Acquisitions, deliveries, leasing: GTA industrial remains hot in Q2

RENX  Commercial  •  Industrial  •  Toronto / GTA

While its findings don’t come as a surprise, Avison Young’s Q2 2022 Greater Toronto Area (GTA) industrial report clearly illustrates just how hot the market is. Availability remains at a record low of 0.9 per cent.

Indigenous-led development big player in Vancouver

RENX  Residential  •  Land  •  Metro Vancouver, British Columbia

MST Development Corp., an Indigenous-led developer, has six major Metro Vancouver projects in its pipeline — and that’s just the beginning for the new era of economic reconciliation.

Quebec invests $43M in mall transformation

Residential, Commercial  •  La Presse

The Quebec government is investing $43 million in Trudel Alliance‘s transformation of Quebec City’s Place Fleur de Lys shopping centre into a $750 million multifunctional complex with more than 2,500 housing units, a university campus, offices and commercial spaces.

Cap rates open up in Q2: CBRE

Residential, Commercial  •  REMI Network

Cap rates opened up and investment activity slowed across every Canadian property sector during Q2. CBRE’s quarterly overview reports the highest national average cap rate since pre-pandemic and the tightest cap rate spread since the global financial crisis in 2007.

Kelowna approves UBC Okanagan’s 46-storey tower

Commercial  •  Castanet

Kelowna city council has thrown its enthusiastic support behind UBC Okanagan’s plan for a downtown campus tower which would contain 500 housing units and reach up to 46 storeys, making it the tallest building between the Lower Mainland and Calgary.

Prima’s 47-storey Vancouver mixed-use one step closer

Residential, Commercial  •  urbanYVR

Prima Properties’ rezoning application for a 47-storey, mixed-use tower in Vancouver’s West End has been approved. The Merrick Architecture-designed tower would include 289 condominiums ranging from studios to three bedrooms, office space and ground-floor retail space.

Sponsored by Carleton University Real estate development: an interview with Hugh Gorman

The Certificate in Real Estate Development brings together a range of professionals involved in city building including architects, planners, developers, and investors. Hear from Hugh Gorman, real estate development mogul and course instructor in this interview.

Okotoks’ D’Arcy Crossing retail 70% leased

Commercial  •  Western Investor

Anthem Properties’ D’Arcy Crossing, which will bring 150,000 square feet of retail and office space to Okotoks, Alta., has leased about 70 per cent of the shopping centre and expects to be close to fully leased by its scheduled opening April 1, 2023.

Quebec sees record volume of construction

Residential, Commercial  •  Daily Commercial News

The number of hours worked in Quebec’s construction industry during the past year increased by 21 per cent over 2020, reaching 196.2 million hours. It’s the highest volume of construction activity ever, outpacing the peak of 177 million hours reached in 2019.

Intelligent City: $22M for sustainable prefab homes

Residential  •  Sustainable Biz Canada

Intelligent City Inc., has raised $22 million in Series A funding to advance its ambitions of an environmentally and socially sustainable housing industry using automation to build prefabricated, mass-timber structures.

Real World of Real Estate › Podcast: Multires rental market updates and insights

Gerald Tostowaryk:

REIT second-quarter financial results

Residential, Commercial  • 

Allied Properties REIT, (AP-UN-T), Globe Newswire
First Capital REIT, (FCR-UN-T), Canada Newswire
Morguard REIT, (MRT-UN-T), Canada Newswire

Retailers see demand drop; warehouse inventories rise

Commercial  •  Bisnow

Inventories are swelling in warehouses across the U.S. as retailers increasingly warn of sluggish demand ahead. Walmart cut its quarterly and annual profit forecast this week and Target trimmed its second-quarter projections last month.

Dollar General to build three new distribution centres

Commercial  •  Chain Store Age  •  Business Wire

Dollar General Corp. (DG-N) is supporting its fresh product and private fleet expansion with new supply chain infrastructure. The discount retailer plans to build three new distribution centres in North Little Rock, Ark.; Aurora, Colo.; and Salem, Ore.

U.S. office occupancy at post-2020 high

Commercial  •  Bisnow  •  Commercial Property Executive  •  Business Wire

A slight increase last week pushed the U.S. office occupancy to its highest level since March 2020, according to the latest Kastle Back-to-Work Barometer. Office occupancy in 10 major U.S. markets for the seven days ending July 20 came in at 44.7%.

Twitter pares office space to save cash

Commercial  •  Wealth Management

Twitter is cutting back on its office space in several global markets, including San Francisco, New York and Sydney, as the company cuts costs and focuses on remote work. It has also scrapped plans to open an office in Oakland.

Condo rent prices reach record level in Toronto area

Residential  •  Global News  •  Globe Newswire  •  Globe Newswire

The average rent price for one- and two-bedroom apartments in the Toronto area has reached a record level after market conditions “tightened dramatically” over the past year, the Toronto Regional Real Estate Board (TRREB) says.

National home prices see steady rises in 2022: Study

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

While interest rates are on the rise, the Canadian housing landscape continued to see pricing growth during the first six months of this year, particularly in suburbs and smaller communities outside metropolitan centres, according to a CENTURY 21 Canada study.

Foreign buyers stuck on the sidelines in B.C.

Residential  •  Western Investor

The original target of B.C. action to cool the housing market has been sticking to the sidelines. Property transfer tax data by the B.C. Ministry of Finance shows foreign buyers accounted for a record low one per cent in June.

Development soars to new heights in Fredericton

Residential  •  City of Fredericton media release

Building permit numbers for the first half of 2022 indicate development activity in Fredericton has soared to record-high levels. From January to June, the value of newly permitted construction activity was $134.6 million, up $20.3 million from 2021’s record levels.