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Harrison Street acquires Van. Evolution Block biomed facility
Harrison Street acquires Van. Evolution Block biomed facility
The Harrison Street Canada Alternative Real Estate Fund has acquired its first Canadian life sciences asset, 78,000 square feet of the newly constructed Evolution Block in Vancouver.
Canada’s downtown office vacancy rate hits record 19%
Canada’s downtown office vacancy rate reached a record 19 per cent in March, with Toronto and Vancouver driving the trend as the shift to hybrid work pushes more businesses to give up office space., according to data from Altus Group.
Dollarama to open up to 70 new stores next year
A booming demand for bargains by inflation-weary consumers has been good business for Dollarama. The Montreal-based discount giant expects to open up to 70 new stores across the country as the public hunts for cheaper goods amid soaring prices.
W.P. Carey pays $468M US to acquire Apotex GTA properties
New York-headquartered REIT W.P. Carey (WPC-N) will invest $468 million US to acquire a “critical portfolio of four pharmaceutical R&D and manufacturing campuses” in the Greater Toronto Area from generic drug giant Apotex Pharmaceutical Holdings Inc.
BMO’s new urban campus transforms a former Sears
Between the Toronto Eaton Centre and the Toronto Coach Terminal lies BMO Place. Spanning 350,000 square feet across two floors, with two more to open next summer, BMO’s new downtown office accommodates 1,200 employees, but will house 3,200 upon completion.
FirstService acquires Crossbridge Condominium Services
Residential property management firm FirstService Residential announced the acquisition of Toronto-based Crossbridge Condominium Services. Founded in 1996, Crossbridge manages a portfolio of condominium corporations across the GTA. FirstService Residential now manages nearly 800 communities.
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Enbridge locate fee could add millions to infra projects
If implemented, a new locate delivery charge by Enbridge Gas could have significant implications on construction in Ontario, add millions of dollars to big infrastructure projects and set a dangerous precedent, stakeholders say.
Hedge fund K2 seeks H&R REIT board shakeup
Toronto-based hedge fund K2 & Associates Investment Management is pushing for a refresh of H&R REIT's (HR-UN-T) board of directors, igniting an activist fight at another of Canada’s largest publicly traded real estate companies.
Life-sciences facilities sprouting in Vancouver’s South Flatz
The area east of Vancouver’s False Creek known as South Flatz still reflects its urban industrial heritage but these days, it’s being transformed by new office and research buildings as it evolves into a hub for life-sciences research.
Lower Mainland land sales totalled $7.31B in 2022
The dollar value of CRE sales in the Lower Mainland was $12.88 billion in 2022, a 16.5 per cent year-over-year decrease and a six per cent increase from the five-year average, says the Real Estate Board of Greater Vancouver.
Transit-oriented development part of addressing affordability
When PCI Developments first proposed transit-oriented development at Marine Gateway, the City of Vancouver rejected the proposal. The city’s reason, according to real estate consultant and developer Michael Geller, was that the land ought to remain zoned for industrial use.
Office landlords ask U.S. government for help
Without assistance from federal regulators or a bailout from officials, industry advocates say the U.S. office sector could collapse and drag regional banks down with it, causing the sort of broad financial catastrophe that nearly occurred with Silicon Valley Bank.
Union Bank Plaza sells for $104M, a 50% loss
After nearly nine months of closing deadline extensions, the KBS Realty Advisors-created real estate vehicle KBS REIT II has sold Union Bank Plaza at a 50% loss. TKBS bought the tower for $208 million from Hines in 2010.
Blackstone to buy U.K. Industrials REIT for $1.15B
New York-based Blackstone (BX-N) has agreed to purchase U.K. landlord Industrials REIT Ltd., the private equity giant’s latest bet on urban warehouses in Europe. Blackstone's offer gives the London firm an enterprise value of about $1.15 billion Cdn.
Theatre chain Cineworld drops major sale plan
Cineworld has scrapped plans to sell its U.S., U.K. and Ireland businesses after failing to find a buyer, the cinema chain operator said on Monday, as it proposed a new debt restructuring plan.
B.C. to legalize all secondary suites
B.C. will overhaul municipal zoning rules to allow so-called missing-middle housing, such as townhomes and multiplex homes on single-family lots. It will also introduce a flipping tax and legalize all secondary suites as part of its refreshed housing plan.
Vancouver’s home sales down 42.5% year-over-year: REBGV
The Real Estate Board of Greater Vancouver says home sales fell 42.5 per cent year-over-year in March and were 28.4 per cent below the 10-year seasonal average. Last month’s sales totalled 2,535 compared with 4,405 sales in March 2022.
Luxury sales expected to climb in Q2: RE/MAX Canada
Growing demand for residential properties has trickled into the upper end of the Canadian real estate market, with luxury sales posting gains in Q1 2023 over Q4 2022 in most major Canadian markets, according to RE/MAX Canada.
Calgary market sees lowest March inventory since 2006
The Calgary Real Estate Board says last month delivered the market’s lowest March inventory level since 2006 as home sales fell about 41 per cent from a year ago. The board says sales in Calgary for the month totalled 2,432.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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