Rental housing investor Starlight hit by rising real estate supply in U.S., compounding pain from higher rates

Rental housing investor Starlight hit by rising real estate supply in U.S., compounding pain from higher rates

One of Canada’s largest owners of apartment buildings and multifamily properties is struggling to turn around two funds that bet on U.S. rental housing, with higher rates and an oversupply of new units eating into profits.

Starlight Investments, run by Canadian real estate magnate Daniel Drimmer, launched two funds that invested in U.S. rental properties during the COVID-19 pandemic with hopes that rising rents and low interest rates would keep sending property values soaring.

By November, 2022, however, the two publicly traded funds, known as the Starlight U.S. Residential Fund and the Starlight U.S. Multi-Family (No. 2) Core Plus Fund, faced some significant headwinds, and both halted their distributions because higher interest rates had sent their mortgage costs soaring.

The pain has only worsened since, and this week both funds reported negative funds from operations in 2023, which is a measure of profit for real estate investment funds. Not only

Canadian Real Estate Affordability Got Worse With Higher Rates, What Gives?

Canadian Real Estate Affordability Got Worse With Higher Rates, What Gives?

Canadian real estate prices are falling with higher mortgage rates, but has it made it easier to buy? Bank of Canada (BoC) data for December’s new uninsured mortgage loans shows the highest rates in well over a decade. Interest costs are rising faster than prices are falling, meaning worse affordability. The hiccup is due to the speed at which rates increased, and affordability is expected to improve in the coming months.

Canadian Mortgage Rates Have Surged To The Highest Level In Over A Decade

Mortgage rates are on the climb, which isn’t news to anyone in Canada. It’s the speed they climbed that’s remarkable. Average interest on a new mortgage jumped 0.24 points to 5.53% in December. It was 3.53 points higher than a year before, more than doubling the record low recently experienced. Canada hasn’t seen a mortgage rate this high since the Great Recession. 

Canadian Mortgage Rates Have

Which is Higher Renting or Buying a House

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The Experts and The Convict – Which is The Higher Investment Industrial or Residential

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Local Housing Market in Whittier And San Gabriel Valley Performing Higher Than Most

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?zmir Kar??yaka Mavi?ehir 2. B?lge (Emlak Konut G.Y.O. A.?.) seven-hundred At year’s finish you might have a combination of fewer consumers and extremely motivated sellers. second tip, when there’s real estate recession and prices are falling, maintain off from shopping for as long as you can.

In earlier instances, owning a property was among the best investments you would possibly make, and likewise you’ll certainly earn cash when you offered your property sooner or later. However which was until now. Trigger soil …