Toronto mixed-use site for sale in hub of development activity

RENX  Residential  •  Apartments, Land  •  Toronto / GTA

A prime transit-oriented, mixed-use development site is for sale in a rapidly intensifying area of in Toronto which is slated for thousands of new residential units in coming years.

Morguard REIT shows profit in 2021; optimistic for ’22

RENX  Commercial  •  Retail  •  National

Challenges remain with Morguard Real Estate Investment Trust’s  (MRT-UN-T) enclosed mall portfolio but the potential end to pandemic-related restrictions is a cause for optimism, says Andrew Tamlin, the REIT’s chief financial officer.

HBC to close Yonge and Bloor store

Commercial  •  Globe and Mail (Sub. required)  •  Toronto Star

Toronto-based retailer Hudson’s Bay Co. is closing its store at Yonge and Bloor Streets – one of its two department stores in downtown Toronto – the fourth to shut down since the company went private two years ago.

Giant Tiger proud to be the discount chain with heart

Commercial  •  Globe and Mail (Sub. required)

From a shambolic start in Ottawa’s Byward Market to a $2-billion business, discount retailer Giant Tiger found success while treating its employees like family. The company has nurtured a devotion to the brand and its core values verging on cult-like.

Moncton considers plans for fifth industrial park

Commercial  •  CBC

Moncton council is considering a plan to establish a fifth industrial park for warehouses in the city’s east end. Moncton Industrial Development, responsible for  industrial parks, is seeking approval to rezone several properties as well as extend the “urban boundary.”

Starlight proposes 11-storey infill near LRT station

Residential  •  Urban Toronto  •  RENX

Starlight Investments is applying for the rezoning of a property at 2801 Jane St. to allow for an 11-storey purpose-built rental apartment building. The WZMH Architects-designed building would include 221 new rental residential units, including 112 one-bedrooms (51%), 87 two-bedrooms (39%) and 22 three-bedrooms (10%).

The Industrial Real Estate Show › Podcast: StackSource CEO Tim Milazzo on proptech, CRE loans

Chad Griffiths: Partner, NAI Commercial

RE turnaround gives Caisse benchmark-beating returns

Residential, Commercial  •  Globe and Mail (Sub. required)  •  CityNews

Canadian pension fund giant Caisse de dépôt et placement du Québec posted a 13.5 per cent, benchmark-beating return in 2021, aided by a 12.4 per cent return for its Ivanhoé Cambridge property unit.

How hybrid work might affect downtown Mtl. revival

Commercial  •  Montreal Gazette

A new model of hybrid work schedules is expected to reduce the number of Montreal employees who commute downtown daily by as much as 25 per cent in the short term. Overall spending is expected to drop by 14 per cent

Real estate podcasts

Residential, Commercial  • 

Frank Magliocco, PwC Canada: Emerging trends in real estate, CRE Podcast

Jas Saraw, Procore: The future of construction, The Construction Record Episode 157

Mark Halkias, Primaris REIT: Winning and learning in real estate, Highview Partners People Who Perform

REOC fourth-quarter financial results

Residential, Commercial  • 

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire
Dream Unlimited Corp., (DRM-T), Business Wire
Extendicare, (EXE-T), Globe Newswire
Fiera Capital Corporation, (FSZ-T), Canada Newswire

REIT fourth-quarter financial results/business updates

Residential, Commercial  • 

Boardwalk REIT, (BEI-UN-T), Canada Newswire
BTB REIT, (BTB-UN-T), Canada Newswire
Lanesborough REIT, (LRT-UN-X), Canada Newswire
Plaza Retail REIT, (PLZ-UN-T), Canada Newswire
Slate Office REIT, (SOT-UN-T), Business Wire

Brookfield makes $1.86B bid for Belgium’s largest REIT

Commercial  •  Bloomberg  •  IPE Real Assets  •  Globe Newswire

A fund managed by Brookfield Asset Management has offered $68 Cdn a share to buy Befimmo SA, Belgium’s largest REIT. The offer, which is backed by the company’s management and board of directors, values the company at about $1.86 billion.

Oxford acquires 13 San Diego buildings for $464M

Commercial  •  Oxford Properties media release  •  RENX

Oxford Properties Group announced the acquisition of a nine-asset, 13-building life sciences portfolio in San Diego’s Sorrento Mesa and Sorrento Valley. Oxford, a leading global real estate investor, asset manager and business builder, acquired the 650,000-square-foot portfolio for $464 million.

SmartStop, Strategic Storage Growth Trust II to merge

Commercial  •  Business Wire  •  RENX

SmartStop Self Storage REIT and Strategic Storage Growth Trust II have entered into a definitive agreement to merge in an all-stock transaction. The transaction values SSGT II’s real estate assets at approximately $280 million.

Google’s Seattle campus sells for record $802M

Commercial  •  GeekWire

Vulcan Real Estate sold the two-block, four-building Google campus overlooking Seattle’s Lake Union for $802 million, a price of $1,260 per square foot that’s believed to set a new record for the city’s office market.

OPINION: The dark clouds of NIMBYs

Residential  •  Real Estate Magazine

NIMBYs are a significant source of housing unaffordability. The Ontario Association of Architects in 2018 reported that $193,000 is added to the cost of a 100-unit condo project for every month it is delayed and municipal delays are sometimes measured in years.

Canada 10th in owning/renting price gap

Residential  •  REMI Network

According to Compare the Market, Canada has the 10th-largest price gap between renting and owning a home. The average mortgage payment for a three-bedroom home in Canada is 32.6 per cent higher than the average rent for a comparable space.

Calgary rental market sees a rush of new product

Residential  •  Globe and Mail

According to CMHC data, more than 2,400 new purpose-built rental units have become available since 2017 in downtown Calgary neighbourhoods, including Eau Claire, Chinatown, the Beltline and Mission; and about 1,650 units are currently under construction.

Ont. cottage country sees record low supply

Residential  •  Toronto Storeys

The coveted real estate market in Ontario’s cottage country is experiencing record lows of supply and soaring prices. Residential non-waterfront sales activity recorded through the MLS System for the Lakelands region totalled 280 units in January 2022, a year-over-year decline of 12.8%.