Western Canada apartment rents to continue to rise: WCAIC

RENX  Residential  •  Apartments  •  Metro Vancouver, Edmonton, Calgary

Economic and population growth will push apartment rents higher in all three major Western Canada markets, Vancouver, Edmonton and Calgary, during the coming year. However, the three cities start at different baselines and face different challenges.

Oxford JV sells 50% of Berlin’s Sony Center for $917M

Commercial  •  Bloomberg  •  Oxford Properties media release  •  IPE Real Assets

Norges Bank Investment Management is acquiring a a 50 per cent stake in Berlin’s Sony Center for $917 million Cdn. Toronto-based Oxford Properties Group is selling 44.9% of its existing stake and Madison International Realty is disposing of its entire 5.1% interest.

IKEA assembles new downtown Toronto store

Commercial  •  Toronto Star  •  Retail Insider

IKEA, the Swedish-founded retail giant synonymous with its flat-pack furniture and mazelike store layouts, is about to open a new location situated near Yonge and Gerrard Streets in downtown Toronto. It will mark its first small-store format in Canada.

Edenshaw breaks ground at Mississauga site

Residential  •  Daily Commercial News  •  RENX

Ground has been broken on Edenshaw Developments’ Westport Condos, a 22-storey, 359-unit condominium located at 28 Ann St. in Port Credit, Mississauga. Westport Condos is situated adjacent to the Port Credit Mobility Hub and the future Mississauga LRT.

Potato chip processing plant to open near Airdrie, Alta.

Commercial  •  CTV

A new, state-of-the-art potato chip processing plant is set to begin operation near Airdrie, aimed at taking advantage of high quality tubers produced in Alberta. Operated by Super-Pufft, the $50-million facility is expected to create more than 100 jobs.

Shawcor exiting Calgary’s Oxford Airport Business Park

Commercial  •  Globe Newswire

Shawcor Ltd. (SCL-T) announced it has secured an early exit from its leased facility, which formerly housed its FlexFlow operations, in Calgary’s Oxford Airport Business Park. The company’s Calgary-based activities will be consolidated into its remaining 54th Avenue location.

The Industrial Real Estate Show › Podcast: How to succeed as an industrial real estate broker

Chad Griffiths: Partner, NAI Commercial

Fiera, Gracorp propose 16-storey Van. rental building

Residential  •  urbanYVR  •  RENX

Gracorp and Fiera Real Estate have proposed a 16-storey rental apartment building at 1045 Burnaby St. in Vancouver. The GBL Architects-designed building would consist of 170 units, 37 of which will be below-market rentals as required by Vancouver’s West End Community Plan.

Laurier Homes proposes 22-storey mixed-use

Residential, Commercial  •  Urban Toronto

Laurier Homes has proposed a 22-storey mixed-use building at at 2993 Sheppard Ave. E. in Scarborough. The Kirkor Architects Planners-designed building would include 410 residential units, 17,190 square feet of commercial space, 317 bicycle parking spaces and 389 vehicle parking spaces.

A new boutique condominium for Cabbagetown

Residential  •  Toronto Star

A seven-storey boutique condo building planned for Toronto’s Cabbagetown community will lend some upscale modern design to the historic neighbourhood. The Georgian by Stafford Homes will have 107 suites that will include three-bedroom condominiums as well as one- and two-bedroom layouts.

Edgewater Wireless opening HQ in Kanata

Commercial  •  Business Wire

Edgewater Wireless Systems Inc. (YFI-X) announced that effective June 1 the company’s headquarters opens for business in Canada’s largest technology park at 11 Hines Rd. in Kanata. The Kanata North Technology Park is home to more than 540 technology companies.

Real estate podcasts

Residential, Commercial  • 

Rob Kumer, KingSett Capital: Investment strategy, CRE Podcast

Ryan Elazari, Empire Management: The future of CRE, Tenant Experience Network

Kermit Baker, American Institute of Architects: State of the construction industry, The Construction Record

Hybrid work driving rush of co-working consolidation

Commercial  •  Bisnow

The global co-working and flexible office industry is maturing into its next phase as it becomes an entrenched component of the hybrid work model being embraced by corporate America and that means consolidation.

U.S. proptech data firms race to scale up

Commercial  •  Bisnow

With additional pressure coming from the U.S.’ proposed Securities and Exchange Commission green disclosure ruling around reporting emissions and an increasing array of local regulations, tech platforms are becoming increasingly central to meeting regulatory requirements and making investment decisions.

Notarc acquires Panama Canal Container Port

Commercial  •  Globe Newswire

Notarc Management Group announced the acquisition and finalization of plans for the completion of the Panama Canal Container Port, a $1.4-billion modern port facility. The project is already 40% completed and is slated to resume construction by Q4 2022.

China cuts borrowing to revive housing sector

Residential  •  Globe and Mail (Sub. required)  •  Bloomberg

China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second reduction this year as Beijing seeks to revive the ailing housing sector to prop up the economy.

Ont. tenants, landlords exasperated by tribunal delays

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

It’s rare when tenant activists and landlord groups sing from the same hymn book, but both sides are warning that ongoing chaos at the Landlord and Tenant Board, Ontario’s rental dispute resolution tribunal, is causing some to abandon it altogether.

Multiresidential landlords focus on amenities

Residential  •  Western Investor

Design, convenience and amenities trump space for today’s tenants, according to an Urban Land Institute panel this week. “Our residents, frankly, are discerning. It used to be that folks had to rent; they had no option,” said QuadReal’s Anthony Lanni.

Where GTA suburban home prices are falling the most

Residential  •  Toronto Star

The GTA is undergoing a real estate shakeup. Milton has seeing a seven per cent-plus decline in average prices from $1.48 million to $1.37 from March to April, while Mississauga saw only a 0.56 per cent drop during that time.

How much it costs to build a house in major cities

Residential  •  Daily Hive

Just like buying a house, Vancouver and Toronto are the most expensive cities in which to build a new home in Canada, according to Altus Group’s 2022 Canadian Cost Guide. In Vancouver, the process costs between $150 and $275 per square foot.