Vancouver CRE sales down across all sectors: REBGV

Vancouver CRE sales down across all sectors: REBGV

Commercial real estate sales across Greater Vancouver were down 19.5 per cent overall last quarter, according to the latest statistics from Real Estate Board of Greater Vancouver. Slowing demand has impacted all commercial sectors, with land sales decreasing the most. Land sales declined 34.8 per cent this quarter, dropping from 305 sales in the second quarter of 2018 to 199 in the third. Office and retail sales decreased the least, down 4.2 per cent quarter-over-quarter. 

Western Investor

Merchant House buys swath of downtown Victoria block

Merchant House Capital has expanded its Victoria land holdings with a swath of downtown real estate. Through a series of transactions, Merchant has acquired the west side of the 1100 block of Blanshard Street, though the company has no immediate plans to change a thing on the block. The acquisition represents about 18,000 square feet of commercial space, all of which has tenants.

Victoria Times Colonist

Purpose-built rentals: Issues, strategy from apartment experts

Rising expenses, combined with increasing demand and a lack of supply, are putting the squeeze on Canadian apartment developers, owners and renters. That was the consensus of five top real estate executives focused on the purpose-built rental market during a panel at the Toronto Real Estate Forum held at the Metro Toronto Convention Centre on Nov. 29.

Property Biz Canada

Great Gulf enters D.C. market, wants to grow in U.S.

Toronto-based developer Great Gulf Group has entered the Washington, D.C., market by partnering with EDENS to break ground on a mixed-use project in the emerging Union Market District. “We’ve got strong employment metrics there and it’s the second-largest office market in the U.S.,” said Great Gulf vice-president of development Geoff Matthews, who added the company has been interested in Washington for five years.

Property Biz Canada

Federal government mulls co-working spaces

The federal government is looking into new workspace possibilities for public service employees, potentially giving them a third option other than commuting to central offices and working from home. According to Public Services and Procurement Canada (PSPC), the department is currently in the planning stage of “exploring innovative workplace solutions” that include co-working spaces for public servants.

CBC – Ottawa Business Journal

Empire completes purchase of Farm Boy

Empire Company Limited (EMP-A-T) announced today it has completed its purchase of Farm Boy, one of the most exciting, fastest growing and successful food retailers in the country. Empire, through a subsidiary, has acquired Farm Boy from Berkshire Partners and Farm Boy’s management shareholders based on a total enterprise value of $800 million.

Canada Newswire

People Space: Board changes at Cominar, Delma’s new CEO

Cominar REIT (CUF-UN-T) has announced further changes to its board of trustees, including the pending resignation of chairman Alban D’Amours, who will not stand for re-election in 2019. The trust has also entered into a “board refreshment agreement” with shareholders FrontFour Capital Group LLC, Westdale Construction Co. Limited and K2 & Associates Investment Management Inc.

Property Biz Canada

TransLink proposes SkyTrain to Langley by 2025

TransLink is aiming to build a new SkyTrain line from Surrey to Langley by 2025, according to details of its proposed plan revealed late last week. The plans were posted in advance of a Mayors Council meeting Thursday. The proposed line would include eight stations along 16 kilometres. In November, the mayors voted to scrap plans for the Surrey-Newton-Guildford LRT project in favour of a SkyTrain to Langley. 

CBC

A first look inside the new EXchange Hotel Vancouver

The brand-new 202-room EXchange Hotel Vancouver, which opened this month, has a Vancouver vibe all its own with a glamorous rooftop seasonal bar and a 1920s art deco-inspired atmosphere. Originally built as headquarters for The Vancouver Stock Exchange in 1929 and now redesigned as a modern 32-storey architectural masterpiece, the EXchange Hotel’s Italianate lobby ceiling has been fully restored, along with the rest of the original marble-clad Howe Street lobby.

Canada Newswire

Meet Daniel Boffo, principal of Boffo Properties

“Sometimes with a family business, work can be all-consuming,” said Daniel Boffo, principal along with his sister of Boffo Properties. “In a lot of ways, the two blend together – home and work. In a good way.” Boffo recalls playing on his father’s job sites and washing the company truck on weekends. Eventually, play morphed into working summers at the family business, stacking lumber and cleaning up units. 

Business In Vancouver

Hundreds of units remain empty at New Horizon Mall

Investors who bought units at New Horizon Mall, just off Highway 2 north of Calgary, say they’re still stuck with unrented stores and receiving little interest from businesses in leasing them seven months after it opened. The 320,000-square-foot, Asian-inspired shopping mall, modelled on the busy Pacific Mall in Markham, has flopped in comparison, opening in May but missing both customers and businesses.

CBC – Property Biz Canada

CEO, CFO buying as Granite holds firm

Insiders are currently favouring defensive plays such as utilities and REITs. One example is Granite REIT (GRT.UN-T), which has held its ground in the face of market volatility. Chief executive officer Kevan Gorrie and chief financial officer Ilias Konstantopoulos have spent a combined $324,175 picking up units in the public market since the beginning of November.

Globe and Mail (Subscription required) – Property Biz Canada

Real estate as a business investment

All commercial real estate deals have a factor of uniqueness which sets them apart from other investments. That said, there can be times when commercial real estate is not only a real estate investment but also a business sale. There are two types of business-specific real estate that I’ve worked closely in during my career: multi-family and hospitality.

The Saskatchewan Edge

Dubai’s biggest developer can’t shake off woes

Emaar Properties PJSC may have the backing of analysts but investors aren’t buying it, deterred by the gloomy prospects for Dubai’s real estate market. Shares of the developer of the iconic Burj Khalifa skyscraper have lost 39 per cent this year, bringing its estimated price-to-earnings ratio for the next 12 months to the lowest level since late 2009.

Bloomberg

JLL enters Polish residential market with REAS acquisition

Commercial property advisory firm JLL has moved into the Polish residential market with the acquisition of REAS. JLL said it has bought the Polish residential consultant REAS, to become the first advisory firm to operate on all segments of the real estate business in Poland. Financial details were undisclosed. REAS will be responsible for developing living services in both Poland, and Central and Eastern Europe.

IPE Real Assets – Property Biz Canada

Market Trends and Research

Privacy concerns rehashed at Sidewalk Labs consultation

Critics of a proposed high-tech neighbourhood planned for Toronto’s waterfront called for more transparency in the decision-making process amid mounting concerns over how the companies involved with handle privacy and data governance. At a public meeting Saturday, Bianca Wylie, co-founder of advocacy group Tech Reset Canada, said it would be valuable for the public to be more in the loop as a draft of the plan is being finalized.

CTV – Globe and Mail

Modern laundromats join app-based service economy

Mike Freides is afraid of laundromats. Which is odd, perhaps, for someone who owns one. “Most laundromats you go to are really scary, especially in this city,” Freides said, standing under the glare of the bright neon lights of his Vancouver shop WashOut laundromat. But Freides is not running your typical urban laundromat.

CBC

Real Estate Companies

Amazon HQ2 and the new geography of work

If you want to know where the future of work is heading, ask Amazon – or better yet, follow them. Most workplace discussions today revolve around adopting new interior design standards: open versus enclosed workstations; optimal teaming spaces; and emerging, smart office technologies. However, for now, the big HQ2 takeaway is how geography and mobility are becoming major workplace drivers.

Building Design & Construction

Real Estate Investment Trusts

2 top REITs for a generous, reliable income

Killam Apartment REIT  (KMP-UN-T offers investors a below-average yet still very impressive 3.91 per cent distribution yield. Unlike other higher-yielding REITs, Killam has enjoyed an impressive amount of security price appreciation over the past few years. Of all the REITs on the TSX, Inovalis REIT (INO-UN-T) is probably my favourite and not just because of its colossal 8.3 per cent distribution yield.

Motley Fool – Property Biz Canada

Cannabis industry news

Vancouver’s store licences to cost 331 times more than Kimberley’s

With the second legal, privately owned cannabis store in B.C. newly open, the trend has been for stores to be approved in communities charging negligible municipal business licence fees. Both of those stores are in Kimberley, where the municipal business licence fee for cannabis retailers is $100 – a sharp contrast to the $33,097 business licence fee the City of Vancouver plans to charge cannabis retail entrepreneurs for each store in 2019.

Business In Vancouver

Aurora Cannabis to acquire Mexican company

Aurora Cannabis Inc. (ACB-T) has signed a deal to acquire Mexican company Farmacias Magistrales. The deal to buy the pharmaceutical manufacturer and distributor follows an agreement last week that saw Aurora partner with the company. The price being paid was not immediately available, but Aurora says it will pay for the deal with Aurora shares, based on a valuation using revenue projections for Farmacias.

CTV – Canada Newswire

Shoppers granted licence to sell medical marijuana online

Shoppers Drug Mart (L-T) has been granted a licence to sell medical marijuana online. Health Canada’s list of authorized cannabis sellers and producers has been updated to reflect the pharmacy can sell dried and fresh cannabis, as well as plants, seeds and oil.  The company says patients “with a valid medical document will soon be able to purchase a wide selection of medical cannabis products” from Shoppers.

CBC

New Development

Eight new ideas for Château Laurier expansion

When the Fairmont Chateau Laurier’s parent company, Larco Investments Inc., unveiled its design plans for an addition in 2016, members of the public were largely unimpressed with the proposal that was essentially a box attached to the rear of the building, facing Major’s Hill Park. Architect Peter Clewes, head of Toronto’s architectsAlliance firm that came up with the design, went back to the drawing board.

Ottawa Citizen

Calgary gets sneak peek inside world’s largest YMCA

Thousands of Calgarians toured the new Brookfield Residential YMCA in the city’s southeast Seton community over the weekend. The 330,000-square-foot facility — funded by the City of Calgary — features a large workout area, two ice rinks, a walking track, an Olympic-sized pool and an indoor water park that has a surfing machine.

Global News – CTV

A new home for astronomy at U of T

Early planning has begun for a new building at the University of Toronto’s St. George campus to bolster research, teaching, and public engagement in the field of astronomy. According to the university, the new facility would put them at the forefront of astronomical discovery in Canada. The new structure will include a mix of research facilities, classrooms, departmental offices, and a planetarium of up to 150 seats.

Construction Canada

Resorts

Mont Ste. Marie to launch new luxury chalets

Mont Ste. Marie, a quiet and relaxed ski resort located north of the nation’s capital, is seeing a resurgence of popularity. Construction is underway on a new subdivision, or village, of luxury ski-in, ski-out chalets. Linebox Studio architect Andrew Reeves has been drawing up seriously cool plans for his family and three more clients. As well, exclusive custom chalets are being built by Roberto Campagna, owner of Roca Homes.

Ottawa Business Journal

Renovation and Restoration

Future still unclear for Dunrobin Plaza

The demolition of the tornado-struck Dunrobin Plaza began on Wednesday, but there is still a big question mark surrounding when it will reopen. Michael Fines, a co-owner of the well-known Dunrobin Meat and Grocery, said he was hoping for the demolition to be completed by Friday. Fines said they hope to reopen within the next year, but when exactly is still unknown.

CBC

Infrastructure

Terwillegar Expressway gets OK from Edmonton council

A decades-old wish for many people living in southwest Edmonton is closer to reality. Friday, Edmonton city council gave the green light to turn Terwillegar Drive into an expressway. Council voted 11-2 to take on just over $112 million in debt to pay for the project, after Coun. Tim Cartmell put forward an amendment to the city’s $4.3-billion proposed capital budget.

CBC

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