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Posts Tagged ‘New Brunswick’

Atlantic Canada Firm Acquiring Manufactured Home Communities

March 19th, 2015 Comments off

mfg home antigonish nova scotia canada   north grant park   creditMHProNews has learned from ngnews.ca that Blair van Veld was chosen vice president of the Manufactured Housing Association of Atlantic Canada (MHAAC) in February. He and his father, Tony, own Twin Rivers Properties and Home Sales in Pictou, Nova Scotia, Canada near the Northumberland Strait.

The company recently acquired its second manufactured home community in Miramichi, New Brunswick, bringing the total number of owned communities to ten, comprising 540 homesites. Miramichi will be the site of the 500-job Canada Revenue Agency call center which will lead to more growth in that area.

He says the bigger players acquire the larger properties. “They’re now looking at 100 plus units while we’ll look at just about anything depending on the region, he said. “Regions such as Miramichi and New Glasgow have been a sweet spot for us for acquisition due to the fact that they haven’t been consolidated like areas like HRM or Moncton.

Twin Rivers experienced a 331 percent increase in revenue in the last three years, and has been ranked number two in Progress Magazine’s annual listing of Atlantic Canada’s fastest growing companies. ##

(Photo credit: northgrantpark–manufactured home, Antigonish, Nova Scotia, Canada)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Manufactured Housing Community Buyer Identified

December 2nd, 2013 Comments off

Following an earlier story regarding Killam Properties of Canada’s sale of 2,308 New Brunswick manufactured housing homesites for $69 million, MHProNews has learned the buyer is Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (TSX:CAR.UN). The eleven communities, all in Atlantic Canada and primarily in scenic rural areas, include Pine Tree Village, a high-end community of 828 modern sites adjacent to a golf course, according to wsj.com. With this acquisition, the company’s portfolio includes 29 manufactured home communities comprised of 6,178 land lease sites located in and near major urban centers across Canada and in Dublin, Ireland. CAPREIT also owns a portfolio of 35,372 other residential units.

(Photo credit: Antigonish, Nova Scotia–North Grant Park community)

Leadership Change at Killam of Canada

December 2nd, 2013 Comments off

Land lease community (LLC) owner Killam Properties, Inc. of Halifax, Nova Scotia, Canada announces George J. Reti has retired as chairman of the board and director effective Nov. 29, 2013. He joined the board when Killam became publicly-traded in 2002 and served as chairman since 2003, taking the company from its start-up with $12 million to its current portfolio worth $1.6 billion. MHProNews has learned from wsj.com board member Robert G. Kay is the new non-executive chairman of the board. In addition, Killam finalized the sale of its 2,308 site New Bunswick manufactured housing community for $69 million, realizing a net of $42.6 million after paying off outstanding mortgages. The company is one of the largest manufactured housing community owners in Canada.

Green Courte Adds Two Communities to its Portfolio

July 31st, 2013 Comments off

Lake Forest, Ill.-based private equity real estate investment firm Green Courte Partners, LLC announces the acquisition of two all-age land lease communities in southern Maine. Incorporating 483 home sites, MHProNews has learned Town & Country Village in Lisbon and Maplewood Manor/Merry Meeting in New Brunswick will be managed by American Land Lease, Inc., a wholly-owned subsidiary of Green Courte. American Land Lease manages the manufactured housing community portfolio of Green Courte, which now includes 53 communities in eleven states comprised of 19,000 developed home sites.

(Photo credit: Green Courte Partners, LLC)

Canadian housing market: Sound or a bubble set to burst?

August 26th, 2011 Comments off

CMHC buildingCTV reports the debate in Canadian housing circles about the soundness of the housing market. Is there a U.S. style housing bubble?  The signals are mixed, according to experts. Prices in Vancouver look dangerously high, while towns such as Saint John, New Brunswick are quite affordable. Compared to renting, owning a home is now more expensive than it has been in decades. Home prices are rising faster than incomes. Higher home prices has lead to more borrowing. Three years ago, just 1 in 9 mortgage-holders borrowed more than 80% of the value of their homes.  It’s 1 in 6 today. Canada Mortgage and Housing Corporation (CMHC) stepped in when investors became reluctant to lend to banks during the Black Autumn of 2008. CMHC bought tens of billions of dollars worth of mortgages from financial institutions. That move supported the Canadian housing market. Finance Minister Jim Flaherty then reigned in 40 and 35 year mortgages, while tightening financing rules. CMHC guarantees and lending changes moved the home ownership rate from just above 60% to now about 70%. This compares to about a 50% rate of home ownership in Germany or Switzerland and the U.S. rate now at 66% and dropping, down from the previous 69% ownership rate. In just six years, CMHC insurance business has doubled, to more than $500 billion worth of mortgages. About $45 billion is with the riskiest group—buyers with less than 10% equity. If there is a Canadian housing bubble, the government backed CMHC – meaning Canadian taxpayers – are left holding the bag. Thus the debate in the great white north about how to support housing while avoiding the meltdown that has occurred in the U.S..

(Photo credit: Boomerang Financial)