Looking ahead, and back: B.C.’s top 2019 CRE sales

RENX  Commercial  •  Office, Industrial, Retail  •  British Columbia, Metro Vancouver

British Columbia’s commercial property investment cooled in 2019 after two record-breaking years, and industry insiders expect 2020 to see a continuation of that trend. Overall investments in industrial, office, multifamily and retail assets in the region fell sharply.

Colabor closing Ottawa, London distribution centres

Commercial  •  Ottawa Business Journal

Colabor Group Inc., a distributor and wholesaler of food and related products, is closing its distribution centres in Ottawa and London as a result of the end of a supply contract with Recipe Unlimited.

Equiton acquires two Mississauga properties

Residential, Commercial  •  Equiton media release

The Equiton Residential Income Fund has completed the purchase of two, seven-storey buildings in Mississauga. The property is situated on approximately 3.05 acres of land and the buildings total 155 units. Amenities include a convenience store.

Saanich developers face triple-digit DCC increase

Residential  •  Daily Commercial News

Development cost charges (DCCs) in Saanich, B.C. are set to skyrocket which could jeopardize construction and development in that community, said Casey Edge, executive director of the Victoria Residential Builders Association (VRBA).

ED plans largest Canadian modular facility

Commercial  •  Daily Commercial News

ED Modular expects to have a plant capable of producing one million square feet of modular components annually in operation this summer in Stoney Creek, Ont. The target market is buildings with repeatable floorplates.

Walmart move shows why grocery RE is in trouble

Commercial  •  Forbes  •  Bloomberg

Earlier this week, Walmart (WMT-N) unveiled Alphabot, which will pick products consumers order for a human to review, pack and send off for pickup in the parking lot or delivery to a consumer’s home.

Value: Weighed and Measured › ‘Eyesore’ properties: What can, and should, a municipality do?

John Clark: Vice President , The Regional Group of Companies Inc

Developer plans six-storey residence for GTA ballroom

Residential, Commercial  •  Toronto Star

Music may yet still have a place within 466 DCR Urban Properties’ proposed residential redevelopment plans for the site housing Little Italy’s historical Matador ballroom, which once played host to the likes of Joni Mitchell, Stompin’ Tom Connors and Blue Rodeo.

Another iconic Chinatown business to close

Commercial  •  Globe and Mail  •  Vancouver Sun  •  Daily Hive

Among the mourners of the pending closing of Ming Wo, an iconic, family-run kitchenware shop in Vancouver’s Chinatown, is the new owner of the building where the 102-year-old store is located – Mukesh Goyal.

Goodfood Market wants to replace supermarkets

Commercial  •  La Presse

“Drop the grocery store in 2020.” Montreal’s Goodfood Market Corp. (FOOD-T), one of Canada’s largest ready-to-cook companies, wants to take the place of supermarkets by soon offering hundreds of new products online such as eggs, milk and bread.

North America’s oldest grocery store changes hands

Commercial  •  La Presse

The new owner of North America’s oldest grocery store intends to reduce its surface area to ensure its survival. The JA Moisan brand in Quebec has been in business since 1871. The delicatessen is an institution in the Saint-Jean-Baptiste district.

Giant Tiger opening new location in Sault Ste. Marie

Commercial  •  Canada Newswire  •  Canada Newswire

Giant Tiger, Canada’s leading discount retailer, announced the opening of Giant Tiger Sault Ste. Marie. The brand new 18,000-square-foot Giant Tiger will make its home in the Wellington Mall with the official opening on July 25, 2020.

Macy’s to close 29 stores

Commercial  •  Reuters

Macy’s Inc (M-N) reported a small decline in holiday same-store sales on Wednesday, surprising investors. The retailer also plans to shutter 28 Macy’s locations and one Bloomingdale’s store in the coming weeks, a Macy’s spokeswoman said.

WeWork hits the brakes in New York, London

Commercial  •  National Real Estate Investor

WeWork’s days of breakneck expansion are over, at least for now. New leases by the flexible office firm nosedived in New York and London, its top two markets, in the final quarter of last year, CoStar Group Inc. data show.

Blackstone JV sells European portfolio for $1.4B

Residential  •  Globest.com

Funds advised by Blackstone Tactical Opportunities and Round Hill Capital have agreed to sell a residential property portfolio in the Czech Republic for approximately $1.4 billion. The portfolio, which is owned and operated by RESIDOMO, is trading to Heimstaden Bostad AB.

Global REITs to deliver positive year: Timbercreek

Commercial  •  Globe Newswire

Timbercreek Investment Management Inc.’s 2020 Market Outlook forecasts attractive total returns for global REITs, indicating strength in REIT cash flow growth and share prices for 2020. The report highlights Canada, the United States, Europe, Asia, and Australia.

Ontario clears roadblock to laneway home development

Residential  •  Globe and Mail (Sub. required)

After Gal Reuveni bought a home on Manning Avenue in 2018, he figured he would complete some renovations and build a secondary suite before he moved in with his young family.

Housing starts trended lower in December

Residential  •  Canada Newswire  •  Toronto Star  •  Reuters

The trend in housing starts was 212,160 units in December, compared to 219,921 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

Montreal posts largest YOY price increase in nine years

Residential  •  Montreal Gazette  •  Canada Newswire

Aggregate home prices in the Greater Montreal area rose 6.3 per cent in the fourth quarter to a median of $433,933, the biggest year-over-year percentage increase since 2010, real-estate company Royal LePage said Thursday.

U.S. appreciation will continue through 2020: Veros

Residential  •  Globe Newswire

Veros Real Estate Solutions announced Q4 2019 VeroFORECAST data indicates an average projected appreciation rate for residential real estate in the United States’ largest 100 housing markets will be up 3.9% for the year ending Dec. 31, 2020.