Menkes top 2021 condo seller, plans to keep up the pace

RENX  Residential  •  Condominiums  •  National, Toronto / GTA

Menkes Developments Ltd. sold more pre-construction high-rise condos in Canada than any other developer in 2021 – 1,736 – while its Grand Festival joint venture with QuadReal Property Group was the year’s best-selling project, according to Altus Group data.

Blackstone buys stake in NY tower from Brookfield, QIA

RENX  Commercial  •  Office  •  International

Blackstone Real Estate (BX-N) has acquired a 49 per cent stake in One Manhattan West in New York City from Brookfield Asset Management (BAM-A-T) and the Qatar Investment Authority (QIA). The sale values the 67-storey, 2.1-million-square-foot office tower at $3.65 billion Cdn.

Future of Calgary city-owned block remains unknown

Commercial  •  CBC

It’s a prime piece of land, but it comes with some baggage. Two key departures from buildings just across the street from old city hall in recent years have meant both challenges and opportunities for the City of Calgary.

Design, Policy and Canadian Cities › Retail at grade: When does recipe for success become overbearing policy?

Naama Blonder: Architect, Urban Designer, Urban Planner | B.Arch, OAA, RPP, MCIP

Peter Simons steps down as CEO of fashion retailer

Commercial  •  Montreal Gazette  •  CBC  •  Canada Newswire

There’s a changing of the guard at Canada’s oldest private family business. After 20-plus years as CEO of the Simons fashion retailer, Peter Simons is handing the reins to his deputy, executive vice-president and head of corporate operations Bernard Leblanc.

Metro Park Condos builds on family ties in Don Mills

Residential  •  Toronto Star

One of the first high-rises in the Don Mills community of Flemingdon Park will soon be joined by a new, modern neighbour envisioned by Bryan Levy, CEO of DBS Developments and grandson of David Bela Salomon, the original building’s developer.

United Property proposes 112-unit rental building

Residential  •  Urban Toronto

United Property Resource Corporation is proposing to build a 10-storey, 112-unit rental apartment building on the current site of the Church of the Master at 3379-3385 Lawrence Ave. E. in Scarborough. The proposed development would be designed by KPMB Architects.

HubSpot to open first Canadian office in Toronto

Commercial  •  betakit

Cambridge, Mass.-based customer relationship management platform company HubSpot has set its sights on opening its first Canadian office in Toronto. Ryan Beale, VP of mid-market sales, said HubSpot is looking to tap into Canada’s tech talent pool.

Canada’s inflation rate hits three-decade high

Residential, Commercial  •  Globe and Mail  •  Toronto Star  •  Toronto Star

Canada’s inflation rate hit a new three-decade high in February as consumers paid sharply more for gasoline and groceries. The Consumer Price Index rose 5.7 per cent year-over-year in February from a year earlier, up from January’s 5.1 per cent pace.

Van. to hire new contractor for $1B treatment plant

Commercial  •  Vancouver Sun

Metro Vancouver will try over spring and summer to get its much-delayed, over-budget new North Shore wastewater treatment plant back on track and devise a plan for completion of the now $1-billion project with the help of a new contractor.

Ottawa urged to pause proposed B.C. port expansion

Commercial  •  Vancouver Sun

A plan to build a new $3-billion shipping container terminal the size of nearly 144 football fields at a major Metro Vancouver port has sparked a rival proposal along with concerns for endangered orcas and the salmon they depend on.

Odd Burger to open 36 vegan restaurants in Alberta, B.C.

Commercial  •  Canada Newswire

Odd Burger Corporation (ODD-X), one of the world’s first vegan fast-food chains and the first to go public, today announced it will open 36 new locations in the provinces of Alberta and British Columbia.

Couche-Tard reports US$746.4M Q3 profit

Commercial  •  Winnipeg Free Press  •  Canada Newswire

Alimentation Couche-Tard Inc. (ATD-T) reported a third-quarter profit of US$746.4 million, up from US$607.5 million year-over-year. The Quebec-based convenience store company said the profit amounted to 70 cents per diluted share for the 16-week period ended Jan. 30, up from 55 cents year-over-year.

Retailers outsourcing more real estate functions

Commercial  •  Globest.com

From the adoption of online shopping to the pandemic, retailers have had to continually adapt. Outsourcing real estate-related functions has become a common way for retailers to remain flexible and respond to new consumer demands.

HBC considering a bid for U.S. chain Kohl’s: Report

Commercial  •  Financial Post

Hudson’s Bay Co., the owner of Saks Fifth Avenue, is considering a bid for Kohl’s Corp. (KSS-N), sources say. Kohl’s has rejected two separate takeover bids earlier this year, while saying it is in touch with more than 20 parties.

Tim Hortons heading to India later this year

Commercial  •  Toronto Star  •  Ottawa Citizen

Tim Hortons is taking its coffee, doughnuts and Timbits to India. The coffee chain says it will open its first location in the country later this year as part of a joint venture owned by Apparel Group and Gateway Partners.

Average rent jumps in Vancouver

Residential  •  Business In Vancouver

Vancouver continues to have the highest rent in Canada for both one- and two-bedroom apartments, according to Zumper. Rent for a one-bedroom unit in the city increased 15.3% year-over-year, reaching $2,190 in March. The average two-bedroom rent was $3,020, a year-over-year increase of 14.8%.

High prices quash homeowners’ hopes: Survey

Residential  •  Toronto Star  •  Canada Newswire  •  Globe and Mail

Pandemic weary Canadians have never been more invested in their homes. However, State of the Housing Market, a report released by Mortgage Professionals Canada shows soaring house prices are squelching their optimism about home ownership.

Quebec’s high-end prices rise lower than average

Residential  •  Montreal Gazette  •  Les Affaires

The price of high-end properties in 2021 continued to grow in all administrative regions of Quebec, although at a slower pace than the overall residential market, according to the Royal LePage Quebec High-end Real Estate Market Report published Tuesday.

Waning pandemic could see migration back to big cities

Residential  •  Global News

The gradual recession of the COVID-19 pandemic could see demand for condos in Canada’s big cities hold strong in 2022, real estate experts say, even as rising interest rates may have an overall dampening effect on the country’s housing market.