Canderel remains busy in Toronto condo market

RENX  Residential  •  Condominiums  •  Toronto / GTA

Canderel is enjoying solid sales and construction progress with its Toronto condominiums, while also expanding its third-party services despite recent challenges in the market.

GTA not meeting demand for life science labs

Commercial  •  Globe and Mail  •  RENX

In the aftermath of the COVID-19 pandemic, there’s a ballooning demand for medical research laboratories, particularly in the Greater Toronto and Hamilton areas, which is facing an acute shortage of lab space, according to CBRE’s Toronto Lab Market H1 2022 report.

Tech companies opening new offices in Ontario

Commercial  •  CTV

Shopify’s impending move into The Well – a high-profile retail, office and residential development encompassing 7.66 acres in Toronto – makes it one of the many tech companies not backing away from new digs even as their leaders espouse hybrid or remote work.

Optima, Axium acquire seniors communities, $300M-plus

RENX  Residential  •  Seniors Housing  •  British Columbia, International, Alberta

Optima Living and joint venture partner Axium Infrastructure have acquired eight seniors’ supportive-living communities from H&H Total Care Services in Alberta and B.C. for more than $300 million.

HSBC looks to sell Canadian operations for up to $10B

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

HSBC has put its Canadian business for sale as part of a strategic review, exploring a possible deal that could fetch upwards of $10 billion as the British-based bank faces pressure from its largest shareholder. RBC is considered the leading candidate.

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Micron to invest up to $100B in N.Y. chip factory

Commercial  •  Bloomberg  •  Globe Newswire

Micron Technology Inc. (MU-Q) said it plans to invest as much as $100 billion over the next 20 years to build a factory in upstate New York to boost U.S. production of memory chips.

Mitrex to build N.Y. solar product manufacturing facility

Commercial  •  Sustainable Biz Canada

Mitrex Integrated Solar Technology — the world’s largest manufacturer of integrated solar products — is moving forward on plans for a 2.5 GW production facility in Rochester, N.Y.

High-rise developers rethink projects in face of costs

Residential  •  Ottawa Business Journal

In the wake of Claridge’s decision to pull the plug on a proposed Hintonburg condo tower, local developers say it likely won’t be the only multiresidential project on the chopping block in Ottawa due to soaring costs for new projects.

Rowntree proposes five-building mixed-use

Residential, Commercial  •  Urban Toronto

Rowntree Development, through Rowbry Holdings Limited, has proposed a five-building, mixed-use development at 1075 Leslie St. along Toronto’s Eglinton corridor. The BDP Quadrangle-designed buildings would range from 13 to 49 storeys and offer a total of 1,846 residential units and two new roads.

Ottawa tech firm says so long to cubicles

Commercial  •  CTV

Ottawa tech firm Orangutech Inc. has left cubicles behind, opting instead for a large, open, communal space at its new downtown Ottawa office. “The whole office is physically designed for connection and collaboration in bigger groups,” Orangutech’s Corey Bainerman said.

ClickSpace holding open house at Montreal HQ

Commercial  •  Canada Newswire

E-commerce hub ClickSpace is holding an open house at its 13,500-square-foot District Central headquarters in Montreal on Oct. 6 and 7. The complex offers small and medium-sized businesses space for collaborative work and professional services in addition to optimized order fulfillment services.

WeWork, IWG stock drops outpace market

Commercial  •  Bisnow

Tumult on the markets has been extra unkind to the world’s two largest co-working companies — WeWork and IWG plc — even as industry experts project the flexible workspaces they provide will grow in adoption in the future.

Cabot to manage VICI Properties’ four golf courses

Commercial  •  Business Wire

VICI Properties Inc. (VICI-N) announced it has entered into an agreement with CDN Golf Management Inc., an affiliate of Toronto-headquartered Cabot, to manage and operate VICI Properties’ four golf courses – Cascata, Rio Secco, Grand Bear and Chariot Run.

CRE assesses impact of Hurricane Ian

Commercial  •  Bisnow  •  Commercial Property Executive

Cushman & Wakefield is among many real estate owners and managers in southwest Florida assessing how their properties fared in one of the strongest hurricanes ever to hit the U.S.. However, the extent of the damage will take time to ascertain.

Starlight’s Florida, N.C. portfolios unscathed by Ian

Residential  •  Canada Newswire  •  Canada Newswire

Starlight U.S. Multi-Family (No. 2) Core Plus Fund (SCPT-A-X) confirmed that following an initial inspection of each of its multiresidential properties in Florida and North Carolina, its portfolio has not incurred any material damage as a result of Hurricane Ian.

Who caused Canada’s housing shortage? City hall

Residential  •  Globe and Mail

EDITORIAL: This country’s housing problems start at city halls. Restrictive rules around what can be built where have long prevented sufficient construction, particularly in those places where most Canadians want to live and where most jobs are.

Calgary housing sales fall nearly 12% Y-0-Y: CREB

Residential  •  CBC  •  Toronto Star

Calgary property sales cooled in September by nearly 12 per cent year-over-year, but the market for more affordable housing options is making gains, the Calgary Real Estate Board said Monday. Demand for detached housing slowed for the sixth consecutive month.

Suddenly GTA could be a homebuyer’s market

Residential  •  Toronto Star

Since prices began declining in March, some GTA buyers have been able to purchase a property that would have been beyond their means last winter.

Ground broken on $40M community near Mont-Tremblant, Que.

Residential  •  Business Wire