Downtown Mtl. continues to attract development dollars

RENX  Residential, Commercial  •  Industrial, Office, Retail, Apartments, Condominiums  •  Greater Montreal

Declaring its “views on the importance and pertinence of downtown Montreal have not changed,” developer Kevric is forging ahead with redevelopments of two of Montreal’s major office buildings,  Place Bonaventure and 600 de la Gauchetière W.

Anthem building two Calgary shopping centres

RENX  Commercial  •  Retail  •  Calgary

Vancouver-based real estate company Anthem continues to be bullish on the Calgary market and needs-based retail, launching two new shopping centre projects in the region to service growing residential communities.

Number of False Creek South units could triple

Residential  •  Vancouver Sun  •  Globe and Mail  •  Business In Vancouver

The City of Vancouver’s real estate division is pitching a plan to increase the number of homes from the existing 1,849 to 6,645 units upon full completion in False Creek South, a neighbourhood that sits on 80 acres owned by the city.

Dream Industrial has $421M in deals in the works

Commercial  •  Globe Newswire  •  RENX

Dream Industrial REIT (DIR-UN-T) Wednesday announced it has approximately $270 million of assets totalling 1.4 million square feet in Ontario under contract and is currently in exclusive negotiations on an additional approximately $151 million of assets totalling 1.2 million square feet in Germany.

Calgary warehouses in high demand: Colliers

Commercial  •  CBC  •  RENX

Calgary’s vacancy rate for warehouses, distribution centres and other bays has dropped to five per cent as high rental prices and low vacancy rates in places like Vancouver drive companies to snatch up warehouse space, according to a Colliers report.

StorageVault to acquire 10 facilities for $130M

Commercial  •  Globe Newswire  •  RENX

StorageVault Canada (SVI-X) has agreed to acquire 10 stores from seven vendors for an aggregate price of $130 million, subject to customary adjustments. Four of the assets are located in Ontario, four in Quebec, one each in Alberta and Saskatchewan.

Real World of Real Estate › Podcast: Gerald Tostowaryk and MLA Canada Brokerage

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Devimco JV launches $800M Mtl. condo project

Residential  •  Montreal Gazette  •  Canada Newswire  •  RENX

Devimco Immobilier, Fonds immobilier de solidarité FTQ  and Fiera Real Estate Wednesday launched the first phase of the 2,000-unit, 10-tower Auguste & Louis condominiums project on the site of Montreal’s former Maison de Radio-Canada. The project represents an investment of $800 million.

Supply-chain fears in Canada ramp up

Commercial  •  Globe and Mail (Sub. required)

“The biggest problem in the Canadian supply chain is that there’s not enough land space. There’s too many containers to move out of terminals, to get to warehouses, and . . . move them on trucks,” Chamber of Shipping president Robert Lewis-Manning said.

Council green-lights $2.8B Ottawa hospital plan

Commercial  •  Ottawa Citizen

City council has signed off on a master site plan for The Ottawa Hospital’s new Civic campus, another hurdle now cleared in the hospital’s quest to get the $2.8-billion facility up and running for 2028.

Mtl. bridge consortium sues Ottawa for $379M

Commercial  •  La Presse

The disputes surrounding the construction of the Samuel-De Champlain Bridge are far from all settled: the consortium that carried out this project in the form of a public-private partnership has just filed a lawsuit for $379 million against the federal government.

Silicon Valley Bank sets up in Montreal

Commercial  •  La Presse

Silicon Valley Bank, which presents itself as the bank for tech entrepreneurs and whose value on the NASDAQ exploded during the pandemic, now has a physical presence in Montreal, following expansion into Toronto in 2019 and into Vancouver in 2020.

BGO buys million-sq.-ft. Atlanta warehouse

Commercial  •  CP Executive  •  RENX

BentallGreenOak has expanded its industrial presence in metropolitan Atlanta with the acquisition of 355 Horace Head Rd., a one million-square-foot bulk distribution warehouse in Jefferson, Ga. BentallGreenOak purchased the vacant property from MetLife Investment Management and Panattoni Development Co. for $78.7 million.

Tricon closes U.S. IPO with gross proceeds of US$570M

Residential  •  Canada Newswire  •  Canada Newswire

Tricon Residential Inc. (TCN-T), an owner and operator of single-family rental homes and rental apartments in the U.S. and Canada, announced the closing of its marketed public offering of common shares which saw aggregate gross proceeds of approximately US$570 million.

WPT receives court approval for Blackstone takeover

Commercial  •  Globe Newswire  •  RENX

WPT Industrial REIT (WIR-U-T) announced the Supreme Court of British Columbia has issued a final order approving its plan of arrangement in which an affiliate of Blackstone REIT will acquire all of the outstanding trust units for US$22 in cash.

Chinese real estate shares, bonds slide

Commercial  •  Globe and Mail (Sub. required)

Shares and bonds of Chinese real estate companies slid on Thursday, reflecting uncertainty about how a debt crisis will play out at China Evergrande Group and the wider property sector as another developer was hit by a rating downgrade.

Larco West Van. ‘micro’ apartments a step closer

Residential  •  Western Investor

West Vancouver is taking some baby steps toward tiny apartments. Council voted 6-1 recently to advance a proposal from Park Royal’s parent company Larco to build 199 micro-unit market rental apartments. About 90 per cent of the units would be 350 square feet each.

B.C. home sales down nearly 20% year-over-year

Residential  •  Vancouver Sun

The British Columbia Real Estate Association says there were 9,165 home sales in September, a year-over-year decrease of 19.9 per cent. “The main story in all markets continues to be a severe lack of listings supply . . .,” said BCREA chief economist Brendon Ogmundson.

Average price of Calgary home up to $457,900

Residential  •  Global News

After a flurry of home sales over the summer, Calgary’s real estate market was readying itself for a September slowdown. However, the latest numbers from the Calgary Real Estate Board show sales are continuing to grow year-over-year.

Home renovators struggle for skilled workers

Residential  •  Globe and Mail (Sub. required)  •  Business Wire

When two workers left in two months, Tonya Bruin juggled to keep To do-Done Renovations on top of its commitments. When a third member came to her with a job offer in hand, she knew she had a problem.