REITs still upbeat on Canada’s industrial real estate sector

RENX  Commercial  •  Industrial  •  National, International

Despite an unprecedented amount of ongoing industrial facility development, continued strong demand has kept vacancy rates across Canada below two per cent.

CRE measures up as economic driver: NAIOP

Commercial  •  REMI Network  •  Canadian Lawyer

CRE is a Canadian economic driver on par with the oil and gas industry, economic analysts conclude. A new report, commissioned by the NAIOP Research Foundation, estimates CRE made a $148.4 billion total contribution to Canada’s gross domestic product last year.

Federal loan key to keeping Senakw dev. all rentals

Residential  •  Globe and Mail  •  RENX

The giant Senakw development by the Squamish Nation could not have proceeded as an all-rental project if the federal government hadn’t provided a $1.4-billion low-cost loan, co-developer Squamish Nation council chair Khelsilem says.

Skyline buys $309M ind. portfolio in Calgary, Edmonton

RENX  Commercial  •  Industrial  •  Edmonton, Calgary

Skyline Industrial REIT has completed its largest-ever transaction, entered the City of Edmonton and expanded its holdings in Calgary with the acquisition of a $309.25-million portfolio comprising more than two million square feet of space.

Saint John approves Historica’s 150-unit mixed-use

Residential, Commercial  •  Huddle

Saint John council has approved Historica Developments‘ 150-unit mixed-use development. The Jewett Residence, an existing heritage building, will be incorporated into the development. In addition to the residential units, the development will include nearly 6,000 square feet of ground-floor commercial space.

CentreCourt proposes 39-storey Etobicoke condo tower

Residential  •  Urban Toronto  •  RENX

CentreCourt’s newest Toronto proposal is a 39-storey condo tower designed by BDP Quadrangle at 5 Jopling Ave. S. in Etobicoke Centre. Reaching a height of 430 feet, the tower would offer a total of 405 residential units – studios, single-, two- and three-bedrooms.

Sponsored by Trez Capital The demand for residential despite interest rate hikes

Trez Capital’s John D. Hutchinson discusses how despite recent interest rate increases, there continues to be tremendous opportunities in key regions across North America for real estate development.

Dispute over proposed development returns to court

Residential  •  Globe and Mail

The legal saga around Six Nations of the Grand River’s two-year occupation of Foxgate Developments’ proposed housing development near Caledonia, Ont., returned to an Ontario court on Monday with another attempt to remove the protesters.

Federal employees frustrated with return-to-work plans

Commercial  •  CBC  •  La Presse

As federal employees gradually return to the office in person, some workers and members of the public service union say they want more clarity and consistency from the Treasury Board of Canada about working arrangements.

Ontario accelerates plan to buy Laurentian real estate

Commercial  •  Sudbury.com

Laurentian University said the Province of Ontario has moved up its timetable from four years to three to purchase various real estate holdings from the struggling post-secondary institution. Ontario is purchasing $53.5 million worth of the school’s real estate assets.

Malls offering outdoor movies, live music, exhibitions

Commercial  •  Globe and Mail  •  REMI Network

As many Canadian shopping malls leverage more and increasingly formidable events and attractions to draw foot traffic, the role of owners of these assets is evolving, says John Crombie, executive managing director of retail services at Cushman & Wakefield.

Aritzia to double size of Yorkdale store

Commercial  •  Retail Insider

Retailer Aritzia is planning to open its redesigned and redeveloped store in the Yorkdale Shopping Centre in time for the holiday shopping season. And the location will include its unique new A-OK Café concept.

Nuveen REIT buys health care portfolio for $300M

Commercial  •  Globest.com  •  Bisnow

Nuveen Global Cities REIT (GCREIT) has closed on the acquisition of a 10-building health care portfolio encompassing 661,000 square feet in four markets for $300 million. The properties are located in Atlanta, Pittsburgh, Tampa and Dallas.

Watermark stockholders approve Brookfield takeover

Commercial  •  PR Newswire

Watermark Lodging Trust, Inc. announced the proposed acquisition of WLT by private real estate funds managed by Brookfield was approved by its stockholders. WLT common stockholders will receive cash consideration of $6.768 per class-A share and $6.699 per class-T share.

Amazon’s logistics pullback to affect 66 warehouses

Commercial  •  Bisnow

The list of operating and planned distribution facilities from which Amazon is pulling back continues to grow. In all, 66 current or planned industrial properties have been affected by its shift from all-out growth mode to re-evaluation and refocusing.

U.S. REIT total returns dropped in August

Residential, Commercial  •  Wealth Management  •  S&P Global

August brought another setback for publicly traded REITs’ total returns with the FTSE Nareit All Equity REITs index falling 5.9 per cent, leaving the index down 17.4 per cent year-to-date despite REITs wrapping up a strong second-quarter earnings season.

B.C. home sales drop 40% year-over-year

Residential  •  CTV  •  British Columbia Real Estate Association media release

B.C.’s housing market is showing signs of stabilizing, despite slower-than-normal activity. The British Columbia Real Estate Association released its latest report Tuesday, showing home sales dropped by 40 per cent year-over-year last month.

B.C. property transfer revenues exceed expectations

Residential  •  Western Investor

British Columbia collected $863 million in property transfer taxes in the three months ended June 30, well above the budget forecast of $795 million. A cooling real estate market meant collections were down 8.8 per cent from a year ago, however.

More at risk in housing downturn than just prices

Residential  •  Financial Post

OPINION: A recent Goldman Sachs Group Inc. paper predicted a housing slowdown in Australia, Canada and New Zealand. Since housing has become a more significant component of the Canadian economy, a downturn in housing markets can impact overall economic activity.

Ottawa resale housing inventory bump ‘artificial’: Realtor

Residential  •  Ottawa Business Journal

Ottawa’s resale housing stock began creeping up in August after taking one of the steepest plunges in Canada over the past decade – but brokerage owner Paul Rushforth suggests the market will likely tighten again once inflation stabilizes and the central bank stops hiking interest rates.