Brett Miller to succeed Jonathan Wener as Canderel CEO

Brett Miller to succeed Jonathan Wener as Canderel CEO

The Canderel Group of Companies says its founder and CEO for the past 44 years, Jonathan Wener, will step down early in 2019. He will be replaced by JLL Canada CEO Brett Miller, who started his real estate career with Canderel.  The transition at the top will take place on Feb. 18, 2019. Canderel says Wener, 68, will remain as chairman of the company and as a principal shareholder.

Property Biz Canada

General Motors to shutter Oshawa plant

Thousands of General Motors assembly plant workers in Oshawa, Ont., halted production this morning before hearing the devastating news the automaker plans to close the facility in 2019 as part of a global restructuring plan. It’s not clear how many of the 2,500 employees will lose their jobs under the sweeping strategy, which aims to lower carbon emissions and prepare for a future of electric and autonomous vehicles.

CBC – Globe and Mail – CNN

Devimco, Fonds, Fiera to build $700M MAESTRIA

Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Properties will spearhead the $700-million MAESTRIA mixed-use development in Montreal’s Quartier des spectacles district. MAESTRIA will comprise two towers, 51 and 53 storeys high, containing about 1,000 condominium units, 500 rental apartments, plus retail and commercial space in a 51,000-square-foot, lower-level extension. It will have access points from Jeanne-Mance, De Bleury and Sainte-Catherine Streets.

Property Biz Canada

McCOR transforming Westmount Shopping Centre

Westmount Shopping Centre in London, Ont., is going through a $25-million transformation after being acquired by Corpfin Capital and KingSett Capital from Bentall Kennedy for $31.5 million early this year. McCOR Management was chosen to oversee managing, leasing and redeveloping of the 538,150-square-foot mall which occupies a 31-acre site in the western part of the city on Wonderland Road South.

Property Biz Canada

Morguard envisions nine towers for Coquitlam Centre

Morguard Investments Ltd., representing Pensionfund Realty Ltd., wants residents to think what the next 60 years of Coquitlam Centre should look like. For the first phase of the almost 59 acres of downtown property, Morguard envisions nine towers with 3.5 million square feet of mixed-use space next to Lincoln SkyTrain Station which includes the former Sears site.

Tri-City News

How Ottawa’s $4B landmark development deal fell to pieces

Last August, the Ottawa media was summoned to City Hall to observe the tail end of a private meeting that looked like it had been cordial and productive. At the head of a gleaming, gilt-edged table sat the city’s mayor, Jim Watson. On his right was John Ruddy, a prominent local real-estate developer. On his left was the billionaire owner of the National Hockey League’s Ottawa Senators, Eugene Melnyk.

National Post – Ottawa Citizen – Canada Newswire

CRE runs in the family for Yuhu proptech founders

The sons of two prominent Canadian real estate industry executives are forging their own path in the property technology field with Yuhu Inc.  Yuhu is a property management platform focused on leveraging technology to improve the tenant experience in residential and commercial assets while driving cost savings and operational efficiencies for customers. Yuhu was launched in late 2016 by Hugh Kolias, the son of Boardwalk REIT (BEI-UN-T) founder/CEO Sam Kolias.

Property Biz Canada

Stores bank on Black Friday kick-starting retail rush

Canadian retailers are enjoying some of the biggest-volume days for sales all year, as Black Friday week kicked off what is expected to be a banner 2018 holiday shopping season. The shopping event characterized by huge discounts  started as an American phenomenon linked to the U.S. Thanksgiving long weekend but has steadily become a Canadian retail sensation some say is now bigger than Boxing Day sales.

Business In Vancouver – Bloomberg

Canada retailers end Q3 with unexpected sales gain

Canadian retailers recorded an unexpected gain in sales in September, a firmer than anticipated ending to a weaker third quarter. Retailers saw a 0.2 per cent gain during the month, Statistics Canada reported Friday. Economists expected no growth. Sales for August were revised to show no change, versus an initial estimate of a 0.1 per cent decline.

Bloomberg

Ottawa No. 2 among tech hubs: CBRE

Ottawa’s tech talent market beat out the likes of Montreal, Vancouver and Waterloo for the second year in a row according to CBRE’s annual rankings, but the elusive top spot remains in Toronto’s grasp. Based on CBRE’s criteria, which assigns points based on the quality of cities’ technical talent pools, educational resources and high-tech industry, Ottawa scored second in Canada on each available metric according to data from 2017. 

Ottawa Business Journal – Toronto Star

Self-storage sector demand moving upmarket

It is no coincidence two large self-storage facilities are close to Vancouver’s Olympic Village condominiums, where the demand for space is high and the homes are small. The challenge, as in cities across Canada, is too much stuff and too little space. Self-storage in Canada is now an $840 million industry that experienced an annual growth rate of 7.3 per cent from 2012 to 2017, according to independent research firm IBISWorld.

Western Investor

Office market slowly adapting to cannabis culture

B.C. has a liberal reputation, but is it all just smoke? Colliers International notes B.C. residents were among those most in favour of legalizing cannabis, but its recent survey of worker attitudes found the province’s office tenants are also the most likely to favour tight restrictions on the marketing, sale and use of cannabis in office buildings. Just 26% felt cannabis should be modestly or mostly unrestricted.

Business In Vancouver

Vancouver versus Toronto: A tale of two office sectors

Downtown Vancouver and Toronto are cited as the two hottest office markets in the country, but while the West Coast city leads in leasing costs, much larger Toronto appears headed for the first 0% vacancy rate for office towers in Canadian history. Toronto has an inventory of 87.2 million square feet of downtown office space and had a 2.4% vacancy rate as of Q3, according to a survey by CBRE.

Business In Vancouver

Waterfront Toronto sets rules for Sidewalk Labs proposal

Waterfront Toronto is establishing an “evaluation framework” Sidewalk Labs will have to abide by when the Manhattan-based firm presents its master plan for the high-tech neighbourhood it’s hoping to build. “We need to show very transparently why we decide to either go forward with the (master plan) or not. It needs to be grounded in deep analysis and due diligence,” Meg Davis, chief development officer for Waterfront Toronto, said.

Toronto Star

Wildfires will cost California $400 billion: AccuWeather

Dr. Joel Myers, AccuWeather founder and president, predicts the total economic loss California due to the wildfires will be $400 billion in 2018, making it the most expensive natural disaster in U.S. history. The economic loss is made up of the total loss of value in property, values, taxes, lost jobs and wages, lost business and importantly by the significant health impacts of the particulate pollution resulting from the fires.

PR Newswire

Featured Column

The apartment building sale: Getting multiple offers

GUEST COLUMN: Self-serving, arrogant, duplicitous – if this is the typical perception the public has of brokers, then it is no surprise the value of a correct listing process is sometimes underestimated. If you’ve been following our articles, you already know we write from direct transactional experience and this story is no different. Our seller client had initially attempted to sell his 100-plus-unit portfolio himself.

Property Biz Canada

Real Estate Investment Trusts

Fitch forecasts strong U.S. multi-family performance

With Millennials finally pursuing homeownership in significant numbers, the future of U.S. multi-family REITs, and the stable fundamentals they’ve enjoyed, has been called in question. While it’s true Millennials are finally heading out to the suburbs, other trends have positioned the sector for the longer term. As we head into year-end, the industry remains stable, with prospects continuing to look good into the new year.

CP Executive

Retail

David’s Bridal to open new Canada store despite bankruptcy

David’s Bridal store customers, including those in Canada, won’t be affected by the company’s U.S. filing for bankruptcy protection because operations will continue as normal while the wedding and prom retailer restructures. “We will not be closing stores due to this announcement. In fact, we will be opening our 12th Canadian store in Vaughan at the end of December,” said spokeswoman Callie Canfield Worthington. 

Ottawa Citizen

Restaurants and Eateries

Restaurants trying to get diners to eat faster

Come dinnertime, if we go out to eat, it’s often a quick meal. Sometimes it’s because the restaurant needs us to eat fast – as fast as 90 minutes. That’s the seating limit imposed by Toronto restaurant Paris Paris. Parties of three or more get two hours. “Reservations of two people or less will be allotted 90 minutes to dine,” reads its website.

Globe and Mail (Subscription required)

New Development

Canucks owners building Washington state winery

The Aquilini family is building its own winery in the United States. The Vancouver Canucks owners have paid out about $16 million to secure the 670-acre property just west of the Columbia River in southeastern Washington state, according to the Tri-City Herald newspaper.

Vancouver Province

Sports Venues

Miami stadium could rise from ruins under restoration plan

Miami Marine Stadium is a shell of its former self. What was once home to world-class speedboat races, sold-out rock concerts and boxing matches now sits abandoned behind a fenced-off section of Virginia Key, a slice of land south of downtown Miami. The City of Miami has committed $42 million to restore the stadium and create a mixed-use park around it.

Victoria Times Colonist

Renovation and Restoration

Funding announced for Regina’s Railyard Renewal Project

In Regina’s Warehouse District, three levels of government announced $33.6 million on Friday for the Railyard Renewal Project. The empty former container yard spans 5½ blocks. The city hopes to revitalize Dewdney Avenue, reducing automobile traffic from six lanes to four, in favour of creating wider sidewalks to accommodate pedestrian traffic, restaurant patios and potential bike paths.

Regina Leader-Post – Canada Newswire

Infrastructure

Canada Infrastructure Bank points to 407 toll highway

The head of the Canada Infrastructure Bank says the 407 Express Toll Route, which has been criticized for its hefty fees, offers a “good example” for how the country can speed the construction of new projects. The infrastructure bank is mandated to invest $35-billion over 11 years, with hopes it can leverage four to five times that in outside investments toward building new Canadian transportation networks, energy generation and other priorities.

Globe and Mail (Subscription required)

Other

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