As return-to-office unfolds, downtown Edm. languishes

RENX  Commercial  •  Office  •  Edmonton

Luring workers back downtown is the key to revitalizing Edmonton’s office sector, commercial real estate experts agreed at the recent Edmonton Real Estate Forum. Vacancy is the second-highest of Canada’s major markets, hovering around 19.8 per cent.

Markee proposes 14-building mixed-use

Residential, Commercial  •  Toronto Star

Markee Developments has proposed to build 14 residential and mixed-use buildings between six and 20 storeys on a 56-acre property on the grounds of a Christian university in North York. Tyndale Green would include a total of 1,530 residential rental units.

Devimco buys Montreal grain silo, 18 acres from CLC

Residential, Commercial  •  La Presse  •  RENX

The Canada Lands Company will sell Silo No. 5   and 18 acres of land in the Port of Montreal to Devimco Immobilier after an extended call for proposals. Devimco plans to transform the silo into a 215,000-square-foot vertical urban farm.

Slate plans up to 12M sq. ft. of industrial on Stelco land

RENX  Commercial  •  Industrial, Land  •  Ontario, Toronto / GTA

Slate Asset Management has closed on the $518-million acquisition of approximately 800 acres of industrial development land and buildings from Stelco Inc. in Hamilton. The firm plans to develop up to 12 million square feet of industrial on the lands.

B of C hikes key interest rate 50 basis points

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

The Bank of Canada announced another oversized hike of its key interest rate Wednesday morning as global inflation continues its rampage. The bank raised its target for the overnight rate to 1.5 per cent, an increase of half a percentage point.

Vancouver retail leasing picks up: JLL 

Commercial  •  Retail Insider

With most public health mandates eliminated and employees returning to the office, the Vancouver retail market is continuing to blossom. A report by JLL noted 2022 expectations for Vancouver continue to be high for retail as the market remains strong.

High oil prices spark optimism in Calgary’s CRE market

Commercial  •  Globe and Mail

In what appears to be a sign of confidence Alberta’s economy is making a comeback, investors spent a record amount on Calgary commercial real estate during the first four months of this year, according to The Network research firm.

Financeit opens new office at The Well

Commercial  •  Canada Newswire  •  RENX

Financeit, a Canadian point-of-sale financing provider in the home improvement sector, announced the opening of its new office at The Well, the recently constructed neighbourhood block near Toronto’s King West. The Financeit team will occupy two floors.

Simons returns from the brink of bankruptcy

Commercial  •  Globe and Mail (Sub. required)

Two years after the COVID-19 pandemic pushed La Maison Simons to the brink of bankruptcy, the 182-year-old Quebec City-based fashion retailer has got its groove back with a new Montreal location and plans to open a Halifax outlet.

The Industrial Real Estate Show › Podcast: Value-add investing in industrial real estate

Chad Griffiths: Partner, NAI Commercial

Health, wellness focus at Curated’s 22-storey T.O. condo

Residential  •  Daily Commercial News

A 22-storey, 211-unit development on Erskine Avenue in midtown Toronto by developer Curated Properties, with architects RAW Design and interior designers Chapi Chapo, is being constructed with a focus on health and wellness from the inside out.

Inner-city Winnipeg housing complex vacant, for sale

Residential  •  CBC

Manitoba is looking to redevelop, sell or give away an inner-city Winnipeg housing complex that sits vacant 12 years after it was built at a cost of $3.7 million. Centre Village is a 25-unit apartment complex intended as housing for newcomers.

Class-A demand stabilizes U.S. office sector

Commercial  •  Commercial Property Executive

The U.S. office sector continues to struggle amid the COVID-19 health crisis. However, the many companies seeking top-notch office accommodations are helping to push the sector toward stabilization, says the NAIOP Research Foundation’s Q2 2022 NAIOP Office Space Demand Forecast.

Times Square lands Manhattan’s largest loan deals

Commercial  •  The Real Deal

The 10 largest Manhattan real estate loans recorded in April totalled about $1.7 billion, $500 million over March’s total and nearly double last April’s amount. Times Square was the centre of some of last month’s biggest deals.

The world’s largest retailers 2021: Study

Commercial  •  Canadian Grocer

Analytics firm GlobalData has named the top-25 retailers by revenue in 2021. Walmart remains the largest retailer in the world, with US$572.8 billion in revenue, a 2.4 per cent increase year-over-year. Amazon is No. 2 at US$469.8 billion, a 21.7 per cent increase.

Global supply chain crisis persists

Commercial  •  Globe and Mail (Sub. required)

Costs for shipping goods in containers have been dropping since March, though experts say it’s too early for retailers to celebrate, as congestion in the global supply chain lingers and consumer spending shifts.

Housing affordability suffers worst decline since 1994

Residential  •  Financial Post

Housing affordability deteriorated across Canada by 4.9 points in Q1 2022, marking the fifth straight quarterly fall, National Bank of Canada said in its latest affordability monitor. That marks the “worst decline for housing affordability in a generation,” or 27 years ago.

Half of non-homeowners unlikely to enter market: Study

Residential  •  Toronto Star  •  Canada Newswire

Despite historically being one of the top life goals for Canadians, the prospect of home ownership for non-owners remains far from reach, according to a new study conducted by Chartered Professional Accountants of Canada (CPA Canada).

Buyer activity wanes in Toronto-area market

Residential  •  Globe and Mail (Sub. required)  •  Toronto Star

The first wave of summer warmth, rising interest rates and the Ontario provincial election are contributing to subdued activity in the Toronto-area real estate market as June arrives, according to Patrick Rocca, broker with Bosley Real Estate Ltd.

T.O. rent up 15.9% Y-O-Y: Bullpen

Residential  •  Toronto Star

Recent data from Bullpen Research & Consulting and TorontoRentals.com shows the amalgamated average cost for rental units and condos combined in downtown Toronto is $2,325 a month, a 15.9 per cent annual increase.