Two record multiresidential sales in hot Kelowna market

RENX  Residential  •  Apartments  •  British Columbia

Two record sales involving the multiresidential market are indications of just how hot the sector has become in Kelowna.

Ivanhoé Cambridge, Lendlease form US life sciences JV

RENX  Commercial  •  Investment  •  Quebec, International

Ivanhoé Cambridge has announced a $500-million life sciences joint venture with Australian real estate investor Lendlease to deliver labs, offices and manufacturing spaces in high-growth life sciences clusters across the U.S.

One Properties reworks mixed-use project

Residential, Commercial  •  Urban Toronto  •  RENX

Following the rejection of two earlier plans, One Properties has resubmitted applications for a reworked Graziani + Corazza Architects development at 552 Church St. The 28- and seven-storey buildings would include 369 residential units – 235 one-bedrooms, 90 two-bedrooms and 44 three-bedrooms – in addition to retail space.

Fengate acquiring 2 Ottawa dev. sites, plans 5 towers

RENX  Residential  •  Apartments, Land  •  Ottawa

Fengate Asset Management is acquiring two prime residential development sites St. Laurent Boulevard and Richmond Road in Ottawa, where it is planning to build a total of five towers comprising about 1,900 residential units.

SmartLiving proposes 60-storey mixed-use

Residential, Commercial  •  Urban Toronto

SmartLiving is proposing to preserve and transform a pair of heritage buildings into the base of a 60-storey mixed-use architects–Alliance-designed tower at 49-51 Yonge St. The proposed building will contain over 18,000 square feet of commercial office space and 258 condominium units.

Marriott joins Laval’s Espace Montmorency complex

Commercial  •  La Presse  •  Canada Newswire  •  RENX

Partners Groupe Montoni, Selection Group and the Fonds immobilier de solidarité FTQ announced a Courtyard by Marriott hotel will open next fall in the Espace Montmorency complex in Laval, near the Place Bell amphitheatre and the Montmorency Metro station.

The Saskatchewan Edge › The gap between CRE financing and returns is narrowing

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Can ‘cultural district’ designation save T.O.’s Chinatown?

Residential, Commercial  •  Toronto Star

Today, only three independent grocery stores remain on Spadina Avenue. Both the Bright Pearl and the bakery are gone. And between the pandemic, gentrification, encroaching development and rising real estate prices, Rick Wong wondered if Toronto’s Chinatown has a future.

Calgary-area communities booming

Residential, Commercial  •  CBC

North of Calgary, Airdrie saw its population increase by 20 per cent over the past five years, and to the west, Cochrane grew by 25 per cent — bucking provincial and national trends for growth.

T.O. esports venue construction to start in October

Commercial  •  Globe and Mail

Bob Hunter, a former Maple Leaf Sports and Entertainment executive and current senior vice-president of OverActive Media, is overseeing plans for a 7,200-seat performance venue – to house esports and other entertainment events – and hotel at Exhibition Place on Toronto’s lakefront.

CIBC’s Canadian employees to return in March

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

Canadian Imperial Bank of Commerce, the country’s fifth largest lender, said on Tuesday it plans to bring its local staff back to office starting March 21 as Omicron-related infections ebb.

Cannabis industry seeing rapid consolidation

Commercial  •  Globe and Mail (Sub. required)

Analysts have been predicting the cannabis retail market is due for consolidation. Drummond Munro, the co-founder of Superette, is seeing that firsthand. On Tuesday, his company announced it had acquired two other retail brands, Cannoe Cannabis and Dimes Cannabis.

Teachers’ invests in pan-Asia data centre firm

Commercial  •  Ontario Teachers’ Pension Plan Board media release

Singapore-based Princeton Digital Group has closed an equity investment from Abu Dhabi’s Mubadala Investment Company as a lead investor for $350 million US. Shareholders Warburg Pincus and Ontario Teachers’ Pension Plan Board also invested in this round, with the total $500M-plus.

Major strides taken on Gordie Howe Bridge outbuildings

Commercial  •  Daily Commercial News

In addition to the A-shaped towers being built at the new Gordie Howe International Bridge site, on the ground below the construction of campuses of Port of Entry buildings is well underway.

U.S. CRE investment hit a record $746B in 2021

Commercial  •  Globest.com

CBRE released its 2021 U.S. commercial real estate investment volume and announced a record $746 billion, up by 86% from 2020. The fourth quarter of 2021 also saw a record $296 billion, increasing 90% year-over-year.

China Evergrande facing criminal probe

Residential, Commercial  •  Asia Markets  •  Canada Newswire

Dr. Marco Metzler, a credit analyst and China Evergrande creditor, is accusing the Chinese property giant of committing insolvency fraud in documents submitted to the Director of Public Prosecutions in the Cayman Islands.

GTA home prices have soared 453% since 1996

Residential  •  Financial Post  •  Canada Newswire  •  Toronto Star

The average home price in the Greater Toronto Area has skyrocketed more than 450 per cent since 1996, raising affordability fears as the population continues to grow and land becomes more scarce, according to a new report out today from Re/Max Canada.

Toronto rent prices up 14.5% year-over-year

Residential  •  Daily Hive

A new report from Rentals.ca and Bullpen Research & Consulting found rental prices in Toronto are up 14.5% year-over-year. This increase brought Toronto rent prices up to a $2,317 average in January — the second-highest in the country after Vancouver’s $2,550.

Innovations, initiatives for overheated B.C. market

Residential  •  Business In Vancouver

BIV has compiled the following list of housing innovations and initiatives from other regions and other eras as an inventory of alternatives to the prevailing wisdom of how to address the ongoing housing crisis in B.C.

Halifax home rental vacancy rate falls to 1%

Residential  •  CBC

An influx from other provinces is being identified as a major reason for a further tightening of the home rental market in Halifax. The city has a one per cent vacancy rate, one of the lowest in the country.