down to having one contract, and a single point of responsibility,” says David Petrozza, Owner Principal, PAC Building Group. “The key advantage of a specialized contractor is leveraging their management process. They integrate all the moving parts necessary to complete a project, and that has tremendous value.”

2 A consistent vision: It’s difficult to see a vision from its inception to completion. Having a specialized Design-Build General Contracting firm on the team from the start ensures all parties (trades, residents, property teams) begin on the same page and remain in alignment. Here again, establishing a single point of contact between property owners/managers and their refurbishment teams keeps everyone on track and moving towards the same goals.

3 Greater accountability: With a single point of contact comes greater visibility into the progress of a refurbishment. General contractors can be the “eyes on the ground” to monitor activity, address challenges, and hold other trades and vendors to task.  “All workers are an extension of the contractor and need to represent the client accordingly,” says David.

theANNUAL Waterloo – 59


5 things you should know 4 Safety first: Timelines and budgets are key, but nothing is more important than keeping everyone safe. This includes the crews on the ground, building residents, and the property management team. Herein, an experienced general contractor can enforce leading safety practices at all times and ensure worker health and wellbeing is a top priority throughout all the stages – even, for example, through a worldwide pandemic. For example, says David: “As a reopened business, we adapted with new policies and procedures to operate under Ontario’s health and safety guidelines. We are positioned to approach all projects with a focus on constant sanitization and optimal physical distancing.”

60 – theANNUAL Waterloo

5 Avoiding surprises: A general contractor will know what to watch out for. As such, they can help tackle (or outright avoid) the common pitfalls and “surprises” that creep up during a refurbishment project. After all, says David, “It’s construction – there can always be new challenges. That’s why being dynamic and responsive is imperative to a contractor’s success in upholding their client’s best interest.”


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Lower ongoing operating costs mean increased reserve for other improvements.

Enhance comfort and well-being for residents.

enbridgegas.com/affordable Start today by contacting an Energy Solutions Advisor. 1-866-844-9994 energyservices@enbridge.com © 2021 Enbridge Gas Inc. All rights reserved. * HST is not applicable and will not be added to incentive payments. All incentive offers are available to Enbridge Gas Inc. customers, including those formerly served by Union Gas Ltd. Terms and conditions apply. Visit enbridgegas.com/affordable for details.


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Profile for Marc Cote

theANNUAL Waterloo 2021  

theANNUAL, Waterloo, WRAMA

theANNUAL Waterloo 2021  

theANNUAL, Waterloo, WRAMA

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