CANADA’S NATIONAL PUBLICATION FOR APARTMENT OWNERS AND MANAGERS
VOLUME 11 / NUMBER 6 / DECEMBER/JANUARY 2015
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It’s all About the Renos
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CHIEF
ACHIEVER Centurion’s Greg Romundt exemplifies success
PA R T O Fideas THE Award-winning
Energy savings tips Boosting curb appeal
P A R T
O F
T H E
G IN D IL BU
ACE Painting
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ACE GROUP OF COMPANIES
We are the one stop shop for your apartment building renovations Ace Painting has partnered with V&E and Cranfield to form Ace Group of Companies to meet all your needs.
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Tel: 416-285-5388
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www.acegroupgta.ca
MORE ATTRACTIVE FOR RESIDENTS. MORE RELIABLE FOR YOU. Upgrading your laundry equipment with all new Huebsch® washers and dryers transforms your apartment building’s community laundry room from a simple convenience into an a ractive amenity. Residents will enjoy user-friendly Quantum Controls, which offer many convenient cycles and payment options. They’ll love innovative features like WashAlert with Service Alert that allows them to access cycle status and machine availability online and receive email or text notifications when their wash or dry is complete. And while they’re enjoying the convenience of a Huebsch laundry room, you can bank on minimal operating costs, reduced downtime through features like automatic service notification, and the support network of knowledgeable Laundry Service Providers. Create an amenity for residents and reduce utility costs — visit route.huebsch.com/SaveMoney.
Editor’s Note
Renovating makes $ and sense 2015 is upon us and with it comes widespread uncertainty about what to expect from the apartment market in the coming months. From sudden interest-rate changes and volatile commodity prices, to advancements in technology and a lack of available product, there are multiple factors influencing real estate outcomes. But one thing that always produces a steady return on investment is… building renovations. In this issue, we look at the various aspects of renovating a property or suite. Energy efficiency, design aesthetics, sustainable materials, trends and techniques, how to market your upgrades— the gamut of topics is discussed in detail from the perspectives of several industry experts, including Chaim Rivlin, Jessica Green and student housing guru, Derek Lobo. As our first issue of 2015, we are also excited to bring you our first CEO of the Year feature, which celebrates vision, integrity and leadership in the apartment sector. Greg Romundt, president of Centurion Apartment REIT, is a bright, enthusiastic advocate of the industry who consistently reflects the qualities of a great leader. Read our interview with Mr. Romundt on page 27 and find out what’s at the heart of his unstoppable success. We’ve also launched a new section called “Ask the Expert.” If you’d like to lend your voice to the industry via a future issue of Canadian Apartment Magazine, please send me an email detailing subject matters that align with our issue themes and fall within your area of expertise: erinr@mediaedge.ca
Editor
Erin Ruddy
Group Publisher
Melissa Valentini melissav@mediaedge.ca (416) 512-8186 ext. 248
Senior Designer
Annette Carlucci
Designer
Jennifer Carter
Production Manager
Rachel Selbie
Contributing Writers Paula Gasparro, Derek Lobo, Jessica Green, Chaim Rivlin, Andy Schwartze, and Chris Seepe National Sales
Sean Foley Stephanie Philbin Mitchell Saltzman
Circulation
Gill Daniels
For sales information call (416) 512-8186 ext. 248 Canadian Apartment Magazine is published six times a year by:
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Erin Ruddy @ehruddy
Tel: (416) 512-8186 • Fax: (416) 512-8344 President Kevin Brown
CANADA’S NATIONAL PUBLICATION FOR APARTMENT OWNERS AND MANAGERS
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CHIEF
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PA R T O Fideas THE Award-winning
Energy savings tips Boosting curb appeal
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ISSN 1712-140X
ON THE COVER: Centurion CEO Greg Romundt at his office in Toronto.
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Quoteworthy “If you are a property manager who understands the importance of renovating to attract interest and gain long-term tenants, you will want to do everything possible to get the word out about the upgrades you have made.” -Chaim Rivlin
– page 44 4 www.canadianapartmentmagazine.ca
Authors: Canadian Apartment Magazine accepts unsolicited query letters and article suggestions. Manufacturers: Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor. The opinions expressed are those of the authors of articles and do not necessarily reflect the views of Canadian Apartment Magazine. This information is general and is not a substitute for legal advice. Sworn Statement of Circulation: Available from the publisher upon written request. Although Canadian Apartment Magazine makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused. Printed in Canada
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CONTENTS COVER STORY 26 Publisher’s CEO of the Year
Centurion’s Greg Romundt: Outstanding Leader, Outspoken Sector Champion By Erin Ruddy
FEATURES 19
Award-Worthy Renovations By Erin Ruddy
32
Understanding the Three Rs By Zach Howell
46
Latent Defects and the Law By Chris Seepe
COLUMNS 12
Transactions 2014 GTA Market Report By Richard Vilner
14
CMHC How Design Affects Energy Performance By Paula Gasparro
24
Newsworthy The Rise of the Luxury Rental By Erin Ruddy
36 Portfolio Studying the Facts By Derek Lobo 36 Management Enhancing Curb Appeal By Jessica Green 42
Insurance Getting the Job Done Right By Andy Schwartze
44 Marketing Marketing your Building Upgrades By Chaim Rivlin
DEPARTMENTS 4
Editor’s Note
50
Smart Ideas
COLUMNISTS Paula Gasparro, Jessica Green, Derek Lobo, Andy Schwartze, Richard Vilner
6 www.canadianapartmentmagazine.ca
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THIS MONTH’S ONLINE EXCLUSIVES ALL THE BUZZ
Mechanics of meeting tenant expectations Property management is often the ‘human resources and public relations of the business.’ At a seminar in December 2014, an expert panel offered advice to property managers on how to help meet tenant expectations and increase property value.
How a purpose-built luxury rental is gaining economic viability.
FROM THE GREEN BIN
Conversions fuel multi-family trend in Edmonton Fuzion on Whyte, a condominium complex in downtown Edmonton, was in its final phase of construction when something unexpected occurred. The developer received an offer from GWL Realty Advisors to purchase, in bulk, all units on behalf of a single private investor…and Edmonton’s newest upscale rental development was born.
Builder’s use of Toronto city streets back on agenda A motion that contemplates curbing builders’ use of city streets during construction is back in the hands of Toronto’s deputy city manager. A comprehensive report is expected next month that will consolidate this and other motions aimed at reducing gridlock.
A steel-manufacturing company showcases its stormwater management project and becomes an industry frontrunner.
EXPERT ADVICE
Susan Richardson, co-founder of and principal coach at Leadership That Matters, suggests these time management tips to strike a better work-life balance.
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Only solutions, not problems Darryl Bellwood discusses the importance of proving performance Darryl Bellwood, Assistant VP, Commercial Financing
Darryl joined First National 14 years ago and has originated $3 billion in commercial financing for all asset types. He considers himself a “solutioner,” working hard behind the scenes to manage the complexities of deals, so his clients can focus on their properties and portfolios.
What can you tell us about the deal?
What was the client trying to achieve?
DB: This deal pushed us to prove our performance. It was a perfect storm of several variables—aggressive timeframe, big dollars on the line, a long-standing client. We had no option but to close and we were completely comfortable with that. I relish challenging deals like this one because they create opportunities to build a brand, build relationships and set precedents.
DB: A long-standing client with national presence wanted to make a portfolio purchase of six buildings. However, the client’s vendor had a firm closing date, creating a really aggressive timeline of two weeks. And the client had put down a significant deposit, so walking away wasn’t an option.
$3.6 B
commercial
Brian Kimmel Peter Cook Darryl Bellwood
loans in
2014
Commercial Financing
Do you know why? Because we focus on more than just the deal. We invest time up front to ask the right questions, visit your property and know your portfolio and growth plans. We apply ingenuity when developing financing solutions with you, relying on our broad product lineup, expertise, network and spirit to take smart risks. Most importantly, we execute. Quickly. Simply. Responsively. Every time.
CAM_Advertorial_PC_1114.indd 1
How did you approach this deal?
critical. I communicated with the client every step of the way and made sure to be accountable for what was promised and what was delivered.
DB: We knew that we could deliver the deal but we had to be swift, efficient and transparent. It was definitely an opportunity to instill that next level of trust, credibility and confidence in the relationship.
How does this deal reflect First National’s approach to real estate lending?
What was the solution?
DB: For us, things get done according to the deal, not according to some rigid internal structure or bureaucratic limitations. Ingenuity, which for us means being inventive and resourceful, is part of our value system at First National. We know that we can pivot and adapt very quickly to get deals done right, whatever it takes. When we say no, it’s not because we can’t execute, it’s because we believe that the deal isn’t in the client’s best interest.
DB: I broke the deal down into two stages of financing. The interim was the first stage, which we closed according to the aggressive timeline for securing the property and safeguarding the deposit. While working on the interim, we were also busy putting together the term financing for phase two. We wanted to be swift with the term as well to minimize any impact from rate variances. The typical timeframe for a deal like this one is usually 90 days, but we closed in 60 days.
What was your formula for success? DB: It was a pretty simple formula—hard work and ingenuity. Our client knew that he would have been hard pressed to find another lender that could close interim financing in two weeks. The other option would have been to close the transaction using an operating line, which wasn’t really an economical option either. With the pressure of the timeline in phase one and the sensitivity around rate in phase two, openness and transparency were
To learn more about how you can partner with Darryl on your commercial real estate opportunities, please contact him directly at Darryl.bellwood@firstnational.ca, call at 416-593-3011 or connect on LinkedIn.
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2014-11-21 4:19 PM
Transactions
2014 GTA Multi Residential Market Summary By Richard Vilner
RealNet Canada Inc. announced results for the GTA commercial real estate investment market for the yearend 2014. A total of 1,974 transactions above $1 million were recorded across all asset classes totaling $13.6 billion for the Greater Toronto Area. Overall dollar volume invested was up one percent compared to 2013. For the twelve month period, the apartment sector contributed a total of $1.1 billion with 144 multi-residential properties trading in excess of $1 million. On a dollar volume basis, this represented a decrease of 35 percent compared to 2013. In 2014, the top five apartment transactions by dollar volume in the Greater Toronto Area totaled $270,241,150, representing an average price per unit of $179,257. In comparison, the top five largest multi-residential deals in 2013 totaled $373,500,316 at an average price per unit of $183,653. The price per unit valuation year-to-date for 2014 averaged $191,259, a 14 percent increase from the 2013 average of $168,030 for the GTA region.
Apartment Property Transactions – 2005 to 2014
This chart summarizes, on a yearly basis, the total dollar volume and the total number of apartment transactions greater than $1 million in the GTA region. With a total of 144 transactions above $1 million, 2014 investments amounted to $1.1 Billion, down 35 percent compared to 2013.
Top 5 GTA Apartment Transactions 2014 Transaction Date
Transaction Name
Municipality
Purchaser
Price
Size (Units)
Price/Unit
01/05/2014
7411-7433 Yonge Street
Markham
Starlight Investments Ltd.
$71,250,000
380
$187,500
01/10/2014
160, 170 & 180 Chalkfarm Dr.
North York
Greenwin Inc.
$60,000,000
1,214
$76,606
27/11/2014
5900 Yonge Street
North York
Conundrum Capital Corporation $54,491,150
230
$236,918
17/07/2014
295 Dufferin Street
Toronto
Starlight Investments Ltd.
$45,000,000
200
$225,000
01/12/2014
6599 Glen Erin Drive
Mississauga
InterRent REIT
$39,500,000
232
$170,259
12 www.canadianapartmentmagazine.ca
Apartment Property Transactions - 2014
This chart summarizes 2014 apartment transactions greater than $1 Million in the GTA Region geographically and by dollar volume (the larger the transaction in dollar volume, the larger the size of the circumference).
Additionally, yields continued to compress across all commercial real estate asset classes, and the apartment sector reached a record low average yield of 5.1 percent in 2014. This represents a decline of 40 basis points from its previous record annual low of 5.5 percent in 2013.
New & Notable transaction: 840 Dundas Street East Located on the north side of Dundas Street East, east of Brock Street North in Whitby, 840 Dundas Street East is improved with a three-storey apartment building containing a total of 66 units. The building was purchased for a total consideration of $7,300,000, representing a price per unit of $110,606. Date of Sale: December 1, 2014 Sale Price: $7,300,000 Capitalization Rate: 5.4% Total # of Units: 66 Price per Unit: $110,606 Brokers: Cushman & Wakefield Ltd. Our discussions with industry professionals familiar with this transaction indicated that the property was on the market for approximately 1.5 months. For the month of December, 2014, there were a total of thirteen apartment transactions that sold for over $1,000,000 in the Greater Toronto Area. The total dollar volume for these transactions amounted to $114,534,015. The average price per unit was $223,761 and the average capitalization rate was 4.59 percent.
This article was written by Richard Vilner, Research Manager at RealNet Canada Inc. Contact Richard at: rvilner@realnet.ca. RealNet Canada Inc. is the leading real estate information services company in Canada, powering the decisions of firms involved in approximately 75% of the market activity. www.realnet.ca December/January 2015 13
CMHC
How Design Affects Energy Performance Understanding the Impacts of Architectural Form By Paula Gasparro
Architectural form refers to the total sum of a building’s interior space. In other words, everything contained within the windows, walls, roof and foundation as defined by the building’s floor plate geometry.
14 www.canadianapartmentmagazine.ca
While the impacts of a building’s individual parameters are reasonably well understood, what is less understood, is how those parameters interact together to affect energy use and potential for solar energy generation in multi-residential buildings. To better understand these interrelationships, CMHC launched a research project in which several thousand computerized model simulations were analyzed using differing floor plate geometries and envelope parameters. For consistency, heating and cooling loads were normalized by floor area, and results were used to identify trends in how the design and characteristics of architectural form can impact annual heating and cooling loads.
Key findings The study determined that several key architectural form parameters can result in significant reductions in annual heating and cooling load intensities. Floor plate geometry and building orientation were typically found to have very minor impacts on heating loads (that is, the results of the simulations of the impacts of different plate geometries and orientations on heating loads were always within close range of one another), and slightly bigger impacts on cooling loads. However, the overall combined building envelope factors, including wall insulation value, window U-value and window solar heat gain coefficient (SHGC) performance, and the window-to-wall ratio
CMHC (WWR) have much greater impacts on heating and cooling loads than other factors. So while the designer’s initial decisions concerning the floor plate geometry and orientation can and will affect the potential energy performance of the building, the overall thermal performance of the envelope (including the WWR) remains the most important factor to consider when designing to minimize heating and cooling energy loads. The study indicated that there were no preferred combinations of architectural form (floor plate, orientation and number of floors) for any of the envelope parameters. The impacts on the heating and cooling loads from the various envelope parameters were found to be relatively independent of the building geometry. Not surprisingly, the best-performing envelopes with respect to the heating load used low WWR (30 percent), well-insulated walls and triple-glazed windows with high solar gain, low-e glazing. To minimize the summer cooling loads, triple-glazed lowSHGC, low-e windows could be used; however, this would sacrifice a significant amount of passive solar heat gains, leading to higher heating loads.
in the cooling load. Reduced annual heating load intensity is due to the fact that, as the building increases in height, vertical envelope area (and thus heat loss) increases proportionally; however, the roof and floor slab areas (and heat loss) remain constant. With respect to solar potential relative to building height, shorter buildings are optimal for both solar thermal domestic hot water (DHW) and photovoltaics (PV),
in terms of energy production per unit of floor area, on account of the higher ratios of roof area to total conditioned floor area. This is in contrast to higher buildings having reduced annual heating load intensity, while at the same time increased annual cooling load intensity. Overall building designs targeting “net zero” site energy will need to seek a balance between building height and a larger floor plate (such as the ‘H’ and ‘U’ floor plates) to
Floor plates Buildings having a “courtyard” floor plate (the ‘U’ and ‘H’ floor plates) experienced slightly reduced heating loads and significantly reduced cooling loads compared to the more commonly employed ‘Bar’ and ‘Square’ geometries. In this study, ‘L’-shaped floor plates were found to generally perform the poorest, as they tend to have the highest heating and cooling loads when normalized by floor area. While the orientation of each floor plate had little effect on the heating loads, a significant reduction in cooling loads was observed when orienting the ‘U’- and ‘H’-shaped buildings with the courtyards facing east or west. Building height The number of storeys in the buildings had a greater impact on the annual heating load intensity than either the floor plate or orientation of the building. Maximizing the number of storeys (that is, 10 storeys for the purpose of this study) showed a reduction in total load intensity approaching 20 percent, with the large reduction of the heating load outweighing the increase December/January 2015 15 Untitled-1 1
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CMHC optimize the renewable energy potential. Further, the WWR has a significant impact on the available opaque wall area upon which to install vertical photovoltaic solar collectors—a higher WWR results in higher heating loads and lower solar energy potential because of an increase in window area over wall area. Balconies Balconies can act as a shading device; however, depending on how the balcony slabs are attached to the main building structure, their (potential) thermal bridging can reduce the effective RSI-value of the surrounding wall system. The increase in heating loads due to the thermal bridge effect of the balconies is among the smaller effects investigated in this study (increases between 4 per cent and 8 per cent in heating load, depending on the WWR).
Are you contemplating the sale of your apartment property? Consider the following: • Who will represent your best interests? • Who will give your property maximum exposure? • Who will deliver the highest value for your property? With over 20 years experience, tens of thousands of units sold, and hundreds of clients represented, we have consistently delivered superior results. Through our local and national coverage, we create maximum exposure, ensuring maximum value for your property. Please visit our website at www.cbre.ca/nag-toronto or contact us at 416.815.2332 to learn more about how we can help you.
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SOLD 849 Suites - Toronto $129,564 per suite
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However, when a balcony creates a thermal bridge, it will have a greater relative impact (that is, increase) on the heating load than the overall wall system (opaque walls and windows) RSI-value. This means that, with higher-performance envelopes, the thermal bridging due to the balconies matters and should be minimized by either using thermal breaks between the balcony slab and the building structure or limiting the length of the balconies. As balconies reduce annual cooling load intensity thanks to their shading effect, any measures that can reduce their adverse impact on heating loads would be beneficial. Envelope parameters The larger areas represent those elements that have a greater impact on heating and cooling loads and therefore warrant more attention at the design stage. For example, as can be seen in the figures, the envelope parameters (WWR, thermal performance) are the most important factors to consider with respect to controlling the annual heating and cooling load intensities of buildings. The number of storeys has more of an impact on heating load intensities than on cooling. The envelope parameters are relatively more important when considering the annual cooling load intensity impact. Implications for the housing industry The results of this modelling study indicate that designers seeking to reduce space conditioning loads in multi-unit residential buildings should focus first on building envelope performance parameters. Other parameters of architectural form such as floor plate geometry, building orientation and height tend to have less impact on the energy performance of MURBs and may be addressed once building envelope thermal performance has been optimized.
For close to 70 years, Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing authority, and a source of objective, reliable housing information. To take advantage of CMHC’s Mortgage Loan Insurance or to learn more about CMHC research, contact Paula Gasparro, Manager, Business Development, Multi-Unit Mortgage Insurance at 416-250-2731, via e-mail at pgasparr@cmhc.ca or visit us at www.cmhc.ca.
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CONGRATULATIONS TO THE MAC AWARD WINNERS
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Feature
Award-Worthy Renovations FRPO’s MAC Awards Honours Property Managers for their Achievements in 2014 By Erin Ruddy
In December 2014, over 950 industry professionals gathered at the Metro Toronto Convention Centre as Ontario’s top landlords and property managers were recognized for achievements in their field. 18 www.canadianapartmentmagazine.ca
Feature The complete list of 2014 winners: Rental Housing Lifetime Achievement Award: Abraham Bleeman – Medallion Corporation Property Management Website: Lépine Corporation – www.williamscourt.ca Advertising Excellence – Single Campaign: Ferguslea Properties Ltd. – The Fairview Advertising Excellence – Social Media: Greenwin Inc. Best Curb Appeal: Starlight Investments Ltd. – 2250 Homelands Drive, Mississauga Best Lobby Renovation of the Year: CAPREIT – 625 Evans Avenue, Etobicoke Best Suite Renovation under $7500: MetCap Living Management Inc. – 90 Tyndall Avenue, Toronto Best Suite Renovation over $7500: Vertica Resident Services – 57 Charles Street West, Toronto Rental Development of the Year: Concert Realty Services Ltd. - One32 – 132 Berkeley Street, Toronto
The MAC Awards Gala is the most important annual event for FRPO members and is attended by the province’s top rental housing providers, ranging from hands-on managers to third party management and holding companies. The annual event recognizes excellence in the residential rental housing industry and aims to advance the high standards that the Federation of Rental-housing Providers of Ontario promotes. Held on December 4th, the 2014 gala was a huge draw as special guest speaker the Right Honourable Brian Mulroney announced the award recipients. In the renovations category, MetCap took home the best suite renovation (under $7,500) for recent work completed at 90 Tyndall Avenue, while Vertica Resident Services won for suite renovations (over $7,500) completed at 57 Charles Street West. In the best lobby renovation category, CAPREIT stole the show with its newly revamped Evans Apartments lobby. So what does it take to be honoured with a MAC Award for best renovation? Beyond eco-minded resourcefulness and a design vision that appeals to a wide range of tastes, it also takes exceptional planning and a commitment to staying the course. In keeping with our renovations theme, Canadian Apartment Magazine is pleased to feature three winning projects detailed on the following pages.
Amenities Award of Excellence: Lépine Corporation – William’s Court, Ottawa Environmental Excellence Award: Skyline Group of Companies Outstanding Community Service Award: Skyline Group of Companies Leasing Professional of the Year: Jennifer Bateman-Hatch (CAPREIT) Property Manager of the Year: Andrew Arklie (Skyline Group of Companies) Resident Manager of the Year: Phillip Campbell (CAPREIT) Customer Service Award of Excellence: Realstar Management December/January 2015 19
Feature
BEST LOBBY RENOVATION OF THE YEAR Property Manager: CAPREIT Building Address: 625 Evans Avenue, Etobicoke Renovations Team: Multitech Contracting and Inner Luxe Design Before & After: Weather-beaten walls and general deterioration prompted CAPREIT to invest in a major overhaul of its lobby in September of 2014. The team’s mandate was to stay eco-friendly and employ durable, long-lasting materials that would appeal to an upscale market. Today the new lobby boasts eco-friendly features, including a new stone floor, new quartzite wall tiles, and new pendant lighting with CFL and LED bulbs. In an attempt to maintain some of the existing lobby, CAPREIT chose to paint the ceiling, re-stain the wood and re-use some of the furniture in its other buildings. Existing mirrors, doors, and intercom area were integrated into the new design, helping to keep the total cost of the renovation to $40,000. The end result is a welcoming, modern space that reflects the residents who call 625 Evans Avenue home.
20 www.canadianapartmentmagazine.ca
Feature
BEST SUITE RENOVATION (Over $7,500) Property Manager: Vertica Resident Services Building Address: 57 Charles Street, Toronto Renovations Team: HOK Incorporated (architect), Ndreka (contractor) and Internat (mechanical designer) Before & After: Goodbye outdated 1980s colonial finishes and hello new open-space, contemporary design. Residents at 57 Charles Street are enjoying their completely refurbished kitchens and washrooms, in-suite laundry nooks, additional closet space and brand new mud rooms. While updates to the kitchen included new Shaker-style dark cabinets, Energy Star stainless steel appliances, quartz countertops, and under-mount double stainless steel sink with Moen faucet, the washrooms now feature new porcelain tiles, a tub surround, a dark brown Shaker-style vanity with a quartz countertop and Moen faucet. In keeping with Vertica’s philosophy on energy conservation, a 3-litre low-flow toilet and energy efficient lighting was installed, giving the entire suite a complete modern makeover with its urban residents in mind.
BEST SUITE RENOVATION (Under $7,500) Property Manager: MetCap Living Management Inc. Building Address: 90 Tyndall Avenue, Toronto Before & After: Like all apartments born of the 1960s and 70s, there comes a time when upgrades are essential. MetCap’s 90 Tyndall Avenue in Toronto is just such a building, and this past year one of its bachelor units received a makeover. The renovations took three weeks and cost just $7,370, but the results were transformative. In the kitchen, outdated floors were refitted with crisp black and white tiles, and new cabinets and countertops were installed. In the washroom, a new toilet and vanity sink has completed the modern look. Described as having an elegant and modern aesthetic, Metcap hopes to eventually upgrade all the units to match this winning design.
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We are Contractor Check and Complyworks certified Call us so we can help develop your Emergency Response Plan: (416) 633-0607 | (905) 738-1759 | www.dryit.ca 22 www.canadianapartmentmagazine.ca DryIt_GTA_January_2015.indd 1
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Congratulations to the MAC Award Winners
1.877.755.5302 info@coinamatic.com www.coinamatic.com
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December/January 2015 23
Newsworthy
The rise of the luxury rental More Residents are Seeking Condo-quality Accommodations without the Hassle of Ownership By Erin Ruddy
Kingsclub condominium complex, a 639-suite development on King St. West in Toronto, was a busy construction zone until midJanuary when all activity quietly ceased. The developer, Urbancorp, was soon to reveal to unit owners that the project, originally slated for May 2015 occupancy, had been abandoned. New plans are now underway to convert the three towers into luxury rental apartments. This is the second downtown condo project in a matter of weeks to make the switch from condo to rental. The first was a development called the Selby, a 49-storey, 441-unit downtown condo and townhouse complex. In the Selby’s case, no sales had been finalized, while Urbancorp had already secured deposits from 181 purchasers some three years earlier. The Toronto Star speculates that these two back-to-back conversions may be a sign that condo interest is waning in Toronto. Given some similar conversions elsewhere in Canada in recent months, could this be the sign of a rental resurgence? Is condo development on the decline while rental demand is on the rise? “Not exactly,” says Peter Cook, assistant vice president commercial lending at First National Financial. “The condo market is still very strong and will likely remain robust for years to come. Financing isn’t typically 24 www.canadianapartmentmagazine.ca
is ‘Watercrest’ in Barrie, Ontario—a 167-suite waterfront development overlooking Kempenfelt Bay. Completed in 2014, the building features brand new “condo-quality” rental apartments, impeccable amenities, including a state-of-the-art fitness centre and an outdoor pool, and a convenient downtown location. “Millenials today are a big component of why this surge is happening,” explains Cook. “They want something nice. They don’t want to live in old 1950s apartments. They want new, modern appliances and fixtures. They want a higher quality building in a great location and they are prepared to pay extra for it.” Empty nesters are another major factor in that demand. “Once the kids move out, people are selling their homes and moving into smaller accommodations. Renting provides flexibility while owning a condominium doesn’t,” Cook says. “New, high-end properties in central locations are sought after by this demographic who wants a property manager to look after their needs, and high-end condo-quality services. They don’t want the responsibility of ownership, rather the convenience of renting. This is the future of the rental industry in Canada.”
an issue for properties in quality locations and for qualified developers. It’s hard to speculate what caused this change of heart; perhaps a better opportunity presented itself. But there is definitely money available for development in the GTA in the case of both condo construction and new purpose- Renting vs. owning The contentious topic of renting versus built rental.” owning has been an ongoing debate for decades, but some argue the two aren’t in High-end appeal Nevertheless, interest in purpose-built direct competition. In fact, Greg Romundt, apartments seems to be flourishing. CEO of Centurion REIT believes it’s not the “There has been a lot of interest in tenants the sectors are competing for, but purpose-built apartments lately. Not just the sites to build the properties. “Purpose-built rental has an extremely in Toronto, but in mid-sized centres as well,” Cook observes. “Burlington, London, difficult time competing on the basis of and Kitchener Waterloo are all hot spots price to buy up desirable sites, because the for new construction of multi-family highest yield in construction is going to apartments. People want brand new, high- condo,” he says. “So the competition isn’t end accommodations without the hassle of about rental vs. ownership. It’s about buying sites to build buildings. We are just not able ownership. Luxury rental is definitely in.” A perfect example of just such a property to compete against the condo guys.”
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Cover Story
PUBLISHER’S CEO OF THE YEAR:
GREG ROMUNDT Outstanding Leader, Outspoken Sector Champion By Erin Ruddy
Centurion’s Greg Romundt knows a thing or two about running a successful business operation. With a background in investment banking and a true passion for the Canadian apartment market, today his company is one of Canada’s largest private REITs.
26 www.canadianapartmentmagazine.ca
Cover Story
December/January 2015 27
Cover Story
Named by our publisher as Canadian Apartment Magazine’s CEO of the year, Mr. Romundt exhibits the rare combination of qualities typically associated with outstanding leadership by a Chief Executive Officer. He holds numerous accolades, including recently being named a finalist in the prestigious Ernst & Young 2014 Entrepreneur of the Year Award. An outspoken sector expert with his eye fixed on the horizon, Romundt has been an active panelist at several top industry events—from the Canadian Apartment Investment Conference to the Student Housing Symposium— engaging listeners while drumming up important discussions about the ongoing state of the multifamily market. Notable apartment broker Derek Lobo had a lot to say about the 46-year-old Toronto native, praising the significant contributions he has made to the property management platform in such a short period of time. “Most people come from inside the business—but Greg, he chose it. He brought a different perspective to the apartment industry. He built a solid team of executives around him. In my opinion, he is one of the brightest minds in the apartment industry in Canada.” It is with great pleasure that we launch into the New Year with Mr Romundt featured as our first of many outstanding CEOs.
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Tell us a little bit about your background and how you came to be the president of Centurion Apartment REIT? I graduated from Ivy at Western University in 1991 and my first job was with Citibank as a derivatives trader. Derivatives trading is an extremely numerical job. I started trading second and third generation currency derivatives, the really exotic, arcane stuff. I moved to New York to run the exotic derivatives team, then on to Singapore and Hong Kong, followed by London and then back to Singapore all the while, building businesses for someone else. I officially retired from the business after 12 years. Because of conflicts of interest, I was forced to invest my money outside of trading. I looked around for investment opportunities and came to the conclusion that real estate, specifically the Ontario apartment sector, held the best investment opportunities for me. I have always enjoyed building businesses and I saw an opportunity to build a business of my own. Did your skills as a derivatives trader transfer over to your new career? Yes, actually. As a trader, I was very much focused on things like “relative value pricing” and “risk vs. rewards.” When I started looking at real estate, I was able to apply a lot of those analytical skills to the properties we were buying, and strategically expanding our portfolio. As a trader, one of the ways you preserve
I’ve always been attracted to the stability of the industry. There are few businesses that I know where capital is as safe as it is in apartments. ”
28 www.canadianapartmentmagazine.ca
margins is through innovation—and that includes being able to do things at a larger size. It means inventing new products with larger margins. You have to be very proactive in regards to technology and trying new things. I’ve always taken a proactive approach to reinvention and driving efficiencies. In our portfolio, although we aren’t selling much, we are always looking for the best relative value when making new investments. Sometimes mortgage lending is more attractive, sometimes it is development, and sometimes it’s student housing. We have all these little buckets where we can allocate new capital when we think it’s going to get the best return on investment. What do you love most about the apartment industry? I’ve always been attracted to the stability of the industry. There are few businesses that I know where capital is as safe as it is in apartments. In many ways it’s the polar opposite of derivatives trading— or even say, the high-tech industry. When it comes to intellectual property, you can be a high flyer one minute and practically out of business the next. And take, for example, the taxi industry now that Uber is here. The whole industry is undergoing disintermediation and prior to Uber, no one saw it coming. At least with apartments, everybody needs to live somewhere, and I know that no matter what happens, that demand is not going away and we can’t be disintermediated or made obsolescent . What bugs you most about the apartment industry? What bugs me is the one-sidedness with which we are portrayed, as a whole, by the media and the government policies that seem to be designed against us.
Cover Story
What do you consider your biggest success to date? The thing about being in the apartment business is that it’s not really the big wins that matter most—or at least it isn’t for me. It’s about lots of consistent, small wins that add up to success over time. What were some of your biggest challenges in 2014? The biggest challenge I had in 2014 was not unique to Centurion. It was finding good opportunities. That has been extremely challenging for all of us, and it still is. The availability of good product has declined relative to prior years. TakeCover_CAM_December_2014_FINAL.pdf The competitiveness of the pricing is
extraordinarily stiff, so it’s very hard to find deals that make sense right now. Do you see the condo industry as a help or a hindrance? The condo market is a major market phenomenon, not a secondary market phenomenon. So in most of the markets we are in, it isn’t a competitor for tenants—or even, really, for sites. In the big cities like Toronto however, it is a competitor for new construction sites that could be used for rental, which is a business we’re very interested in. Purposebuilt rental has an extremely difficult time competing on the basis of price to buy up sites,3:08 because the highest yield 1 those 14-11-19 PM in construction is going to condo. So the
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The biggest challenge I had in 2014 was not unique to Centurion. It was finding good opportunities.”
December/January 2015 29
Cover Story competition isn’t about rental vs. ownership. It’s about buying sites to build buildings. We are just not able to compete against the condo guys. With student housing being such a focus for Centurion, where do you see the biggest opportunities? We’re focused on purpose-built student housing as well as purposebuilt rental. Currently we have about 3,500 rental units (both student and apartment) in various stages of construction all across Canada. New construction is something we are very active in right now. We think that now is the time for purpose-built rental. It’s been a long time since any significant number of buildings has gone up, and the quality of the existing stock is declining. I believe there is a desire—particularly in secondary markets where people don’t have the option of renting condos—for brand new suites, and they are willing to pay a premium. Renovated forty-year-old apartments still don’t come close to brand new. Who has had the biggest positive influence on your career? This may sound strange but the biggest positive influence on my career has been all the negative people in my life. I’m a very competitive person and a bit of a challenge junkie. I’ve always used the negativity of others to drive myself forward. So whenever someone tells me, “Oh, you can’t do that,” or “That can’t be done,” I accept that challenge! There are so many negative people out there, and if you’re an ambitious person, you’ll find yourself surrounded by people who are impaired by
their own negativity. People are all-too happy to share their negative thoughts with you. You have to brush it aside and see it as a personal challenge to succeed. The fact is, if you are not a perennial optimist you will not have the energy to succeed as an entrepreneur. What do you think will be some of the big industry stories of 2015? I really think the focus for many of us right now is development and internal growth. External opportunities are few and far between, and for the most part, they are very unattractively priced. Most owners will have to look inwards to see where they can invest within their own portfolio—maybe intensification opportunities, new development, internal repositioning rather than acquisitions. What are some of your goals for 2015? Simply, to continue to grow our business. We grew our business quite a bit in 2014, about 40 percent, and we anticipate that we’ll achieve another 40 to 50 percent this year. We have a very robust pipe line, but if you look at what we are doing, almost everything is driven from our lending bucket and our new development bucket. We only acquired one older apartment building in 2014, and that only contributed five percent of the forty. No matter how that growth is achieved, we look forward 1 15-01-28 to followingCMLS_CAM_Dec/Jan_2015_FINAL.pdf Greg Romundt and Centurion’s success 12:36 story PM throughout 2015, and beyond.
A leader is someone who demonstrates what’s possible. OF THE YEAR
Congratulations Greg
ON THE PUBLISHER’S CEO OF THE YEAR AWARD
CONGRATULATIONS TO CENTURION CEO GREG ROMUNDT ON BEING NAMED PUBLISHER’S CEO OF THE YEAR.
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Feature
Understanding the Three Rs Renovation, Retrofitting & Residents By Zach Howell
Heading into any building renovation, it’s important to understand the impacts our choices have on sustainability, operational efficiency, and end user livability—whether it’s the materials we choose, the designs we select, or the teams we put together to service the renovation work.
Creating a diverse project team is the first step in the right direction. In addition to the obvious members— IE ownership, architect, and general contractor—seeking input from the management staff, and even the building residents, will benefit your end result. The perspectives and field experience these people can add to the design and construction conversation are extremely valuable. Even larger and more diverse design teams cannot ensure that every resident will be happy with the finished product. For example, one resident may be highly energy conscious and appreciate the value of the new cove heaters being proposed, while another may only want to have warm air blown on them. With energy-efficiency in mind, here are a few trending topics for consideration as well as the positive (and potential negative) results that typically go along with each decision within the interior renovation scope. 32 www.canadianapartmentmagazine.ca
Energy Savings: Appliances: The new Energy Use Intensity (EUI) and Energy Star score metrics are hitting certain jurisdictions throughout the country while other regions are seeing the writing on the wall and transitioning over to Energy Star appliances just to be ready. These appliance changes seem to be having a positive impact on the residents. In fact; a recent survey in the U.S. by J Turner Research covering all generational demographics found that “survey respondents ranked energy-efficient appliances of the highest importance in their apartment on a scale from zero to ten, with an
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average score of 8.33.” The drawback is typically on the site staff. Those involved with the new metrics are finding that it takes a bit more time to collect and document data in order to submit scoring thresholds, but most see it as best practice and a natural step in a continued focus toward energy efficiency. Lighting: Although incandescent light bulbs are largely on their way out, the price point of some CFLs and LED counterpart lighting just isn’t feasible for some landlords and apartment owners. Many residents still prefer the soft glow of an incandescent bulb to the CFL and LED light spectrum, though that complaint seems to be lessening
over time. Properties that can justify the upfront cost of more efficient options are taking advantage of the long term pay backs whenever possible. Many are still trying to phase out their T-12 stock and transition over to CFLs. Sensors: Recently, technology from the commercial industry began crossing over to the residential side of the market. New occupancy sensors not only sense movement in units, but also heat signature. This change has a two-fold effect— both positive for the resident. Firstly, the automated system allows for the ease and convenience of not having to manually use switches, while adding a high tech feel to December/January 2015 33
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any apartment home. Secondly, it cuts down on unnecessary costs. Whether the resident or owner is covering those utility costs, there are proven savings when vacant rooms are not being illuminated during downtimes. Water Conservation: This is a hot topic on the green construction front, and it should go without saying that low flow toilets, showerheads, and faucets should be included in all renovation specifications. Here are some additional features to consider: Faucets: Look for EPA WaterSense Certified products, which meet or exceed the minimum requirement of 1.5 gpm for lavatories and 2.0 gpm for shower heads. The biggest deterrent in this group is cost, but there is a large range between the usual suppliers, so shop around. If prices are still too steep, consider some of the proximity sensing models on the market. These faucets are not only water conscious and reduce unnecessary water flow; they are more hygienic since they are motion controlled rather than touch controlled. The only recommendation here is to stick to the spout sensor and avoid the front sensors as they tend to spray unwanted water on the users’ arms. Toilets: Most toilets talk about 1.28 gpf as a standard, but the “stealth toilet” by Niagara is closer to 0.8 gpf. The consideration here is strength of flush and resident profile. For older, more medicated residents sometimes more water is required to properly flush solids down. Higher seat models are also appreciated, but for multifamily applications, low flow models are more than sufficient. Rainwater Capture: In addition to using less potable water in the home through fixtures, capturing rainwater is continuing to gain momentum. Most products on the market are geared towards rainwater storage systems. The advantage of the rainwater capture is to use this water to supply irrigation and other non-potable water needs throughout the site. Most residents will never see these systems so the major concern here is the ongoing maintenance and repair of these sometimes technical systems. There may be ongoing cost for annual maintenance contracts or additional training for staff to be able to maintain these systems over the long term. Indoor Air Quality: Over the past few years this problem has been largely conquered, but in case air quality is still a concern, here are some ways to nearly eliminate moisture accumulation and the inevitable growth that comes with it. 34 www.canadianapartmentmagazine.ca
Continuously running fans: New bathroom mechanical venting should be required for any renovation or new development. Whether the fan is continuously running (direct wired) or is controlled by a humidistat switch or sensor, this is a must for getting rid of the dreaded mould. With that said, there are some caveats. First check for proper venting size. Most of the new fans will require a 4” ducting line, and ridged venting is usually code required on renovation. In addition to upgrading the venting size and tube be sure the new venting is exiting the building properly. The best way to install the ducting vent line is by using a mushroom cap style vent with a 4” pipe joint on the lower side of the roof, and ensuring a positive connection between the duct and the through roof vent component using a steel hose clamp. The initial response from residents has been that their heat is being pulled out through the fan, but over time, research has found that heat loss is negligible. Also, increase air quality by cutting the bottom of the bathroom door up about ½” above the carpet surface to recirculate all the air in the home on a daily basis. Heating: The debate over fan-forced air heat sources such as wall heaters and radiant cove heating is a lively conversation when considering any renovation. Consider the end user whenever deciding between these two designs. For market rate conventional housing, radiant cove is a good option especially if energy savings is high on the priority list. The positives are that these components are located high on the wall, allowing for easier furniture layouts, and are powered by a 120V electrical circuit. They’re controlled by a wall thermostat, which when set and left alone will regulate the temperature in the space very well with high efficiency. The drawback of the radiant heating design is that many people don’t understand how it works and refer to the old adage that heat rises. But with radiant heat, that is not necessarily the case. The other consideration has to do with the layout of the unit. In order for radiant heaters to heat the space uniformly they must be unobstructed. So if renovating an existing unit, wall location and cove placement calculations are critical. The main drawbacks of the forced air design is the typical 240V supply needed to power the unit and the lower location on the wall that can’t have furniture or other obstructions within three feet of the blower fan. The advantage is that residents use it when they need it and it instantaneous. The negatives of forced air have been remedied by new models on the market that are located high on the wall and powered by 120V circuit. They have directional fans and push warm air through the space.
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Finish Materials: The past few years have seen a shift in flooring choices in the industry. After 5-7 years of use many are realizing that Marmoleum type products are great in some applications but a nightmare in others. If cared for, the product can look great and last for a long time, but if residents don’t care for their “green” flooring it deteriorates quickly and repairs are not easy or cheap. Most are transitioning into fiberglass (vinyl) backed products. Whether sheet goods or plank format, this new flooring uses a pressure sensitive adhesive that enables the product to be cut, or entire planks pulled up and re-glued by staff to make a repair. The drawback continues to be noise transfer but new products containing sound deadening technology is making that complaint extinct.
These products hold to an old adage: Keep it simple and always consider the end user. Understand that standardization and ease of use is always the best practice. The ability to renovate using high quality, long-lasting products that the in-house staff can repair easily is the ultimate money-saving decision.
Zach Howell is the Director of the Apartment Maintenance Institute in Portland, Oregon. For more information, please visit: AMInstitute.net
Consultants Garage & Balcony Restoration Building Envelope Assessment & Remediation
Reserve Fund Studies Technical Audits Structural Engineering
rjc.ca
December/January 2015 35
Portfolio
Studying the Facts
With Canadian and International Student Enrollments on the Rise, Now is the Time to Invest in Student Housing By Derek Lobo
In 2013, universities across Canada announced an enrollment of 837,947 undergraduates and 151,410 graduates for a total of 989,357 full-time students. Today, the Association of Universities and Colleges of Canada (AUCC) cites that 1.2 million students are currently enrolled in degree programs throughout Canada. While there has been some fluctuation from university to university, most institutions have received an average of two percent enrollment growth each year since 2010.
36 www.canadianapartmentmagazine.ca
Portfolio
Statistics like these suggest that more and more students are realizing the importance of a good education. Not only are more young people enrolling in post secondary institutions than ever before, but they are also staying there longer. Savings incentive programs like the Registered Education Savings Plan have helped parents put away money for their children’s education. And, as the interest in higher education in Canada has increased, so too has the interest in Canadian purpose-built off-campus student housing. Canadian universities are actively courting international students, who pay for the full cost of their education, and who are most in need for student housing. The federal government announced in January 2015, a plan to
attract more international students to Canadian post-secondary campuses. Specifically, the International Education Strategy aims to double the number of international students and researchers — to 450,000 — in Canada by 2022 in an effort to create jobs and stimulate the domestic economy. Already, prestigious schools like the University of Toronto, McGill, the University of British Columbia and Saint Mary’s University in Nova Scotia have international enrollments as high as 20 to 25 percent. As for Canadian students, many are choosing to attend universities outside their home town, picking high quality student accommodations where they can find them. For parents and students, university represents the first real step towards independence, and student housing embodies that critical first apartment. Students and parents want accommodations that are convenient, safe and designed specifically to address their educational needs. What these trends mean is that, while thousands of new beds have been added to university towns like Waterloo and Toronto in the past four years, the market for student housing has grown even more, by around 20,000 full time students. At least 550,000 students are looking for housing this year, and Canadian universities can only provide a bed for one in every five. Back in 2011, the student housing market was an excellent opportunity across Canada to serve a demographic that needed specialized housing, and was willing to pay for it. The opportunity is even stronger today. The North American Student Housing Conference and Exposition Learn more about the opportunities that exist in student housing by attending the ROCK Apartment Conference Series, held on April 20 to 22, 2015, at the Metro Toronto
Facts at a glance from the Association of Universities and Colleges of Canada: • 1.2 million students in degree programs • 898,400 full-time students • 275,800 part-time students • Canada is home to 98 universities
Convention Centre. The 3rd annual student housing conference on Wednesday April 22 promises to attract hundreds of developers, builders, building owners, and financiers. Attendees have the opportunity to meet with fellow business people, municipal and university officials, and investors, and listen to experts speak on the gamut of student housing topics. Since 2011, the industry has developed and considerable knowledge has been gleaned. Thousands of new beds have been added to the marketplace and developments have sold for some of the highest prices per square foot in the country. This marketplace shows no sign of waning. There is plenty of opportunity still out there. You need only the knowledge and the expertise to go out and claim it. For more information about the North American Student Housing Conference and Exposition, or to sign up to attend, please visit the conference’s website at http://www.rockadvisorsconference.ca/, or call (905) 331-5700, extension 26.
Derek Lobo is President and CEO of ROCK Advisors Inc. Brokerage, a leading commercial real estate firm, which focuses exclusively on apartment brokerage services and on student housing real estate. Based in Burlington, Ontario, ROCK serves primary clients representing builders, owners and corporations of residential multi-family dwellings December/January 2015 37
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Enhancing Curb Appeal Top Landscaping Trends for 2015 By Jessica Green
With the New Year upon us, it’s time to consider how your property’s curb appeal stacks up against the competition. From a fresh coat of paint to refreshed signage, we all know the more common tricks landlords use to add a bit of sparkle. But 2015 has some new trends in store that will ensure your property catches even the most discerning eyes.
38 www.canadianapartmentmagazine.ca
Real estate appraiser Frank Lucco recently told Lawn & Landscape Business magazine that landscaping itself accounts for 85 percent of what someone sees when they survey the outside of your property. This means that, while keeping the actual exterior of your building in tip-top shape is important, it’s critical to not overlook several other differentiating details. Tranquility is king People lead busy lives. What’s your property doing to help? David Binder, an architect, as well as a building owner and client of Greenwin Inc., believes that an apartment building should be a refuge. “Feelings of tranquility and calm result when all of the parts are carefully considered together,” he says. “Landscaping, light fixtures, benches, walkways, building colours and even refuse enclosures are the palette elements of our sites. They cannot be installed as disparate elements, but rather, designed together, to support overall ideas.” Sitting pretty Adding unique features invite residents to spend more time outside. Here’s where you can really up your curb appeal game. “Adding benches to the exterior of your property really has two advantages,” says Steve Carboni, a Greenwin property manager who manages for David Binder. “The first is that it provides an additional amenity for your current residents to enjoy. The second is that people walking or driving by will see them relaxing on a beautiful
bench near a fountain and wonder how they can call your building home, too.” Many benches are weather-proof, and can remain outdoors regardless of the season. Come springtime, give them a scrub to ensure longevity. Get sculpted Commissioning sculptures is one of the hottest trends for 2015. Working with local artists—which is what David Binder Architect and Greenwin Inc. recently did with Harley Valentine at 30 Carabob Ct. in Toronto—not only provides you with an exclusive piece of art that cannot be found anywhere else, but it positions you as a company/building that supports the community. “The addition of the 30 Carabob Quartet at our property has been a win, not just for our residents who get to enjoy them every day, but for the community-at-large who are encouraged to come see the sculptures. We like to think of it as a gymnasium for the imagination,” explains owner David Binder. “It has certainly got people talking about our building, particularly as it is unheard of to see such great art at an affordable property.” Common sense design Curb appeal extends to much more than just the curb itself. Choosing to do a complete remodel of a common area, particularly the lobby, will make an indelible impression on potential renters. “When we decided to remodel our lobby at 745 York Mills Road, we knew that we wanted that ‘wow factor’ - something that
December/January 2015 39
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would delight our current tenants but also attract new ones,” says Randy Daiter, Vice President, Residential Properties at M&R Holdings. “We chose features that stand out and are visible day or night, including the installation of a LED globe lighting fixture that highlights the new tub chairs and stone wall.” By combining these interior updates with exterior ones, such as updating landscaping with perennials and refurbishing the flagstone entrance, M&R was able to draw prospects to their property as well as provide a home with a sophisticated feel to current residents.
Go long Finally, remember that adding these features won’t mean much in the long run if you don’t maintain the overall landscaping of your property. Keep trees and hedges trimmed, the grass cut and flower beds clean. It doesn’t take much of your time and will serve to enhance the valueadded features you’ve incorporated into your property. Make 2015 the year that your property makes a beautiful mark on the community.
Jessica Green is the founder of Cursive, a Toronto-based communications consulting firm that specializes in brand messaging with an emphasis on digital media strategy.
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Insurance
Getting the Job Done Right In the Minefield of Retrofitting, Insurance is Critical By Andy Schwartze
As everyone in this business knows, retrofitting a building brings with it a variety of issues and concerns that ultimately come to bear on the quality of the building’s infrastructure—and attractiveness as an insurance risk. Those who are actively engaged in providing this kind of work (i.e. contractors) need to be held accountable for the quality of their service and the resulting problems that might befall an owner long after the work has been completed.
For more insurance tips, visit
42 www.canadianapartmentmagazine.ca
Just look at the surge of condominium “conversions” that took place, mostly in the nineties. The intent was to take a multiunit residential building, convert it from a rental to a condominium, and then sell off the individual units. But it was this kind of “business plan” that made it really obvious to the claims folks at all the major insurers the difference between a “real retrofit” and a “cosmetic
retrofit.” With the main goal being to sell the units, resources during these conversions were focused on looks rather than what lay behind the walls. Aging building envelopes began to deteriorate and the poor new unit owners, many of them starter home owners, were drained by assessments needed to fix heating, plumbing, roofs and a host of other uncovered problems.
Insurance The purpose of a building retrofit is not unlike the restoration of an old car. New tires and a fresh paint job just isn’t enough. One has to rebuild the “bones” in order to give a building a new lease on life, one that extends its usefulness another few decades. And, in doing so, one needs to remember that every insurer asks for the year in which a building was built. There is no denying that a building constructed in 1945 is—if left untouched—a wreck waiting to be demolished. Proper retrofitting includes below grade foundations and drainage; HVAC systems; plumbing and electrical systems; windows and roofs. Brickwork, tuckpointing, walkways, parking areas and lighting all need to be addressed. The pretty stuff is pointless until the structure is sound. Not a cheap plan, but the only way to do it. What is interesting, of course, is that each different “type” of structure arrives at its retrofit point in a unique way and at a certain time. The ones we love to follow are the townhouses that were built as cheap entry level homes back in the very early seventies. What an era of differing construction qualities that was! Some townhouse projects were built with dirt crawlspaces that were not moistureprotected and barely ventilated. When living floors started to bounce, like the floor of a wrestling ring, someone figured out that perhaps there was a rot problem that needed dealing with. Kitchens built over unheated garages started blowing pipes as they froze underneath the sinks. Aluminum wiring, installed without the proper COLAR receptacles and switches, started fires resulting from the different expansion coefficients of copper and aluminum. In the highrise world, basement leaks became a huge problem as piping and underground (city) infrastructure continued aging. Nothing blows the budget more than a below grade leak into an electrical room. Poorly designed drainage, in the path of a major
rainstorm, overloads to the point of flooding parking areas and filling storage lockers. Those old roofs, that most owners would rather not climb on to, are rife with patches that are poorly sealed to the old existing sections. Nobody wants to strip off an entire roof and re-lay it. We wait for a major leak in to the building and call the insurance company. Sometimes it works, but for the poor soul whose three buildings all leaked at once, the signs are on the wall. The insurer has every right to call for an independent engineering report on the roofs and walk away when it has become clear that 45 years of patching is not the way to look after things. In the end, much of this upgrading and retrofitting is contracted out, and presumably to reliable contractors with sound reputations. Nonetheless, working in older buildings has its challenges as new work clashes with old structure. It is important that the scope of work encompasses all that needs to be done; not just the cheapest part. Every contractor needs to put insurance on the line, so that at least for the ensuing two year period, following completion, there is some recourse on shoddy performance. Much of the success, of a major retrofit, lies in the extent of the budget and the quality of the work. If there is one multi res area where we see rampant inconsistencies from one building to the next, it’s in the minefield of retrofitting. A tough thing to get right, and an easy one to screw up. Andy Schwartze, BSc., MBA, CIP, is an insurance broker specializing in property management and real estate. He is a former President of the Insurance Institute, has taught in the community college system and provides continuing education to other brokers. He can be reached at andy@takecover.ca. For any comments, you can go to www.takecover.ca and post them on their new blog.
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Marketing
Marketing Your Building Upgrades Nothing Fills Apartment Suites Faster than Renovations By Chaim Rivlin
Renovating a rental property is more than an investment; it’s one that pays dividends. Aside from boosting the property’s value, it demonstrates a commitment to superior quality and gives tenants confidence that the property manager truly cares.
According to a study by the Canada Mortgage and Housing Corporation, essential work (i.e. repairs and maintenance) is much more common than desirable upgrades (i.e. additions, renovations/ alterations and new installations). About four out of five rental units across Canada have undergone some repair and maintenance work, but only one in three have received additions, new installations or undergone complete renovations. So, it stands to reason that if you are a property manager who understands the importance of renovating to attract interest and gain long-term tenants, you will want to do everything possible to get the word out about the upgrades you have made. Don’t let your advertisements get lost in the crowd—stand out with a few helpful hints.
44 www.canadianapartmentmagazine.ca
Marketing
Great graphics Advertising on free listing sites such as Kijiji or Craigslist, means competing with a seemingly endless number of other property managers for the attention of the renter. To make your ad pop— and to tout the renovations you have made—you need more than just great copy. Invest in a high quality graphic that illustrates your suite upgrades. According to WishPond, advertisements containing visual elements receive 94 percent more page visits than those without. Additionally, graphics are social media ready and can be used multiple times on a variety of platforms to generate as much interest as possible.
Encourage positive word-of-mouth A common complaint among renters is when the units around them get renovated, but not the unit they live in. While it can be difficult (if not impossible) to do a complete overhaul of a unit that is occupied, it’s important to find ways to include your current tenants in the renovation process. Upgrade their lighting fixtures, kitchen countertops or even provide them with a new stove or refrigerator to replace aging ones. Not only will this help to convert them into longterm tenants, but they will create a positive buzz for your property on their own. “If they have a friend or co-worker who is looking for a new place to live, they will want to tell them about your building,”
“When we have a property that we really want people to take notice of, we share HD photos and graphics on our Facebook and Twitter pages,” says Renee Bourgon, Strategic Marketing Consultant. “Combined with a few targeted hashtags, we are able to reach people that may not have known about us.”
says Bourgon. “Essentially, this is free advertising for your property. It will create a chain of great word-of-mouth reviews that will soon have your unoccupied units filling up in no time.” That is advertising that money truly cannot buy. Renovations can be costly, but the end result is well worth it. “By using the right marketing tactics, you will be alerting renters that you are an owner that truly cares about the residents who call your property their home” says Fine. “Renovations are one of the top requests from renters, and you need to let them know you are ready and willing to make that investment in your building—and in them.”
Scope out the competition Read what other property managers in your area are saying about their properties and then determine what makes your property unique. Use that information to highlight your renovations and other added value features to grab the attention of renters. Craft creative titles for your ads that will make someone scrolling through the page stop and click. “While you don’t want to overwhelm a potential tenant with stuffy wording, you do want them to see what makes you different,” says Tanya Fine of Akelius. “When we advertise our renovated properties, the number one thing we include in the ad title is the word ‘Renovated’. We want people to see right away that we care about our buildings and the comfort of the people who call them home.”
RentSeeker.ca is Canada’s Leading Online Apartment Finder and Real Estate Marketing Company, offering Landlords a full suite of marketing services.
December/January 2015 45
Feature
Latent Defects and the Law Buyers Should Beware When Purchasing Older Apartment Building Stock By Chris Seepe
In December 2014, an Ontario Small Claims Court judge awarded a judgment in favour of a buyer who alleged that the seller had not disclosed a defect that had repeatedly occurred over many years, prior to the selling of the property. The buyer had purchased the three-storey, fortyyear-old Durham region apartment building in April 2011. In January 2014, tenants reported substantial deterioration of in-suite walls. Water had entered into the plaster walls and swelled like boils. The buyer also found several areas of uncharacteristic white stains on the external brick walls. Specialists determined that the cause was condensation forming between the walls, a problem common with buildings built before vapour barriers were mandated in the Building Code. The buyer then learned from a long-term tenant that the wall problems were a regularly recurring event. The tenant swore in an affidavit, which was admitted into evidence in the trial. The Agreement of Purchase and Sale (APS) included a clause, “The Seller states that, to the best of the Seller’s knowledge and belief, there is no known damage to the basement, roof, or elsewhere in or on the property caused by water seepage or flooding.” The Ontario Limitations Act (2002) generally states caveat emptor—“buyer beware.” A buyer can only file a claim of defect within two years from the date of purchase, with generally no recourse after that. However, the Act differentiates between two types of defects. A “patent” defect is one that can be discovered 46 www.canadianapartmentmagazine.ca
Feature
by observation (“obviousness”) or inspection using generally accepted industry-standard practices. A “latent” defect is one that is present but is not obvious, visible, apparent or actualized and can’t be discovered by industrystandard inspection practices. A seller has no obligation to disclose a defect that is obvious, such as a clearly-visible water-soaked crack in a foundation wall, and the buyer must be able to prove that the seller knew about a latent defect. If the defect is proved to have existed prior to selling the property but the seller didn’t know about it (perhaps the defect didn’t appear while the seller owned the property), then the seller can’t be held liable. In the trial referenced above, the tenant’s affidavit strengthened the buyer’s case. The judge determined that the seller knew, or ought to have known, that there was recurring water damage caused by an untreated defect in the property. The judge stated he “sympathized with the Defendant” but the Defendant clearly breached the “no water damage” clause in the fully-executed APS. SCC can’t award punitive damages, and “betterment” costs are excluded—that is, repairs that improved the property. For example, if the original roof was ten years old with a twenty-year life expectancy, the court might rule that the buyer received a betterment of ten years and then award only half the new roof’s cost. The buyer was also not permitted to recover their personal expenses related to attending meetings, overseeing repairs, travel etc. Presumably this is because the value of one’s time is highly subjective and would inevitably be contested. It could also be a source of considerable abuse in inflating costs. There are several cases in law regarding the responsibility to disclose material facts: McGrath vs. MacLean (1979), Krawchuck vs. Scherbak (2011), and Dennis v. Gray (2011). In Krawchuck vs. Scherbak, the real estate agent was found to be 50 per
cent at fault for a lack of diligence in reconciling misleading statements made by the client, failing to inform their client of the implications of their false statements, and failing to bring these issues to the attention of the purchaser. In a decision released in May 2014, a deputy Judge of the Barrie (Ontario) Small Claims Court said in his judgment that a seller must disclose to the buyer anything they know about a defect that has caused any loss of use or enjoyment of a meaningful part of the premises. Since the case of McLean vs. MacGrath, and in light of Dennis vs. Gray, the principle of caveat emptor appears to be either becoming more specifically defined or more exceptions are occurring. The evolving principle appears to be that if a seller properly discloses an actual or perceived defect in a property, then this should protect them from the risk of litigation and the accusation that the seller didn’t comply with their duty to disclose. Perhaps this will mean the seller has to provide a price discount or perhaps it will lead to sellers pricing their properties as they should have been in the first place. Either way, it will still likely be less expensive than settling a court action.
Chris Seepe is a commercial real estate broker and broker of record at Aztech Realty in Toronto, specializing in income-generating and multi-residential investment properties, retail plazas, science and technology related specialty uses and tenant mandates. (416) 5251558 Email cseepe@aztechrealty.com; website: www.aztechrealty.com.
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Ask the Expert
Proactive Winter Maintenance
What are some tips to help minimize property damage, flooding and injury caused by severe weather? John Stephenson, vice president, property management services at FirstOnSite Restoration, has been in the property management industry for more than 20 years. To avoid winter property damage, here are some strategies he recommends: 1. When renovating an interior space, limit exposure to pipes. Indoor construction near all building entrances and exits should be restricted when the temperature plunges in order to reduce the risk of a frozen or burst pipe. Anyone who’s experienced a burst pipe knows how drastic the aftermath can be. Fixing the pipe itself can be expensive, but the damage from uncontrolled water leakage can be downright… draining. 2. Know the limitations of your roof and clear it if you can. The roof is one of your building’s most vulnerable areas. It’s exposed to a variety of natural disasters—wind, tornadoes, hurricanes—and in the winter, it can collapse from heavy snow. If the weight of the snow becomes a concern, take steps to minimize it immediately. In some buildings snow can be shovelled off, or thaw technology may be in place to help melt it away. In older buildings and in tall towers, roof access may be prohibited during severe conditions for safety reasons, in which case snow should be monitored and addressed as best as possible.
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3. When temperatures rise, be prepared for the thaw. Flooding occurs during the thaw that comes after a heavy snowfall; this is when property weaknesses can really show themselves. If the thaw process coincides with a heavy, snow-filled roof, have a plan for where the water will run off, ensuring it doesn’t run inside the building. 4. Check property for icicles and falling ice. Falling ice is a risk to public safety. The property needs to be checked on a regular basis to ensure this hazard is minimized. Exterior areas may need to be cautioned off with tape along with signage if falling ice is a concern. 5. Don’t ignore the danger of “slip & falls.” Ensure all sidewalks and walkways on and surrounding the property are shovelled, cleared and de-iced to minimize the chance of someone slipping and getting injured. 6. Test building back-up generators in case of an emergency. During winter conditions, ensure back-up generators are functioning properly and that an ample fuel supply is on hand. If severe weather requires that a property or facility manager stays on site, have supplies, such as water, food, and a sleeping bag at the ready. 7. In older buildings, check for boiler room vulnerabilities. Toronto’s ice storm in 2013 revealed the host of risks associated with frozen boiler rooms. Should a power outage happen, one way to reduce the chance of the boiler room equipment freezing is to look at mechanical alternatives, like connecting air intake vents to motorized, spring-loaded dampers that could be closed without electrical power. 8. Have a service agreement in place with key emergency support vendors, such as snow removal services, fuel or heater deliveries. Better yet, have an emergency restoration company service agreement in place that provides a priority response during small and catastrophic emergencies. 9. Last but not least, know the property and have a plan in place should a winterrelated disaster strike. For more tips and ideas, visit: www.firstonsite.com
48 www.canadianapartmentmagazine.ca
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Eye on the Industry New technology makes viewing apartments—and keeping them stocked—a whole lot easier Virtual viewing iGuides is an immersive technology for real estate professionals, weaving together floor plans and 360 degree virtual views to give buyers and prospective tenants a realistic understanding of a built space from the convenience of their computer screens. Through data collected on site, iGuides exclusive features include: accurate room measurements, PDF floor plans, photo galleries, an on-screen tape measure, a custom image capture and a brochure creator. Though other 3-D virtual tools exist, what makes iGuides unique is the way it marries a unit’s floor plan with panoramic views At Planitar’s Kitchener while giving users the ability to take on-screen measurements. Based in Kitchener, Ontario, tech office, Co-founders company Planitar has already used iGuides to churn out thousands of 3-D virtual tours for Canadian Alex Likholyot, CTO, listings since its launch in May 2013 and plans to expand to the U.S. this spring. and Kevin Klages, CEO www.planitar.com
Smart kitchens Wireless, app-enabled appliances are on the road to becoming the norm, and the ‘ChillHub’ is an example of just such an appliance. It’s a refrigerator with Wi-Fi, two USB hubs and an open-source iOS-compatible app. Developed by GE Appliances and Local Motors (known as FirstBuild), the unit saw rapid design using 3D printing, and is an open development platform built with accessories in mind. The first ChillHub accessory is the Milky Weigh, a mobile milk jug monitoring system that gives users real-time updates on how much milk or juice is left. Other Wi-Fi-enabled appliances allow users to set timers, preheat ovens, get notifications and alerts about real-time problems, check status on washing cycles, and pretty much anything else you can conceive of. www.firstbuild.com
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