Calgary-based mega-landlord Mainstreet Equities Corp., which reports a market value of more than $1 billion on its residential rental properties, is now turning to Asia for both materials and labour.
Approximately 50 per cent of Mainstreet renovation materials are now sourced direct from manufacturers in China, the company reports. As well, temporary foreign workers now account for 5 per cent of the Mainstreet labour force in Canada.
"Employing international workers has shielded Mainstreet from some of the burdens of a tight labour market, while at the same time boosting productivity and efficiency. For similar reasons, Mainstreet has turned to India to re-develop its online presence," the company states in a release outlining its fourth quarter results.
The market value of Mainstreet properties at the end of the fiscal year was $1.051-billion (including $68-million assets held for sale), up from $908-million a year before, according to the released.
Mainstreet added 833 apartment units to its portfolio in Surrey, Calgary, Edmonton and Saskatoon in 2012. Mainstreet also bought an additional 260 units in Edmonton and Saskatoon subsequent to year-end.
"As of today, Mainstreet has 8,440 units with a market value of approximately $1.08-billion," according to Mainstreet founder and CEO Bob Dhillon.
