Hudson Pacific continues major upgrades at Bentall Centre

RENX  Commercial  •  Office, Retail  •  Metro Vancouver

Hudson Pacific Properties is moving ahead with major renovation plans at its downtown Vancouver Bentall Centre property with a few COVID-related adjustments. At the start of the year, it had planned the biggest improvements to the complex since the 1990s.

Sandpiper seeks to oust most of Artis REIT’s board

Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire  •  Canada Newswire

Vancouver-based activist  investment firm Sandpiper Group has launched a proxy fight against Artis REIT, (AX-UN-T) in a bid to oust most of the board after the commercial landlord announced a plan to spin off $779 million of its retail assets.

Feds to spend $10B on infrastructure to fuel recovery

Commercial  •  CBC  •  Vancouver Sun

The Liberal government is spending $10 billion in infrastructure initiatives such as broadband, clean energy and agricultural projects as part of its plan to boost growth and create one million jobs after the pandemic pummelled the economy.

CREW report offers mixed review on diversity in CRE

RENX  Commercial  •  Human Resources  •  National

CREW Network‘s latest benchmark study shows progress, but also some backward steps for women and minority communities. “When diversity is recognized at the senior levels of the commercial real estate profession, that’s what’s going to change it,” said executive Rhonda Holland.

Northview sale to Starlight, KingSett to close in Nov.

Residential, Commercial  •  Globe Newswire  •  RENX

Northview Apartment Real Estate Investment Trust (NVU-UN-T) announced its sale to Starlight Group Property Holdings and KingSett Capital, in which unitholders will receive consideration of $36.25 per Northview trust unit, is scheduled to close the week of Nov. 2.

The Title Page › The importance of education and virtual learning in real estate

Lori Sartor and Eric Haslett: Lori Sartor and Eric Haslett

Businesses fret as federal rent relief program ends

Commercial  •  CBC  •  Globe and Mail (Sub. required)  •  Financial Post (Sub. required)

The Canada Emergency Commercial Rent Assistance program — designed to ease the pressure on pandemic-damaged businesses by covering a portion of their rent — expired at midnight, leaving many Canadian businesses in the dark about what Ottawa has planned to replace it.

Toronto only N.A. RE market in bubble territory: UBS

Residential  •  Globe and Mail (Sub. required)  •  680 News  •  CNBC

Toronto home prices are overvalued, making it the only North American city at high risk of being in a bubble, according to a new report by UBS. Toronto is No. 3 on UBS’ annual bubble index, trailing Munich and Frankfurt.

BMO says heavy focus on CRE lending not unduly risky

Commercial  •  Globe and Mail (Sub. required)

Bank of Montreal expects losses on loans to businesses will spike, but executives are trying to calm investors’ concerns the bank could be unduly exposed to struggling companies. Canada’s fourth-largest bank is one of North America’s largest commercial lenders.

Drimmer invests further $10.9M in Northview

Commercial  •  Globe and Mail (Sub. required)

Trustee Daniel Drimmer continues to be a buyer of Northview Apartment REIT (NVU-UN-T) for an account in which he has indirect ownership (Starlight Group Property Holdings Inc.). On Sept. 16, Drimmer invested over $10.9 million in units of Northview.

Northview Fund IPO qualifies for $430M in trust units

Commercial  •  Canada Newswire

Northview Canadian High Yield Residential Fund has obtained a receipt for a final prospectus for its IPO of trust units. The final prospectus qualifies the distribution of a maximum of $430 million of units and is expected to close on Nov. 2.

Shangri-La windows could ‘spontaneously’ shatter

Residential  •  Vancouver Sun

Strata owners have, for some years, drawn attention to allegedly faulty glass windows in residential condo units at the 62-storey Shangri-La tower in downtown Vancouver. According to recent strata minutes, the inner panes could “spontaneously shatter.”

Oxford makes first direct European logistics investment

Commercial  •  IPE Real Assets

Oxford Properties has marked its first direct logistics investment in Europe with the acquisition of a 15-acre site in Heathrow, London. The $60 billion property arm of pension fund OMERS has acquired the site in partnership with Logistics Capital Partners (LCP).

Brookfield plans $600M IPO for Indian REIT

Commercial  •  CNBC

Brookfield Asset Management is set to file a draft offer document with Securities & Exchange Board of India for a $600 million US IPO initial public offering for its REIT, its third in India following Embassy Office Parks and Mindspace Business Parks.

H&M to close hundreds of stores

Commercial  •  Reuters

H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world’s second biggest fashion retailer said on Thursday, after reporting a smaller than expected drop in third-quarter profit.

Properly raises $100M to expand across Canada

Residential  •  Financial Post

Toronto-based real estate agency, Properly.ca has gained access to $100 million in credit and is betting on artificial intelligence to help it expand from Ottawa and the Greater Toronto Area to major cities across Canada.

Loop Insights signs licence deal with CasaPerks

Commercial  •  Canada Newswire

Vancouver-based Loop Insights Inc. (MTRX-X), a provider of contactless solutions and AI in to the brick and mortar space, has granted Austin, Texas-based startup CasaPerks LLC to use various aspects of its technology for $1.9 million US.

Vancouver defeats mayor’s new housing plan

Residential  •  Business In Vancouver

Vancouver Mayor Kennedy Stewart’s push for a new housing initiative that would allow up to six homes on a single-family lot — with two of them affordable to middle-income earners — was derailed by city councillors Tuesday and may never be implemented.

Montreal freezes property taxes for 2021

Residential, Commercial  •  Montreal Gazette  •  La Presse

Montreal will freeze municipal taxes to give residents and businesses some much-needed relief, even after announcing Thursday the city expects to record a 2020 deficit of as much as $129 million. The tax freeze will deprive the city of $56 million in revenue.

Buying a home most affordable since 2016: RBC

Residential  •  Financial Post

According to RBC Economics’ Housing Affordability Measure out this week the proportion of income Canadians need to meet housing costs (mortgage, taxes, utilities) fell 3.3 percentage points to 47.3% in the second quarter, the most affordable since 2016.