Alterra, DiamondCorp partner on Toronto developments

RENX  Residential  •  Office, Retail, Condominiums  •  Toronto / GTA

Alterra and DiamondCorp will launch sales for Celeste Condominiums, a 40-storey downtown Toronto mixed-use building with a heritage component, during the next few weeks. They also plan another collaboration on Merton Street.

The People Space › People Space: CAPREIT’s Stein to retire, new InterRent CEO

Don Wilcox: Managing Editor

B.C. site sells for $10.65M; strata industrial planned

Commercial  •  Western Investor

A private developer has snapped up five acres of land in Port Coquitlam’s Dominion Triangle area for $10.65 million. A small-bay industrial strata project will be built on the site at 590 Dominion Ave., according to broker Lee and Associates.

Trolleybus proposes three buildings with 1,044 units

Residential  •  Urban Toronto

Trolleybus Urban Development has proposed 19-, 34- and 38-storey residential buildings at 1 Adriatic Rd. in Etobicoke. The superkül-designed buildings would replace 17 single-family homes with 1,044 residential units – 66 studios, 588 one-bedrooms, 310 two-bedrooms, and 80 three-bedrooms.

Microsoft opens new HQ at T.O.’s CIBC SQUARE

Commercial  •  Canada Newswire  •  BlogTO  •  RENX

On Tuesday, Microsoft marked the official opening of its new Canadian headquarters at Toronto’s 81 Bay St. (CIBC SQUARE). The 132,000-square-foot, state-of-the-art office pairs technology with modern and collaborative workplaces.

JLL charts strong Toronto industrial market

Commercial  •  Daily Commercial News

JLL’s Q1 2022 Industrial Insights newsletter, focused on Toronto, reports industrial space under construction reached almost 12.2 million square feet. It says developers are in a “scramble to bring new supply to Greater Toronto’s hot industrial market.”

NAIOP wants Calgary to hasten downtown revitalization

Commercial  •  CBC  •  RENX

To pick up the pace of downtown revitalization, the Calgary chapter of NAIOP, the Commercial Real Estate Development Association, wants more action on attracting people and more emphasis on improving public safety.

AutoCanada acquires Porsche of London, Audi Windsor

Commercial  •  Canada Newswire

AutoCanada Inc. (ACQ-T), a multi-location North American automobile dealership group, has acquired Porsche of London and Audi Windsor. The transaction includes the acquisition of the underlying real estate for both dealerships.

Loblaw Q1 profit up 39.6% year-over-year

Commercial  •  Toronto Star  •  Canada Newswire  •  Globe and Mail

Loblaw Companies Ltd. (L-T) raised its quarterly dividend as it reported its first-quarter profit rose 39.6% year-over-year. The grocery and drug store retailer says it will now pay a quarterly dividend of 40.5 cents per share, up from 36.5 cents per share.

Shopify outlook sinks as e-commerce worries mount

Commercial  •  Globe and Mail (Sub. required)

Analysts are ratcheting down expectations for Shopify Inc.’s (SHOP-T) first-quarter financial results, as growing concerns about e-commerce weigh on the Ottawa company’s shares amid a rout in global technology stocks.

REIT first-quarter financial results

Residential, Commercial  • 

Dream Industrial REIT, (DIR-UN-T), Business Wire
First Capital REIT, (FCR-UN-T), Canada Newswire
Minto Apartment REIT, (MI-UN-T), Canada Newswire
Primaris REIT, (PMZ-UN-T), Business Wire
Sun Residential REIT, (SRES-X), Newsfile

REOC financial results/business updates

Residential, Commercial  • 

Brookfield Infrastructure Partners, (BIP-UN-T), Globe Newswire
Dream Impact Trust, (MPCT-UN-T), Business Wire
Morguard Corporation, (MRC-T), Canada Newswire
Yorkton Equity Group, (YEG-X), The Newswire

Amazon has too much space, too many people: CFO

Commercial  •  Bisnow  •  Commercial Property Executive  •  Toronto Star

Amazon (AMZN-Q) developed so much industrial space and hired so many people in response to pandemic-era demand it now has an excess in both that is affecting its bottom line, CFO Brian Olsavsky said during a Q1 earnings call.

Colliers buying 65% stake in Rockwood Capital

Commercial  •  Globe Newswire

Colliers (CIGI-T) announced today it has entered into a definitive agreement to acquire a 65 per cent stake in Rockwood Capital, LLC, a leading U.S. real estate investment management firm with more than $12 billion of assets under management.

HSBC to move U.S. HQ to NYC’s Hudson Yards

Commercial  •  Wealth Management

HSBC Bank USA is moving its headquarters to a tower nearing completion in Manhattan’s Hudson Yards district. The U.S. subsidiary of the London-based bank has signed a 20-year lease for 265,000 square feet at the Spiral, a 65-storey skyscraper.

$2B Waldorf Astoria conversion delayed, over budget

Residential, Commercial  •  Bisnow

The revamp of the iconic Waldorf Astoria is behind schedule and well over budget, leading to the exit of one of the executives overseeing the redevelopment. Chinese insurance giant Anbang paid Hilton $1.95 billlion for the hotel at 301 Park Ave. in 2015.

Toronto home sales plunge 27 per cent in April: TRREB

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

Toronto’s housing market slowed in April, with sales dropping 27 per cent and home prices declining as buyers took a pause amid the rise in borrowing costs, according to the Toronto Regional Real Estate Board (TRREB).

Supply ‘biggest issue affecting affordability’: CMHC

Residential  •  Financial Post  •  Toronto Star

New housing starts have struggled to keep up with population growth in some of Canada’s large cities, especially Toronto, making affordability a “significant” challenge, according to the Canada Mortgage and Housing Corporation’s first in a series of reports.

Montreal apartment rent skyrockets in May

Residential  •  MTL Blog

According to liv.rent’s May 2022 Montreal Rent Report, the city-wide average cost for one-bedroom apartments that aren’t furnished has climbed to $1,450 per month as of May, an 11.54 per cent increase since the beginning of the year.

Nova Scotia scales back non-resident property tax

Residential  •  CTV  •  CBC

The Nova Scotia government is revising a contentious non-resident property tax adopted last month as a way to ease the province’s housing crunch. Small cottages will be exempted from the tax on the first $150,000 of the home’s municipal assessment.