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Europro acquires Toronto’s Madison Centre office tower
Europro acquires Toronto’s Madison Centre office tower
Europro has acquired the Madison Centre office building at 4950 Yonge St. in Toronto from Northam Realty Advisors Limited for $118 million, making it a major property owner in the Yonge-Sheppard area of the city.
New Phoenix office tower bought by City Office REIT
Vancouver’s City Office REIT (CIO-N) has begun to recycle over a half-billion dollars in capital from the sale of a large California life science portfolio, spending $150 million to acquire the newly-constructed Block 23 office complex in Phoenix.
Cost of Calgary-Banff rail service pegged at $1.5 billion
The cost of a proposal to build passenger rail service between Calgary’s airport and Banff National Park is pegged at $1.5 billion and Plenary Americas, a P3 developer owned by Caisse de dépôt et placement du Québec, is a new investor.
CPP, Greystar to invest $1B in U.S. single-family rentals
CPP Investments is expanding its multi-billion-dollar partnerships with U.S.-based Greystar Real Estate Partners LLC, announcing a $1.06-billion (all figures Cdn) joint venture in the single-family rental community sector.
CF’s $800M office tower taking shape in Toronto
Cadillac Fairview‘s new $800-million 46-storey office tower under construction at Toronto’s 160 Front St. W. may not be the tallest thing built in recent years, but it’s a clear departure from the local norm of boring, featureless glass boxes.
CF proposes 21-storey mixed-use at Rideau Centre
• Ottawa Business Journal • RENX
Cadillac Fairview recently filed an application to build a 21-storey mixed-use building at 70 Nicholas St. next to CF Rideau Centre. The Zeidler and Neuf architects-designed building would include 280 apartment suites as well as about 2,500 square feet of ground-floor retail space.
Developer launches Clear to purify building water, air
Air and water purification firm Clear Inc. began as Gil Blutrich’s mission to address sick building syndrome after his daughter became ill due to contaminated water and the Toronto-based real estate developer began investigating water and air quality in buildings.
Ottawa’s LeBreton Flats unlikely to attract ‘big’ project
• Ottawa Citizen • RENX
OPINION: Previous proposals for Ottawa’s LeBreton Flats included big-ticket dreams such as a sports arena or a museum, but they were the sizzle to sell what were really real-estate development projects. Maybe a Ferris wheel will be the best idea.
Despite inflation worries, B of C keeps rate on hold
• Financial Post • Toronto Star • Vancouver Sun
The Bank of Canada left interest rates unchanged, but signalled that it’s worried that elevated rates of inflation could persist longer than previously thought, setting the stage for a shift in policy early next year.
Supply chain challenges squeeze small businesses
Pre-pandemic, Helmi Ansari had espresso makers and stainless steel water bottles manufactured within three months and delivered for about US$4,500 per shipping container. Now he pays about US$28,500 to get 10,000 of them to Canada — if he can get them shipped.
How Metro Van. left taxpayers with huge infra bill
Politicians in Metro Vancouver have, for decades, failed to collect enough money from developers to pay for billions worth of new sewer and water infrastructure. This has left homeowners to foot an extraordinary bill with skyrocketing taxes and fees.
Out-of-date list puts historic Van. buildings at risk
A list of 300 possible sites were missed when Vancouver’s heritage registry was compiled in the mid-1980s. All over Vancouver, there are commercial buildings, office buildings, industrial buildings, apartment blocks, houses, and churches all at risk of demolition as a result.
Ivanhoé to invest $574M in European last-mile logistics
• Business Immo • IPE Real Assets
Ivanhoé Cambridge is partnering with Amsterdam-based URBZ Capital to deploy up to $574 million Cdn in a new last-mile logistics strategy. The objective is to develop a portfolio of assets in the Netherlands and Northern Europe.
GLPI to acquire 3 Cordish casino properties for $1.81B
• The Baltimore Sun • Globe Newswire
Gaming and Leisure Properties, Inc. (GLPI-Q) (GLPI) announced it entered into agreements to acquire the property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh from affiliates of The Cordish Companies for approximately $1.81 billion.
U.S. malls have lost a third of their value since 2017 peak
• Bisnow
Though the strongest malls are still doing well, so many weaker properties are doing badly in the wake of the coronavirus pandemic that U.S. malls have lost a third of their value since 2017, according to Green Street data.
Blackstone becomes world’s largest warehouse landlord
• Quartz
In 2019, real estate head Ken Caplan said warehouses were Blackstone’s “highest conviction global investment theme.” By the end of 2020, Blackstone had gobbled up 1.2 billion square feet of “logistics real estate” globally, making it the world’s largest warehouse landlord.
Young Torontonians give up on home ownership
• Toronto Star • Globe Newswire • Financial Post
The vast majority of young people in Canada’s largest cities worry they will not be able to buy a home in their community of choice because of rising real-estate prices and the cost of living, a new Sotheby’s report states.
Montreal prices soar 21% Y-O-Y amid lower listings
• Moose Jaw Today • Globe Newswire • Globe Newswire
The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20 per cent year-over-year. Sales for the month totalled 4,402, a 17 per cent drop from 5,296 in November 2020.
From F.N. architects, a new vision for Northern housing
• Globe and Mail (Sub. required)
The Resilient Duplex for Fort Severn First Nation in Northern Ontario is one of four new housing types designed by four First Nations architects to meet the specific needs of four different Indigenous communities due to Ottawa’s inadequate housing program.
Should T.O. seize corporate homes to make cheaper housing?
OPINION: In videos posted to social media this fall, jubilant Berliners sang and popped confetti cannons in the street after voters backed a radical proposal to take over around 240,000 housing units from Berlin’s corporate landlords in a citywide referendum.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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