1571 replies to this topic

[Mike K.]

A developer their size doesn’t have the issues smaller players do. They have billions in collateral.

[Victoria Watcher]

A developer their size doesn’t have the issues smaller players do. They have billions in collateral.

As of 2021, Starlight owns 70,000 multi-family units (60,000 in Canada and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.


https://en.m.wikiped...ght_Investments

Edited by Victoria Watcher, 25 October 2022 - 02:12 PM.

[Mike K.]

Yeah. They’re in a different league entirely. You have to be, to pull off major projects at this scale.

[Victoria Watcher]

Starlight Investments is a privately held Toronto-based, full service, multi-family and commercial real estate investment and asset management company driven by an experienced team of over 300 professionals. The company currently manages over $23.0 billion of direct real estate as well as real estate investment securities.


https://www.newswire...-888404900.html

Edited by Victoria Watcher, 25 October 2022 - 02:15 PM.

[DavidSchell]

Car dealership is being demolished. 

[Mike K.]

Sounds like this is going to a public hearing, finally, on November 9th.

[Nparker]

If 20 floors at the edge of North Park can get rubber-stamped, I am not sure why there should be any fuss about the Harris Green proposal.

[Nparker]

Sounds like this is going to a public hearing, finally, on November 9th.

November 9, 2023? 

[Mike K.]

Ah geez, February 9th.

[IPH]

A developer their size doesn’t have the issues smaller players do. They have billions in collateral.

Even a developer as big as Starlight is being impacted by the rapid increase in the short term mortgage interest rates.

Rental housing investor Starlight halts distributions on two funds, citing variable-rate mortgage woes - The Globe and Mail

[Mike K.]

Yes, their US funds. By comparison they’re quite small and more exposed to market whims. That article is paywalled so I assume that’s what they’re talking about.

Boardwalk just started construction on over 220-units in View Royal, and Starlight is breaking ground on 800-units this month in Langford and Central Saanich. It’ll be the biggest influx of rentals from one player at one time, ever, on Vancouver Island. And they have so much more in the pipeline.

[IPH]

Agreed.  was just pointing out that they are not immune from the effects of inflation and interest rate increases.  They are better equipped to weather the storm than smaller players, and projects that are close to started will proceed.  But those in the planning or land acquisition phase may get slowed or postponed unless they are sitting on large pools of cash.  Many of the larger players rely on a combination of short term mortgages and fund money. 

 

But when you can get close to 5% on a term deposit some fund investors will move their cash to safer harbors so even the big boys will pull back if rates don't stabilize.   Inflation numbers for Nov should be out shortly and the BOC message with the interest rate increase yesterday was time to pause and see what effect all the increases have had.  Hopefully we are heading into a bit more stability so the effect on the rate of new housing construction is not impacted too severely.     

[Mike K.]

Yup, great intel, IPH.

On the labour front, how are things shaping up, do you know? I’m hearing there are more responses to service/retail job openings these days than over the last two years but that could be industry specific or location specific, for now.

[IPH]

I haven't looked at the labor market stats lately.  But the antidotal info I hear from the trades is they still can't find enough labor.  At least that's the excuse they keep using for why their bids are so high!

[Mike K.]

That’s great, thank you.

[DavidSchell]

Interesting view 

 

 

[Nparker]

Phase 1 is ready to go. 

[dkuitu]

[Mike K.]

Awesome!

[Nparker]

When the walls, come tumblin' down...