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Note of caution as Vancouver industrial sets records
Note of caution as Vancouver industrial sets records
Metro Vancouver’s industrial market continues to set records as the most expensive in Canada, with six consecutive quarters of the most constrained supply. The market had 0.5 per cent vacancy and a record $18.09-per-square-foot average lease in Q1 2022.
Choice to acquire 624 Radisson Americas hotels
Choice Hotels International (CHH-N) has a deal to acquire the franchise business, operations and intellectual property of Radisson Hotel Group Americas and its 624 hotels for approximately $678 million Cdn. The transaction includes the company’s Canadian properties.
Prologis wins Duke Realty bid for $26B
• Wealth Management • Commercial Property Executive • PR Newswire
Prologis Inc. (PLD-N) boosted its bid for U.S. warehouse landlord Duke Realty Corp. (DRE-N) to an all-stock offer of about $26 billion including debt, securing a deal after months of negotiations. Prologis plans to hold about 94% of Duke Realty’s assets.
Vancouver aims to expedite building permit approvals
• CBC
Vancouver city council has unanimously approved a motion directing staff to look into the pros and cons of guaranteed wait times for building permits as submissions for residential and commercial renovation permits are up 25 per cent from last year.
‘Saskaboom’ reflected in Saskatchewan city’s CRE
A surge in industrial investment and new incentives could be just the thing to boost the fortunes of Saskatoon’s downtown office market. RBC predicts it will lead Canada in economic growth this year, at a sizzling six per cent.
Prairies will lead economic growth in 2022: RBC
Saskatchewan will lead Canadian provinces in economic growth in 2022, with Alberta and Manitoba ranked No. 2 and No. 3, according to a forecast from RBC released June 7.
Winnipeg to service Canada’s largest urban reserve
• CBC
The City of Winnipeg has reached a deal to provide police, fire, ambulance and other services to the Naawi-Oodena development, a 160-acre site the city says is the largest urban reserve in Canada.
JEMM’s 16-storey to offer 285 rental suites
Calgary-based JEMM Properties’ 16-storey Bridge at Bridgeland will welcome the first tenants into its 285 purpose-built rental suites on July 1. The Zeidler Architecture-designed Bridge — at 950 McPherson Square, N.E. – will offer studio, one- and two-bedroom apartments.
New retail on the way at Toronto’s Union Station
On Friday, Paris-headquartered cosmetics retailer Sephora will be the first store to open at the Union Station’s Bay Concourse Hall. The 4,175-square-foot store will be followed by Villeneuve-d’Ascq, France-based retailer Decathlon, Japanese café chain Arabica, an LCBO and a Cinnabon.
Peavey Mart opens 40K-sq.-ft. flagship store
Farm and ranch retailer Peavey Mart has opened its 40,000-square-foot Flagship store in the company’s home base of Red Deer, Alta. “It was obvious to have a flagship presence in your home centre,” said Peavey Mart executive Jest Sidloski.
Wawa wood-products plant getting $190M upgrade
Forest products firm Wawa OSB has announced a new online communications tool and held its first citizens meeting in Wawa, Ont. as it prepares for retooling and recommissioning of its wood products plant. The value of the upgrade is $190 million.
Buy Minto Apartment, NorthWest instead of real estate
• Motley Fool • Motley Fool • Motley Fool
Even though many Canadian REITs are heavily discounted right now, few can match the size of the discount tag on Minto Apartment REIT (MI-UN-T). If you are not interested in the residential, consider NorthWest Healthcare Properties REIT (NWH-UN-T)
Amazon quietly buying land across the U.S.
Starting about three years ago, Amazon quietly began searching for property in key U.S. markets such as Southern California, Texas, Illinois, Florida and the Bay Area. Between 2020 and 2022, Amazon tripled the amount of its built industrial space in North America.
IndInfravit to buy five Brookfield road projects for $1.2B
India’s IndInfravit Trust said on Friday it would acquire five operational road projects from companies owned by Brookfield Asset Management’s (BAM-A-T) funds in a deal valued at about US$1.2-billion, including debt, as it seeks to expand its road portfolio.
Foreign investors drive 21% increase in Singapore deals
• Mingtiandi • Mingtiandi • Bloomberg
The Singapore real estate market enjoyed its strongest start to a year in a decade thanks largely to foreign players driving a 21 per cent annual increase in transactions of income-earning assets in the first quarter, according to MSCI.
Chinese firm secures $1.2B to restart London tower
• Bisnow
Chinese property giant R&F is set to restart work on its troubled Nine Elms scheme in South London after reaching a $1.2 billion Cdn funding deal with Apollo Global Management, Carlyle Group, Crosstree Real Estate Partners and Précis Capital.
Rents in cities near Toronto are soaring
While rents in Toronto aren’t quite back to their pre-pandemic levels, the cost to rent a home in several GTA suburbs and peripheral cities has soared beyond early 2019 rates, rentals.ca data shows — with dramatic increases in Cambridge, Kitchener and Hamilton.
Many homeowners worried about rising rates
• Canada Newswire • Globe and Mail
Manulife Bank’s Debt Survey revealed 71 per cent Canadians who do not own a home worry about saving up for one. Among those surveyed, fewer than half feel prepared for rising interest rates (46%), inflation (42%), or housing prices (40%).
B.C. considers mandatory reporting for short-term rentals
B.C. Attorney General and Housing Minister David Eby says it makes sense to require companies promoting short-term rentals through online platforms to share information with local governments.
Anti-renoviction proposals coming to Ottawa city council
• CBC
A new report asks for Ottawa Mayor Jim Watson to write to the province requesting changes to the Residential Tenancies Act to protect tenants and help prevent renovictions.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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