Top-10 CRE transactions in Toronto/GTA during 2019

RENX  Residential, Commercial  •  Office, Apartments, Land, Industrial, Retail  •  Toronto / GTA

Transactions in the Greater Toronto Area again dominated Canada’s commercial real estate activity in 2019. “Toronto continues to be the No. 1 place to invest or look for real estate in Canada from an investor standpoint,” said Altus Group’s Ray Wong.

ViveRE investing in ‘new sector’ of seniors housing

RENX  Residential  •  Seniors Housing  •  Atlantic Canada

A former mining exploration company-turned-multifamily real estate investor is carving out a niche in the seniors housing sector. Halifax-based ViveRE Communities (VCOM-X) has grown out of the former NSX Silver and been adding to its portfolio of rental apartment properties.

First Capital proposes five-tower T.O. complex

Residential, Commercial  •  Urban Toronto  •  RENX

First Capital Realty (FCR-T) has submitted a zoning bylaw amendment application to redevelop the 75,000-square-foot Dufferin Corners strip plaza at 1881 Steeles Ave. W. The proposed project would bring 1,171 condo units and 37,695 square feet of retail in five mixed-use buildings.

Calgary tower sales could deepen downtown woes

Commercial  •  Calgary Herald

Mayor Naheed Nenshi says he worries Calgary is not yet out of the woods on downtown office vacancies. The latest figures suggest vacancies are climbing again and there are renewed fears the city’s office towers could sustain further losses.

HBC shares surge after Catalyst, Baker reach deal

Commercial  •  Winnipeg Free Press  •  Bloomberg  •  Globe and Mail (Sub. required)

Shares in Hudson’s Bay Co. (HBC-T) jumped nearly 10 per cent in early trading after a deal that appeared to put a months-long battle for the company to rest.

The Legal Corner › Letters of credit, tenant bankruptcy and lease disclaimers – Is your LC worth the paper it’s written on?

Darrell Gold: Partner, Robins Appleby LLP

Zeidler relocates after 60 years in downtown T.O.

Commercial  •  Canada Newswire

Zeidler Architecture Inc. has relocated to the Tower Automotive Building at 158 Sterling Rd. after over 60 years in downtown Toronto. Its new location is directly above the Museum of Contemporary Art Toronto.

Sidewalk Labs wants to push timber limits

Commercial  •  Reuters

An Alphabet (GOOGL-Q) company’s vision for a “smart city” project in Toronto includes buildings made of timber that are five times the current limit, potentially steering the company into the challenges of timber innovation in Canada.

Waterfront Toronto transforms Don River valley

Residential, Commercial  •  Toronto Star

Waterfront Toronto‘s David Kusturin stands at the top of a scaffold five metres above the ground just south of Commissioners Street in Toronto’s Port Lands and surveys the busy construction scene of the $1.25 billion Port Lands Flood Protection Project.

Carleton files plans for new on-campus residence

Residential  •  Ottawa Business Journal

Carleton University has unveiled plans for a new on-campus residence to accommodate its growing student population. The post-secondary institution recently filed a site plan application with the city for a nine-storey building.

Iconic Montreal restaurant makes way for condos

Residential, Commercial  •  Montreal Gazette  •  CBC

There are no plans to reopen Thursday’s Bar and Bistro, a Crescent St. landmark for nearly 50 years, and the building that houses the restaurant could be sold to condo developers in coming months.

Vail’s Whistler Blackcomb takeover starting to pay off

Commercial  •  BCBusiness

When Vail Resorts (MTN-N) bought Whistler Blackcomb in 2016, nothing seemed to go right. However, the U.S. behemoth avoided a wipeout, with help from a little something called the Epic Pass.

Co-working exposes companies to new legal risks

Commercial  •  Globe and Mail (Sub. required)

Sharing office space with other companies and entrepreneurs can be an attractive option for growing businesses, but experts warn the setup comes with risks. “The big one that always comes to mind is privacy and confidentiality,” says lawyer Jordan Kirkness.

Collapsed Halifax crane previously malfunctioned

Commercial  •  CBC  •  CBC

A crane that toppled in downtown Halifax during post-tropical storm Dorian malfunctioned months prior to the incident, according to an engineer’s report from Sept. 24. The review of the crane collapse was prepared by BMR Structural Engineering.

Bed Bath & Beyond sells $250M worth of CRE

Commercial  •  Bloomberg  •  PR Newswire

Bed Bath & Beyond Inc., (BBBY-Q) the home-goods retailer mired in a lengthy sales slump, rose in early trading after selling some real estate in a deal that generated net proceeds of more than US$250 million.

What to expect from self-storage in 2020

Commercial  •  CP Executive  •  CP Executive

Once described as the ugly duckling of commercial real estate, self storage is now one of the most popular alternative asset classes. In the past year, the high level of development activity has led to reduced pressure on rental rates.

Vancouver home sales jump 88% YOY

Residential  •  Vancouver Sun  •  Globe and Mail (Sub. required)  •  Business In Vancouver

House sales in Vancouver nearly most doubled year-over-year in December as people looking for a home re-entered the market following tougher mortgage rules and efforts to stem foreign owner speculation, according to the Real Estate Board of Greater Vancouver.

B.C. lowers threshold for homeowners grant

Residential  •  CBC  •  Vancouver Sun

The threshold is being lowered – to $1.525 million from $1.65 million in 2019 – for homeowners who qualify for a grant to help offset property taxes in B.C. The provincial government says a decline in housing prices is behind the decision.

Foreclosure rate steadily increasing in Fort McMurray

Residential  •  CBC

Fort McMurray saw about eight times more foreclosures on homes in 2019 than in 2015, new numbers from the province show. In the 2015-’16 fiscal year, there were 26 foreclosure statements of claim in Alberta’s oilsands capital; in 2018-’19, there were 220.

Real estate market hits new heights in Ottawa-Gatineau

Residential  •  CBC

The number of house sales and property prices soared in the capital last year and aren’t showing any signs of slowing down. The trend looks set to continue in 2020 at a time when the region lacks affordable housing.