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SmartCentres partners on GTA dev. land, seniors homes
SmartCentres partners on GTA dev. land, seniors homes
SmartCentres REIT (SRU-UN-T) has announced two major development partnerships in Toronto and surrounding municipalities, buying land near Yonge and Davisville for a multiresidential project, and teaming up with Revera to construct four more seniors living buildings.
Times Group plans four-tower complex at 5800 Yonge
The Times Group Corporation has proposed towers of 34, 37, 37, and 44 storeys at 5800 Yonge St. in Toronto. A total gross floor area of 1.3 million square feet would consist primarily of residential, but would also include office and retail space.
Google to expand Toronto, Montreal, Waterloo offices
UPDATED: Google (GOOGL-Q) has signed a long-term lease for all 18 floors and 400,000 square feet of office space at the new 65 King East tower in Toronto. It also announced new offices in Allied Properties REIT buildings in Montreal and Waterloo Region.
Toronto’s Cocov giving N.Y. state mall $2.2B facelift
• Buffalo News • WKBW
Toronto-based developer Zoran Cocov is spending $2.2 billion US to bring new life to an empty retail complex in Wheatfield, N.Y. Cocov – who purchased 48-year-old The Summit in 2014 – aims to convert the 560 acres of land into an entertainment and sports destination.
Calgary’s vacant downtown office space: 241 acres
• Western Investor • Business In Vancouver
When one thinks of wide-open Alberta space it is often ranches that come to mind, not acres of concrete and carpeted offices in the downtown of the province’s biggest city – Calgary. Analysts see light when oil pipelines start flowing, though.
Tech can help Calgary emerge from downturn: Allied
Allied Properties REIT (AP-UN-T) CEO Michael Emory says Calgary’s growing technology sector may be what pulls the city out of an economic downturn, not energy. “The tech sector is growing in the city of Calgary . . . ” Emory said.
Cordova plans mixed-use Moncton community
• CBC
Cordova Realty Wednesday announced it has purchased a 25-acre parcel in Vision Lands, bringing its holdings in Moncton’s wooded and largely undeveloped property to 140 acres. The plans a “visionary mid-rise community” including mixed-use buildings six to eight storeys tall.
Saputo closing Ontario and N.B. plants
• Financial Post • CBC • Globe and Mail
Montreal-based Dairy giant Saputo (SAP-T) will close sites in Trenton, Ont., and Saint John, N.B., by integrating them into other facilities across Canada in an effort to improve operational efficiency. About 280 employees will be impacted, it said in a statement.
Ontario to speed up new transit project process
The Ontario Progressive Conservatives plan to streamline the environmental assessment and land expropriation processes for new transit projects, a move it says is necessary to speed up construction of new lines but which is likely to inflame opposition from residents.
Infrastructure Bank to advise Teachers’ on $1.6B project
• Financial Post (Sub. required)
The Canada Infrastructure Bank will advise a group considering building a 1,200-kilometre transmission line bringing hydroelectricity and broadband internet from Manitoba to several communities in the territory. If the project goes ahead, the bank may invest directly.
Winnipeg growth fees decrease for first time
For the first time since Winnipeg’s controversial growth fee was introduced, it has decreased. On Jan. 1, the so-called impact fee charged on homes in some new neighbourhoods fell to $56.51 per square metre, which works out to $5,249.96 per thousand square feet.
Montreal borough eases CRE zoning rules
The Plateau-Mont-Royal borough is loosening the zoning rules on St-Denis St. to try to lure a more diverse array of businesses and return the once-bustling shopping street to its former glory. Almost one in five St-Denis retail spaces is vacant.
For the first time, TSX opens in Quebec
For the first time in its history, the management of the Toronto Stock Exchange announced the opening of the stock markets on Thursday from Quebec City at the office of iA Financial Group. (IAG-T).
NorthWest acquires U.K. hospital portfolio
• Canada Newswire • RENX
NorthWest Healthcare Properties REIT (NWH-UN-T) announced the formation of a $3 billion European joint venture, which increases global capital commitments to $10 billion, and the acquisition of a $167-million, six-hospital U.K. portfolio leased to BMI Healthcare Limited.
Coronavirus having impact on U.S. real estate
For New York-based real-estate agent Xiang Jill Ji, the coronavirus outbreak that began in China has already had an effect on her business when a prospective client’s parents decided against sending him money from their Wuhan home.
Brookfield closes US$20B global infrastructure fund
• Globe Newswire • IPE Real Assets
Brookfield Asset Management (BAM-A-T) announced today the closing of its latest flagship global infrastructure fund, Brookfield Infrastructure Fund IV, with total equity commitments of $20 billion US.
Interest rates not affecting love affair with real estate
Canadians have a love affair with homes, TD says, largely because they were spared the carnage of the U.S. housing crash in 2008. Over the past decade, the average sale price of a home has averaged a compound annual return of 4.6%.
More Montrealers face eviction as vacancies hit 15-year low
Montreal vacancy rates are lower than they have been in 15 years, hovering around one per cent — or even lower in some areas. The cost of rent is rising in response. And so are the number of evictions.
GTA home sales up 15.4% YOY
• Winnipeg Free Press • Globe and Mail (Sub. required)
The Toronto Regional Real Estate Board says January home sales were up 15.4 per cent from the same month last year, while it expects home sales for the year to rise about 10 per cent overall.
Owning a home ‘a pipe dream’: Millennials
Nearly half (46 per cent) of Canadian Millennials think becoming homeowners in the near future is “a pipe dream,” according to a poll by global accountant KPMG.
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