New work routines fuel growth at IWG: 5 Spaces to open

RENX  Commercial  •  Office  •  National

Five new Spaces locations encompassing 173,500 square feet will soon be open across Canada, as increasing labour flexibility has increased demand for co-working spaces. It will also open the largest Spaces in North America later this year, in Toronto.

BMO employees begin returning to the office

Commercial  •  Financial Post

Bank of Montreal (BMO-T) has started bringing investment and corporate bankers back to their offices this week, and is seeking to have staff fully returned on a hybrid basis by early April.

Deals for seniors’ residences surge

Residential  •  Globe and Mail (Sub. required)  •  RENX

A series of takeovers is reshaping Canada’s retirement home industry, as large U.S. and domestic operators look past the COVID-19 pandemic and see a sector with far more seniors than space.

The Apartment Building Expert › Art of the flip: Converting office buildings to apartments

Derek Lobo: Founder and CEO , SVN Rock Advisors Inc.

Cemetery owner proposes 30-storey New West rental

Residential  •  Daily Hive

The City of New Westminster is considering a proposal by Schara Tzedeck Cemetery to redevelop the vacant site at 2342-2346 Marine Dr. into a 30-storey, 300-foot tall rental housing tower comprising 230 units, including 185 market rental homes.

Sunray proposes nine-storey Scarborough res

Residential  •  Urban Toronto

A proposed nine-storey development by the Sunray Group could bring 164 new residential units to 296 Kennedy Rd. in Scarborough. The Mataj Architects-designed building would provide housing options ranging from studio apartments to three-bedrooms.

Transit authority pans REM de l’Est plan

Commercial  •  Montreal Gazette  •  CTV  •  CBC

The REM de l’Est would be costly to run, could disfigure Montreal and would provide no clear benefit to most east-end commuters. Those are the main conclusions the Autorité régionale de transport métropolitain has made about the proposed $10-billion project.

OPINION: T.O. waterfront has an opportunity to build big

Residential  •  Globe and Mail (Sub. required)

Toronto’s Villiers Island in the Port Lands is a huge opportunity to build a dense, sustainable neighbourhood packed with below-market housing. It sits on 86 acres on the edge of downtown, with no neighbours to complain about tall buildings.

Feds reject Énergie Saguenay natural gas project

Carbon, Energy, Commercial, Real Estate, Sustainable Biz  •  Montreal Gazette

The federal government has joined the Quebec government in rejecting the $10-billion plan for the Énergie Saguenay natural gas megaproject. The Impact Assessment Agency of Canada found the project would harm the environment by increasing greenhouse gas emissions.

Small-business owners push for property tax relief

Commercial  •  Globe and Mail (Sub. required)

Kyle Burton thought he’d found a retail space with relatively affordable rent. However, after touring a property in Toronto’s popular Leslieville neighbourhood, he discovered the property taxes would be as high as the rent. It’s a common problem.

Granite, InterRent expected to outperform in 2022

Residential, Commercial  •  SmallCapPower

Granite REIT’s (GRT-UN-T) largest tenant is Magna International, an automotive parts and systems manufacturer. The majority of Chartwell Retirement Residences (CSH-UN-T)  revenue is derived from Canadian retirees. InterRent Real Estate Investment Trust (IIP-UN-T) derives revenue from investment properties.

REIT fourth-quarter financial results

Residential, Commercial  • 

First Capital REIT, (FCR-UN-T), Canada Newswire
Sun Residential REIT, (SRES-X), Newsfile

Condo stakeholders at reserve funds risk

Residential  •  Globe Newswire

New research by the Canadian Institute of Actuaries reveals low reserve fund contributions will likely lead to overwhelming annual increases and require lump-sum payments from owners to cover shortfalls, and could potentially lead to the loss of homes.

Quebec association urges condo insurance reform

Residential  •  REMI Network

The Association Québécoise des Gestionnaires de Copropriétés (AQGC) is calling on the Quebec government to change co-ownership rules in the condo sector, which allow insurers to refuse to compensate when a loss emanates from their insured’s unit.

Montreal expands home-ownership assistance

Residential  •  Montreal Gazette

Montreal is expanding access to its home-ownership assistance program to double the number of families eligible for assistance. The maximum price for properties admissible for financial aid will increase by 35 per cent for newly built properties and by 15 per cent for existing properties.

Bank of Mom and Dad fuels housing market

Residential  •  Globe and Mail (Sub. required)

Economist Benjamin Tal is forecasting a strong spring market and, with it, an even larger presence for the “Bank of Mom and Dad.” “You basically see people trying to get into the market before it’s too late,” Tal says.

Firm Capital acquires final half of Houston property

Residential  •  Globe Newswire

Firm Capital Apartment REIT (FCA-UN-X) announced the acquisition of the 50% interest that it does not already own from its unrelated third-party partner in its residential property investment in Houston for $4.1 million as well as a 4.2% distribution increase.

Global recovery linked to housing bubbles

Residential, Commercial  •  Calgary Herald

OPINION: The global economic recovery story is unhealthily hitched to the bubbly residential real estate market, particularly in countries such as Canada, New Zealand and Australia.

Saputo closing three foreign facilities

Commercial  •  Toronto Star

Montreal-based dairy company Saputo Inc. is closing three facilities – one in the U.S. and two in Australia – as part of its plan to spend about $169 million to enhance its manufacturing facilities in the U.S. and Australia and spur growth.

U.S. REITs stumble out of the gate in January

Residential, Commercial  •  Wealth Management

The FTSE Nareit All Equity REITs index rose 41.3 per cent in 2021. However, amid a broader stock market selloff in January the All Equity index fell 7.93 per cent for the month with virtually no property type exempted from the drop.