Canadian builders brace for new steel protections

Canadian builders brace for new steel protections

Canada’s latest steel tariff proposal has alarmed construction companies, who have warned it could have an outsized impact on the country’s coasts, boosting costs in places like Vancouver, already Canada’s most expensive housing market, while protecting steel producers in Central Canada. The new measures could make steel more expensive in regions that depend on imports from overseas.

Reuters

Innovative architecture coming to U of T 14-storey tower

As buildings go, Toronto’s Best Institute is something of a beater, a stuffy red-brick box from the 1950s. Soon the University of Toronto plans to tear the structure down and replace it with a sculptural 14-storey tower led by Weiss/Manfredi Architects that will be stocked with vertical gardens, brightly sunlit collaboration spaces, the latest IT infrastructure and cafés.

Globe and Mail (Subscription required)

Calm, steady hand winning strategy for Melcor

Melcor Developments Ltd. (MRD-T), an Alberta-based real estate development and asset management company, has a simple strategic philosophy which has served it well for 95 years. “It really hasn’t changed. . . . When you have a company that’s been around for 95 years you really have to go back to say ‘what’s worked?’ ” said Darin Rayburn, Melcor’s president and chief executive officer.

Property Biz Canada

LaSalle Canada fund buys into Minto Place, Calgary mall

The LaSalle Canada Property Fund (LCPF) has grown to a gross asset value of more than $1 billion since its launch in December and the money is quickly being deployed. The LCPF secured up to $350 million of new capital commitments earlier this month, and has used portions of it to acquire Calgary’s Market at Quarry Park and a 33 per cent interest in Ottawa’s Minto Place.

Property Biz Canada

GTA available industrial rate reaches historic low

In its Real Estate Market Research study published today, Devencore announced the overall availability rate across the GTA’s industrial market has reached a historic low of 2.5 per cent, down from 3.5 per cent a year ago. As a consequence, asking gross rental rates are rising steadily, and are now at $11.57 per square foot, up from $10.66 per square foot in the same period last year.

Globe Newswire

Ottawa’s vacant industrial land hits all-time low: City

Developers looking to build in Ottawa’s business parks and industrial corridors have fewer options than ever, but municipal officials say the city still has enough land to last for nearly two decades. In its latest biennial report, city staff say Ottawa has 1,619 net hectares of vacant business park and industrial land available for development – the lowest level recorded since municipal officials began reporting the figures in the mid-1980s.

Ottawa Business Journal

RioCan, Boardwalk JV on Calgary Brio apartment project

Calgary-based Boardwalk REIT (BEI-UN-T) has partnered with RioCan REIT (REI-UN-T) to build a 162-unit multi-residential rental tower in the Brentwood Village shopping centre in Calgary. The mixed-use development joint venture, named Brio, will include a stepped six-, 10- and 12-storey high-rise with about 130,000 square feet of rental housing to be managed by Boardwalk and 10,000 square feet of retail to be managed by RioCan.

Property Biz Canada

Experts fear for Toronto’s long-term transit plans

The Progressive Conservatives’ victory in Ontario’s June election has reignited conversation about the province taking partial control of the TTC. And though Premier Doug Ford’s new government has yet to announce detailed plans for what might be in store for the city-owned transit system, experts and former city officials warn giving control of parts of the network to the province could do significant damage to Toronto’s long-term transit plans.

Toronto Star

Vancouverites, developer tangle over block of land

City Hall has tacitly made the northeast corner of 33rd Avenue and Mackenzie Street on Vancouver’s west side a unique situation in a city where there is debate over adding density in leafier neighbourhoods versus keeping legacy businesses. The new owners, 1032682 B.C. Inc., hired Ian Egloff of Creekside Architects to come up with a proposal for a three-storey building with eight luxury condos, underground parking stalls and commercial space.

Vancouver Province

Davignon Martin blossoming in architectural world

In 2001, Richard Davignon launched his own architectural firm as the sole employee. In 2008, he was joined by registered interior designer Doris Martin, who became a second principal in 2010 by which time Davignon Martin had moved to larger space.  They have earned a reputation for creating buildable modern architecture and interiors, and demand for their services meant increasing staff to 12, causing the need to move again.

Calgary Herald

Conexus unveils design for new Wascana Centre building

James Youck and Donald Luxton had no easy task designing the University of Regina College Avenue Campus’ next structure. Their goal was to complement the heritage of the historic campus, while drawing a building a vocal group of Regina residents believe shouldn’t be built at all. The plans for Conexus Credit Union’s new head office were unveiled at a news conference last week.

Regina Leader-Post

Cannabis world wondering what comes next

The landmark investment by U.S.-based alcohol company Constellation Brands Inc. in Canadian pot producer Canopy Growth Corp. (WEED-T) has opened the door to speculation about similar investments by other big names looking to break into the cannabis sector. Canopy chairman and co-CEO Bruce Linton alluded to as much on a recent conference call when he said the future will bring other major industries into the cannabis sector.

Windsor Star

Canada’s pot producers could overshoot demand

In all the great songs written about pot, from Bob Marley’s Kaya to John Prine’s Illegal Smile, none have ever dealt with the problem of there being too much weed. As legalization looms on the Canadian horizon, suppliers concerned about not being able to meet initial demand are ramping up production capacity ahead of Oct. 17.

Ottawa Citizen

Toys ‘R’ Us Canada’s president focusing on rebuilding brand

Toys “R” Us Canada’s president says most of the people she has met with over the past tumultuous year have asked her the same question: “have you found another job?” The query has been on the tip of everyone’s tongues as many mistakenly believe the toy chain’s Canadian business is following in the footsteps of its American and U.K. counterparts by liquidating stores amid reports of financial woes.

Financial Post

Auction to feature 82 former Toys “R” Us sites in 32 states

A total of 82 former Toys “R” Us and Babies “R” Us stores and other real estate assets will be auctioned on Sept. 27 in Manhattan by A&G Realty Partners and Raider Hill Advisors. Acting on behalf of the debtor of Toys “R” Us Property Company I, LLC, Melville, N.Y.-based A&G, an advisory and real estate brokerage, and Manhattan-based Raider Hill will auction the assets.

PR Newswire

Market Trends and Research

Expect Bank of Canada to maintain interest rates in September

Bank of Canada governor Stephen Poloz has put an early stop to the debate over whether he might be persuaded to raise interest rates in a couple of weeks. Poloz used public remarks at the Federal Reserve Bank of Kansas City’s annual central banking retreat to emphasize he remains unworried about inflation, even though the consumer price index jumped to the outer limit comfort zone in July.

Financial Post

China pushes for infrastructure spending

China’s investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said on Monday. Beijing is urging more infrastructure spending as the economy faces both domestic and external risks, such as U.S. tariffs.

Reuters – Bloomberg – Globe and Mail (Subscription required)

REIT Financial Reports

Latest financial results:

* Fronsac REIT, (FRO-UN-X), Globe Newswire

Real Estate Investment Trusts

Artis undervalued; Automotive Properties tied to car sales

Artis REIT (AX.UN-T) is well-established. Prior to 2007, the company went by the name of Westfield REIT, and the company’s success has largely been viewed as tied to Alberta. The stock is trading under $13.00 per share at the time of writing, below the net asset value, which shows it is undervalued. Automotive Properties REIT (APR-UN-T) is inextricably tied to car sales, as it owns 40 auto dealerships in Canada.

Motley Fool – Property Biz Canada – Property Biz Canada

Retail

DavidsTea names two new independent directors

DavidsTea Inc. (DTEA-Q) has appointed two new independent directors as changes continue following a shareholder revolt led by co-founder Herschel Segal that saw the board replaced. The tea shop chain says marketing executive Anne Darche and Susan Burkman, an investment banker, have joined the board.

Financial Post

German cartel office would investigate Kaufhof-Karstadt deal

The head of Germany’s anti-trust office said he would have to review any plans to merge department store groups Kaufhof, owned by Canada’s Hudson’s Bay Company (HBC-T), and competitor Karstadt. Kaufhof and Karstadt, controlled by Austrian investor Rene Benko, are in advanced talks on a deal to join forces as shoppers retreat from the high street and increasingly make purchases online.

Reuters

Sears to close another 46 unprofitable U.S. stores

Sears Holdings Corp. (SHLD-Q) is closing another 13 Kmart stores and 33 Sears stores as sales shrink and losses grow. The ailing company said liquidation sales at the 46 unprofitable stores marked for closure will start Aug. 30, according to the company website. They’ll close in November. In January, Sears said it was closing 100 stores. It announced in May it was closing another 100.

Globe and Mail – CoStar Group

Cannabis industry news

Cannabis supply chains coming out of the shadows

Low-slung industrial developments are rising in Coachella, Calif., a dusty stretch at the edge of relentless desert 140 miles from the Pacific Coast that’s becoming a hub for cannabis producers. Around the state, a nascent network of specialized distribution companies is springing up to connect these centers of licensed marijuana growers and processors to hundreds of retail outlets, providing something entirely new in the marijuana industry: A legitimate supply chain.

Toronto Star

Cannabis farm hits the market, regulations hit the sector

Offers on BlueVault Organic Marijuana Ltd. of Pemberton are set to start rolling in, six weeks after Colliers International presented buyers with the opportunity to purchase the operation. With indoor production aiming at close to 10 tonnes a year and the potential for additional outdoor production at its 135-acre property in the Agricultural Land Reserve (ALR), broker Alan Johnson says the farm presents a unique opportunity.

Business In Vancouver

Infographic: What cannabis investors need to know

Many investors are still cautious about getting involved with the cannabis industry. How much is it worth? This infographic breaks down industry trends, retail cannabis products and the history of cannabis sales.

Business In Vancouver

Sports Venues

N.E. cities turn to baseball to rejuvenate downtowns

It can be tough being a New England city not named Boston.  Job losses in industries like manufacturing and insurance, once bastions of growth, coupled with population losses have hurt the economies of cities such as Hartford and New Haven in Connecticut and Springfield in Massachusetts, with the urban parts typically taking the brunt of the impact. 

CoStar Group

Edmonton Soccer Dome to become nation’s largest indoor facility

Driving into Edmonton from the south, off to the east past the big oil derrick you can see the top of a massive dome. It’s the country’s largest indoor soccer facility, and already has the city’s soccer community buzzing. “It’s finally up, and you can see it from most places in the city,” said Edmonton Soccer Dome general manager Antony Bent.

CBC

Other

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