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BTB buys Technoparc Montreal office bldgs., tops $1B in AUM
BTB buys Technoparc Montreal office bldgs., tops $1B in AUM
BTB REIT will surpass $1 billion in assets with the acquisition of two office buildings in Technoparc Montreal from Broccolini for $74M. “For us to surpass $1 billion in assets was an important milestone,” said CEO Michel Léonard.
Seven Canadian buildings win international TOBYs
Canadian buildings performed very well at the recent BOMA 2021 International Conference & Expo, producing seven winners of The Outstanding Building of the Year (TOBY) Awards.
HQ Commercial proposes six-building Surrey project
• urbanYVR
HQ Commercial has proposed a major redevelopment of the Bristol Estates low-rise rental apartment complex in Surrey, with 2,000 strata condos in towers of 48, 44, 43, 40 and 38 storeys, respectively, 170 secured market rental apartments in an 11-storey building and retail space.
T.O.’s PATH system faces crisis due to hybrid work
• Globe and Mail (Sub. required) • Financial Post
Global downtowns are agonizing over how to preserve their appeal post-pandemic. The sprawling underground mall in downtown Toronto – dubbed the PATH – is a microcosm of that concern, a zone so tied to the economic fortunes of the buildings above it.
Ivanhoé to lease 11K-sq.-ft. Mtl. space to WeWork
• Canada Newswire • RENX
Ivanhoé Cambridge announced that starting in spring 2022, Place Ville Marie, one of Montreal’s most prestigious real estate complexes, will offer a WeWork flexible workspace solution to its tenants. The 11,000-square-foot space will be located on the 29th floor of 1 PVM.
Podcast: Sharpen your CRE axe with Rod Santomassimo
Rod Santomassimo, president and founder of the Massimo Group, is a best-selling author and leading coach in the commercial real estate industry. Santomassimo and host Chad Griffiths discuss ways a broker can increase their brokerage business.
Video game developer Ludia expands Mtl. HQ
• Globe and Mail (Sub. required) • Montreal Gazette • La Presse
Ludia Inc., one of Canada’s major homegrown video-game developers, is expanding its Montreal headquarters and experimenting with new types of work space in a bid to recapture the employee creativity its founder says has been sapped during the pandemic.
Station IX technology adapted for real estate industry
• Canada Newswire • RENX
MONTONI and Imagine 4D announced the launch of Station IX – Real Estate, a multimmersive technology tool (requiring no headsets or other peripherals) supported by Investissement Québec. This application of Station IX for the real estate market is a world premiere.
RioCan preparing to launch Verge Condos Phase 2
• Urban Toronto • RENX
RioCan Living has announced the pending release of its second tower, Verge Phase 2. Designed by Turner Fleischer Architects, the mixed-use condo community in the Toronto borough of Etobicoke will bring 544 new residences to the site, split between the two buildings.
Ontario Algonquins face questions about private venture
• CBC
The Algonquins of Ontario says its realty corporation will set up a trust for any profits that flow from a major proposed development in Southeast Ottawa and it will extend the Greenbelt by adding swaths of natural areas it owns.
How Calgary copes with record office vacancies
• Globe and Mail • CBC
Kelly Doody is still coping with the financial shock that hit her small business in Calgary’s Inglewood neighbourhood two years ago, when she learned her property tax bill was about to increase by more than five times in a year.
SOS for Montreal’s public transit
OPINION: The Société de transport de Montréal is examining a worst-case scenario of cutting bus and métro service by as much as 30 per cent to save $150 million, bad news for passengers, mobility, the future of public transit and the environment.
Chinese developers with Canadian projects downgraded
• Globe and Mail (Sub. required) • South China Morning Post • Globe and Mail
Greenland Holdings Group and China Aoyuan Group Ltd. – two Chinese property companies with major Canadian condominium projects under development – were hit with another credit downgrade last week, a sign of their weakening financial position amid China’s property-market downturn.
Blue Owl to Buy Oak Street Real Estate for $1.6B
• Bloomberg • PR Newswire
Blue Owl Capital Inc. (OWL-N) agreed to buy Oak Street Real Estate Capital in a deal worth as much as $1.6 billion. The company will pay $950 million in cash and stock, with another $650 million subject to an earn-out provision.
Starwood raises $10B in new distressed fund
• Bisnow • PR Newswire • Reuters
There’s quite a lot of money flooding real estate, an industry with uncertain post-pandemic prospects. Barry Sternlicht’s Starwood Capital has raised a new distressed fund with $10 billion of cash. That enables Sternlicht to scoop up properties from hotels to offices.
U.S. office occupancy stabilized in Q3
• Bisnow
U.S. office leasing in the third quarter saw its first rays of sunshine since the coronavirus pandemic began, but the trajectory of the next few quarters is still clouded with uncertainty.
Parking plan targeted Vancouver’s home front
• Globe and Mail (Sub. required)
The City of Vancouver came close to passing an overnight street-parking fee designed to raise revenue for climate change solutions. The fee sparked criticism about whether it was fair to those who do not already have off-street parking.
Sask. taking over Extendicare nursing homes
• CBC
The Saskatchewan government is ending its relationship with private nursing home operator Extendicare and permanently taking over operations at all five of the company’s homes in the province. COVID-19 killed 39 residents of an Extendicare home in Regina last winter.
Windsor boasts lowest rent price among Ontario cities
A listing of Ontario cities in Canada’s 24 most-populous metro areas, ranked from least to most expensive in median asking rents, courtesy of Zumper. Windsor is at the bottom ($1,130, $1,450), the City of Toronto at the top ($1,800, $2,250).
Help with bad tenants is on the way for condo owners
• Toronto Star • BlogTO
The good news for Ontario landlords, condominium corporations and law-abiding tenants is that as of Jan. 1, 2022 several changes to the Condominium Act will come into force. These include that the Condominium Authority Tribunal will more quickly to hear disputes.
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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