3.3M-sq.-ft. redev. planned at Concorde Corp. Centre

RENX  Commercial  •  Retail, Apartments, Condominiums  •  Toronto / GTA

Toronto’s Concorde Corporate Centre office complex could be transformed into a large residential mixed-use community if its owners (Fengate Asset Management on behalf of LiUNA Pension Fund of Central and Eastern Canada) receive approval for a 3.3-million-square-foot redevelopment.

Denciti buys Victoria properties for multires development

RENX  Residential  •  Apartments  •  British Columbia

Denciti Development Corp. has acquired three properties in the Greater Victoria community of Esquimalt which it intends to redevelop into a new mid-rise multiresidential building.

Bombardier to spend $497M on new Mississauga plant

Commercial  •  Globe and Mail (Sub. required)

Bombardier Inc. (BBD-A-T) will invest $497 million in a new Mississauga manufacturing plant set to open in 2023, CEO Eric Martel announced. Bombardier will move 2,000 employees from its Downsview facility in Toronto to the new Mississauga facility at Pearson International Airport.

UBC acquires land for $70M; to develop new campus

Commercial  •  Globe and Mail

The University of British Columbia is about to launch its biggest out-of-Vancouver expansion in years, with the purchase of a $70-million lot in Surrey to be developed into a campus. The 135,000-square-foot site had been owned by a community church.

B.C. apartment buildings sales set first-half records: AY

Residential  •  Vancouver Sun  •  RENX

The number and dollar value of B.C. apartment buildings sold during the first half of 2021 shattered records, according to Avison Young. There were 78 sales valued at more than $1.9 billion in H1, beating the previous full-year record of $1.51 billion set in 2018.

Real World of Real Estate › Podcast: B.C. Lower Mainland housing supply, with Cressey Developments

Gerald Tostowaryk:

Forest Gate acquires 2 Toronto apartment buildings

Residential  •  Canada Newswire

Forest Gate Advisors announced it has acquired two Toronto buildings with 134 apartment units from an institutional investor. One building is a 78-unit apartment at 189 Cedarvale Ave. The second is a 56-unit building at 4875 Dundas St. W. in the Kingsway neighbourhood.

NYX, Bluebird acquire 2 acres for future self-storage

Commercial  •  Cdn. Self-Storage Association  •  RENX  •  RENX

NYX Capital Corp.. and Bluebird Self Storage have acquired two acres of Southwest Mississauga industrial land to develop a new self-storage building. The property is part of the new Erin Mills Business Park. Purchase price and seller were not disclosed.

Calgary developer Ronmor Holdings hit by ransomware

Commercial  •  IT World Canada

A Calgary developer that builds and manages shopping centres, office buildings and industrial properties in Alberta has confirmed it has been hit by ransomware. Privately held Ronmor Holdings, which controls Ronmor Developers, said it was hit in late September.

Co-working space/networking hub opens in Ottawa

Commercial  •  CBC

The Kanata North Business Association says Hub 350, its new co-working space and networking hub which opened last week, is the beginning of a larger change for the west end and its tech sector.

REIT third-quarter financial results

Residential, Commercial  • 

City Office REIT, (CIO-N), PR Newswire
Cominar REIT, (CUF-UN-T), Canada Newswire
Dream Industrial REIT, (DIR-UN-T), Business Wire
First Capital REIT, (FCR-UN-T), Canada Newswire
Melcor REIT, (MR-UN-T),Globe Newswire
Morguard REIT, (MRT-UN-T), Canada Newswire
Slate Grocery REIT, (SRT-U-T), Business Wire

REOC third-quarter financial results

Residential, Commercial  • 

Brookfield Infrastructure, (BIP-UN-T), Globe Newswire 
Dream Impact Trust, (MPCT-UN-T), Business Wire
NexLiving Communities Inc., (NXLV-X), Canada Newswire
StorageVault Canada, (SVI-X), Globe Newswire

Parkland acquires 94 Miami-area locations, real estate

Commercial  •  Canada Newswire  •  Canada Newswire

Calgary-based Parkland Corporation (PKI-T) has entered into an agreement to acquire substantially all of the Miami-area assets of Urbieta Oil Co. and certain of its affiliates. The transaction includes 94 retail locations including the real estate purchase of 54 strategic sites.

U.S. proptech Opendoor set to enter Canada

Residential  •  betakit

San Francisco-based real estate tech firm Opendoor is planning to hire around 100 product development engineers in Canada by 2026. “As we expand into Canada, we’ve chosen Toronto as our first focus area,” said Michael Gentili, Opendoor’s senior director of software engineering.

Creditors take over 2M-square-foot San Fran project

Commercial  •  Bisnow

Oceanwide Holdings has been forced to hand over the keys to its most prominent San Francisco project. Creditors have taken over the stalled two-million-square-foot Oceanwide Center after subsidiaries of the beleaguered Chinese developer missed payments of notes worth $321.5 million.

China’s firms struggle to find buyers for billions in assets

Residential, Commercial  •  Bloomberg  •  Globe and Mail (Sub. required)  •  La Presse

Developers in China looking to raise badly needed cash by selling assets are finding it hard to strike deals as potential buyers in the sector hoard funds after home sales plunged and Beijing stepped up its borrowing crackdown.

Start preparing for rising interest rates: Tal

Residential  •  Bloomberg

VIDEO: Benjamin Tal, CIBC World Markets’ deputy chief economist, said if the market is correct in its “aggressive” expectation the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022, homebuyers should start preparing.

T.O. home prices soar almost 20% as sales near record

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

October was another record-setting month for the Toronto region’s blazing real estate market as a continued scarcity of new listings helped push the average year-over-year selling price of a house or condo up 19.3 per cent to $1.16 million, according to TRREB.

Municipal rental rates continue to rise: Bullpen

Residential  •  REMI Network

Municipal rental rates continue to rise in major markets across Canada, according to the latest Rent Report from Bullpen Research & Consulting and TorontoRentals.com. In the GTA, average monthly rents for all property types increased 0.9 per cent in September to $2,116 from $2,097 in August.

Canada has over 1.3 million vacant homes: OECD

Residential  •  Daily Hive

More than 1.3 million homes sit vacant in Canada — the fifth-highest amount for any country in the world — according to newly released data from the Organisation for Economic Co-operation and Development (OECD).