Edgar set to begin building B.C.’s 24-acre Woodland Park

RENX  Residential  •  Industrial, Retail, Apartments, Condominiums  •  Metro Vancouver

Edgar Development has been working in B.C.’s Lower Mainland market for the past 12 years, and now the company is fulfilling its goal of moving into master-planned, multi-phased development with its 24-acre Woodland Park, in Port Moody.

CPP Investments, LMC form $1.25B multires JV in U.S.

RENX  Residential  •  Apartments  •  International

CPP Investments is forming a new joint venture with U.S.-based LMC to invest $1.25 billion Cdn in class-A multiresidential development in high-growth American metropolitan areas.

Construction to restart on 95-storey Concord Sky

Residential  •  Daily Commercial News

Vancouver-based Concord Adex is highly familiar with the challenges involved in developing high-rise residential projects in Toronto but its latest build, the 95-storey Concord Sky set to rise at Yonge and Gerrard, represents a whole new set of calculations.

Seacliff’s Nanaimo mixed-use project moves forward

Residential, Commercial  •  Nanaimo News Bulletin  •  RENX

Nanaimo city council is preparing to move forward with approving Seacliff Properties‘ new master plan for Sandstone, a 726-acre mixed-use development that would include 2,200 single-family homes or townhouses in addition to a commercial centre and industrial development.

Vancouver weighing options for industrial space

Commercial  •  Globe and Mail  •  RENX

Two possible solutions are on the horizon for Vancouver’s industrial land shortage: building taller structures on existing industrial plots, or converting non-industrial land to industrial use. Both approaches have their pitfalls, said Adam Mitchell, Colliers International’s vice-president for industrial.

B.C. may remove some permit powers from local gov’ts

Residential  •  Castanet

The British Columbia government is considering taking away some of the permit powers municipal governments have to approve housing construction in an effort to get more homes built in the province, the housing minister says.

Sponsored by Austin Birch Latest Austin Birch report predicts booming 2022 condo market

The GTA’s leading pre-construction advisors share their latest insider insights for the 2022 market in the latest Austin Birch Report. The report shows evidence of another incredible year of growth for Toronto and examines new, noteworthy changes in the industry.

Bri-mor adds prime retail to Calgary neighbourhood

Residential, Commercial  •  Calgary Herald

Bri-mor Developments, launched in 1988, was invited by Mattamy Homes to develop the retail portion of its Cityscape residential community in northeast Calgary and will provide the neighbourhood with a mixture of 80,000 square feet of retail and professional services.

Employers can’t go it alone on hybrid work: Deloitte

Commercial  •  Financial Post  •  Globe and Mail  •  Globe and Mail

Hybrid work is here to stay and if done right, it could usher Canada into a new era of equity and flexibility in the labour market that could strengthen the economy. However, employers will need government support, says Deloitte Canada.

Return to the office pace to quicken in 2022: Colliers

Commercial  •  Toronto Star

Colliers Canada president/CEO Brian Rosen said Omicron put the brakes on last fall’s gradual return to in-person working. However, this time, companies don’t have to create a brand-new flexible work plan, which means they can bring employees back quicker in 2022.

Starlight fund raises maximum IPO to $130M

Residential  •  Canada Newswire

Starlight Western Canada Multi-Family (No. 2) Fund announced it has raised its maximum offering size and completed its initial public offering, issuing $130 million in trust units. The fund will have the capacity to acquire approximately $425 million in B.C. multiresidential real estate.

Hamilton developer accused of securities law breach

Commercial  •  CBC

The Ontario Securities Commission (OSC) is accusing Hamilton developer Harry Stinson of violating provincial securities law by allegedly misleading investors who gave him $19 million for the Buffalo Grand Hotel in New York and using the money for other projects.

Blackstone buy of Cominar’s ind. portfolio approved

Commercial  •  Winnipeg Free Press  •  Canada Newswire  •  RENX

Cominar REIT (CUF-UN-T) announced the receipt of the approval under the Investment Canada Act in respect of the acquisition of Cominar’s industrial portfolio by Blackstone for an undisclosed price. It was approved by the Superior Court of Québec on Dec. 23.

Avison Young launches U.K. flex offices division

Commercial  •  PlaceTech

Avison Young has set up a U.K. flexible workspace team with the appointment of two former WeWork employees. Martin Devine, former head of broker and agent development for U.K. and Ireland at WeWork, has joined as principal.

NYC commercial properties kept 92% of value: City

Commercial  •  New York Post

CRE in New York City kept 92% of its value despite economic turbulence caused by the COVID-19 pandemic, according to the mayor’s office. Before the COVID-19 pandemic hit in March 2020, the city assessed the estimated value of CRE at around $326 billion.

China may open up to more foreign investment

Residential, Commercial  •  Bisnow  •  Bloomberg

With even seemingly healthy Chinese developers announcing surprise credit crises, the real estate market seems less stable than ever. Zhenro Properties Group issued an exchange filing on Friday warning it may not have enough cash to meet its debt payments.

Investing frenzy rips through housing market

Residential  •  Globe and Mail (Sub. required)

“We have never seen so many new investors reach out,” said Simeon Papailias, senior partner with REC Canada, which specializes in condo sales. “It is off the charts. Everyone is seeing the market go up by 30 per cent.”

Census data fuels debate over supply and demand

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

Many industry experts and policy advisers have long argued housing supply is not keeping up with demand, hence skyrocketing prices. However, new census data show from 2016 to 2021, supply of new housing in Vancouver more than kept pace with population growth.

Vancouver still has highest rents, lowest vacancy rate

Residential  •  CBC  •  Globe and Mail

Metro Vancouver once again had the lowest vacancy rate (1.2 per cent) and highest monthly rents (an average of $2,498 for a two-bedroom condo) of any metropolitan area with at least a million people, according to the Canada Mortgage and Housing Corporation.

Speculation tax would harm housing market

Residential  •  Toronto Star

OPINION: My award for the worst real estate idea of the year — possibly the decade — goes to Toronto city council for approving a motion to push for a provincial tax to stop home speculation and home flipping.