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Inflation, demand to drive up Edm. industrial lease rates
Inflation, demand to drive up Edm. industrial lease rates
With rising inflation and declining vacancy, industrial tenants can expect to see a jump in Edmonton area lease rates, commercial property experts said at the recent Edmonton Real Estate Forum.
Choice, Loblaw to build 1.2M-sq.-ft. GTA dist. centre
Choice Properties REIT (CHP-UN-T) has acquired a 75 per cent interest in 154 acres of development land in East Gwillimbury, just north of Toronto, where Loblaw (L-T) plans to construct an automated, temperature-controlled distribution facility.
Financing arranged for Vandyk Properties’ TOD
• Canada Newswire • RENX
MCAP announced it has arranged $350 million in construction and mezzanine financing for Vandyk Properties for construction of The Buckingham, the first condominium to be constructed as part of the Grand Central Mimico District, a master-planned, transit-oriented community.
Toronto selling 22 properties over unpaid taxes
• CTV • Toronto Storeys • Toronto Sun
Twenty-two properties will be up for sale, the City of Toronto announced, in order to recover the unpaid taxes worth a combined total of more than $21.1 million. Most of the properties are vacant commercial places.
B.C. engineer banned for unsafe rental design
B.C. engineer Brian McClure has been banned from the profession and fined because an 11-storey rental he designed in Langford was so unsafe its occupancy permit was revoked, says Engineers and Geoscientists BC, the regulatory body for the professions.
Allied proposes 23-storey office building
• Urban Toronto • RENX
Allied Properties REIT (AP-UN-T) has proposed a 23-storey office building at 460 King St. W. in downtown Toronto. The Morris Adjmi Architects-designed building would include ground-floor retail and offer 439,000 square feet of office space.
Kinaxis opens 169K-sq.-ft Kanata HQ
Kinaxis (KXS-T), a manufacturer of supply-chain management software, officially opened its new 160,000-square-foot headquarters on on Palladium Drive in Kanata, just a stone’s throw from the Canadian Tire Centre. The HQ will house 1,000 Kinaxis employees.
Bids close to buy historic St. John’s, N.L., basilica
Bids to buy the massive Romanesque cathedral that has loomed over downtown St. John’s, N.L., for over 150 years closed on Thursday. The Roman Catholic archdiocese of St. John’s is selling the basilica to pay physical and sexual abuse survivors.
Great time to invest in REITs: Dream Residential CEO
VIDEO: Jane Gavan, CEO of Dream Residential REIT, discusses how it’s growing its real estate portfolio in the Midwestern U.S. at a time of rising rates. She says investors have an amazing opportunity to capitalize on rental growth.
Tapping into the disability purchasing market
Canadians with disabilities make up the largest potential market of consumers, clients, employees and homeowners, with an annual buying power of $25 billion. Many value-seeking companies in the corporate real estate and design industry, however, largely ignore people with a disability.
Vancouver business titan Joseph Segal dead at 97
• Vancouver Sun • BC Business • Western Investor
Entrepreneur Joe Segal served in the Second World War before settling in Vancouver and founding Fields Stores and later buying Zellers and a stake in the Hudson’s Bay Company. He also developed real estate in B.C., forming Kingswood Capital Corporation.
CMHC rewrites rules of homebuyer program
Canada Mortgage and Housing Corp. adjusted its First-Time Home Buyer Incentive program Wednesday, placing annual caps of eight per cent on both the upside and downside returns it would receive on its share in homes participating in the program.
Groupe Sélection launches Liva smart apt. complexes
• Canada Newswire • RENX
Groupe Sélection has launched its new brand Liva to meet the needs of customers in a fast-growing segment of the market. Liva rental apartment buildings will offer active retirees smart, connected units and a wide range of optional services.
Toronto home sales down 39% Y-O-Y: TRREB
• Globe and Mail (Sub. required) • Globe Newswire • Financial Post
The Greater Toronto Area housing market is becoming more balanced. May home sales dropped 39 per cent from a year earlier and prices rose almost 10 per cent, the Toronto Regional Real Estate Board said Friday.
Calgary, Vancouver housing markets extend losses
• Financial Post • CTV • Toronto Star
Real estate markets in both Calgary and Vancouver are showing signs of continued slowing as the Bank of Canada’s rate hikes appear to be biting into mortgage demand.
Walmart battling Amazon for e-commerce market share
• CNBC
Walmart’s cavernous stores are known for aisles of low-priced groceries. Now, those big boxes are hubs for its e-commerce business, serving as launch pads for delivery drones, automated warehouses for online grocery orders and departure locations for direct-to-fridge drop-offs.
Dalfen acquires two-building Las Vegas park
Dalfen Industrial continues to add to its Las Vegas industrial property footprint, acquiring a two-building park at 6475-6485 W Sunset Rd. in southwest Las Vegas. The opportunity was sourced off-market.
Colliers completes investment in infrastructure firm
Diversified professional services and investment management company Colliers (CIGI-T) has completed its investment in London-headquartered Basalt Infrastructure Partners LLP, a transatlantic infrastructure investment management firm with over $8.5 billion of assets under management.
Burger King’s Russia exit thwarted
• Globe and Mail (Sub. required) • Globe and Mail (Sub. required)
Burger King’s formula for European expansion has relied on a joint venture partnership, including a master franchisee, to open and operate new locations. It hasn’t been able to exit its partnership or close its roughly 800 franchised locations in Russia.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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