Montreal industrial lease rates could hit $20 per sq. ft.

RENX  Commercial  •  Industrial  •  Greater Montreal

Montreal industrial rents, which long stagnated at an average of $5 per square foot, could soon see Toronto-like asking prices in the $20 range, industrial developers and brokers said at the Montreal Real Estate Forum on June 2.

Industrious opens first Canadian location in Toronto

RENX  Commercial  •  Office  •  Toronto / GTA, International

American flexible workplace operator Industrious will open its first Canadian location in a former WeWork location in Toronto in September.

Industrial rental rates approaching $40 PSF in S. Van.

Commercial  •  STOREYS  •  Vancouver Sun

“Industrial units in Vancouver are definitely cash flow positive, where they carry mortgages,” says Brennan Finley, senior development manager at  Wesbild. “You’re seeing some areas in south Vancouver that are getting close to $40 per square feet as a rental rate.”

Greater Van. cold storage receives preliminary approval

Commercial  •  Western Investor

An application to build a cold storage and food processing facility on farm land in Delta, B.C., has inched a step closer to reality. Council gave preliminary approval for the Delta Fresh application to develop two properties.

Marlin Spring proposes two-tower condominium

Residential, Commercial  •  Urban Toronto  •  RENX

Marlin Spring has proposed 30- and 39-storey condominium towers with 823 residential units and commercial space at grade at 2500 Don Mills Rd. in North York. The Wallman Architects-designed towers would include 10 townhouses, two studios, 530 one-bedrooms (64%), 210 two-bedrooms (26%) and 81 three-bedrooms (10%).

First two M City towers set to top out in Mississauga

Residential  •  Urban Toronto

Being developed by Rogers Real Estate Development Limited and Urban Capital in Mississauga’s City Centre area, M1 and M2 are the first two towers of the M City development – soon to top out as their 60th storeys are currently underway.

Sponsored by Trez Capital The demand continues – will supply ever catch up?

Trez Capital’s Eric Horie discusses the demand for homes in Canada, the ongoing pressure on major urban centres, and emerging development trends as governments try to support faster growth.

Trolleybus proposes 10-storey Newtonbrook residential

Residential  •  Urban Toronto

Trolleybus Urban Development has proposed a 10-storey, L-shaped residential building at 16 Centre Ave. in Toronto’s Newtonbrook neighbourhood. The IBI Group-designed building would include 220 residential units – 140 one-bedrooms, 55 two-bedrooms and 10 three-bedrooms, along with 15 three-bedroom townhouses.

Port activity helps propel Sorel Tracy economy

Commercial  •  La Presse  •  La Presse

During its economic golden age, at the end of the 19th century, Sorel-Tracy, Que., housed shipyards employing 10,000. In the 1990s, its economy slowed down considerably. Today, it is through port activity, green technologies and tourism that Sorel-Tracy sees the future.

Strong economy buoys Calgary commercial real estate

Commercial  •  Calgary Herald

Edmonton retail outlook improving

Commercial  •  Retail Insider  •  Retail Insider

The retail outlook for Edmonton is slowly improving as the sector rebounds from the pandemic. A report by JLL said the retail market in the Alberta city has seen steady improvements in leasing activity through the start of 2022.

B.C. island subdivision rejected by approving officer

Residential, Commercial  •  CBC  •  Victoria Times Colonist

The Tsawout First Nation is welcoming a provincial approving officer decision to reject U.S. developer J.I. Properties’ proposed subdivision of a contested island near Saanich, B.C. J.I. wanted to subdivide part of James Island into almost 80 vacation strata lots.

BGO acquires 440K-sq.-ft. logistics project in Germany

Commercial  •  BentallGreenOak media release  •  IPE Real Assets

BentallGreenOak has acquired a logistics project comprising approximately 440,000 square feet in a forward deal from a local developer in Fürstenwalde, approximately 30 kms outside Berlin. Completion is scheduled for Q2 2023.

Walmart plans to build 4 high-tech fulfillment centres

Commercial  •  Bisnow

Walmart plans to open four new high-tech fulfillment stores in the next two years to provide products to customers and Walmart+ members in East Coast and Midwest markets as it battles Amazon for e-commerce traffic.

Apollo to buy Hilton Times Square for $85M

Commercial  •  Bisnow

New York City’s 487-room Hilton Times Square, forced to close by COVID, has been acquired by Apollo Global Management and investor Newbond Holdings for $85 million. California-based REIT Sunstone Hotel Investors paid $242.5 million when it acquired the property in 2006.

U.S. single-family home rents up 37% Y-O-Y

Residential  •  Globe Newswire  •  Business Wire

Single-family remains the hottest type of home rental across the U.S., pushing rents to the highest levels yet. The median asking rent in May for single-family homes was $2,260 per month, up 37 per cent year-over-year, according to Dwellsy data.

Short-term rentals disrupting peace in small communities

Residential  •  Globe and Mail (Sub. required)

Every weekend, a new group of dozens of people arrives at the house next door to Jennifer Hierholzer’s. Once, it was a rowdy music video shoot. Another time, a wedding with 50 guests. The gatherings almost always involve noisy alcohol-related antics.

Ottawa sales drop 19% Y-O-Y: OREB

Residential  •  Ottawa Business Journal  •  CTV  •  Ottawa Citizen

Resale home prices fell two per cent in May compared with the previous month – another “clear” sign that rising interest rates and soaring inflation are dampening a previously red-hot market, the Ottawa Real Estate Board said Friday.

Terminated listings surge in Vancouver

Residential  •  STOREYS

According to listing website HouseSigma data, there were 2,331 terminated listings in the Vancouver region in February, 3,119 in March, 3,634 in April, and 5,140 last month. “We’re in a correction right now,” said Robert Mogensen, a broker with The Mortgage Advantage.

Concord Pacific CEO sues Van. condo strata

Residential  •  Vancouver Province

Penthouse owner Terry Hui is suing the other strata owners at The Erickson in a continuing fight over a common area of the building. Hui, Concord Pacific president/CEO, is demanding repayment of what he has paid in vacancy taxes.