Interest rates could deepen Canada’s rental housing crisis: Tal

RENX  Residential, Commercial  •  Apartments, Investment  •  National

Canada needs to increase its rental housing supply to alleviate a housing crisis that could worsen, CIBC Capital Markets managing director and deputy chief economist Benjamin Tal told a large crowd Wednesday to open the Canadian Apartment Investment Conference.

$45M South Surrey development site for sale

RENX  Residential, Commercial  •  Industrial, Office  •  British Columbia

A 9.4-acre development property in South Surrey, B.C., has been listed for sale for $45 million; providing an opportunity to meet the growing needs of the city’s population boom.

Many CRE lenders anticipate recession: Altus Group

Commercial  •  Daily Commercial News  •  Bloomberg

Almost 90 per cent of Canadian commercial real estate leaders believe a recession is likely within the next six months, with more than two-thirds indicating it would be short in duration, according to an Altus Group survey released on Tuesday.

B.C. limits 2023 apartment rent increases at 2%

Residential  •  Business In Vancouver  •  Business In Vancouver

The B.C. government has set the maximum allowable rent increase for 2023 at two per cent – far less than the nearly 5.4 per cent that would have been allowed had the government benchmarked the increase to inflation.

BTB acquires Edmonton industrial property for $15.75M

Commercial  •  Canada Newswire  •  RENX

BTB Real Estate Investment Trust (BTB-UN-T) announced the acquisition of an industrial property at 8743 50 Ave. NW in Edmonton for $15.75 million. Built in 1998, the 72,088-square-foot property located in McIntyre Industrial Park is fully leased to the Redco Equipment Sales group.

Sponsored by FCT No safe bet: CRA tax liens and the challenge for lenders

How can lenders operate in a market with uncertainty and risk? By protecting themselves with a Super Priority Lien Endorsement.

Primaris’ Sherwood Park Mall adds 7 new retailers

Commercial  •  Retail Insider

Leasing activity has been brisk for Primaris REIT’s (PMZ-UN-T) Sherwood Park Mall property, just east of Edmonton. Opening in the past year have been Specsavers, Safeway Liquor Store, Best Buy, New York Fries, Boathouse, Shaw and Mud Sweat and Gears.

Wellington-Altus opens downtown Montreal branch

Commercial  •  Canada Newswire

Wellington-Altus Financial is reinforcing its Quebec expansion with a state-of-the-art branch opening in Montreal’s downtown core. The new 12,000-square-foot branch is located at 1250 René-Lévesque Boulevard, a 47-storey architectural landmark.

Diamond proposes 35-storey Midtown mixed-use

Residential, Commercial  •  Urban Toronto

Diamond Corp. has proposed a 35-storey mixed-use tower at 536 St Clair St. W. in Toronto’s Midtown area. The IBI Group-designed tower would include 350 residential units – three two-storey townhouse units and a mix of one- to three-bedrooms – and ground-floor retail.

Offshore single-family rental REITs sidelined

Residential  •  REMI Network

Canada will become a temporary no-go zone for offshore single-family rental REITs on Jan. 1, 2023, when a two-year ban on foreign investors acquiring single residential dwellings, duplexes or triplexes is set to begin. The federal government is currently seeking public input.

Southbridge Care Homes opens London LTC facility

Residential  •  Canada Newswire

Southbridge Care Homes‘ has opened Southbridge London in London, Ont., part of the company’s strategy to provide Ontario’s aging population with innovative, safe and modern living environments. The new home includes 160 beds for Ontario’s long-term care residents.

Matidor and Arup to partner on smart city management

Residential, Commercial  •  Sustainable Biz Canada

Matidor and the global built environment consulting firm Arup Group Ltd. are partnering to help organizations with energy efficiency in smart city modeling.

Evergrande lenders to seize Hong Kong HQ: Sources

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

Lenders of struggling Chinese developer Evergrande Group have appointed a receiver this week to seize its Hong Kong headquarters, two sources said, as the world’s most indebted developer struggles to emerge from its debt crisis.

Nicola, Hopewell acquire two Phoenix industrial sites

Commercial  •  Globe Newswire  •  RENX  •  RENX

Nicola Wealth Real Estate (NWRE) has partnered with Calgary-based Hopewell Development to acquire two Phoenix industrial development sites totalling 31.99 acres. The two sites have the capacity to develop up to 486,200 square feet spread over six buildings.

Cineworld files for bankruptcy in bid to cut US$5B debt

Commercial  •  Bloomberg  •  CBC  •  Business Wire

Cineworld Group Plc filed for bankruptcy in Texas in an effort to tame its US$5 billion debt pile.  The U.K.-based movie theatre chain draws most of its revenues from the U.S. since the acquisition of Regal Cinemas in 2018.

Cineplex wants damages despite Cineworld bankruptcy

Commercial  •  Toronto Star

Cineplex Inc., which was awarded $1.24 billion in damages after Cineworld walked away from its $2.18-billion deal to buy the chain, says it remains focused on recouping the payout despite the U.K.-based movie theatre operator’s bankruptcy filing in the U.S.

Interest rate hike to ‘intensify’ housing downturn: RBC

Residential  •  Globe and Mail (Sub. required)  •  Financial Post

“We see the downturn intensifying and spreading as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates,” Royal Bank of Canada assistant chief economist  Robert Hogue said of the Bank of Canada’s latest interest rate hike.

Toronto condo rents surge to record average $2,806

Residential  •  Toronto Star  •  Toronto Star

The cost of renting a Toronto condo hit a record average of $2,806 in August — a 19.5 per cent year-over-year increase equal to $458 a month. It was the 10th consecutive month that condo rents rose in the double digits year-over-year, says Urbanation.

York Centre prices plunge 6.4 per cent to $891,667

Residential  •  Toronto Star

The average price for a home in York Centre was $891,667 in August 2022, according to the Toronto Regional Real Estate Board – down 6.4 per cent or $61,189 from July. This charticle updates home pricing data across the GTA.

BCREA forecasts steep decline in home sales

Residential  •  Vancouver Sun  •  BCREA media release

In a forecast released Thursday, the British Columbia Real Estate Association said residential sales in B.C. are forecast to decline 34.4 per cent from a record high in 2021 to 81,900 units this year.