2023 Mid-Year Review: Laying the Foundation for Stability and Growth 

2023 Avenue Living Review

As our leadership team reflects on the first half of 2023, the theme is one of sustainability and continued growth for Avenue Living. As we progress throughout the year, we’re poised to reach new milestones given the strong foundation we have spent the last few years cultivating. Each of our funds has access to a robust vertically integrated platform with talented experts in finance, legal, marketing, technology, accounting, HR, and customer service to support their operations. As we grow, that platform scales with our different businesses, allowing us to maximize efficiency across the organization.  

Multi-Family 

This year, our Core Trust has sustained its steady growth trajectory, as the groundwork from previous years allowed us to find upside in constrained markets. Our approach as an active property manager, and the platform we have built to support our operations, has helped us deliver superior resident experiences and manage our assets while mitigating rising costs.  

“We remain focused on our defensibility and advancing our business for the rest of 2023,” says Avenue Living Founder and CEO, Anthony Giuffre. “We continue to be bullish on the Prairies given its population growth and affordability when compared to other markets.” Our multi-family acquisition pipeline includes over 3,000 units in the region which have the potential to close in the latter half of 2023 or early 2024, which could bring our portfolio to over 18,000 units.

“Our investments in people and technology have created the basis for us to support new acquisitions across our asset base without increasing management costs,” says Jason Jogia, CIO of Avenue Living. “This ability to scale, coupled with our ability to borrow strategically while taking advantage of the inverted yield curve, allows us to minimize our costs while investing in our assets and delivering a superior resident experience.”  

Sustainability remains a key cornerstone of our business, as we invest in capital improvements and strategically plan our projects to reduce greenhouse gas emissions across our portfolio. These projects — many of which will launch in the second half of 2023 and progress over the next four years as part of our landmark partnership with the Canada Infrastructure Bank — will improve the energy consumption of approximately 240 buildings and enhance comfort for around 10,000 Avenue Living Communities residents.  

Self-Storage 

Mini Mall’s focus on operational efficiency at the beginning of 2023 has been key to its growth. This approach has allowed the front-line customer service team to deliver a consistent experience at every location, bringing new acquisitions to the MMSP standard.  

“With over 100 stores coming online last year, we wanted to stabilize our operations and quickly produce consistent performance and results on these assets,” says MMSP CEO, Adam Villard. Mini Mall delivered on that by adding operational expertise to the executive team and focusing on efficiency, resulting in close rates increasing by 48% and delinquencies decreasing by 84% between January to June.  

“We’ve really been focused on ‘the three C’s’,” says Villard, “closing, cleaning, and collecting.” By putting strategic practices in place to help close leads, bringing facilities up to the Mini Mall standard for aesthetics and cleanliness, and lowering delinquencies, site managers and staff can concentrate on creating a seamless customer experience across the organization.  

Mini Mall also implemented new marketing and customer service strategies to refine its lead generation process, which doubled results between the end of March to the end of June. “Those efforts are really what’s driving our business right now,” says Villard. 

Going forward, Villard sees Mini Mall maintaining strong occupancy throughout the winter to balance the seasonal fluctuations the industry is known for, and continuing to drive targeted programs to build on revenue and occupancy numbers.  

Farmland 

2023 has been a notable year for our farmland investments as we developed and launched Tract Farmland Partners – building on the success of our Avenue Living Agricultural Land Trust. Interest in farmland as an investment gained traction during the pandemic and it shows no signs of slowing. In its first six months, Tract now holds 3,560 acres of arable land.  

CEO of Tract Farmland Partners and Agricultural Land Trust, Leif Snethun, credits the recent world events for the uptick in people’s interest in food supply, noting that the launch of the Agricultural Land Trust in 2017 was slower to get underway than Tract has been. There has always been interest in farmland, but since 2020 it has become more widespread among investors.  

“The farmland industry has always been a wonderful space to be in,” says Snethun. He sees Tract adding more assets to its portfolio for the remainder of 2023. “I’m eager to see the momentum build as people remain interested in the agricultural sector and want to know where their food comes from.” 

Our Path Forward  

The first half of 2023 has been significant for our investment vehicles, as we fostered our ground-breaking partnerships, launched new projects, and saw growing investor interest in our asset classes. Our active management model and platform of services — coupled with careful planning and analysis — will allow us to capitalize on a breadth of opportunities. We’re excited to continue driving our business forward and deliver a competitive advantage in these unique economic times.  

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them. 

What is Workforce Housing?

What is Workforce Housing?

Workforce housing residents comprise a substantial part of an economy’s essential services, with studies suggesting they represent 40% of the renter population. Avenue Living’s strategic focus on multi-family residential, and specifically the workforce housing demographic, anticipates the growth of this important segment of the population and their increasing demand for high-quality, affordable housing.

Starting in the 1970s as an experiment in American ski towns, workforce housing provides affordable and conveniently-located housing options for individuals and families who are part of the local workforce. These homes, like those first developed in Colorado as described in the video, are available for people who work in the region but may have difficulty affording market-rate housing due to lower incomes and consistently increasing housing costs.

Over the decades, workforce housing has expanded well beyond purpose-built communities across North America. Similar developments and buildings can be found in various communities, and they continue to meet the needs of workers who earn moderate to middle-income wages (approximately $15-$50 in Canada).

As a crucial part of a well-functioning community, workforce housing offers many benefits for residents and the communities they live in. It supports local economies, job creation, and employee development. It reduces commute times and contributes to housing affordability. In addition, a community rich with workforce housing can see benefits such as increased access to healthcare and education, while promoting diversity and inclusion, and a higher quality of life.

Watch the video to learn more about the history of workforce housing and why it’s the focus of our multi-family investment funds.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them. 

Where Story Meets Strategy: Meet the Avenue Living Marketing Team 

Avenue Living Marketing Team

The Avenue Living story begins in 2006, but the story of our current marketing team and how we formulated our strategy is rooted, like so many things, in the pandemic. 

In the days when the world ground to a halt, and everyone waited to see what would happen next, we realized people were craving information, and we increased our output when many other organizations went dark. We shared daily updates about our business and the investment landscape, giving insight into our operations and how we were managing what were turbulent times for everyone.  

And since then, we haven’t stopped. In fact, we’ve found more ways to get the word out, exploring new channels and mediums to reach our audience at various touchpoints. The team has grown alongside the business — as we’ve expanded our geographical footprint and offerings, the demand for collateral and communication has increased. 

Thought leadership has become a cornerstone of our strategy, as we dig into topics like the promise in the Prairies, the future of multi-family residential and self-storage, or our landmark partnership with the Canada Infrastructure Bank. “We’re an open platform,” says our Chief Investment Officer, Jason Jogia. “We’re eager to share our ideas with our peers to further advance the industry and create a better overall experience for renters across North America.” 

Those ideas come from our fellow team members in all areas of the organization, who spearhead exciting new initiatives, driving innovation in the property management and investment industries. 

The Avenue Living Marketing Team 

The Marketing and Communications team is a conduit for getting those ideas out to the world. Avenue Living’s vertical integration means we have the tools and expertise to serve every aspect of our business in-house — including marketing.  

The “MarComm” group, led by Senior Vice President Tammy Cho, includes strategy, content creators, back-end development experts, designers, photographers, and videographers. Together, the team works to tell the Avenue Living story and share insights into the investment landscape. We come from a variety of backgrounds, from tech to advertising and finance, allowing us to bring unique perspectives to our approach (and unique opinions about a wide range of topics, including the best kinds of mustard). 

“Avenue Living’s branding and communications strategy is always evolving,” says Tammy. “Our dynamic team keeps pace with the market and industry while raising the bar on how we interact with our customers, investors, and employees.”  

Avenue Living Marketing Team
Avenue Living’s Brand Evolution

A Strategic, Multi-Channel Approach 

Transparency is key to how we operate, but for us to be truly transparent we proactively tell our story in a well-researched and meaningful way. And that’s where our marketing team comes in. They’re part of our proprietary platform, which supports every aspect of the organization and helps ensure we deliver value to our audience.  

We work hand in hand with our sales team and help our investors gain insight into the world of real estate investment by keeping a close eye on what’s happening in the finance space, multi-family residential market, agricultural sector, and the self-storage industry.  

Together the team works to produce videos, social media, blog posts, year-end reviews, a biweekly newsletter, and regular reports for our investors. We create ad campaigns for broadcast (maybe you saw us during the Stanley Cup playoffs) and other channels like BNN. We help coordinate and promote industry events, sponsorships, and partnerships that shed light on innovations or educate our audience about real estate investments. 

But we also uncover the best stories to tell you — the ones that let people see our core values in action across every area of the organization, from our safety initiatives to our market selection strategies. The marketing team is here to shine a light on the efforts of our entire Avenue Living team, from ESG partnerships to continuous improvement.  

“We’re innovative and original,” says Tammy. “We’re consistently going against the grain to bring a fresh perspective on real estate investments while delivering the best experience for our stakeholders.” 

Avenue Living Marketing

Leading the Way 

True thought leadership means looking beyond our own front doors and talking about the bigger picture — the external factors that affect the macro-economic environment and inform our strategy. We pay close attention to trends and innovations in property and asset management that we believe are valuable. 

As active managers our focus has always been on our customers, and how we can deliver a top-tier experience to them — whether they’re making their home with us, storing their treasures, or leasing the land they work. We believe sharing our insights with our peers elevates the industry as a whole. And keeping our investors informed helps them understand — and have confidence in — our strategy and operations.   

Our efforts have paid off, our LinkedIn subscriber base has grown by 27% in the last year. While our recently revamped website — in conjunction with a rebrand and advertising campaigns — has significantly increased our website sessions, getting many more users acquainted with Avenue Living. We pay careful attention to analytics, fine-tuning our topics to address the subjects that our audience finds most relevant and useful.   

Perhaps best of all, we get to tell you about the people who make Avenue Living what it is today —our property management experts, safety team, legal counsel, the analysts driving our efforts to always do better, our People and Culture group, and the finance and investment experts who make sure we execute on our strategy. In an organization full of brilliant minds, we’re thrilled to be the partner that shares the value they’re adding every day. 

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them. 

What Investors Need to Know About Borrowing Amid Rising Interest Rates  

Borrowing Amid Rising Interest Rates

The past year has been punctuated with announcements of rising interest rates, as the Bank of Canada (BOC) redoubled their efforts to combat inflation with successive rate hikes. The latest, in July, brought the overnight rate up by 25 basis points to 5%, its highest since early 2001. Changes in interest-rate policy can have wide-ranging effects throughout the economy, and for real estate investors, it’s vital to interpret the different outcomes between long-term and short-term rates. Understanding the inversion of the yield curve — where long-term interest rates are lower than short-term rates — can help well-prepared property owners mitigate risk. 

Understanding the Yield Curve 

Figure 1 

During the period of rising interest rates, there has been a notable difference between prime-based borrowing rates and bond-based borrowing rates in Canada. While the prime rate has experienced significant increases (from 2.7% in March of 2022 to 6.95% in June of 2023), the Canadian 10-year bond rate has remained relatively stable over the same period. Whereas retail borrowing is often based on prime, commercial borrowing is traditionally based on long-term government bonds. Therefore, well-managed commercial borrowers will generally be less impacted — as compared to retail borrowers — by the recent rise in interest rates. One of the many upsides to indirect real estate investment through entities such as REITs is that investors are able to benefit from the relationships and knowledge of a team of experts. By indirectly investing in real estate, everyday investors can take advantage of bond-based borrowing rates through a strategic asset manager, without becoming a commercial borrower themselves. 

With the Canada Mortgage and Housing Corporation (CMHC) setting lending rates at a spread over the 10-year bond, those who have access to bond-based borrowing for long-term decisions have been in a more favourable position since the beginning of 2022. A visual representation of these trends can be observed in Figure 1. 

Figure 2 

As per Figure 2, during an inverted yield curve, where long-term interest rates are lower than short-term rates, long-term borrowing becomes cheaper than short-term borrowing. By securing financing at lower rates, long-term borrowers benefit from stability and predictability in their interest costs over an extended period. Conversely, short-term borrowers and those with variable rates may experience heightened volatility and financial strain as their borrowing costs increase in response to rising short-term interest rates. The inversion of the yield curve emphasizes how important it is for borrowers to consider duration and structure when interest rates are rising. 

Rental property owners facing rising interest rates can take advantage of the differences in duration between short-term leases and long-term debt. Using long-term debt instruments, such as a 10-year mortgage, alongside shorter lease terms, allows property owners to adjust to changing market conditions in real-time, counterbalancing the impact of higher borrowing costs. However, property owners should also consider market conditions and the resident experience before implementing this strategy. 

Interest Rates and Homeownership 

Rising interest rates — and the resulting increased cost of short-term borrowing — can have a negative impact on development projects, lowering construction activity and limiting the supply of housing units. With fewer developments, the cost of housing increases, leading to higher rents and housing prices. Scarcity of supply and increased borrowing costs compel developers to set higher prices for their projects, ultimately affecting affordability. 

A survey conducted by Chartered Professional Accountants Canada identified several barriers to homeownership among non-homeowners in the country. Rising interest rates were cited as the top obstacle by 89% of respondents, followed closely by the affordability of down payments (84%), necessary renovations (83%), and finding a home in a desired area (83%). Other challenges included taxes and mortgage payments (81% each) and income instability (69%).  

Existing homeowners also faced hurdles, with renovation costs affecting three out of five individuals, ongoing difficulties in affording home maintenance (46%), and challenges with mortgage payments, property taxes, and utility payments for varying percentages of respondents. These findings shed light on the financial obstacles Canadians encounter in their quest for homeownership, as well as the ongoing strains faced by prospective and existing homeowners. 

Navigating the Landscape 

Canada’s rising interest rates present distinct challenges for many sectors of the economy — but they also give rise to opportunities. It’s essential for borrowers to understand the benefits and drawbacks of short- and long-term interest rates and formulate their debt strategy accordingly. For property owners, understanding the interest-rate landscape, managing duration, and responding to local market conditions can help minimize borrowing costs and optimize revenue.  

Understanding how an asset manager uses different debt vehicles to mitigate risk and reduce borrowing costs allows investors to make informed decisions. Asset managers like Avenue Living, for example, can make strategic use of short- and long-term borrowing to potentially maximize returns and de-risk their portfolios. Considering an asset manager’s borrowing strategy — along with other factors — can help investors find the vehicle that’s right for them. 

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them. 

Building a Culture of Safety at Avenue Living

Safety at Avenue Living

A happy workplace is a productive workplace. But did you know that safety is a major contributor to employee satisfaction? Workplace injuries carry a significant impact, impacting tens of thousands of workers every year, affecting their families, co-workers, and communities. In 2022, Canada’s Worker’s Compensation Board (WCB) reported there were 4.33 injuries per 100 workers in Canada. 

One of Avenue Living’s core values is “Duty of Care,” and while we often talk about it in relation to our residents, customers, and our investors, it also applies to our workforce. That duty manifests itself in creating an environment that seeks to minimize risks for every member of our team, whether they work in our offices or out in the field.  

Safety is more than a set of policies and procedures, it’s part of an organization’s culture, and it flows from the top down.  

“Safety is connected to everything,” says John Price, Senior Vice President Health, Safety, and Environment (HSE). “The better your safety culture, the more engaged your teams are. Studies show that organizations who have highly engaged employees can reduce safety-related incidents by up to 70 per cent.” 

An article published by the Harvard School of Public Health notes that “engaged workers are more likely to be aware of their surroundings and best safety practices making them more likely to take steps to protect their co-workers.”  

This engagement also has a ripple effect. “Everyone wants to feel that they’re valued,” says John. “It’s true that happy employees are the best employees. It’s a key ingredient in building the highest performing teams.” 

In practical terms, facilitating safe work environments results in bottom-line benefits: reduced absenteeism, better employee retention, lower insurance costs (through reduced claims and a better safety record), and better overall performance. While there’s no way to eliminate risk completely, a positive safety culture increases trust throughout an organization — both with employees and their peers, and between employees and management, reducing disruptions to business. 

Avenue Living’s Culture of Safety 

“We’re focused on putting the tools for safety in people’s hands before they start work,” says John. Those tools include high-tech solutions but also plans and policies, training, and an organization-wide mindset that prioritizes everyone’s well-being. “Most workplace injuries are preventable when we’ve adequately equipped our teams with the knowledge, solutions, and planning necessary to carry out their jobs safely and effectively.” 

We achieved our Safety Certificates of Recognition (COR) from the Alberta government starting in 2020, which requires third-party audits of safety practices, and we’ve implemented various technological tools to help keep our remote workers safe, track incidents, and monitor hazards. Software such as SitePhotos allows us to share visual records of maintenance jobs, and the ClearRisk application helps us track hazards and document risk mitigation. For lone workers, SolusGuard provides an extra layer of security via a panic button and app that prompts regular check-ins. 

Always Moving Forward 

But technology is only part of the story. A culture of safety ensures that everyone in the organization, from the top down, is committed to preventing incidents and putting barriers in place so when an incident occurs, no one gets hurt. Humans make errors and it’s important that, as a company, we work together to build capacity around these situations. “It’s how we grow and improve. There’s no better teacher of how to make work safer than those who perform the tasks,” says John. 

Continuous improvement is a cornerstone of our organization, and we’ve taken a closer look at how our HSE team is structured and found a way to best serve the diverse needs of our different business units.  

“We’re creating some bench strength and giving each team dedicated specialists,” says John, who notes that the restructuring was in response to hearing different business units’ needs. Now our self-storage, property management, and other areas have their own single point of contact with the safety team. This structure allows our safety specialists to develop deep knowledge of each business and work closely with the team to identify challenges and create solutions. This is key to a proactive safety culture. 

Over the past year, we have also developed more robust emergency plans. For example, in March 2023, we launched an emergency response plan across the organization that outlines safety procedures for potential risks.  

Across our organization, we’re developing a robust incident command system to help our teams manage emergencies such as extreme weather events. This system provides a platform for how we respond and recover from major events that affect our customers, teams, and assets. 

Additionally, management performs regular site visits. “Being on-site is the best way for them to understand the safety requirements in our day-to-day operations,” says John. It also allows opportunities for the entire team to connect in person, strengthening trust and opening the lines of communication.  

All these efforts serve to keep us — and the communities in which we work — safe. And they have an added benefit. As a customer-centric organization, taking care of each other allows us to focus on the thing that sets us apart: delivering superior service to our residents and customers across North America.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them. 

Multi-Family Retrofits: The Case for Going Green

Multi-Family Retrofits

In June 2022, Avenue Living and the Canada Infrastructure Bank (CIB) joined forces to commit $162 million towards deep retrofits across our Canadian portfolio. The partnership will fund upgrades to 220 residential buildings, touching approximately 6,700 homes and helping lower the carbon emissions for nearly half of our Canadian portfolio.

As a key pillar of our ESG efforts and overall strategy, Avenue Living has always made responsible and impactful capital improvements — for example, installing a better-insulated roof, higher-efficiency windows, or a new boiler. These energy conservation measures (ECMs) extend the life of the asset and make living spaces more comfortable in summer and winter.

Our portfolio spans a region with some of the coldest weather in North America, and these upgrades help increase energy efficiency. A better-insulated building envelope, for example, keeps the building temperature more even year-round and allows heating and cooling systems to work more effectively. Upgraded high-efficiency HVAC systems, paired with better-insulated building envelopes, help reduce consumption.

In 2020, commercial and residential buildings accounted for 17 per cent of Canada’s GHG emissions (excluding construction and building materials, which pushes the number to 30 per cent). The Government of Canada is committed to reducing carbon emissions to below 45% of 2005 levels by 2030 and reaching net-zero by 2050 — and estimates that, to meet that goal, Canada needs to retrofit 600,000 homes and 750 million square feet of commercial space per year between now and 2040 to meet those commitments.

Avenue Living is doing our part while paving the way to setting a new standard in the multi-family industry. As an open-source advisor and collaborator, we are sharing how these retrofits can benefit investors, residents, and our communities at large. Our partnership with the CIB aims to reduce emissions from buildings in the program by 50 per cent, and pilot projects are already underway.

CHOOSING ENERGY CONSERVATION MEASURES (ECMS)

Retrofitting buildings to create the most energy savings is based on careful analysis, energy audits, and a well-developed strategy for capital improvements. As part of our current acquisition strategy, Avenue Living systematically determines which capital improvements will be the most impactful for each property. Deep energy retrofits are no different.

Before a property can be included in the CIB retrofit program, it must meet Investor Ready Energy Efficiency (IREE) Certification. IREE is a global framework that signals a building has undergone appropriate due diligence and the retrofit projects have been developed by qualified professionals who adhere to a series of protocols for assessing risk, comparing savings, and evaluating opportunities. This third-party certification reduces costs for transactions, capital, and due diligence and increases investor confidence through reliable and consistent projections.

Baselining is essential to determining the viability of any retrofit project, and as part of IREE protocols, our buildings have undergone multiple energy audits. When we examined our portfolio in search of the most impactful ECMs, we discovered our larger properties — those with more than 24 units — presented our best opportunity to reduce GHG emissions. Energy audits have also revealed that wood-frame buildings can be further optimized compared to brick or concrete buildings, which are already quite efficient. In addition, we closely evaluated other aspects of the building’s mechanical operations and construction for ways to increase efficiency — roofs, boilers, and exterior cladding, for example.

“As we were going through the program details, we looked at a number of factors to determine if a building would be a good candidate for upgrades, for example, will the improvements offset enough energy and emissions to be financially viable, or is the building equipment old or inefficient,” says Daniel Klemky, energy manager at Avenue Living. “If building equipment is reaching the end of its useful life, there may be an opportunity for us to modernize that property in a cost-effective way.”

Our retrofits include:

  • Upgraded heating, ventilation and cooling (HVAC) systems, which allow us to heat and cool buildings more efficiently and keep temperatures even throughout the property
  • An upgraded building envelope and roof, which improves insulation, eliminates the possibility of pipes freezing and improves aesthetics
  • Triple-glazed, high-efficiency windows, to reduce heat loss (or gain)
  • Low-flow water fixtures, to reduce water consumption and provide a better experience for residents
  • LED lighting and more efficient fixtures, for brighter, more effective lighting in common areas
  • Solar panels, where applicable, allow properties to generate their own power, reduce consumption, and offset operational costs

Implementing these retrofits requires coordination — and manpower. Our plan has incorporated a phased approach, which allows us to make as many updates as possible without overwhelming the trades in each city. This perfectly illustrates the combined benefit of environmental projects: job creation, and the need for expansion in the sector. Canada’s Green Building Council estimates that by 2030 the opportunities for growth in the green building sector could account for approximately 1.5 million jobs and contribute $150 billion in GDP.  

“It is difficult to retrofit multiple buildings in a single market at one time,” says Ward Woolgar, senior vice president, capital investment at Avenue Living. “We’ve planned out our retrofits with projected schedules and dates to make sure we have the tradespeople we need available at each phase to minimize delays.”

The solar project slated for Wetaskiwin Mall, for example, requires extensive work on the roof. “It’s not as simple as just putting solar panels on top of the existing structure,” says Klemky. “There’s a great deal of work that has to happen to the roof first, such as detailed design, structural reinforcement, electrical capacity considerations, and regulatory restrictions.” The mall’s solar retrofit, however, will also account for the biggest reduction in emissions.

BENEFITS BEYOND EMISSIONS REDUCTION

While reducing consumption and emissions is our primary goal, we know that these building improvements have other benefits for residents. As an active property manager, we recognize that happy residents stay in their homes for longer, and these upgrades will enhance the comfort and livability of their rentals. Studies show North Americans spend approximately 90 per cent of their time indoors, so air quality, temperature, and lighting are more important than ever.

These renovations require minimal disruption to residents’ lives or schedules, and in most cases happen outside the suites. Although retrofits like window replacement or upgrading water fixtures do require apartment entry, these jobs can be completed in just a few hours, like any regular maintenance task. That said, any construction work in a building has an impact on its occupants, and we’ve developed a plan to communicate with our residents early and often to ensure they understand the work schedule.

“These updates will have a noticeable effect,” says Woolgar. “For example, our upgrades to HVAC systems will mean there’s more even heating throughout the building, so we’ll avoid the problem with overheated hallways and common areas that a lot of apartment buildings have. New windows and fixtures will also mean residents can enjoy more even temperatures in their suites, better water flow and lighting, and improved aesthetics.”

A GREENER FUTURE FOR MULTI-FAMILY

The United Nations estimates that 80% of the buildings in cities today will exist in 2050. Reducing emissions through deep-energy retrofits is key to ensuring Canada — and the world — meets sustainability targets. For Avenue Living, the benefits of this retrofit project are very close to home: we see these retrofits as an opportunity to demonstrate to the industry what is possible. We aim to create a portfolio of properties that provide residents with safe, affordable, comfortable, and modern homes — ones that are well-equipped for a low-carbon future.

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://avenuelivingam.wpenginepowered.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them.