REITs continue big rebound after COVID dip: RBC’s Blair

RENX  Residential, Commercial  •  Investment  •  National

Canadian REIT and REOC performances have made a dramatic comeback since the dark early days of the pandemic. RBC Capital Markets Real Estate Group  managing director Carolyn Blair offered a deep dive into the numbers during RealREIT.

Dow plans $10B expansion of Alta. facility

Commercial  •  Financial Post  •  Toronto Star

Dow Chemical plans to triple the size of an Alberta petrochemical plant and transition the facility to net-zero emissions in a major project experts believe will cost upwards of $10 billion, marking the biggest capital investment in the province in 15 years.

Maple Leaf completes $182M expansion of Wpg. plant

Commercial  •  Bloomberg

Mississauga-based food giant Maple Leaf Foods Inc. (MFI-T) said Tuesday it has completed construction on a $182-million expansion to its prepared meats plant in Winnipeg, which the company says will bolster its bacon production capacity.

Neighbourly to acquire 20 Alberta pharmacies for $41M

Commercial  •  Canada Newswire

Neighbourly Pharmacy Inc. (NBLY-T), Canada’s largest and fastest growing network of independent pharmacies, has entered into a binding agreement to acquire 20 pharmacies located throughout Alberta for  $41 million. The acquisition is expected to close in Q3.

Amazon all in on back-to-the office in Vancouver

Commercial  •  Western Investor

Soon to become Vancouver’s largest office tenant, Amazon.com said  its corporate and technology employees must work three days in the office each week. In addition, they can work remotely from a domestic location for only four full weeks each year.

Vancouver wastewater project delay could cost $1B+

Residential  •  CBC

The final cost of an already delayed wastewater treatment plant in North Vancouver is almost certain to rise from $1 billion after the contractor “abandoned” the project. The average home will be charged $200 more a year for regional services by 2025.

With new federal government, we await housing plan

Mark Goodman and Cynthia Jagger: Mark Goodman, Principal, Goodman Commercial Inc.

Tech leads race to net-zero for multiresidential sector

Residential  •  Sustainable Biz Canada

GUEST COLUMN: The City of Toronto approved its plan to reduce community-wide greenhouse gas emissions to net-zero by 2050 or sooner. The move will impact both condos and rental properties in Toronto, and other nearby municipalities may follow suit.

Shop where you live is the future: Gitlin

Commercial  •  Financial Post  •  RENX

VIDEO: RioCan REIT (REI.UN-T) CEO Jonathan Gitlin talks to the Financial Post’s Larysa Harapyn about marrying retail and residential developments and its long-term strategy.

New grants for Toronto streetfront businesses

Commercial  •  REMI Network

Toronto streetfront businesses will have access to new grants for commercial property improvements. City council has approved plans to channel federal COVID-19 relief funds into two separate programs for interior renovations/retrofits and exterior site upgrades.

Paris’ Blockchain Group setting up Mtl. lab

Commercial  •  Les Affaires

Parisian company Blockchain Group will make Montreal its beachhead for expansion in North America. The company, which intends to hire a hundred people in Montreal, will set up a laboratory to improve blockchain technologies and data intelligence.

Mondou moving into new Montreal head office

Commercial  •  La Presse

Groupe Legault-owned pet store company Mondou has a new office in the Montreal bureau of Anjou. The $16-million, 18-month transformation of the energy-efficient building offers nearly 60,000 square feet that will allow the number of employees to grow up to 240.

Colliers to acquire Italian investment management firm

Commercial  •  Globe Newswire

Colliers (CIGI-T) has entered into an agreement to acquire a controlling interest in Antirion SGR S.p.A., one of the largest real estate investment management firms in Italy with assets throughout Western Europe. Details of the transaction were not disclosed.

Great-West Lifeco partners with Sagard Holdings

Commercial  •  Advisor’s Edge  •  Canada Newswire  •  Canada Newswire

Winnipeg-based Great-West Lifeco has entered into a partnership with alternative asset manager Sagard Holdings. Lifeco will sell its Colorado-based subsidiaries — EverWest Real Estate Investors and Everwest Advisors — to Sagard and will provide a capital commitment of up to US$500 million.

Hub acquires Montreal-based CRE insurance agency

Commercial  •  Canada Newswire

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced it has acquired Montreal-based H.W. Hollinger (Canada) Inc., an independent insurance agency providing commercial and personal insurance. Terms of the transaction were not disclosed.

Evergrande’s major shareholder plans to go private

Commercial  •  Globe and Mail (Sub. required)  •  Commercial Observer

Chinese Estates Holdings, a major shareholder of cash-strapped developer China Evergrande, said on Wednesday it had proposed to be taken private by Solar Bright Ltd for $309 million Cdn. The company has been planning to offload its entire stake in Evergrande.

RIOS aims to get people into new homes faster, cheaper

Residential  •  Toronto Star

A group of housing industry experts, including former Ontario Home Builders’ Association CEO Joe Vaccaro, have launched RIOS (real estate industry operating system), a data platform they say will help modernize the development industry and deliver homes to consumers faster.

Mtl.-area home sales plunge 28% YOY

Residential  •  Coast Reporter  •  Montreal Gazette  •  Globe Newswire

The Quebec Professional Association of Real Estate Brokers says September Montreal-area home sales fell 28 per cent year-over-year as the market continued to edge toward pre-pandemic levels. Median prices continued to rise sharply in September, reaching $504,500 for single-family homes.

Metro Van. prices stay high amid low supply

Residential  •  Vancouver Sun  •  CBC  •  CTV

Metro Vancouver’s housing prices show no indication of going down amid a lack of supply, even as sales dip compared to last year’s pandemic-fuelled buying frenzy, according to the Real Estate Board of Greater Vancouver’s latest report.

No relief in sight for Ottawa homebuyers: OREB

Residential  •  Ottawa Business Journal  •  Ottawa Citizen  •  Global News

Home prices continued to rise last month despite a steep drop in the number of sales year-over-year as the market remains in the grip of an ongoing supply crunch, the Ottawa Real Estate Board said Tuesday.