HAVEN, Windsor break ground at Aurora Mills biz park

RENX  Commercial  •  Industrial, Apartments, Condominiums  •  Toronto / GTA

HAVEN Developments and Windsor Private Capital have broken ground on Aurora Mills Business Park, which will offer more than 392,000 square feet of industrial condominium units for sale over seven buildings.

Lululemon leases 12 floors at Burrard Place tower

RENX  Commercial  •  Office  •  Metro Vancouver

UPDATED: Reliance Properties has signed retailer Lululemon as the anchor tenant at its new Burrard Place office tower in what the firm calls “the most significant commercial lease agreement in downtown Vancouver since the global pandemic started.”

Solmar sells $500M of GTA industrial land to Prologis

RENX  Commercial  •  Industrial, Land  •  Toronto / GTA

EXCLUSIVE: A 198-acre tract of industrial development land in a prime logistics node in the Greater Toronto Area Town of Caledon has been sold in a near-$500-million transaction by Solmar Development Corp. to Prologis.

12-tower Agincourt Mall redevelopment advances

Residential, Commercial  •  Urban Toronto

North American Development Group has filed for site plan control with the City of Toronto to redevelopment the Agincourt Mall site with 12 towers and associated ground-level building across 26 acres. The first phase would include 26- and 42-storey towers.

Ottawa committee approves Trinity mixed-use

Residential, Commercial  •  Ottawa Citizen

Trinity Group‘s nine-storey mixed-use residential project secured Ottawa planning committee endorsement Thursday. The development is planned to include 85 residential units, ground-floor retail and a two-level parking garage underground.

Vancouver council delays vote on Broadway Plan

Residential, Commercial  •  CBC  •  Daily Hive

After three years of consultation, Vancouver council will wait another two weeks to vote on the Broadway Plan, which would provide for up to 50,000 more people in the corridor from Clark to Arbutus Street, and from First to 16th Avenues.

The Industrial Real Estate Show › Podcast: Industrial real estate architecture

Chad Griffiths: Partner, NAI Commercial

Ivanhoé opens FLEX office at PVM campus

Commercial  •  Ivanhoé Cambridge media release  •  Daily Hive

Ivanhoé Cambridge announced the opening of FLEX, its brand-new flexible office solution for tenants of Place Ville Marie (PVM), its Montreal business campus. Leveraging WeWork’s hospitality and management expertise, PVM tenants will now have the opportunity to utilize new amenity-rich space.

Retail leasing fundamentals improve in Toronto

Commercial  •  Retail Insider

Reduced supply and increasing demand has led to a tightened retail space market in Toronto. After mass vaccinations last year, the Toronto leasing retail market should continue to see rental strengthen and vacancies decline in 2022, said a report by  JLL.

Odd Burger opening 40 Ontario restaurants

Commercial  •  Canada Newswire

Toronto-headquartered Odd Burger Corporation (ODD-X), one of the world’s first vegan fast-food chains and the first to go public, announced that it has signed an agreement with a party to open 40 new locations in Ontario.

Dollarama profit jumps 28% as inflation drives demand

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

Discount retailer Dollarama Inc.’s (DOL-T) profits rose by 28 per cent in the first quarter, as inflation-related demand for cheaper goods drove higher traffic to its stores. The Montreal-based retailer reported its net earnings rose to $145.5 million or 50 cents per share,

HRM wins lawsuit over proposed Mtl. building

Commercial  •  La Presse

High-Rise Montreal (HRM), developer of the social housing tower that was never built on the site of the former Montreal Children’s Hospital, will be entitled to a reimbursement of municipal taxes from the city for the years 2019 and following.

PSP’s AUM grow by 12.7% to $230.5B Y-O-Y

Commercial  •  Canada Newswire  •  La Presse

PSP Investments ended its fiscal year on March 31 with $230.5 billion of net assets under management (AUM) and a 10.9% one-year net portfolio return. Net assets under management grew by nearly $26 billion, up 12.7% year-over-year.

Flagship Communities adds TSX Cdn. dollar listing

Residential  •  Canada Newswire

Flagship Communities REIT (MHC-U-T) announced the introduction of a Canadian dollar listing of its trust units on the Toronto Stock Exchange. Effective June 13, the trust units will commence trading on the TSX in Canadian dollars under the symbol “MHC.UN.”

Simon launching new development at 4 U.S. outlets

Commercial  •  Bisnow  •  PR Newswire

Simon, the largest U.S. retail owner, is renewing its push to add space to several projects, including building new shops and hotels at the Woodbury Common Premium Outlets in New York’s Hudson Valley, one of the largest in the country.

Blackstone’s expansion into Canada raises concerns

Residential, Commercial  •  Financial Post  •  RENX  •  IPE Real Assets

Federation of Metro Tenants’ Associations executive director Geordie Dent believes Blackstone’s move into Canada isn’t good news for everyday Canadians. “It’s the purchasing of assets and the intrusion into the real estate market that we’re very, very concerned about.”

Newmarket home prices down $250,000 since February

Residential  •  Newmarket Today

Housing prices in Newmarket, York Region and across the province have declined since a peak in February. Average house prices in Newmarket were approximately $1.44 million in February, compared to $1.19 million in May, according to the Toronto Regional Real Estate Board.

Debt, elevated home prices pose risks to economy: B of C

Residential  •  Globe and Mail  •  Financial Post  •  Globe and Mail (Sub. required)

In its latest Financial System Review, the Bank of Canada has warned high levels of household debt and elevated home prices could lead to stress in the financial system as people struggle to service their debts.

Canadians depending more on home equity lines of credit

Residential  •  Financial Post  •  Globe and Mail

Despite expectations that the Bank of Canada was poised to increase interest rates this year, a 10-year record was broken when Canadians borrowed an additional $2 billion on home equity lines of credit (HELOC) in February 2022 — the highest one-month increase since 2012.

Vancouver renters victims of ‘shrinkflation’

Residential  •  Globe and Mail (Sub. required)

A room the size of a closet in downtown Vancouver was listed for rent on Craigslist for $750 a month. The posting advertised a windowless space within a two-bedroom apartment big enough to hold a twin-size bed and a side table.