Dream Industrial plans $1B of acquisitions, investments

RENX  Commercial  •  Industrial, Investment  •  National, International

Dream Industrial REIT (DIR-UN-T) has released an update that outlines over $1 billion in investment and development activity currently in its pipeline, as well as an equity offering which could raise up to $230 million.

Broadway Plan final draft released ahead of Van. vote

Residential, Commercial  •  urbanYVR

The City of Vancouver has released its final draft version of the Broadway Plan before it heads to city council this May. It outlines future development plans in the area around the upcoming Broadway SkyTrain extension.

Vrancor proposes four-building Hamilton project

Residential, Commercial  •  Hamilton Spectator

Vrancor has proposed two 15- and two 27-storey buildings – comprising 762 residential units – on a two-acre property in the second phase of a Hamilton development. Vrancor also has a 12-storey hotel under construction and has proposed a 25-storey mixed-use building.

The People Space › People Space: Senior hires at Trez, Manulife, Colliers, CPP…

Don Wilcox: Managing Editor

Stronger focus needed on downtown vacancies: CBRE

Commercial  •  Calgary Herald

CBRE’s recent forecast showed record investment in commercial real estate in Canada, but that investment is not happening in the downtowns of major centres to address the exodus of downtown tenants that began seven years ago.

Calgary building permit applications hit 10-year high

Residential, Commercial  •  Calgary Herald

The volume of Calgary building permits reached a 10-year high in 2021. There were 21,055 building permit applications in 2021, up from 18,181 in 2020. The total construction value in 2021 was also up 68 per cent to $5.7 billion from the $3.4 billion reported in 2020.

The Industrial Real Estate Show › Podcast: Self-storage investing insights

Chad Griffiths: Partner, NAI Commercial

Investor replaces real property with metaverse

Residential, Commercial  •  Toronto Star  •  Toronto Storeys  •  Toronto Star

Toronto developer Albert Shoihet is divesting his real-world brick-and-mortar portfolio in East Toronto – including a property at Kingston Road and Warden Avenue slated for densification –  to devote himself to developing real estate on the metaverse digital plain.

It’s time to ground Pickering airport proposal for good

Commercial  •  Globe and Mail

OPINION: Half a century has passed since Prime Minister Pierre Elliott Trudeau’s government announced an international airport on 18,600 acres of Class 1 agricultural land in North Pickering, Markham and Uxbridge. There’s still no airport, but the feds have kept the land.

Quebec offers $10M to help transform religious buildings

Commercial  •  Montreal Gazette

Quebec is spending more than $10 million to revitalize 22 religious heritage buildings to give them a second life. Culture Minister Nathalie Roy said 12 of the 22 projects are new projects, while 10 others are at the transformations stage.

George Weston reports fourth-quarter profit

Commercial  •  Globe and Mail  •  Canada Newswire

George Weston (WN-T), which holds large interests in Loblaw Companies Ltd. (L-T) and Choice Properties REIT, reported its profit available to common shareholders totalled $217 million or $1.44 per diluted share in Q4, down from $289 million or $1.88 per diluted share year-over-year.

REIT fourth-quarter financial results

Residential, Commercial  • 

Artis REIT, (AX-UN-T), Canada Newswire
Melcor REIT, (MR-UN-T), Globe Newswire
True North Commercial REIT, (TNT-UN-T), Canada Newswire

Will Canada crack down on property-buying oligarchs?

Residential, Commercial  •  Vancouver Sun  •  Globe and Mail  •  Business Insider

OPINION: While Ottawa and most provincial governments — with the notable exception of B.C. — sit back passively and permit global money laundering through real estate, journalists are probing the nefarious people snagging places to hide in high-end Canadian housing.

Brookfield JV invests in $700M U.S. logistics portfolio

Commercial  •  CP Executive  •  Business Wire  •  IPE Real Assets

Boston-based Longpoint Realty Partners announced the closing of a partnership with Brookfield‘s Real Estate Secondaries business. The newly formed joint venture recapitalized a $700 million, 3.8 million-square-foot industrial portfolio held in one of Longpoint’s closed-end funds.

San Fran office workers may never return

Commercial  •  Bloomberg  •  Bloomberg

As major U.S. cities recover, San Francisco is getting left behind. The tech hub, an economic boomtown over the last decade, is struggling with the nation’s weakest office occupancies, low transit ridership and one of the country’s slowest job recoveries.

Proptech startup OpenSpace reaches valuation of $902M

Residential, Commercial  •  Bloomberg

San Francisco-based OpenSpace, a startup that develops technology for the construction industry, raised $102 million in a new funding round that the company said gives it a valuation of $902 million. Penny Pritzker’s PSP Growth led the round, OpenSpace said.

Montreal home sales down 12% year-over-year

Residential  •  Global News  •  Globe Newswire  •  Globe Newswire

The Quebec Professional Association of Real Estate Brokers says Montreal’s February sales were down 12 per cent year-over-year, as the market grappled with a lack of listings.

Average house sale price in Ottawa hits record high

Residential  •  Ottawa Citizen  •  Ottawa Business Journal  •  CTV

Nearly 1,100 Ottawa residences changed hands in February for an average of $837,500 — the first time the resale market statistic has crossed the $800,000 threshold, according to data compiled by the Ottawa Real Estate Board.

T.O. homebuyers pull back from overheated market

Residential  •  Globe and Mail (Sub. required)

In the Toronto-area market for single-family homes, some house hunters have backed away from the heat. “When the sellers are humbled a little bit, it restores balance,” says Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty.

North Group joins The Real Brokerage

Residential  •  Canada Newswire

The Real Brokerage Inc. (REAX-X), an international, technology-powered real estate brokerage, announced Toronto-based North Group is joining its growing network of agents.