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1 !"##$%&'()*'+,*),'(-'!./0'-1'2.1'-/3145'6172'(36'8(9:2(;'-(<=12'>96(21' " "
2 ! BC & Vancouver! Economic Trends and Housing Market!! Carol Frketich, BC Regional Economist! CANADA MORTGAGE AND HOUSING CORPORATION!! Housing market intelligence you can count on!
3 Supporting Housing Demand in BC & Vancouver ü Low interest rates ü Job growth ü Popula6on growth ü Wide range of product type and price in the market
4 BC s Population is Growing at 1.2% 20,000 15,000 10,000 5, ,000 Net InternaKonal MigraKon ,890 5,000 4,000 3,000 2,000 1, ,000-2,000 Net Interprovincial MigraKon ,042 Source: Source: Statistics Statistics Canada, Q4 Canada 2014 latest data point
5 Immigration Adds to Homebuying Cohort Per cent of permanent residents by age 60% BC 50% Vancouver 40% 30% 20% 10% 0% 0-14 years years years years 65+ years Source: Citizenship Source: and Statistics Immigration Canada
6 More Millennial and Boomer Households! Annual Household Growth! W!QQQ" ZJ&1$"BB8" U!QQQ" ;1&51$"BB8" Total Growth:! +15,940 HHs each year! T!QQQ" S!QQQ" Q" RPOST" SPOXT" XPOTT" TPOPT" PPOUT" UPOYT" YPV" OS!QQQ" Source: CMHC Potential Housing Demand Model!
7 Strong Rental Demand Keeps Vacancies Low! Rental Condo Apt! Vancouver! Victoria! Toronto! 0.7% 1.3% 1.8% Vancouver! 1.0% Purposebuilt! Rental Apt! Abb-Mission! Victoria! Kelowna! Toronto! 1.5% 1.0% 1.6% 3.1% Source: CMHC Rental Market Survey, Condo Vacancy Survey Oct 2014!
8 Market Conditions Vary by Home Type! REBGV MLS Sales to Active Listings Ratio (%), (3 Mo Avg)! TQ" Condo! Townhouse! House! XQ" SQ" RQ" Sellers Market! Balanced Market! Q" SQQW" SQQ[" SQRQ" SQRR" SQRS" SQRX" SQRT" SQRP" Source: REBGV, CMHC Calculation, Feb 2015 latest data point!
9 Home Prices Reflect Balance MLS Benchmark Home Prices, Greater Vancouver $1,200,000 $1,000,000 $800,000 House $804K $1.03M $600,000 $450K Townhouse $482K $400,000 $375K Apartment $387K $200, Source: Canadian Real Estate Association, data endpoint Feb 2015 PROTECTED - CMHC Commercial/Competitive
10 Total Supply of Unsold New Condos Down Number of Months Unsold Supply (all stages of construction) Source: Adapted from MPC Intelligence data, Q4 2014
11 CMHC: Stable Investor Market 17% of condo owners are investors Three-quarters own only one secondary unit Half rent their unit out Source: CMHC, Condo Owners Survey 2013
12 Vancouver Housing Market Outlook ü Resale markets overall balanced ü MLS home prices stabilize ü New supply & demand in equilibrium F 2016F MLS Resales 28,985 33,693 32,250 31,600 MLS Price $767, % $812, % $820, % $835, % Total Starts 18,696 19,212 18,700 19,250 Source: CMHC Q Housing Market Outlook Report BC Highlights
13 Housing Market Information Portal 4 Ways to Access Info:!! Snapshots of Local, " Regional, and National data.! Compare statistics for multiple locations.! Comprehensive tables, " map and charts.! Current and archived CMHC publications.! cmhc.ca/hmiportal!
14 RECENT DEALS Location: Rank: Loan Amount: Description: Vancouver, B.C. 1 st Mortgage $30,000,000 A 17-storey mixed-use strata titled building, comprising retail, office and residential condominiums. 14
15 RECENT DEALS Location: Rank: Loan Amount: Description: Burnaby, B.C. 2 nd and 3 rd Mortgage $60,000,000 A 49-storey mixed-use development, comprising retail, office and residential condominiums. 15
16 Short Term Loan - Existing Commercial Property Location: East Hastings Street, Vancouver Property Type: Existing 65,000 square foot, three-storey mixed use retail & office Loan Amount: $4.0 million third mortgage (behind $19.5 million) Loan Exposure: $357 per leasable square foot NOI / Debt: 7.7% LTV Ratio: 74.4% DSC Ratio: 1.02x Fee: 1.0% upfront Interest: Competitive fixed rate Term: 24 months Exit: Conventional refinance Status: Repaid in full
17 Short Term Loan - Existing Commercial Property LOAN OPPORTUNITY / CHALLENGES - Borrower wanted to pay off an expensive private third mortgage loan Second & third storey office space ~ 5 kms east of core Tight debt service coverage ratio at 1.02x Third mortgage security Interest only; no principal amortization KINGSETT COMFORT - Great borrower 100% occupancy with great tenants Weighted average term-to-maturity of leases > 10 years Very comfortable with NOI as % of loan exposure at 7.6% Comfortable could be refinanced on maturity LOAN EXIT - Consolidated conventional loan refinancing upon maturity
18 Construction Loan High Rise Residential Condo Location: Surrey near Surrey Central SkyTrain station Property Type: 35 storey tower 373 units and 3 levels of underground Pre-sales: 63% of units with 15% deposits within 180 days Loan Amount: $19.7 million second mortgage (behind $60.0 million) LTC Ratio: 88.0% Initial LTV: 80.0% Residual LTV: 50.4% Fee: 2.0% upfront Interest: Competitive fixed rate Term: 36 months Exit: Unit closings & inventory loan Status: Repaid in full
19 Short Term Loan - Existing Commercial Property LOAN OPPORTUNITY / CHALLENGES - $20 million financing shortfall based on senior lender financing, borrower equity, etc. Borrower had never built high-rise before experienced townhome builder Suburban Surrey location Loan to include ~ $5.0 million interest reserve component KINGSETT COMFORT - Great borrower business acumen VERY experienced, undoubted general contractor Project monitor was Altus (appropriate given project scale) Proven sales absorption at pro forma sale prices Comfortable with the residual loan exposure per door Great relationship with the lead senior lender LOAN EXIT - Completion of unit sales and inventory loan financing
20 Loan Profile #1, A/B Structure Project Details: 50 unit townhouse development, transitional area Presales Req d: Nil Borrower Profile: Tier 2 Loan Facility: Gross Loan $19,975,000 comprised of:! A Tier $18,800,000 (80% LTC) B Tier $ 1,175,000 (85% LTC) Financing Program:!!"#$%&'( )"*+,-. / )4&$ :8. /012-3;3-)4&$ <=7888 =:8.!#>?&>* @=7888 <:6. 0+'A-BC#4*D < <:@. )"*+, @E7= :8. Ratios:! Note:!!"#$%& '()$*+,()$*+ -). / ) bps premium over regular deal
21 Loan Profile #2, Presold Condos! Project Details: 66 unit low rise development! Presales Req d: 26 units (40%) Borrower Profile: Tier 1! Loan Facility: $26,100,000! Financing Program:!"#$%&'( )"*+,-. /012-3'*-/"$*4+4& :;< A ;<; B C< ;G;7888 ;<5. )"*+, 9---B876G; <8. Ratios:!"#$%& '() *+,-.!/&$01"23'() 4*,5. '(6 74,8. Note: Long track record with client
22 16 storey concrete residen6al mid- rise Staged loan/equity to allow construc6on to commence at a lower presale level Total loan of $33,000,000
23 4- storey wood frame building comprised of 75 residen6al units plus a community church Loan structure was stepped with presales to allow construc6on of the residen6al units and then the church Total loan of $23,000,000
24 !"##$%&'()*'+,*),'(-'!./0'-1'2.1'-/3145'6172'(36'8(9:2(;'-(<=12'>96(21' " "
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