87 acres of Mission, B.C., development land for sale

RENX  Residential, Commercial  •  Land  •  Metro Vancouver, British Columbia

An 87-acre tract of land for sale along the Fraser River in Mission, just outside Metro Vancouver, offers a “historic” opportunity to develop a master-planned community in one of the Fraser Valley’s last remaining large-scale waterfront sites.

Canadian hotel investment sector bounces back: AY

RENX  Commercial  •  Hotels and Resorts  •  Metro Vancouver, Toronto / GTA, Edmonton, Calgary, Greater Montreal, Ottawa

Hotel transaction volume in Canada’s six largest markets was $712 million in 2021, Avison Young reports. That is up 124 per cent over a very slow 2020 and also exceeds the 2019 total – prior to the onset of the COVID-19 pandemic.

Bank of Canada raises interest rates to 0.50%

Residential, Commercial  •  Toronto Star  •  Regina Leader-Post

The Bank of Canada Wednesday raised its key interest rate to 0.5 per cent, the first rate increase since 2018. The central bank had slashed its benchmark rate to a rock-bottom 0.25 per cent at the start of the COVID-19 pandemic.

CBRE outlook conference strikes optimistic tone

Residential, Commercial  •  Winnipeg Free Press  •  Victoria Times Colonist

At CBRE’s annual Canadian market outlook conference on Tuesday, there was a tone of optimism. You might think that war in Europe and Wednesday’s rise in interest rates might put a damper on expectations, but that was not the case.

Nanaimo approves Wilhemina’s mixed-use project

Residential, Commercial  •  Western Investor

Wilhemina Group Ltd. Partnership’s mixed-use development has received Nanaimo city council’s approval. The 42-acre Bowers District could eventually hold 2,500 new homes in a mix running from three to six-plus storeys and include a cen tral plaza and a mixed-use main street.

CRE Matters › Thinking beyond retail: B malls ripe for redevelopment as community hubs

Janina Franceschutti: Executive V-P, National Investment Services, Colliers Canada

Overbuild deck at CIBC Square a major engineering feat

Commercial  •  Daily Commercial News  •  RENX

A complex project with a unique vision for overcoming the great railway divide that separates Toronto’s downtown office sector from the shadows of the Gardiner Expressway, the CIBC SQUARE build on Toronto’s Bay Street is now past the halfway mark.

MTRPL to renovate 1920s Montreal bank

Commercial  •  Retail Insider

Montreal boutique developer MTRPL has a knack of turning under-utilized buildings into gems. The latest project is a historic bank property from the 1920s located on Sainte Catherine E in the heart of Gay Village, says MTRPL co-founder Bryan Spatzner.

Businesses set up shop on Hamilton’s Concession St.

Commercial  •  Hamilton Spectator  •  Hamilton Spectator

At least six new businesses are setting up shop on Concession Street in Hamilton Mountain’s oldest commercial district. “It’s an up-and-coming area,” said Ashley Morris, a manager at Revel Realty, which is opening an office on Concession Street shortly.

Office maintenance in spotlight as firms return

Commercial  •  Toronto Star  •  Ottawa Citizen  •  Financial Post

Jim Mandeville, senior project manager at property restorer First Onsite, expects everything from burned out light bulbs to malfunctioning elevators to become issues as Canada plots a return to pre-pandemic conditions, including working from the office.

Ontario mulls its site redevelopment potential

Residential, Commercial  •  REMI Network

As promised in last fall’s fiscal update, the Ontario government is forging a new centralized agency to identify provincially owned sites with redevelopment potential, placing a priority on new uses that align with infrastructure initiatives. Legislation is included in Bill 84.

REIT fourth-quarter financial results/business updates

Residential, Commercial  • 

Cominar REIT, (CUF-UN-T), Canada Newswire (Update on closing of transaction)
Lanesborough REIT, (LRT-UN-X), Canada Newswire

AIMCo to sell off Russian assets

Commercial  •  Globe and Mail  •  Toronto Star  •  Vancouver Province

Alberta Investment Management Corp., (AIMCo) says it has started divesting its small measure of Russian holdings in response to the invasion of Ukraine. AIMCo said the decision is “both values, and value-driven” and reflects the change in geopolitical risk.

Russian money flows through U.S. real estate

Residential, Commercial  •  CNBC  •  The Real Deal

As President Joe Biden vows to punish Russia with financial sanctions, real estate community members and lawmakers are skeptical about how successful he’ll be at getting access to the money Russians have been pouring into real estate for decades.

NYC to receive extra $3B thanks to real estate rebound

Residential, Commercial  •  Bloomberg

NYC may collect $3 billion more in tax revenue this fiscal year than it projected in November, or $1.4 billion more than Mayor Eric Adams projected last month, bolstered by a rebound in property values and strong residential real estate sales.

U.S. hotel REITs leaner post-pandemic

Commercial  •  Bisnow  •  Bisnow

Large U.S. hotel landlords such as RLJ Lodging Trust and Host Hotels & Resorts reported that revenues to close out 2021 were near or exceeding 2019 levels as the hospitality industry’s comeback now appears imminent and ahead of schedule.

Yorkton acquires B.C. townhouse portfolio

Residential  •  The Newswire

Yorkton Equity Group Inc. (YEG-X) has acquired a 50-unit townhouse portfolio in Fort St. John, B.C., comprised of two adjacent complexes: Shamrock Townhomes (9807 87 St.) and Windsor Estates (8619 99 Ave.).  The properties are situated on a 3.28-acre parcel of land.

Winnipeg rental vacancy rate at 25-year high

Residential  •  Winnipeg Free Press

Winnipeg’s vacancy rate for rental apartments is higher than it’s been in 25 years, says the Canada Mortgage and Housing Corporation. In 2020, the rate was 3.8 per cent, but leaped to five per cent in 2021, keyed by lags in the labour market.

Mortgaged until I die? For many, that’s OK

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

With money so cheap and appreciation so high, home ownership has taken on a new meaning. The days of the mortgage burning party are over, replaced with an acceptance of long-term borrowing, often well into retirement, and even for life.

Condo rules loophole opens directors to lawsuits

Residential  •  Globe and Mail (Sub. required)

One little-known vulnerability for condo board members is baked into liability insurance policies: If one director brings a legal case against another, the D&O insurance provider is almost certain to refuse to cover lawyer fees or damages for either party.