Worst-case for Montreal office? 25% vacancy: Altus

RENX  Commercial  •  Office, Investment  •  Greater Montreal

Montreal’s downtown office availability rate could approach 25 per cent by 2027, should a worst-case scenario of employees working from home and tenants reducing space continue, attendees of the Montreal Real Estate Forum on June 2 were told.

Amazon buys 12.5-acre Vancouver site for $150M

Commercial  •  Daily Hive  •  RENX

Amazon Canada has acquired 86-168 Southeast Marine Dr. in Vancouver — a 12.5-acre property that was once eyed for a massive Walmart store location. The property was sold by local developer Hungerford Properties for $150 million, according to Avison Young.

St. Thomas sets up 800-acre ‘mega-site’

Commercial  •  Stratford Beacon Herald

The City of St. Thomas has assembled 800 acres of land, a “mega-site” to be used to woo new industry, just as discussion grows of another automotive EV battery manufacturing plant landing in Ontario.

Oxford to redevelop part of Scarborough Town Centre

Commercial  •  Retail Insider  •  RENX

Oxford Properties is redeveloping more than 140,000 square feet of retail space at Scarborough Town Centre to accommodate three new, large-format retailers including French sporting goods retailer Decathlon, which will occupy about 46,000 square feet of space.

Ottawa approves next step in $332.5M project

Residential, Commercial  •  CTV  •  CBC  •  Ottawa Citizen

City councillors have voted in favour of starting the next phase of redevelopment at Lansdowne Park, bringing Ottawa one step closer to a new arena, new stands at the stadium and three new high-rises.

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H&R revises office/rental tower plan to 60 storeys

Residential, Commercial  •  blogTO  •  RENX

H&R REIT (HR-UN-T), which had initially planned for a 65-storey building at 145 Wellington St. W., has revised its proposal to a max of 60 storeys. The revised plan includes 348,000 square feet of residential, 155,000 of office and nearly 1,560 of ground-floor retail.

35-storey mixed-use proposed in Midtown

Residential, Commercial  •  Urban Toronto

2863206 Ontario Inc. has proposed a 35-storey mixed-use condominium building clad in red brick at 214 Merton St. in Midtown Toronto. The BDP Quadrangle-designed tower would provide 346 residential units and 4,876 square feet of ground-floor retail space.

Montreal alliance to guide Peel Basin redevelopment

Residential, Commercial  •  Daily Commercial News  •  RENX  •  RENX

An alliance including Devimco Immobilier,  Broccolini, Groupe Mach and COPRIM have announced the start of a consultative process to guide the redevelopment of Montreal’s Peel Basin and vicinity. Plans include 7,500 new housing units, retail businesses and offices.

The Saskatchewan Edge › Up to 165 per cent variance in Saskatchewan CRE property taxes

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Granite top REIT for steady monthly dividends

Commercial  •  Motley Fool  •  Motley Fool

Granite REIT (GRT-UN-T) may not have the highest dividend yield at 3.4%. However, it is an incredibly solid business to own for passive income. It owns a portfolio of high-quality, institutional-grade logistics and manufacturing assets across North America and Europe.

Latest Sustainable Biz Canada headlines

Residential, Commercial  • 

CaGBC honours green building contributions
HTEC, B.C. gov’t expand hydrogen vehicle fuel network
Mayfair Gold digs Canada’s first carbon-neutral gold mine

Ex-L.A. Times newsroom remade into office campus

Commercial  •  Building Design+Construction

Phase 1 of The Press, an adaptive reuse project that is converting an old Los Angeles Times facility into a modern office campus, was recently completed in Costa Mesa, Calif. The project is retaining most of the existing, 450,000-square-foot structure.

Brookfield nears sale of $2B TraPac terminal operator

Commercial  •  Financial Post

Brookfield Asset Management Inc. is in advanced talks to sell its 49 per cent stake in terminal operator TraPac LLC to Mitsui OSK Lines Ltd., according to sources. The transaction is set to value TraPac at about US$2 billion.

Bain-backed $44B wealth manager likes India REITs

Commercial  •  Bloomberg

Indian infrastructure and REITS present a good buying opportunity for investors seeking a hedge against inflation as the nascent market grows, according to IIFL Wealth Management Ltd., a $44 billion wealth manager backed by Bain Capital.

C&W joins with Pupil on digital property system

Commercial  •  Business Wire

Pupil, a spatial data company with an ecosystem digitally mapping the built world, announced Cushman & Wakefield (CWK-N) will use Pupil globally to improve speed and accuracy of digital measurements and produce digital floor plans and digital twins of properties.

Housing prices could fall 15% by end of 2023: Desjardins

Residential  •  Bloomberg

Desjardins senior director of Canadian economics Randall Bartlett and senior economist Hélène Bégin said housing prices could plausibly fall 15 per cent from their February 2022 peak by the end of next year, but would remain above pre-pandemic levels.

Burlington home prices drop 14.75% in May

Residential  •  Toronto Star  •  Toronto Star  •  Toronto Star

The average home price in Burlington dropped by 14.75 per cent, from $1.3 million in April to more than $1.1 million in May. However, year-over-year, average home prices rose 14.48 per cent from May 2021 to May 2022, according to TRREB.

Recreational prices expected to rise 20% this year: Re/Max

Residential  •  Western Investor

Interest in Canada’s recreational property markets has continued to grow since the pandemic, drawing homebuyers with their relative affordability and attractive lifestyle. Re/Max Canada anticipates average recreational residential prices to rise up to 20 per cent for the remainder of 2022.

39% of Torontonians renovating instead of moving

Residential  •  Daily Hive  •  Business Wire

Thirty-nine per cent of homeowners have chosen to renovate rather than move because real estate prices in Toronto are too high, according to data by home renovation digital platform Billdr. Amongst 35- to 54-year-olds, the figure was 48 per cent.