Developer Nonni: New brand, new rental apt. focus

RENX  Residential, Commercial  •  Industrial, Office, Apartments, Condominiums  •  Metro Vancouver

Vancouver developer Gino Nonni is returning to his family roots with the rebranding of Serracan Properties and the launch of Nonni Property Group. The firm has sold a significant office property, and plans to focus on the rental apartment sector.

2022 summer CRE in review: RENX’s top stories

RENX  Residential, Commercial  •  Industrial, Office, Retail, Apartments, Condominiums, Homes  •  National

The passing of Labour Day for many means an end to summer and a full-time return to work. If you’ve been away, we offer a quick “catch-me-up” on some of the summer’s most significant news articles published by RENX.

First Capital proposes three towers for Liberty Village

Residential, Commercial  •  Retail Insider

Toronto’s burgeoning Liberty Village area continues to undergo a dramatic transformation with more to come as First Capital REIT looks to build three residential towers in the neighbourhood with additional retail and office space.

Proposed 30-storey Ottawa mixed-use moves forward

Residential, Commercial  •  Ottawa Business Journal

Kanata North’s bid to transform into a more vibrant mixed-use district took another step forward when city council approved Wesley Clover International’s proposal to build a 30-storey tower with 253 rental apartment units and a restaurant attached to the Brookstreet Hotel.

In Vancouver, towers are on the rise

Residential, Commercial  •  Globe and Mail (Sub. required)

ANALYSIS: Vancouver has an uneasy relationship with the skyscraper. Its expertise in building high-rises earned downtown Vancouver the top spot as densest urban centre in Canada, according to Statistics Canada data released earlier this year.

Why Vancouver’s Broadway Plan is a misnomer

Residential  •  Business In Vancouver  •  RENX

OPINION: The Broadway Plan aims to increase density to accommodate nearly the entire population of Metro Vancouver, as if Surrey City Centre and Metrotown didn’t exist. The densities proposed are not supported by any data estimating Vancouver’s population growth projections.

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.

Crescendo Equity acquires Ontario apt. building for $7M

Residential  •  Canada Newswire

Crescendo Equity announced the $7-million acquisition of 46-unit Parkview Apartments at 43 Ormond St S in Thorold, Ont. Parkview Apartments was built in the 1990s. With this acquisition, Crescendo’s portfolio now comprises over 500 apartments in six communities across Canada.

Wpg. nixed proposed Amazon facility: Mayoral hopeful

Commercial  •  CBC  •  Bloomberg

Online retail giant Amazon wanted to build a facility in Winnipeg, employing some 2,000 people, but was turned down by city administrators — and councillors were never told about it, says mayoral candidate Kevin Klein.

Deloitte launches a Greenhouse in Vancouver

Commercial  •  BC Business  •  RENX

To contribute to Vancouver’s rise as a global leader in innovation, Deloitte Canada’s new office downtown, the Deloitte Summit, will be home to a Greenhouse, serving as a hub for global tech companies to collaborate, innovate and accelerate.

Extreme weather could equal $139B GDP loss: Report

Residential, Commercial  •  Sustainable Biz Canada

A report from global professional services company GHD revealed a potential $139 billion loss in GDP for Canada from 2022 to 2050 as a result of droughts, floods and storms.

The Industrial Real Estate Show › Podcast: Actionable steps to finish 2022 strong

Chad Griffiths: Partner, NAI Commercial

Media companies downsize NYC office spaces

Commercial  •  Digiday

Media companies offering the flexibility of remote work are reconsidering office spaces that are going unused in expensive locations like New York City. Warner Media and BuzzFeed are subleasing hundreds of thousands of square feet of office space.

Legal battle has D.C.’s office brokers ‘on edge’

Commercial  •  Bisnow  •  Bisnow

Office brokers in Washington were sent scrambling earlier this year after a judge made the first ruling on a 25-year-old D.C. real estate law — stripping away a nearly $800,000 commission from JLL for not properly disclosing it was representing both sides.

Padlock acquires U.K. land, warehouse for $3.5M

Commercial  •  Canada Newswire

Padlock Partners UK Fund II announced it has successfully completed the acquisition of the freehold interest in the land and existing warehouse at Cemetery Road, Houghton Regis in the United Kingdom for $3.5 million Cdn.

Typical U.S. home now selling for under asking price

Residential  •  Business Wire  •  Business Wire

The average U.S. home sold for less than its list price for the first time in over 17 months during the four-week period ending Sept. 1 as the market cooldown continued. That’s according to a new report from Redfin, a technology-powered brokerage.

Rates may need to top 4% as housing rebounds: BMO

Residential  •  Financial Post  •  Financial Post

The Bank of Canada may need to drive interest rates above four per cent partly because the housing market is “showing a flicker of life,” according to Bank of Montreal chief economist Douglas Porter.

TRREB wants OSFI to revisit stress test

Residential  •  Financial Post

The Toronto Regional Real Estate Board is calling on the government to revisit the stress test as home sales in the country’s most populous city showed hints of a rebound in August, with price and volume moving up over July.

Calgary investors turning to short-term rentals

Residential  •  Globe and Mail (Sub. required)

Property investors in Calgary are turning to short-term rentals despite increased demand for long-term tenancies. The number of short-term rental listings for entire units available on Airbnb and Vrbo was eight per cent higher between January and July than in 2019.

Edmonton-area sales drop 8.3% month-over-month

Residential  •  Edmonton Journal

Total residential unit sales in the Greater Edmonton Area real estate market decreased 8.3 per cent compared to July 2022, said the Realtors Association of Edmonton report released last week. New residential listings, meanwhile, dropped 10.5 per cent month-over-month.