Toronto, Mtl. data centre markets grow, face challenges

RENX  Commercial  •  Industrial, Land, Technology  •  Toronto / GTA, Greater Montreal

Data centres have become an increasingly important part of the Canadian commercial real estate market and the country’s economy, but the sector faces expansion challenges in the country’s largest markets.

Starlight funds acquire properties in Orlando, Raleigh

RENX  Residential  •  Apartments  •  International

Starlight U.S. Residential Fund (SURF-U-X) and Starlight U.S. Multi-Family (No. 2) Core Plus Fund (SCPT-A-X) have announced acquisitions of multiresidential properties in the U.S. cities of Orlando and Raleigh, comprising 584 apartments, for a total of $254 million Cdn.

Rogers to open national technology centre in Calgary

Commercial  •  Globe and Mail  •  CBC

Rogers Communications Inc. (RCI-B-T) said Thursday it will bring 500 jobs to Calgary with a new national technology centre it intends to establish at Shaw Communications’ (SJR-B-T) Barlow campus in Northeast Calgary following the close of the proposed merger.

Dream Ind. forms $1.5B Toronto, Golden Horseshoe JV

RENX  Commercial  •  Industrial  •  Ontario, Toronto / GTA

Dream Industrial Real Estate Investment Trust (DIR-UN-T) and Dream Unlimited Corp. (DRM-T) have formed a $1.5-billion develop-to-hold joint venture with a “leading global sovereign wealth fund” to buy development properties and build industrial facilities in the Greater Golden Horseshoe Area.

CEO leading Walmart Canada’s $3.5B shakeup

Commercial  •  Globe and Mail (Sub. required)

In 2019, Horacio Barbeito was asked to head north to pump up Walmart’s limp operation in Canada as CEO and president. In two years he has witnessed, and contributed to, a retail landscape transformed by the forces of pandemic and technology.

Ontario budget promises billions for infrastructure

Residential, Commercial  •  Financial Post  •  Globe Newswire  •  Toronto Star

In a budget delivered just over a month before voters head to the polls, the Ontario government is promising to invest billions of dollars during the next three to five years to shore up infrastructure and commercialize promising technologies.

Capital Developments proposes 62-storey tower

Residential  •  Urban Toronto

Capital Developments has proposed a 62-storey Diamond Schmitt Architects-designed tower at 88 Isabella St. in downtown Toronto. The tower would offer 751 residential units, including 82 rental replacement units from the existing building.

Ottawa planning committee OKs 12-storey apt. complex

Residential  •  Ottawa Citizen

A 9-1 vote by the planning committee on Thursday means Ottawa city council will be advised to allow Uniform Urban Developments’ 12-storey apartment complex along a rapid transit line in Westboro. The proposal includes 263 residential units.

Van. proposes Empty Stores Tax for vacant storefronts

Commercial  •  Daily Hive  •  Vancouver Sun  •  CTV

After the success of its Empty Homes Tax, the creation of an Empty Stores Tax was suggested by Vancouver Mayor Kennedy Stewart during Tuesday night’s meeting on the distribution of property taxes.

Group plans $100M Mtl. arts exhibition centre

Commercial  •  Montreal Gazette

Phi is set to expand with a new $100-million project to create Phi Contemporary, a new arts exhibition centre in Old Montreal to open in 2026. Phi has acquired four buildings and a vacant lot near St-Paul and Bonsecours Streets.

Latest Sustainable Biz Canada headlines

Residential, Commercial  • 

Building industry remains vital part of net-zero initiatives
Boralex, Énergir, Hydro-Québec JV on wind farms
BluWave-ai partners on EV electricity demand project

Real estate podcasts

Residential, Commercial  • 

Graham Wong, LAUFT: Expansion of the flexible work concept, The Retail Insider Podcast Network

Sam Zell, Equity Group Investments: Commercial real estate investing, Real Estate Report Podcast

Liz Firer-Gillespie, Nicola Wealth Real Estate: Asset management & the value of different perspectives, Highview Partners People Who Perform

U.S. hotel rates hit record high: STR

Commercial  •  Bisnow

Travelers are continuing their return to hotels, and they are paying record rates for their rooms. The national average daily rate for a room in March was $146.61, the highest for any month on record, according to hospitality data provider STR.

PayPal vacating San Fran office amid financial struggles

Commercial  •  Bisnow

In another blow to the embattled downtown San Francisco commercial real estate office market, PayPal is reportedly shuttering its office spaces in the Financial District, located at 425 Market St.

Amazon’s quarterly results and outlook fall short

Commercial  •  Globe and Mail (Sub. required)  •  Business Wire  •  London Free Press

Amazon.com Inc. (AMZN-Q) delivered a disappointing quarter and outlook on Thursday as the e-commerce giant was swamped by higher costs to run its warehouses and deliver packages to customers. Shares fell nine per cent in after-hours trade.

Survey takes deep dive into neurodiverse workplaces

Commercial  •  REMI Network

A global survey has identified crucial sensory issues in office environments among neurodiverse employees in Canada, the U.S. and U.K., with ideas on how to adapt and design workplaces for these individuals, many “out of the box” thinkers.

Mattamy, Parkbridge partner on mixed ownership

Residential  •  Canada Newswire

Mattamy Homes and Parkbridge Lifestyle Communities are partnering on the first mixed-ownership community in Ontario – featuring both traditional freehold homes and land-lease homes in Innisfil, offering increased choice, flexibility and affordability.

Que. prices headed for first annual drop since 2000

Residential  •  Montreal Gazette

Average housing prices in Quebec are projected to fall 4.7 per cent in 2023 as rising mortgage rates begin to squeeze first-time buyers out of the market, Mouvement Desjardins said in a new report published Thursday.

Vancouver hikes empty homes tax to 5% of assessed value

Residential  •  CBC  •  CTV

Vancouver city councillors have unanimously backed a motion from Mayor Kennedy Stewart to hike the empty homes tax to five per cent of a property’s assessed value, effective next year.

Ontario must close loopholes for auction firms: OREA

Residential  •  Ottawa Citizen

OPINION: Since auctioneers are exempt from the rules in Ontario, real estate auction companies operate with almost no oversight and that’s risky for home buyers and sellers. They use the farm auction “loophole” while marketing themselves like a traditional brokerage.