Montreal’s Top-10 CRE transactions of 2021

RENX  Commercial  •  Industrial, Office, Retail, Apartments  •  Greater Montreal

Montreal’s commercial real estate market experienced a record year for investment sales in 2021 and optimism is high for 2022. There were 1,799 CRE transactions over $1 million in the city last year, resulting in $9.92 billion in volume, according to CBRE.

Four partners set to launch Oakbank Capital

RENX  Commercial  •  Investment  •  National, Toronto / GTA

David N.H. Bell and Jonah Brown closed over $1.5 billion in commercial mortgage transactions for a major Canadian firm last year. After hearing suggestions from several clients to start their own business, they’ll launch  Oakbank Capital Group on Feb. 1.

Surrey 600-acre industrial park plans on hold

Commercial  •  CBC

A plan to turn around 600 acres of rural lands in Surrey into an industrial park has been sent back to planners by the regional government in charge of the urban containment boundary.

Major investors, REITs dominate B.C. apt. sales

Residential  •  Western Investor

Local landlords who have dominated B.C.’s multiresidential market for decades are selling, according to a new report from CBRE Vancouver. Major institutional investors and REITs accounted for 60 per cent of 185 apartment buildings transactions for a total of $3 billion in 2021.

Lab space in Montreal exceedingly scarce

Commercial  •  Montreal Gazette

Demand for laboratory space in the greater Montreal area is soaring as a new generation of biotech and life sciences companies — and established heavyweights — ramp up research and development efforts. Foreign investment projects more than doubled year-over-year.

Quebec must promote industrial relocation: Study

Commercial  •  Les Affaires

Quebec must reduce its dependence on imports and promote industrial relocation in high-value-added activities. This will provide for a more resilient economy in an increasingly unstable international environment, says an Institute for Research in Contemporary Economics study.

The Apartment Building Expert › Perspectives and frustrations of apartment development

Derek Lobo: Founder and CEO , SVN Rock Advisors Inc.

Apt. buildings could be coming to Ont. streets

Residential  •  CBC

The nine-member Housing Affordability Task Force, asked to find ways to make Ontario housing more affordable. wants to do away with rules that entrench single-family homes as the main option in many residential neighbourhoods, according to a draft report.

Calgary’s office vacancy rate drops in Q4: AY

Commercial  •  Toronto Star

Calgary’s downtown office vacancy rate has declined for the first time since the start of the COVID-19 pandemic. Avison Young says downtown vacancy ticked down in Q4 2021 to 29.7 per cent, from 29.9 per cent.

Wpg. votes against selling John Blumberg Golf Course

Commercial  •  CBC

The John Blumberg Golf Course will remain the City of Winnipeg’s property, much to Mayor Brian Bowman’s dismay. On Thursday, Winnipeg city council voted 13-3 against the sale of the land that’s been declared surplus since 2013.

Historic Kingston tavern sold to Toronto condo broker

Residential, Commercial  •  CBC  •  Global News

Once a favourite haunt of John A. Macdonald’s political party, the Royal Tavern in Kingston has shut its doors for good. The heritage property was sold for $1.7 million to real estate holding company BJL Properties Inc.

Starlight fund files IPO final prospectus

Residential  •  PR Newswire

Starlight Western Canada Multi-Family (No. 2) Fund has obtained a receipt for a final prospectus for an initial public offering of trust units. The final prospectus qualifies the distribution of a minimum of $61.0 million and a maximum of $130.0 million.

Land & Buildings proposes $4.5B deal for LXP

Commercial  •  CP Executive

Hedge fund Land & Buildings Investment Management has announced its intention to acquire publicly traded industrial REIT LXP Industrial Trust for approximately $4.5 billion. LXP owns almost 55 million square feet of industrial space across the U.S.

Citigroup to overhaul 42-storey Canary Wharf tower

Commercial  •  Bloomberg

Citigroup Inc. will completely refurbish its 42-storey office tower in London’s Canary Wharf district, a three-year undertaking that underlines the bank’s commitment to London and office-life even as it moves to more flexible ways of working.

Rising costs, restrictions bite into McDonald’s profit

Commercial  •  Globe and Mail

McDonald’s Corp. (MCD-N) missed revenue and profit expectations on Thursday, as higher costs and tepid sales in its over-4,500 restaurants in Australia and China due to pandemic-led curbs ate into gains from Q4 growth in the U.S.

Evergrande selling Hong Kong property to pay bills

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

China Evergrande Group said Sunday receivers have been appointed for a plot of undeveloped land in Hong Kong’s rural Yuen Long district, in the latest development to hit the debt-laden developer.

Home sales to cool somewhat in 2022: RBC

Residential  •  Financial Post

2021 by all accounts was a record-breaking year for Canadian real estate — a blockbuster for sales, prices and low inventories. The market will cool somewhat in 2022, writes RBC senior economist Robert Hogue, but there is “tremendous activity” expected again this year.

Investors make a fifth of home purchases in Halifax

Residential  •  CBC  •  Waterloo Region Record  •  iNFOnews

New research from the Bank of Canada shows investors account for about one-fifth of home purchases in Halifax. It provides insight into a housing market that has recently seen prices soar, making it impenetrable for some would-be homeowners.

Nova Scotia extends ‘renoviction’ ban

Residential  •  CBC

Nova Scotia’s ban on landlords ending a residential lease for the purpose of renovations — or “renovictions” — has been extended. According to a release, the extension is until the state of emergency ends or the ban is repealed, whichever comes first.

Bursting the myth on Canada’s vacant homes

Residential  •  Financial Post

OPINION: It turns out that the percentage of vacant Canadian homes is actually low and even lower in high-demand urban areas. Furthermore, some dwellings are temporarily vacant for a reason, for example, transitioning from one occupant to the next.