Perfect timing for Bonnis’ downtown Van. strata office

RENX  Commercial  •  Office  •  Metro Vancouver

One of the rare strata office developments in downtown Vancouver is benefitting from low interest rates, the region’s low vacancy rate and all-time-high leasing costs. Premarketing is underway for Bonnis Group’s 13-storey The Seymour, a 56,000-square-foot luxury strata office development.

North West Company selling 34 Giant Tiger stores

Commercial  •  Winnipeg Free Press  •  Globe Newswire

The North West Company is selling 34 of its 46 Giant Tiger stores in Western Canada back to Giant Tiger for $45 million. NWC will still have about 200 various stores, in Canada’s North and Alaska and in remote Caribbean and South Pacific islands.

At least 12 B.C. golf courses for sale

Residential, Commercial  •  Western Investor

After eight years trying to sell the 18-hole, 60-acre site as a golf course, the 29-year-old Royal Oak Golf Club in Armstrong, B.C., was sold in 2018 to a developer for a proposed mixed-use subdivision.

Moves afoot to preserve T.O.’s aging housing supply

Residential  •  Globe and Mail

Park Property Management owns 72 slab-style apartment buildings, comprising 8,500 units, across Greater Toronto and Southwestern Ontario. The firm also has six projects in the development pipeline, which together will add 1,600 purpose-built apartments to the region’s squeezed housing stock.

CentreCourt proposes 54-storey condo tower

Residential, Commercial  •  Urban Toronto

Toronto developer CentreCourt has submitted a Zoning Bylaw Amendment application for the redevelopment of the corner of Church and Dundas Streets, replacing the Pizza Pizza retail space and surface parking lot. The proposal calls for a new 54-storey mixed-use building.

Calgary plans to expand Plus-15 network

Commercial  •  Globe and Mail

Calgary wants to expand the system of elevated walkways that links many of its downtown buildings and make it easier to navigate the network, despite a continuing economic downturn that has stalled most new construction in the city.

The Saskatchewan Edge › 3 ways a buyer’s broker is a no-brainer

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Canadian shopping centres limit hours

Commercial  •  CBC  •  Reuters  •  Global News

Some malls and retailers are reducing shopping hours starting this week in an effort to reduce the spread of COVID-19. Starting Monday, Cadillac Fairview, which owns 70 malls, will limit operating hours at all its locations to between 11 a.m. and 7 pm.

OLG closing all casinos due to COVID-19

Commercial  •  Global News  •  PR Newswire  •  Globe Newswire

The Ontario Lottery and Gaming Corporation has ordered all casinos in the province to shut down amid growing concerns for COVID-19. On Sunday afternoon, OLG confirmed an “orderly shutdown” of all casinos in the province is underway.

Vail closes North American ski resorts

Commercial  •  Globe and Mail  •  Toronto Star  •  La Presse

As ski resorts grappled with how to help prevent the spread of the coronavirus, industry giant Vail Resorts (MTN-N) decided Saturday it would shutter all of its North American resorts – including Whistler Blackcomb – for at least one week.

Regina’s office market reflects Sask. economic pause

Commercial  •  Western Investor

If the Saskatchewan economy would hurry up and turn around already, businesses in Regina might find there’s sufficient demand to build a new office tower. However, there are signs the economy will worsen before it gets better.

Gazit sells remaining interest in First Capital

Commercial  •  Canada Newswire

First Capital REIT, (FCR-UN-T), one of Canada’s leading developers, owners and operators of mixed-use urban real estate in Canada’s most densely populated neighbourhoods, announced Gazit-Globe Ltd. (together with its affiliates) has sold its remaining 3.0 per cent  interest in FCR.

BSR REIT acquires Texas apartments for $55M

Residential  •  Canada Newswire

BSR REIT (HOM-U-T) announced today that it has acquired Ariza Plum Creek Apartments (Ariza), a 349-apartment unit, garden style residential community in Kyle, Texas for $55 million. Ariza was constructed in 2018 in the high-growth Austin Metropolitan Statistical Area (MSA).

Cineworld’s $2.8B takeover of Cineplex delayed

Commercial  •  Globe and Mail (Sub. required)

Like a thriller with unexpected twists and turns, the planned $2.8-billion Cineplex (CGX-T) takeover is running into new roadblocks, a situation that hedge funds are exploiting as they take a stake in the proposed deal.

Allianz acquires German office asset for $333M

Commercial  •  IPE Real Assets

Allianz Real Estate has expanded its German real estate portfolio with the acquisition of a $333 million Cdn office asset. The $114 billion manager said it has acquired the NM28 office building in Munich in a sale-and-leaseback transaction with Bertelsmann.

More than 100 Chinese RE firms file for bankruptcy

Residential  •  The Real Deal

The coronavirus pandemic has devastated an already weakened residential real estate sector in China. More than 100 real estate firms active in China filed for bankruptcy in the first two months of the year. Smaller firms are taking the biggest hit.

COVID-19 expected to put chill on spring housing market

Residential  •  Financial Post  •  CBC

Social distancing advisories and the potential for lockdowns in major urban centres across Canada due to the COVID-19 pandemic are likely to sideline homebuyers and put a damper on the traditionally hot spring real estate market, some experts predict.

Airbnb issues refunds for cancelled bookings

Residential  •  Business Insider  •  Forbes

Airbnb is updating its cancellation policy to allow guests to cancel reservations anywhere in the world for a full refund in light of the coronavirus pandemic, the company announced Saturday.

BOC rate cut may stoke Van. housing sales

Residential  •  Business In Vancouver

A dramatic 0.5 per cent reduction in the overnight lending rate on Friday –  the second such cut in nine days – may “add fuel to the fire” in Vancouver’s housing market and see some home buyers paying interest rates as low as 1.95%.

N.S. assessments shortchange Saint John: Councillor

Residential  •  CBC

A major correction in the property assessment of the Saint John courthouse is being applauded in the city but also being viewed as confirmation Service New Brunswick regularly undervalues local properties, costing the municipality needed tax revenue.