Oxford to sell 450 Park Avenue office to SL Green

RENX  Commercial  •  Office  •  International

Oxford Properties Group will sell one of its trophy properties, the 450 Park Avenue office tower in Manhattan, to SL Green Realty Corp. for $445 million US.

NTRY debuts 3D real estate visualization tool in Toronto

RENX  Residential  •  Homes, Technology  •  Toronto / GTA

Toronto-based startup NTRY has launched what its founders call a first-of-its-kind 3D real estate visualization tool to showcase, market and sell properties online.

Spotlight proposes four T.O. mixed-use buildings

Residential, Commercial  •  Toronto Star  •  RENX

Spotlight Development founder/president Sherry Larjani proposes four non-profit buildings of 18 to 33 storeys, with about 1,470 residential units featuring two-, three- and four-bedrooms on a 3.5-acre strip plaza property in west Toronto. The project would include about 35,870 square feet of retail.

Business in better shape than pre-COVID: Primaris CEO

Commercial  •  Bloomberg  •  Canada Newswire  •  RENX

VIDEO: Primaris REIT (PMZ-UN-T) CEO Alex Avery joins BNN Bloomberg to discuss the mall business as Canada’s COVID recovery tale continues. Avery notes his business has returned to pre-pandemic sales volume, although traffic is still not back to normal.

100-acre sustainable community coming to Calgary area

Residential  •  Calgary Herald

Calgary businessman Art Price is developing The Acres, a sustainable community blending rural life and modern conveniences in Springbank, immediately west of Calgary. The 100 acres will be divided into residences on 1.2- to two-acre lots.

West Kelowna supports housing/marina development

Residential, Commercial  •  Kelowna Now  •  Castanet  •  Castanet

West Kelowna’s Sol Aqua housing and marina development in the Casa Loma neighbourhood will go ahead once certain conditions are met after council supported ALR non-farm uses for access to the moorage facility. The development will be limited to 60 units.

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Broccolini founder Donato Broccolini dead at 97

Residential, Commercial  •  Daily Commercial News

Donato Broccolini, founder of Montreal-based construction company Broccolini, has passed away at 97. His career in construction started when he founded a small residential construction company in Montreal in 1949, following his uncle into the sector.

AIMCo reports 14.5% return on real estate

Residential, Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire

Alberta Investment Management Corp. (AIMCo) today reported a 14.5 per cent return in its $18.3-billion real estate department and a 19 per cent return in its $10.6-billion infrastructure department in 2021. Those returns topped their benchmarks by 6.8 percentage points and 12.2 percentage points, respectively.

Feds draw up possible plans for new PM residence

Residential  •  Toronto Star

The federal government has drawn up plans for a proposed new home for prime ministers “that presents better branding of Canada as a G7 member and world player.” The larger home would replace the PM’s official home at 24 Sussex Drive.

Real Estate with Howard Drukarsh › Podcast: Inflation and supply chains with CMHC’s Ted Tsiakopoulos

Howard Drukarsh: Host, Real Estate with Howard Drukarsh

Latest Sustainable Biz Canada headlines

Residential, Commercial  • 

Ontario’s first net-zero community centre coming soon
TTC contracts New Flyer for 565 hybrid-electric buses
U of Waterloo report urges action to prevent ‘lethal’ heatwaves

Granite acquires two Indianapolis industrial buildings

Commercial  •  REBUSINESS  •  RENX

Toronto-based Granite REIT (GRT-UN-T) has acquired Buildings 1 and 4 within Hendricks Gateway Park in Indianapolis for an undisclosed price. The two buildings total 1.3 million square feet and are fully leased to MARS Petcare and LifeScience Logistics.

Co-working firm Thrive plans 500 Cdn., U.S. locations

Commercial  •  Bisnow

Georgia-based co-working company Thrive is planning a massive expansion thanks to a cash infusion from real estate investment firm 33 Degrees. Thrive is planning to expand to 500 locations in the United States and Canada.

5th straight quarterly record for Chicago office vacancy

Commercial  •  The Real Deal

For the fifth straight quarter, vacancy hit a record high in the suburban Chicago office market as businesses downsized with plans to host employees in their offices far less often than before the pandemic, according to JLL data.

REITs are China’s latest market darlings

Residential, Commercial  •  South China Morning Post  •  CNBC  •  Bloomberg

REITs are becoming China’s latest stock market darlings for investors whiplashed by roller-coaster rides in the equity market. The 11 pioneer infrastructure-backed REITs traded in Shenzhen and Shanghai have risen an average 30 per cent since their debuts as early as June 2021.

Home prices to moderate in 2022: CMHC

Residential  •  Canada Newswire  •  Business In Vancouver

Canada Mortgage and Housing Corp. (CMHC) forecasts home prices will moderate this year, as it becomes more expensive to borrow and buyers get priced out of the market. Home price growth already started to slow in March.

GTA condo rent approaching pre-pandemic peak: TRREB

Residential  •  CTV  •  Globe Newswire  •  Globe Newswire

Toronto’s condominium rental market continues to tighten after a brief slowdown earlier in the pandemic with the average cost of a one-bedroom unit now approaching the record high reached in 2019, according to the Toronto Regional Real Estate Board.

Vancouver average rents up 29.9% Y-O-Y

Residential  •  REMI Network

Vancouver average rents continue to outpace other Canadian cities with Bullpen Research & Consulting and Rentals.ca reporting a 29.9 per cent increase across all property types since March 2021. Nationally, the average rent increased by 6.6 per cent.

Quebec investor immigrants have highest property values

Residential  •  Globe and Mail (Sub. required)

The Canadian Housing Statistics Program recently released 2020 data that show out of all immigrants those who obtained citizenship through the controversial Quebec investor immigrant program have the highest assessed property values, either as a single property or multiple properties.