Montoni launches Centr0Parc Phase 3 amid land crunch

RENX  Commercial  •  Industrial  •  Greater Montreal

The Montreal area could soon run out of industrial development land unless governments make it easier to facilitate zoning changes, says Montoni Group president Dario Montoni. The firm has just launched a new phase of construction at Centr0Parc.

True North to buy $40.5M downtown Ottawa office bldg.

RENX  Commercial  •  Office  •  Ottawa

A nearly fully occupied downtown Ottawa office building is being sold to True North Commercial REIT (TNT-UN-T) for $40.5 million, the trust announced.

B.C. approves $3.94B Surrey-Langley SkyTrain

Commercial  •  Vancouver Sun  •  CBC  •  Global News

The Surrey-to-Langley SkyTrain extension hit a milestone Thursday when the B.C. government gave its formal approval to fund the project, the first rapid transit expansion south of the Fraser in three decades.

Avenue Living receives $150M in CIB funds for retrofits

Residential  •  Sustainable Biz Canada

Avenue Living Asset Management has secured Canada Infrastructure Bank (CIB) funding for $150 million in sustainable retrofit projects in lower-density residential buildings across Western Canada.

Bertone’s Le Moden complex underway in Montreal

Residential, Commercial  •  Canada Newswire

Construction is underway on Bertone Development Corporation‘s $50-million Le Moden project, which was launched in November. The 10- and four-storey buildings in Montreal’s Ville-Marie borough will feature 126 condo units – 65 per cent of which have been sold – and ground-floor commercial space.

The Saskatchewan Edge › Tight industrial market calls for compromise from buyers, tenants

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

Alphawave IP opening Ottawa office

Commercial  •  PR Newswire

Alphawave IP (AWEVF), a global leader in high-speed connectivity for the world’s technology infrastructure, announced the planned launch of its new office in Ottawa‘s Kanata North technology park. It is expected to be completed by the end of 2022.

One missing after Vancouver parking-deck collapse

Commercial  •  CBC  •  Global News

One person is missing after part of a rooftop parking deck collapsed into the office space below in East Vancouver Thursday. Fire officials said the collapse occurred while a skid-steer loader worked on the roof of a Lougheed Highway building.

Aldo emerges from creditor protection

Commercial  •  Toronto Star  •  Globe Newswire

Montreal-based footwear and fashion accessories company Aldo Group Inc. says it has completed a restructuring process it launched in May 2020 when it filed for creditor protection amid COVID-19 pandemic shutdowns.

Gucci reopens largest flagship in Canada

Commercial  •  Retail Insider

Italian luxury brand Gucci has reopened its store at the Fairmont Hotel Vancouver at 900 W. Georgia Street in downtown Vancouver. The store recently saw a significant expansion to add new product categories which involved joining an existing Gucci store with a neighbouring retail space.

Real estate podcasts

Residential, Commercial  • 

Benjamin Tal, CIBC World Markets: Inflation vs. real estate, CRE Podcast

Gavin Daly, Axis Communications: Smart building technologies, The Construction Record

Cynthia Jagger, Goodman Commercial: Looking at Vancouver apartment sector, CRE Podcast

REIT/REOC business updates

Residential, Commercial  • 

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

Cracks showing in CRE investment

Commercial  •  Bisnow  •  Bloomberg

Collapsed sales, a dwindling pool of buyers and the increasing price of debt points to a significant slowdown in U.S., UK and European real estate investment markets in the second half of 2022 and beyond.

JLL inks new office proptech deal

Commercial  •  Bisnow  •  Globe Newswire  •  RENX

JLL has inked a new partnership with a proptech firm as part of its effort to build an ecosystem of tech solutions for office landlords and tenants. JLL is selling one of its own workplace tech applications to HqO.

Zara owner to buy NYC apartment building for $500M

Residential  •  Bloomberg

Amancio Ortega, the billionaire founder of the Zara retail chain, has agreed to buy New York’s 19 Dutch apartment building. Ortega’s holding firm Pontegadea will acquire the 64-floor luxury apartment complex for about $500 million from Carmel Partners.

Manhattan apartment rents average record $5K

Residential  •  Bisnow  •  Bisnow  •  Commercial Observer

Rents in New York City continued their steady climb upward, shattering records again in June. Average rents in Manhattan hit $5,058 per month for the first time, according to data from appraisal firm Miller Samuel, increasing 30 per cent year-over-year.

June home sales down 24% year-over-year: CREA

Residential  •  Global News  •  Canada Newswire

The national real estate market’s cooling continued with home sales falling again in June, but the Canadian Real Estate Association says the decreases are smaller than in previous months. June home sales were 48,176, a 24 per cent year-over-year drop from 63,280.

Toronto rents jump 20 per cent Y-O-Y

Residential  •  Toronto Star  •  RENX

Toronto is feeling the heat as condo and apartment rents increased by 20 per cent in June, pushing the average monthly price to $2,463. Two-bedroom units reached $3,100 per month, surpassing pre-pandemic levels, says Rentals.ca and Bullpen Research & Consulting.

Roommates, multi-generational homes rising: Census

Residential  •  CP 24  •  CBC  •  Toronto Star

The number of homes being shared by multiple generations of a family, two or more families living together or one family living with people they may or may not be related to grew by 45 per cent over the last 20 years.

Cottage country sales slow; rental market remains strong

Residential  •  Globe and Mail (Sub. required)

The recent buying frenzy in Ontario cottage country may have finally come to an end, but demand for rentals, particularly higher-end properties, remains high, despite an increase in supply over last summer.