The Canadian commercial real estate market is returning to normal, says Avison Young chairman and CEO Mark Rose in an interview with the Globe and Mail.
Rose said confidence is coming back, but the bellwether will be rising employment figures.
"When they start to rise we will know we are in recovery," he told the Globe. "Rising employment will mean there will again be increasing demand for office space, for retail and demand for industrial products and manufacturing."
Meanwhile, he anticipates new forms of mortgage-backed securities are going to fill the financing gap.
"They are just too valuable a product and fill too great a need," he told the Globe.
Rose also anticipates that lenders’ demand for 35 per cent and 40 per cent equity will come to an end soon.
"All it will take is just one lender to jump in to get the ball rolling," he says.
To access the Globe story, click on the link below.
http://www.theglobeandmail.com/report-on-business/let-the-healing-begin/article1271433/
To view the Avison Young website, go to www.avisonyoung.com
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