Vincent condo towers rising at Vaughan Metro Centre

RENX  Residential  •  Condominiums  •  Toronto / GTA

The adage that real estate is all about location is certainly true with Vincent Condominiums in the Vaughan Metropolitan Centre. The 766-unit, two-tower development by Rosehaven Homes, Townwood Homes and Guglietti Brothers Investments, sold out in a matter of months.

B of C hikes interest rate 1% — biggest jump since 1998

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

The Bank of Canada raised its benchmark interest rate by the largest amount since 1998, increasing the cost of borrowing to rein in inflation. Canada’s central bank raised its benchmark interest rate Wednesday by a full percentage point to 2.5 per cent.

Devcore eyes $1B investment at Cornwall Nav Centre

Commercial  •  Ottawa Business Journal  •  Business Wire

Gatineau-based Devcore plans to invest up to $1 billion over the next decade on a new hotel and thousands of residential units at Cornwall’s Nav Centre, a 630,000-square-foot conference and hotel facility it purchased from NAV CANADA.

BC Housing, Burnaby acquire three residential towers

Residential  •  Daily Hive  •  Global News

In a landmark affordable housing move, the provincial government and City of Burnaby have acquired three residential towers to preserve a combined total of 425 units of affordable cooperative housing for seniors and low-income individuals.

Investors crave quick-service restaurant CRE

Commercial  •  Globe and Mail

The pandemic barely affected fast-food restaurant sales, which dipped just seven per cent during 2020 but fully recovered by mid-2021. Now sales are up eight per cent to an all-time high of $38.2 billion, according to Statistics Canada figures.

The Apartment Building Expert › Condo and home builder development uncertainty?

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

Hazelview makes $5.3M investment in AI design firm

Residential, Commercial  •  Sustainable Biz Canada

Hazelview Ventures, with participation from Ferguson Ventures and Whiteshell Group, is investing $5.3 million in Augmenta, a Toronto-based AI firm developing cutting-edge generative design technology for the construction industry.

Tribe acquires Martello strata management assets

Commercial  •  Canada Newswire  •  RENX

Tribe Property Technologies Inc. (TRBE-X) announced it has agreed to acquire a portfolio of strata property management assets from Martello Property Services Inc. Tribe adds more than 1,500 Greater Vancouver units to its portfolio for up to $720,000.

Telus Sky tower officially opens in Calgary

Residential, Commercial  •  REMI Network

Telus Sky, the 60-storey landmark skyscraper in downtown Calgary, has officially opened. The $400-million development completed in 2020 but the grand opening was delayed by COVID-19. The tower brings 750,000 square feet of office and retail space including 326 rental homes to Calgary.

Hybrid work forces small biz to make tough choices

Commercial  •  Globe and Mail

As small business owners enter the third summer of COVID-19, new challenges continue to rear their heads. With safety protocols well-rehearsed, this season’s hurdle is managing the expectations of a work force that increasingly desires working remotely.

Real Estate with Howard Drukarsh › Podcast: Howard Drukarsh with Spotlight’s Sherry Larjani

Howard Drukarsh: Host, Real Estate with Howard Drukarsh

Fatal Kelowna crane accident probe continues

Residential  •  Vancouver Sun  •  CBC  •  CTV

An investigation into a crane accident that killed five people in Kelowna a year ago is still incomplete, WorkSafeBC said on Monday. The July 12, 2021 accident left five dead — all construction workers — and one seriously hurt.

Teachers’ to buy Spark N.Z.’s mobile tower business

Commercial  •  Toronto Star  •  IPE Real Assets

Spark New Zealand Ltd. is selling a majority stake in its mobile-phone tower assets to Canadian pension fund Ontario Teachers’ Pension Plan Board in a $720-million deal.

American Tower sells $2.5B stake in data centres

Commercial  •  Bisnow  •  Business Wire

Investment firm Stonepeak has agreed to buy a 29 per cent ownership stake in American Tower’s (AMT-N) U.S. data centre portfolio, a deal that values the tower REIT’s data centre assets at $10.5 billion.

For U.S. office sector, pandemic ‘most benign’ disaster

Commercial  •  Wealth Management

A June report from Moody’s Analytics found the pandemic has not had as great of a negative impact on U.S. office sector fundamentals as did the Great Financial Crisis and previous real estate downturns.

June another rough month for U.S. REITs

Residential, Commercial  •  Wealth Management

Total returns for the FTSE Nareit All Equity REITs index are down 20 per cent year-to-date amid broader macroeconomic concerns, but REIT balance sheets and real estate fundamentals remain on solid footing.

Royal LePage cuts home price forecast for 2022

Residential  •  Toronto Star  •  Financial Post  •  Canada Newswire

Royal LePage is cutting its expectations for the growth in home prices this year after it says prices in Q2 fell month-over-month. It now expects the aggregate price of a Canadian home in Q4 will be up 5.0 per cent year-over-year.

Real estate downturn sparks buyers’ remorse

Residential  •  Globe and Mail

The rapid downturn in Canada’s housing market is restoring a sense of calm to buyers who no longer need to fear bidding wars. But now that prices are sliding, some buyers regret outlandish bids they made during the spring frenzy.

2022 will be low water mark for home sales: Zoocasa

Residential  •  Financial Post

VIDEO: Lauren Haw, CEO of Zoocasa, talks with Financial Post’s Larysa Harapyn about the housing market slowdown.

Delinquent HELOC debt expected to soon rise

Residential  •  Globe and Mail (Sub. required)

As interest rates tick up, financial experts including Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, expect to see delinquency on home equity lines of credit rise in the next few months, especially if inflation refuses to budge.