Choice Properties income up, but takes Q2 loss as fair value dips

RENX  Residential, Commercial  •  Industrial, Retail, Apartments  •  National

Choice Properties REIT reported an $11.8 million net loss in Q2 2022, but some positives were also revealed in the July 22 earnings conference call covering the three months ended June 30.

Equiton acquires Brampton apartment building for $63M

RENX  Residential  •  Apartments  •  Ontario, Toronto / GTA

The Equiton Residential Income Fund Trust has acquired a multifamily residential property — the Braemar Place apartments — in Brampton, Ont., for $63.25 million.

Housing market headed for ‘historic correction’: RBC

Residential  •  Financial Post  •  Western Investor

The Royal Bank of Canada (RY-T) has downgraded its outlook for the housing market and now forecasts a “historic correction,” worse than any national decline in the past 40 years. It sees home resales to fall nearly 23 per cent this year.

New plan cements vision for Vancouver

Residential, Commercial  •  Globe and Mail  •  Vancouver Sun  •  CBC

Vancouver now has a complete city plan that aims to shape it for the next 30 years by allowing for more housing types in all neighbourhoods, making it greener and more climate resilient and making space for 200,000 more jobs.

Toronto OKs transit and transportation projects

Commercial  •  Urban Toronto

During a marathon four-day meeting, Toronto City Council cleaned its plate of all left-over items on its menu before breaking for the summer and the upcoming municipal election. Following are transit and transportation highlights of the meeting:

The Property Law Hub › Pre-construction assets, assignments of interest, and acting in good faith

Daniel Waldman: Lawyer, Pallett Valo LLP

Laval mayor has vision of 15-minute ‘burb

Residential, Commercial  •  Montreal Gazette

Laval is largely a sprawling suburb of single-family homes, shopping malls and big-box stores. Mayor Stéphane Boyer plans to change that. He recently launched a massive overhaul of his city’s urban planning regulations to “bring Laval into the 21st century.”

Nanaimo riding a building wave

Residential  •  Western Investor

Demand for all types of housing has propelled the value of construction projects in Nanaimo to a record high of $319 million during the first six months of the year. The previous record was $308 million.

TAS bringing live/work building to 888 Dupont

Residential, Commercial  •  Urban Toronto  •  RENX

Toronto’s first entirely live/work purpose-built rental building is coming to 888 Dupont St.. TAS‘ building – designed by Suulin Architects and ZAS Architects – will offer 155 units over 14 storeys, with every suite having the flexibility to operate as a live-work space.

VM Hotel has letter of intent to make acquisition

Commercial  •  Canada Newswire

VM Hotel Acquisition Corp. (VMH-WT-U-T) has executed a letter of intent in connection with a potential transaction which will, if consummated, qualify as its qualifying acquisition. VMH’s qualifying acquisition closing timeline has been extended to Nov. 30.

W Hotel Toronto opens its doors

Commercial  •  Urban Toronto

The W Hotel Toronto held its grand opening Thursday at 90 Bloor Street E. The W Toronto – only the second W Hotel in Canada – features 254 guest rooms, including 30 suites. Two of the suites are two storeys.

Luxury apparel retail sales projected to spike

Commercial  •  Retail Insider

Canadian luxury apparel sales saw a rebound in 2021 but not enough to return to pre-pandemic sales levels, according to a new report by Trendex North America, a marketing research and consulting firm.

Oxford completes 130K-sq-ft. Seattle office conversion

Commercial  •  Oxford Properties media release

Oxford Properties Group has completed the conversion of the 136,000-square-foot Boren Lofts office building in the heart of downtown Seattle into Boren Labs, a fully dedicated life sciences facility. Oxford acquired the building for $119 million US in April 2021.

PSP Investments, CF JV on London build-to-rent

Residential  •  Built Environment Networking  •  IPE Real Assets

PSP Investments, Cadillac Fairview and London-based Long Harbour have agreed to invest $170 million Cdn in a 204-unit build-to-rent development within Leaside Lock, a vibrant new riverside community in the heart of East London.

2 of AY’s most prominent brokers decamp for Savills

Commercial  •  Bisnow  •  RENX

Mitti Liebersohn and Arthur Mirante are leaving CRE services firm Avison Young after almost a decade to take up senior positions at Savills. Liebersohn will become Savills New York chairman, while Mirante will become the firm’s North America vice-chairman.

China plans real estate fund worth up to $44B

Residential, Commercial  •  Financial Post  •  China Daily

China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a war chest of up to $44 billion US in a bid to restore confidence in the industry, according to a source.

$18,000 more income may be needed to pass stress test

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

The housing market appears to have cooled in recent weeks, but that doesn’t mean it’s now more affordable to enter the market. In fact, owing to rising interest rates, the opposite is true.

GTA new home and condo sales plummet: BILD

Residential  •  Toronto Star  •  Globe Newswire

Prices of new homes and condominiums in the GTA continue to rise even as sales plummet, according to a new report by the Building Industry and Land Development Association, prompting concerns development may start to slow under waning demand.

As market cools, what will T.O. investors do?

Residential  •  Toronto Star  •  Bloomberg

While some believe it’s ripe for investors to scoop up more Toronto property, with less competition, rising rental demand and falling prices, others say rising interest rates are also keeping investors on the sidelines, waiting for prices to drop further.

Bumpy real estate market will rattle Van. renters

Residential  •  Globe and Mail (Sub. required)

ANALYSIS: Vancouver property sales have slowed, but prices are holding fairly steady in the country’s priciest market. That means for renters the pressure on the rental market is higher than ever, exacerbated by interest rate hikes and increased demand.