Elad becomes Almadev, grows development pipeline

RENX  Residential  •  Condominiums  •  Toronto / GTA

Elad Canada has rebranded to become Almadev as the multi-billion-dollar real estate development, investment and asset management company aggressively expands its residential development portfolio.

Wesgroup seeks to rezone Port Moody property

Residential, Commercial  •  urbanYVR

Wesgroup Properties has submitted its rezoning application to the City of Port Moody for its Coronation Park development. The proposal includes 2,587 residential units; 29,752 square feet of office space and 77,974 square feet of commercial/retail space.

Port Moody ponders reducing SkyTrain station density

Residential  •  Daily Hive

The City of Port Moody has signalled it is contemplating lowering the level of density permitted around SkyTrain Moody Centre Station. This appears to be a cause for concern for the provincial government.

The People Space › People Space: New leaders at PSP Investments, Skyline Industrial

Don Wilcox: Managing Editor

Hamilton hits earliest-ever $1B building permit mark

Residential, Commercial  •  Daily Commercial News  •  RENX

As of June 17, Hamilton passed $1 billion worth of construction since the beginning of the year, making 2022 the earliest the city has reached the milestone in value. This landmark represents 3,761 building projects in the residential, institutional, commercial and industrial sectors.

Quick development approvals for Scarborough

Residential, Commercial  •  Urban Toronto

In this article, we will go over the fate of applications from the Scarborough section of the city that were dealt with quickly, with no debate, following their recommendation for approval at a recent Community Council meeting.

The Saskatchewan Edge › Big divide between Saskatoon downtown, suburban office vacancy

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Real estate gains help BCI beat benchmark

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

British Columbia Investment Management Corp. (BCI) says large gains in real estate, private equity and infrastructure helped it post a return of 7.4 per cent for its year ended March 31, beating its benchmark of 4.6 per cent.

Nike to open flagship store in downtown Montreal

Commercial  •  Retail Insider

Oregon-based mega brand Nike is building a flagship store at the Montreal Eaton Centre in downtown Montreal. The multi-level, 21,000-square-foot store on Ste-Catherine Street West is expected to open in the spring of 2023.

Edmonton home gets Energiesprong retrofit

Residential  •  Sustainable Biz Canada

Construction company Butterwick Projects Ltd. has completed a “deep panelized retrofit” for a single-family home in Edmonton — the first of its kind in North America.

Industrial, multires top picks for REITs: Scotiabank

Residential, Commercial  •  Bloomberg

VIDEO: Mario Saric, managing director of real estate and REITS at Scotiabank, says the biggest opportunities are in industrial and multiresidential units. He also says the demand for office space will soften as GDP growth slows.

Real estate podcasts

Residential, Commercial  • 

James Ha, Boardwalk REIT: Western Canada on the rise, CRE Podcast
Jack Aspenson, S3 Surface Solutions: How coatings increase sustainability, The Construction Record
Aik Aliferis, Institutional Property Advisors: The buyer’s sentiment, CRE Podcast

McCain Foods sells Russian potato plant

Commercial  •  Globe and Mail (Sub. required)

Canadian French fry giant McCain Foods Ltd. has sold its Russian potato production facility, completing the company’s exit from Russia. McCain Foods began construction on the plant in 2021 at an estimated cost of $212 million, about 200 kilometres south of Moscow.

Nicola JVs on Phoenix, L.V. industrial sites

Commercial  •  Globe Newswire

A partnership of Nicola Wealth Real Estate and ViaWest Group has acquired a shovel-ready 20.78-acre industrial development site in the Mesa Gateway submarket of Phoenix and a 12.45-acre development site in the North Las Vegas submarket of Las Vegas.

Netflix’s ‘rightsizing’ of office space leads to $80M loss

Commercial  •  Bisnow

After another tough quarter in which Netflix reported a loss of 970,000 subscribers, it announced an $80 million writedown connected to its exit of some real estate leases. Netflix listed 180,000 square feet of office space in Burbank for sublease earlier this month.

China’s $1.2T wealth fund reorganizes investment arm

Residential, Commercial  •  Bloomberg  •  Mingtiandi  •  Mingtiandi

China’s sovereign wealth fund is merging a unit overseeing billions of dollars in private equity and infrastructure investments into its main operations, according to sources, seeking to boost efficiency after a talent exodus and as offshore investing grows more complex.

B.C. announces 3-day cooling period for home sales

Residential  •  CBC  •  Globe and Mail  •  Victoria Times Colonist

British Columbia has announced a mandatory three-day period to allow homebuyers time to arrange an inspection and take other important steps like securing financing in the province’s high-pressure real estate market.

Growing number of small landlords switching to Airbnb

Residential  •  REMI Network  •  Globe and Mail (Sub. required)

Driven by problematic tenants, defaults on payments, and a slow, protracted eviction process, dissatisfied rental housing providers are leaving the Canadian rental market in favour of alternative property income solutions like Airbnb, according to research from property-tech firm SingleKey.

Rents in Canada surge as home prices fall

Residential  •  Globe and Mail  •  REMI Network

Canadian home prices are dropping fast after surging during the coronavirus pandemic, but that is offering little relief for consumers who face sky-rocketing rents and fading buying power as interest rates rise.

Home price growth slows in June: Teranet

Residential  •  Financial Post

Canadian home price growth slowed sharply in June from May, with year-over-year price gains also inching off recent record highs as rising interest rates chilled the market, the Teranet–National Bank National Composite House Price Index shows.