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London’s iconic Cherryhill Village sells for record $571M
London’s iconic Cherryhill Village sells for record $571M
One of Canada’s most iconic apartment and mixed-use communities, the Cherryhill Village in London, Ont., has been sold in a record-setting $571-million transaction.
Reetu Gupta new chair of Gupta Group, Easton’s Hotels
Reetu Gupta has been named chairwoman and ambassadress of The Gupta Group, succeeding her father and company founder Steve Gupta, who is staying on as executive chairman.
Durham OKs plan to develop 9,300 acres of farmland
After a decision by council that goes against expert advice, Durham Region will shift gears and urbanize 9,300 acres of farmland development. Staff had recommended a scenario which included 2,348 acres of new land for housing and 3,338 acres for employment.
Midtown Oakville plan would accommodate 13,000
The Town of Oakville will on June 7 present a plan intended to help Midtown Oakville become a vibrant, people-oriented, mixed-use community in the coming decades. The area is ultimately expected to accommodate 13,000 residents and 7,000 jobs.
Council eyes approval of Vancouver’s Broadway Plan
• Globe and Mail • RENX
Vancouver’s Broadway Plan, now being debated at council with a decision likely this week, envisions adding 50,000 new residents and office space to almost 500 already-dense blocks surrounding the central Broadway corridor, where a subway line is going in.
Brewery, pub coming to former Times Colonist building
• Victoria Times Colonist • RENX
Merchant House Capital, the developer behind the re-imagining of what was Victoria’s Times Colonist building, says the city’s approval of variances allowing a brewery, distillery, pub and commissary kitchen will inject new life into the site.
BGO bringing 14-storey mixed-use buildings to Van.
• urbanYVR
BentallGreenOak’s MCMP Architects-designed redevelopment of a former Safeway site on West 10th in Vancouver’s Point Grey neighbourhood will consist of two buildings of 14 storeys and will include 530 residential units, a 37,855-square-foot grocery store and four commercial retail units.
Dream, Kilmer Group propose 31-storey mixed-use
• Urban Toronto • RENX
Dream Unlimited and the Kilmer Group are proposing a mixed-use Henriquez Partners Architects-designed building at 495 Front Street E. The proposal includes a 24-storey tower above a seven-storey podium with 859 residential units – 333 of which would be family-sized two- or three-bedrooms.
Ont. spending billions to expand nursing home chains
Nursing home chains with some of the highest COVID-19 death rates are set to reap big financial rewards under the Ontario government’s $6.4-billion expansion of the province’s long-term-care system.
War hangar to be converted to Edm. mixed-use
• CBC
VIDEO: Edmonton’s Hangar 11 was built in 1942 to offer American pilots a stopping place en route to Alaska. Now, developers including Edmonton’s T3 Development Group are working to create a mixed-use space that honours the building’s origins.
Port of Vancouver among world’s worst: Report
• Financial Post • Business In Vancouver
The Port of Vancouver — the main gateway for consumer goods entering Canada from the manufacturing powerhouses in Asia — is among the worst performers, ranking 368th out of 370 ports around the world, says a new World Bank and S&P Global report.
REIT/REOC first-quarter financial results
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Lanesborough REIT, (LRT-UN-X), Canada Newswire
NexLiving Communities (NXLV-X), Canada Newswire
NexPoint Hospitality Trust, (NHT-U-X), Canada Newswire
Brookfield to sell $5.32B U.K. student housing business
• Financial Post • IPE Real Assets • IPE Real Assets
GIC Pte. and Greystar Real Estate Partners have agreed to buy one of the U.K.’s largest student-accommodation businesses from Brookfield Asset Management (BAM-A-T). The deal values Student Roost at roughly $5.32 billion Cdn, sources said.
Dollar store stocks thrive as inflation soars
• Globe and Mail (Sub. required)
Dollar General Corp. (DG-N) jumped 13.7 per cent on Thursday after the company raised its full-year outlook. Canada’s Dollarama Inc. (DOL-T) rose just 4.5 per cent this week, but the stock is up more than 30 per cent over the past 12 months.
WeWork CEO optimistic about future
At a New York University symposium on REITs, new WeWork CEO Sandeep Mathrani was asked about the Apple TV+ miniseries about the origins of his company, called “WeCrashed.” He said he was waiting on the sequel, “We Crushed It.”
China’s first residential REITs to be launched
• Reuters
China’s first public real REITs based on residential properties will be launched soon, as regulators step up efforts to channel fresh capital into the struggling real estate sector and aid a virus-hit economy.
Manitoba Métis Federation building apt. complex
The Manitoba Métis Federation is building its first-ever apartment complex, announcing the development of an age-55-plus rental project in Selkirk, Man., to be completed by fall 2024. The six-storey development will cost the MMF $14.8 million and will include 49 rental units.
Luxury buyers return to Vancouver’s Alberni Street
• Globe and Mail (Sub. required) • Globe and Mail
ANALYSIS: Vancouver’s multi-millionaires’ row on Alberni Street is picking up steam again after a lull in the luxury West End market these last few years. Since 2018, the West End condo market had slowed, particularly at the luxury and ultra-luxury end.
Surrey investors home in on local real estate
Surrey has emerged as the big winner from the pandemic real estate boom, with local investors dominating transactions. Buyers have been so keen on local product some high-rise projects are now launching at prices in excess of $1,100 a square foot.
Burnaby sixth-most expensive place to rent in Canada
According to Rentals.ca‘s latest report, Burnaby’s one-bedroom rental averaged $1,883 in May 2022, sixth highest in the country. Vancouver continues to lead at $2,334 followed by Etobicoke, Oakville, Burlington and Toronto. Newfoundland and Labrador was the least expensive at $950.
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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