RioCan pleased with Q2 performance, outlook: Gitlin

RENX  Commercial  •  Retail, Apartments, Condominiums  •  National

The mood was optimistic among RioCan REIT (REI-UN-T) president and chief executive officer Jonathan Gitlin and members of his executive team during an Aug. 9 conference call to review the trust’s second-quarter financial performance.

Purolator opens huge new Toronto sortation facility

RENX  Commercial  •  Industrial  •  Toronto / GTA

Purolator has officially opened its state-of-the-art 443,084-square-foot national hub in Toronto, the first of two huge new package sorting facilities in the city by the company and its majority owner, Canada Post Corp.

SkyTrain approval drives Langley land prices sky high

Residential, Commercial  •  Business In Vancouver

In August, the first contracts were awarded for the $4 billion Surrey-to-Langley SkyTrain, a shopping mall was levelled and $18 million in land assembled – more than $13 million an acre for 1.38 acres – to clear the way for new mixed-use projects.

Kelowna industrial shortage pressures other land uses

Commercial  •  Western Investor

Upwards of 236 acres are required by 2040 to meet projected demand for industrial space, according to Kelowna’s new Official Community Plan. To meet the need, the city has marked the 106.5-acre Kelowna Springs Golf Course for conversion to industrial use.

Sault Ste. Marie approves mixed-use complex

Residential, Commercial  •  SooToday

Sault Ste. Marie City Council has approved ESC Land Development Corp.’s proposal to build four five-storey buildings with a total of 378 apartment units, 28 attached townhouses and a 38,750-square-foot personal storage facility at 204 South Market St.

Diamond proposes 31-storey mixed-use

Residential, Commercial  •  Urban Toronto

Diamond Corp. has proposed a 31-storey condo, office, and retail building designed by architects—Alliance at 611 Keele St. near the planned St Clair-Old Weston GO. The building would offer 7,212 square feet of retail space, 14,757 of office space and 352 residential units.

NexLiving acquires 40-suite Ont. building for $9.4M

Residential  •  Canada Newswire  •  RENX

NexLiving Communities (NXLV-X) announced today it has acquired a 40-suite building at 294 Saulsbury St. in Strathroy, Ont., for $9.4 million. 294 Saulsbury is a three-storey building situated on 1.44 acres of land.

Daylun to build prefab, net-zero ‘concept’ home in T.O.

Residential  •  Sustainable Biz Canada

Pre-fabricated housing company Daylun will soon begin construction of a net-zero, pre-engineered “concept” home at 241 Waterloo Ave. in Toronto, with the goal of attaining the highest sustainable building standard by Leadership in Energy and Environmental Design (LEED).

Fairfax may take Recipe Unlimited private in $1.2B deal

Commercial  •  Globe and Mail (Sub. required)  •  Financial Post  •  Toronto Star

Toronto-based Fairfax Financial Holdings Ltd. (FFH-T) has proposed to take Recipe Unlimited Corp. (RECP-T) private in a deal that values it at $1.2 billion. Fairfax is already the controlling shareholder of Recipe, which owns The Keg, Harvey’s and Swiss Chalet.

Four Eastern Quebec ports to be rejuvenated

Commercial  •  LaPresse  •  Montreal Gazette

This is the opportunity of a generation for the port sector in the Bas-Saint-Laurent and Gaspésie. Abandoned for years because Ottawa wanted to get rid of them, the four ports will instead be entitled to a rejuvenation cure or to an expansion.

Real Estate with Howard Drukarsh › Podcast: Howard Drukarsh with Pattie Lovett-Reid

Howard Drukarsh: Host, Real Estate with Howard Drukarsh

REIT second-quarter financial results

Residential, Commercial  • 

Dream Office REIT, (D-UN-T), Business Wire
Dream Residential REIT, (DRR-U-T), Business Wire
ERES REIT, (ERE-UN-X), Globe Newswire
Plaza Retail REIT, (PLZ-UN-T), Canada Newswire
Primaris REIT, (PMZ-UN-T), Business Wire

CPP doubles allocation to European student housing JV

Residential  •  Canada Newswire

CPP Investments today announced a further equity allocation to the existing joint venture with Round Hill Capital, Round Hill European Student Accommodation Partnership. CPP Investments has allocated an additional $656 million Cdn to the European purpose-built student accommodation JV.

U.S. hotel REIT earnings beat 2019 results

Commercial  •  Bisnow

A resurgence of group travel reignited hotel profits in Q2, allowing some hospitality REITs to earn a profit for the first time since 2019. Growth was strongest in cities that had been slow to recover, such as Washington, D.C., and Chicago.

Work-from-home could lead to $500B of lost office value

Commercial  •  Building Design+Construction

Researchers from the NYU Stern School of Business and the Columbia University Graduate School of Business say the work-from-home movement will result in $500 billion of lost value in office real estate.

Blackstone completes $12.8B acquisition of ACC

Residential  •  Business Wire  •  RENX

Blackstone (BX-N) announced Blackstone Core+ perpetual capital vehicles have completed the acquisition of the outstanding shares of common stock of American Campus Communities, the largest U.S. developer, owner and manager of high-quality student housing communities, for approximately $12.8 billion.

Condo builders crank up the incentives

Residential  •  Globe and Mail (Sub. required)

From free Louis Vuitton bags to maintenance-fee holidays, sales incentives for pre-construction condominiums are coming back. Some builders are creatively targeting a key sticking point for some of today’s buyers: rising interest rates.

Ontario home builders urge removal of red tape

Residential  •  Toronto Star  •  Globe Newswire

The Peterborough and the Kawarthas Home Builders Association joined with the Ontario Home Builders Association and Building Industry and Land Development Association (BILD) on Tuesday in releasing a five-point plan to create more affordable housing locally and across the province.

Runaway rental market T.O.’s latest housing nightmare

Residential  •  Financial Post

Shivin Kaul and three friends have been looking for a house to rent in Toronto since July. The four have found several that fit their needs, but they keep getting outbid — three times in a single week, at one point.

PropertyGuys.com launches rental platform

Residential  •  Canada Newswire

PropertyGuys.com is entering the Canadian rental space by partnering with rhenti, the industry-leading rental real estate software platform. The company’s new rental platform will be available to landlords, property managers, property developers as well as their prospective tenants.