Aging population, low vacancy spur Victoria apartment builds

Aging population, low vacancy spur Victoria apartment builds

Victoria’s aging population of well-off downsizers, a severe shortage of rental homes and other market pressures are spurring developers to build hundreds of new rental apartment units, stakeholders and experts say. There are currently between 800 and 1,000 purpose-built rental apartment units being built in Victoria, said Justin Filuk, director of development at Townline.

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High office vacancy hits Calgary’s downtown retail market

Calgary’s high downtown office vacancy continues to strain its central retail market, according to Barclay Street Real Estate. The Central Business District retail vacancy rate fell from 11.5 per cent to 10.8 per cent, but remains significantly higher than Calgary’s overall retail vacancy rate of three per cent, which has been driven mostly by strong suburban shopping centres, according to the firm’s 2017 mid-year analysis.

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Liquidity, active pipeline drive growth for PROREIT

PRO Real Estate Investment Trust (PROREIT) continues to raise funds and make transactions, and it’s now in its most liquid position since launching in March 2013. “We’ve always talked about a clear strategy of being a commercial REIT that’s fully diversified geographically and by commercial sector,” said president and CEO James Beckerleg.

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Algoma suspends mall sale due to Sears closures

Sears Canada’s announcement it will close its store in the Station Mall in Sault Ste. Marie has caused Algoma Central Corporation to suspend efforts to sell the property. “Although Algoma has yet to receive formal notification of Sears’ intent for the store, the Company has decided to suspend on-going discussions regarding a sale of the Mall until the uncertainty created by the announcement is resolved,” Algoma says in a release issued Monday.

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Dream Office sells $1.7B properties; $1.4B to KingSett

Dream Office REIT will sell its 50 per cent stake in Scotia Plaza, plus a portfolio of other assets, to Kingsett Capital as part of a $1.7 billion disposition. The trust says the sales are an “acceleration of its strategic plan”. KingSett, which owns the other 50 per cent stake, will own 100 per cent of Scotia Plaza when the transaction closes.

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Some facts about Saskatoon’s Marquis Industrial area

Up to and including June 13, only five building permits have been issued within the Marquis Industrial area since Jan 1. There were four permits issued during April, and spring is typically the season in which we see the greatest number of new industrial construction starts.

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Six Months Ago: Angels to help a new generation of RE developers

A group of angel investors and the Fonds immobilier de solidarité FTQ have teamed up to help create a new generation of real estate developers in Quebec. The deal with investor group Anges Québec “will allow for the emergence of a generation of rising developers and support existing developers who need more liquidity,” says Normand Bélanger, president and CEO of the Fonds immobilier de solidarité FTQ.

Property Biz Canada

One year ago: RioCan REIT repositioning Canadian portfolio

RioCan Real Estate Investment Trust’s December sale of 49 properties in Texas and the northeastern U.S. to The Blackstone Group for $2.7 billion ended last year with a bang, and it’s led to a very active 2016. “We thought it was a great time to sell for financial reasons because of where the U.S. market was and where the Canadian dollar was,” said CEO Ed Sonshine.

Property Biz Canada

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