Multifamily execs offer sector overview to close CAIC

RENX  Residential  •  Hotels and Resorts, Seniors Housing, Apartments, Investment  •  National, International

Five leading members of the Canadian multifamily real estate asset class shared their insights and expertise on the sector on Sept. 16 to close the Canadian Apartment Investment Conference, which was held virtually this year due to the pandemic.

First ‘tri-mix’ building underway in False Creek Flats

Residential, Commercial  •  Western Investor  •  RENX  •  RENX

Vancouver’s first  “tri-mix” development, combining 200 rental units with offices and industrial space, has launched in the False Creek Flats. Hungerford Properties and QuadReal Property Group‘s Archetype will include 32,000 square feet of light industrial strata and 67,000 square feet of office strata.

Grocery supply chain not out of the woods yet: Co-op

Commercial  •  Calgary Herald  •  RENX

Shoppers could once again face empty grocery store shelves and shortages of staples if spiking case counts lead to a second wave of the virus this fall or winter, according to Calgary Co-op CEO Ken Keelor.

Toronto’s PATH is a dead zone

Commercial  •  Globe and Mail (Sub. required)  •  National Post

Before the pandemic struck, crowds of downtown office workers would swarm in and out of Toronto’s main train station twice each weekday, a mass of humanity so thick that trying to walk against the stream earned the nickname “salmoning.”

$2B B.C. recovery plan misses Main street: CFIB

Commercial  •  Western Investor  •  Globe and Mail  •  CBC

The B.C. Economic Recovery Plan, introduced Thursday, includes $1.5 billion in new spending, $660 million in new tax incentives and $500 million for a new strategic investment fund. However, critics say it fails to offer short-term help for struggling small businesses.

Apt. REIT shares drop on Ontario move to freeze rents

Residential  •  Bloomberg

Shares of Canadian apartment companies dropped after Ontario Premier Doug Ford announced plans to freeze residential rents in 2021. Ottawa-based Minto Apartment REIT (MI-UN-T), InterRent REIT (IIP-UN-T) and CAPREIT (CAR-UN-T) had been trading higher before the announcement.

The Saskatchewan Edge › Entertainment facilities: First to close, last to open

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

REALPAC: Challenges facing multifamily sector

Residential  •  REALtalk: Episode 10

PODCAST: Francine Moore, president, Homestead Land Holdings Ltd., shares her insights about the multifamily asset class’ response to COVID-19, challenges facing the sector today, strengths and areas of improvement, and a needed collaboration between the private and public sectors.

Van. approves three buildings with 215 rental units

Residential, Commercial  •  Daily Hive

Vancouver City Council has approved three rezoning applications that will create 215 new rental units. The largest is Jameson Development Corp.’s 12-storey mixed-use tower development at 1649 East Broadway with 114 rental units and over 5,000 square feet of ground-level commercial space.

T.O., Vancouver rents dropping at record rates

Residential  •  Financial Post  •  RENX  •  RENX

With immigration stalled during the COVID-19 pandemic, rental markets in some of Canada’s biggest and most expensive cities have seen record declines. Toronto and Vancouver, both gateways for new Canadians, have had year-over-year rents drop in the double digits.

Cannabis startup plans West Ottawa production facility

Commercial  •  Ottawa Business Journal

Ottawa’s CannaGenetics wants to build a cannabis production facility in Carp that would cultivate pot in stacked containers instead of soil. The proposed 43,000-square-foot plant in the WestKan Business Park would use “precision aeroponics” to grow “premium, pesticide-free” pot.

REOC business updates

Residential  • 

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire

Sienna Senior Living Inc., (SIA-T), Globe Newswire

Mark Carney joins PIMCO’s advisory board

Commercial  •  Financial Post

Former Bank of Canada governor Mark Carney is joining an advisory board for Pacific Investment Management Company. PIMCO CEO Emmanuel Roman says the California-based investment manager sought Carney because of his extensive experience as an economist and central banker.

London firms dumping office space as workers resist return

Commercial  •  Bloomberg

London firms are dumping their unwanted office space as tenants review their real-estate needs. Vacant office space has surged to at least a 15-year high as London businesses look to cut costs and shift more staff to long-term home working.

Some human workers may be permanently replaced

Commercial  •  National Real Estate Investor  •  Toronto Star

The coronavirus pandemic has the potential to permanently replace some humans with machines, according to a new study from the Federal Reserve Bank of Philadelphia. Jobs most at risk include hotel desk clerks, shuttle drivers, retail salespersons and parking attendants.

Google receives $25M tax break to build Nevada facility

Commercial  •  Winnipeg Free Press

Google will receive more than $25 million in tax breaks after pledging an additional $600 million for a new data centre in southern Nevada, state officials said. The company previously committed $600 million to the centre in the Las Vegas suburb of Henderson.

CMHC to get new name to reflect changing mandate

Residential  •  Winnipeg Free Press

The Canada Mortgage and Housing Corp. will be getting a new name in the coming months, part of a larger rebranding by the federal housing agency to better reflect its changing mandate, according to president and CEO Evan Siddall.

City Plan lays foundation for Edmonton’s growth

Residential, Commercial  •  Global News  •  CBC

Growth in Edmonton may have slowed due to a struggling economy and the ongoing COVID-19 pandemic, but city hall is looking to the day when two million call Alberta’s capital home with the City Plan.

OPINION: The ‘decade of the home’ is coming

Residential  •  Globe and Mail (Sub. required)

Our homes are going to be even more central to our lives in the next decade. You’ll find a lot of millennials and members of Gen Z watching this trend from Frustration City thanks to the pandemic.

What $500,000 will buy in Greater Montreal

Residential  •  MTL Blog

Montreal real estate prices are rising quickly and if you’re looking to buy a property in or around the city, you might want to act fast. What follows is what you can buy for $500,000 in Greater Montreal: