Huge Montreal industrial lease rate hikes to slow: Panel

RENX  Commercial  •  Industrial  •  Greater Montreal

Industrial rental rates in Montreal will continue to rise but not at the explosive level seen during the past year. That was one of the conclusions of a session at the Montreal Real Estate Strategy and Leasing Conference.

Epic, Woodbourne buy small-bay Mtl. industrial bldgs.

RENX  Commercial  •  Industrial  •  Greater Montreal

As industrial properties in the Greater Montreal Area continue to trade at a rapid pace, Epic Investment Services and Woodbourne Capital Management have acquired a four-property portfolio in the Anjou and Saint-Léonard districts.

Rose, Claridge acquire 241 acres in Barrie for $116M

Residential  •  Canada Newswire

The Rose Corporation, in partnership with Claridge Homes, announced the acquisition of 241 acres of draft plan-approved land for $116 million. The 1,400-lot residential subdivision is located in Midhurst Heights, Springwater Township, within the Barrie census metropolitan area.

Atlantic Canada expects slow recovery from Fiona

Residential, Commercial  •  CBC  •  Canada Newswire

Atlantic Canada residents are beginning to assess the damage and clean up after post-tropical storm Fiona swept through the region Saturday. In Newfoundland, homes were washed away or flattened, others were flooded, roads were washed out and people were evacuated.

Ground broken on Pickering office/distribution centre

Commercial  •  Toronto Star  •  Toronto Sun

Ground was broken Friday afternoon on a 233,000-square-foot, multi-unit $70-million complex in north Pickering. The development is a partnership between SmartCentres and Lastman’s Bad Boy, which will take up 130,000 square feet of the space.

Davpart proposes 13 mixed-use Malvern towers

Residential, Commercial  •  Urban Toronto

Davpart has updated a proposal to redevelop the Malvern Town Centre shopping mall, eventually resulting in a complex of 13 mixed-use towers in Northeast Toronto. Phase 1 of the 10-phased IBI Group-designed project would comprise 39- and 32-storey towers.

Goldberg Group proposes 49-storey mixed-use

Residential, Commercial  •  Urban Toronto

Goldberg Group has proposed, on behalf of developers Del Boca Vista Properties and 717 Pape, a 49-storey mixed-use building at 656 Danforth Ave. The Studio JCI-designed proposal consists of 496 residential units; 38 studios, 324 one-bedrooms, 84 two-bedrooms and 50 three-bedrooms.

Hotel rates surge as hospitality sector bounces back

Commercial  •  Toronto Star

Hotel rates are surging after travel roared back this summer. A room at Toronto’s Annex Hotel cost on average $250 before the pandemic. Now, it’s $300. The boost in prices is helping projected hotel revenue for 2023.

Downtown Ottawa begins its pandemic-inspired shift

Commercial  •  CBC  •  Ottawa Business Journal  •  Financial Post

Many downtown office workers could permanently trade their commutes and cubicles for remote work and virtual meetings, which has sparked a change in the downtown Ottawa ecosystem that has relied on their business for decades.

Stakeholders want changes in downtown Winnipeg

Residential, Commercial  •  CBC  •  CBC  •  CBC

True North Real Estate Development and other corporations behind downtown Winnipeg’s internationally recognized art gallery, major sports and entertainment venue and convention centre are calling on all levels of government to renew their focus on the city’s core.

The Saskatchewan Edge › New arena would continue downtown Saskatoon revival

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

Port of Vancouver’s cargo volume drops 11%

Commercial  •  Globe and Mail (Sub. required)

The Port of Vancouver’s cargo volume dropped 11 per cent in the first half of 2022 as grain shipments fell and supply chains sputtered. Canada’s largest port said it handled 68.3 million tonnes in the six months, compared with 76.4 million tonnes year-over-year.

Triple Five to launch ‘Silicon Valley of the East’

Commercial  •  Commercial Property Executive

Triple Five Group subsidiary Calverton Aviation & Technology has the OK from the Riverhead Industrial Development Agency to transfer 1,644 acres to construct what is expected to be the largest research, technology and industrial park in the Eastern U.S.

Remote work killing Manhattan’s CRE market

Commercial  •  Bloomberg  •  Bisnow

In the heart of midtown Manhattan lies a multibillion-dollar problem for building owners, the city and thousands of workers. Blocks of decades-old office towers sit partially empty, too new to be demolished or converted for another purpose.

Blackstone to sell $400M stake in Indian REIT Embassy

Commercial  •  Financial Post

Blackstone will sell a stake worth up to $400 million in Embassy Office Parks REIT, India’s largest REIT. Abu Dhabi’s sovereign wealth fund, one of the world’s largest, is likely to pick up at least half of the stake.

China has $501B bailout ammunition for property mess

Residential, Commercial  •  Bloomberg  •  Globe and Mail

China has enough ammunition to salvage its beleaguered property sector, as total bailout funds could reach $501 billion US with central government support, according to CLSA Ltd. S&P Global estimates about two million unfinished homes presold by developers have been halted.

Vancouver’s density push has builders rejigging plans

Residential  •  Globe and Mail (Sub. required)  •  RENX

ANALYSIS: When Vancouver developer Zack Ross heard the Broadway Plan had been approved, he ordered all work stopped at a 95-unit apartment building in False Creek Flats. Instead of a five-storey building, Ross now had the potential to build 20 storeys.

Investors trying to fill rental housing gap

Residential  •  Financial Post

OPINION: The growing role of financial firms and institutional investors in multiresidential rental housing has been criticized for eroding affordability in Canada and elsewhere, leading many to ask governments to limit or restrict their abilities to buy properties.

Alberta government to divest social housing properties

Residential  •  CBC

The Alberta government plans to transfer or sell most of the affordable housing properties owned and managed by the Alberta Social Housing Corporation over the next decade. The Crown corporation owns and operates 3,000 properties — or about 27,000 units.

Alberta touts bargains to entice homebuyers

Residential  •  CBC  •  Calgary Herald

If you’ve been priced out of Toronto’s real estate market, Alberta hopes its latest ploy will have you looking west to achieve your white-picket-fence dreams. The province recently unveiled the second phase of its campaign dubbed “Alberta is Calling.”