Concert CEO likes long-term, master-planned dev.

RENX  Residential, Commercial  •  Homes  •  National, British Columbia

The building out of a master-planned community can take up an entire career in the development industry, but Concert Properties’ president and CEO Brian McCauley says the payoff is a full pipeline of projects.

Van. Indigenous development to include three towers

Residential, Commercial  •  Globe and Mail  •  RENX

Another precedent-setting Indigenous development is set to transform Vancouver’s far west side, with plans for three towers up to 38 storeys with as many as 10,000 homes. Canada Lands Company is working with the corporation formed by the Musqueam, Squamish and Tsleil-Waututh.

The People Space › People Space: Key departure from CPP, new hires at CFO, REBGV…

Don Wilcox: Managing Editor

Nexus buying 50% stake in Montreal fulfillment centre

RENX  Commercial  •  Industrial  •  Greater Montreal

Nexus REIT (NXR-UN-T) will acquire a 50 per cent non-managing interest in a newly constructed 309,000-square-foot, automated grocery fulfillment centre in Pointe-Claire, Que., from Crombie REIT (CRR-UN-T) for $98.2 million.

426-unit The Revalie Ottawa opens its doors

Residential, Commercial  •  Canada Newswire

Toronto-based Campus Developments celebrated the official opening of The Revalie Ottawa, a premier, purpose-built student accommodation development. The 400,000-plus-square-foot development features 426 fully furnished apartments (705 beds) with 30,000 square feet of amenity space and 20,000 square feet of onsite retail.

Sponsored by First National Financial LP First National introduces game-changing conventional term program

First National is differentiated as a commercial property mortgage lender not just because of its size – with over $35 billion under management – but because of its ability to provide both insured and conventional financings …

Developers set sights on Toronto’s Little Jamaica

Residential, Commercial  •  Toronto Star

According to the City of Toronto, there are 116 development applications for Little Jamaica, some of which would be large, new developments. Of the total applications, 75 are smaller changes to existing buildings, such as adding a storey, and 41 are planning applications.

Stowe, Mountsfield propose four mixed-use buildings

Residential, Commercial  •  Urban Toronto

Stowe Holdings and Mountsfield Properties have proposed 10-, 22-, 32- and 35-storey mixed-use buildings in Etobicoke. The TACT architecture-designed buildings would include  1,149 residential units – six studio units, 663 one-bedroom units, 334 two-bedroom units and 116 three-bedroom units – in addition to 10,000 square feet of office space.

iA, Canderel sign asset management partnership

Residential, Commercial  •  Canada Newswire  •  RENX

Canderel has been selected as iA Financial Group‘s (TSX: IAG) strategic partner and as such will be responsible for operations, leasing and maintenance of iA’s real estate assets in Québec. The agreement covers the operations of 16 properties in Quebec.

Region of Waterloo airport to double in size

Commercial  •  CBC  •  CTV  •  Global News

Construction is underway at the Region of Waterloo International Airport (YKF), with plans to double the airport’s size within the next six months — from 30,000 square feet to just over 60,000. The total cost of the airport expansion is about $44 million.

Acciona protests cancellation of wastewater plant deal

Commercial  •  Toronto Star  •  Vancouver Sun  •  Vancouver Sun

Acciona, contracted to build a wastewater treatment plant in North Vancouver, calls the deal’s cancellation “regrettable, unnecessary,” and against the community’s interests. The Metro Vancouver Regional District terminated its contract when the plant’s price tag rose from $500 million to $1 billion.

Mortgage debt growth highest in a decade: CMHC

Residential  •  Canada Newswire  •  Toronto Star  •  Canada Newswire

Record-low interest rates and strong housing market activity driven by a pandemic-fuelled demand for more space, have propelled mortgage debt growth during the first half of 2021 to levels not seen in a decade, says CMHC’s annual Residential Mortgage Industry Report.

HBC successfully restructures $846M CMBS retail loan

Commercial  •  Commercial Observer  •  Global News

On Sept. 30, Hudson’s Bay Company, together with joint venture partner Simon Property Group, finalized a restructuring for an $846.2 million defaulted commercial mortgage-backed securities backed by 24 Lord & Taylor stores plus 10 Saks Fifth Avenue stores.

N.Y.C. reaps Hudson Yards dividends after building boom

Residential, Commercial  •  Bloomberg

Hudson Yards, a 45-square-block Manhattan district of office towers, luxury apartments and upscale shops, is paying down its tab. The Hudson Yards Infrastructure Corp. has transferred about $663 million in surplus property tax and other revenue to the city since 2017.

CPP commits $1.3B to Japanese logistics JV

Commercial  •  Canada Newswire  •  IPE Real Assets

CPP Investments has committed $1.3 billion to the newly established GLP Japan Development Partners IV, the fourth modern logistics partnership in Japan between CPP Investments and GLP, a leading global investment manager and business builder in logistics.

MGAC acquires U.K. property consultants

Commercial  •  RLF media release

Washington, D.C.-headquartered MGAC, a project and cost management consultancy with an office in Toronto, has announced the acquisition of U.K. property and construction consultants, RLF, for an undisclosed, all-cash purchase.

Canadians pile into condos again: RE/MAX

Residential  •  Financial Post  •  Canada Newswire  •  ReMax blog

Priced out of the detached home market, many Canadians have returned to condo-hunting triggering a price surge in that market, according to the RE/MAX Canada 2021 Condominium Report. The strongest gains were in Greater Vancouver and Calgary at 87 and 83%, respectively.

Toronto rental vacancy rate declines to 3% in Q3

Residential  •  REMI Network  •  Toronto Star

Urbanation’s latest survey of purpose-built rental buildings reveals the average Toronto vacancy rate has dropped from 5.1 per cent in Q2 to three per cent in Q3. The rate reached 6.4 per cent in Q1 2021 and is now considered balanced.

T.O. demands eviction data from tenant board

Residential  •  CBC

The City of Toronto has unsuccessfully requested a data-sharing arrangement with the Ontario Landlord Tenant Board multiple times. One big issue: Tribunals Ontario, the umbrella organization for tribunals including the LTB, doesn’t track the outcomes of its eviction hearings.

Tenant advocates push for extension of Ontario rent freeze

Residential  •  CBC  •  Toronto Star

Several tenant advocacy groups including ACORN say they want to see the Ontario government extend the current rent freeze to help individuals who have yet to fully recover from the economic fallout of COVID-19.