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Nicola, Coromandel JV on multi-tower Van. apts.
Nicola, Coromandel JV on multi-tower Van. apts.
Nicola Wealth Real Estate (NWRE) and Coromandel Properties are partnering to build two purpose-built rental apartment properties in Vancouver’s Oakridge area. Coromandel assembled and acquired the two sites a number of years ago before NWRE became involved.
Eight Ont. development properties for sale by receiver
A portfolio including eight properties in the Greater Toronto, Hamilton and Niagara areas is up for sale by CBRE and Colliers, on behalf of KSV Restructuring, the court-appointed receiver and manager of Go-To Developments Holdings.
Loblaw to acquire Lifemark Health Group for $845M
• Canada Newswire • Toronto Star • Financial Post
Loblaw Companies Limited (L-T) today announced its wholly owned subsidiary Shoppers Drug Mart has agreed to acquire Lifemark Health Group for aggregate cash consideration of $845 million. Lifemark, Canada’s largest physiotherapy company, has more than 300 clinics across the country.
Diageo building $245M distillery in Ontario
One of the world’s largest booze companies is betting big on Canadian whisky. Diageo PLC announced it’s building a new, $245-million distillery and warehouse on a 44-acre site in St. Clair Township, Ont., to keep up with growing demand.
Landrex, F.N. JV on on $176M Alberta urban village
Developer Landrex and Fort McKay First Nation will be 50/50 partners on a $176-million Urban Village on a 12.85-acre parcel of land in the City of St. Albert. It will be one of the largest First Nation developments in Greater Edmonton.
Saanich development property acquired for nearly $20M
A parcel of land of Saanich with plenty of development potential has been acquired for just under $20 million by an unidentified buyer. CBRE Victoria’s Ross Marshall said Saanich is pushing for the area to become the heart of the municipality.
Burnaby council endorses two development plans
Phase 3 public consultations for two major Burnaby village developments will be in the near future after council endorsed both the Lochdale Urban Village Community Plan and the Bainbridge Urban Village Community Plan.
Lash Group proposes 39-storey res. for ME Living
Lash Group of Companies has proposed a 39-storey residential building at 1021 Markham Rd. in Scarborough for the next phase of the ME Living condo development. The seventh building in the Turner Fleischer Architects-designed project would include 380 condo units.
Condo board suing Urban Capital over Sask. tower
The condo board at No. 1 River Landing is suing Toronto developer Urban Capital for alleged “defects and deficiencies” in the $55-million tower on the Saskatoon riverbank. The 120 units in the tower at No. 1 River Landing sold out within hours.
NCC appeals city council vote against embassy row
• CBC
The National Capital Commission says it has appealed Ottawa city council’s decision to reject rezoning land in the Mechanicsville neighbourhood for a new diplomatic precinct west of downtown.
Hybrid work model likely to dominate: AY
• Canadian Mortgage Professional • Toronto Star • Financial Post
Sheila Botting, Avison Young’s president of professional services for the Americas, says the workplace is likely to continue evolving post-pandemic. “Most employees will say, ‘I want flexibility in my work so I can go work with any company I want.’”
REOC fourth-quarter/year-end financial results
•
Firm Capital Property Trust, (FCD-UN-X), Globe Newswire
Skyline Investments, (SKLN-TA), Globe Newswire
Manhattan apartment rents soar to record high
Manhattan apartment rents soared to an all-time record last month. Tenants paid a median of $3,630 in February, the most for any month in more than a decade of data-keeping and up 28% from a year earlier, according to a report Thursday.
Amazon surges as stock split and buyback
• Globe and Mail (Sub. required)
Shares of Amazon.com Inc. (AMZN-Q) jumped over five per cent after the e-commerce giant’s share split and buyback moves stand to draw more investors to a stock whose recent performance has been lacklustre despite skyrocketing since going public 25 years ago.
U.S. inflation surges 7.9% to 40-year high
U.S. consumer prices surged in February, culminating in the largest annual increase in 40 years and inflation is poised to accelerate further in the months ahead as Russia’s war against Ukraine drives up the costs of crude oil and other commodities.
Russian exec’s $282M London office sale unravels
An unidentified executive at a Russian state-owned energy company is struggling to sell Plantation Place South at 60 Great Tower Street, a City of London office building that’s valued at about 170 million pounds ($282 million Cdn), according to sources.
Housing REITs, REOCs partner to support Ukrainians
Boardwalk REIT, CAPREIT, Hazelview Properties, Homestead, InterRent REIT, Minto Apartment REIT and Starlight Investments are working together to offer sympathy and support for the people of Ukraine. The group is committed to providing approximately 400 apartments with various relief packages.
Ourboro co-ownership applications nearly triple in Q4
Ourboro, a Toronto-based company dedicated to providing access to homeownership through co-ownership, saw the number of Greater Toronto Area applicants increase 276% quarter-over-quarter in Q1 2022. First-time homebuyers must have a partner to co-invest up to $250K of the down payment.
Lavish ‘iceberg’ mansions are growing in Toronto
Luxurious multi-level basements are being dug in Toronto neighbourhoods such as Hoggs Hollow and Forest Hill, featuring amenities such as a seven-car underground parking garage, a basement golf simulator, and a subterranean swimming pool, theatre and wine cellar.
43% rent hike at N.B. apartment building struck down
• CBC
A 43 per cent rent increase notice delivered to a group of Fredericton tenants in January has been struck down by the New Brunswick Residential Tenancies Tribunal. However, the ruling applies only to those tenants who asked for a review.
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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