Marlin Spring, Hines to build in T.O. Junction Triangle

RENX  Residential  •  Condominiums  •  Toronto / GTA

Development is set to restart on a Junction Triangle site in Toronto, originally acquired by Castlepoint Numa in 2008, now that Marlin Spring and Hines plan to build additional residential and commercial components.

PSP Investments launches development company

Commercial  •  Globe and Mail (Sub. required)

Public Sector Pension Investment Board has set up a new company called Northcrest Developments to develop its 371 acres in Toronto’s Downsview area. The land is mostly vacant, except for Bombardier’s aircraft assembly site, which is due to move in 2023.

Ivanhoé Cambridge terminates shopping centre head

Commercial  •  LaPress

Ivanhoé Cambridge has terminated the employment of Claude Sirois, the manager of shopping centres, in the wake of disappointing results produced by the real estate subsidiary of the Caisse de depot et placement du Quebec.

Office, industrial vacancies decline across N.B.

RENX  Commercial  •  Office, Industrial  •  Atlantic Canada

Office and warehouse vacancies fell in New Brunswick’s three largest markets in 2019, and demand in both sectors is expected to continue to increase during 2020. Turner Drake & Partners Ltd. conducted the surveys in Moncton, Fredericton and Saint John.

Ottawa 2019 multires deals worth $587M: Colliers

Residential  •  Ottawa Business Journal

Activity in Ottawa’s multifamily residential market continues to heat up along the light-rail transit line, according to a new report from Colliers International. Some $587 million worth of multi-family property changed hands over the course of 2019.

Sponsored by MNP Is your business model static or dynamic?

How technology can improve your financial management and property engagement Investment and development prospects across the Canadian commercial real estate (CRE) industry continue to pose unique challenges and opportunities.

Altree kicks off Toronto’s Zorra project

Residential  •  Daily Commercial News  •  RENX

Altree Developments has announced it is breaking ground on its 35-storey, 340,000-square-foot Thirty-Six Zorra condominium project in Toronto’s Etobicoke community. The project at 30 Zorra St. at The Queensway and Islington is being undertaken in partnership with EllisDon Capital.

ProCura plans 200 unit Edmonton apartment

Residential  •  Edmonton Journal

ProCura Real Estate Services is proposing to redevelop transitional housing facility Dwayne’s Home into a six-storey apartment building. The former downtown Edmonton hotel and hostel would include more than 200 units and underground parking.

Fourth Groupe Nordik spa coming to Alberta

Commercial  •  Canada Newswire  •  Calgary’s Business

Co-developers Qualico Communities and Bordeaux Developments announced an agreement with spa developer Groupe Nordik to construct its fourth Canadian spa in Harmony, a residential community at the foot of the Rocky Mountains between Calgary and Banff National Park.

Developers aren’t fees experts: Winnipeg lawyers

Residential  •  CBC  •  Winnipeg Free Press  •  CTV

Lawyers for the City of Winnipeg say the leaders of two of the city’s largest residential developers lack the expertise to have their opinions factor into a court decision that will determine the future of Winnipeg’s growth fees.

Vancouver magnate Robert H. Lee dead at 86

Commercial  •  CBC  •  Business In Vancouver  •  Vancouver Sun

Vancouver real estate magnate and philanthropist Robert H. Lee has died at the age of 86. Lee, known as Bob, was the founder of the real estate firm Prospero Group and one of B.C.’s wealthiest people.

Winnipeg architect David Penner was a ‘North Star’

Residential  •  Globe and Mail (Sub. required)

David Penner rarely worked outside of his Winnipeg home base, but he played an outsized role in the city’s resurging design culture. The award-winning architect died of a heart attack on Jan. 7. He was 61.

Slate acquires Northern Ireland shopping centre

Commercial  •  PR Newswire  •  RENX

A subsidiary of Slate Asset Management (Slate Abbey Holdings LP alongside existing sponsors of Slate) has acquired Abbey Retail Park, a 218,000-square-foot shopping centre in Newtownabbey, approximately six kilometres north of central Belfast.

Silicon Valley office rents jump, construction surges

Commercial  •  Mercury News

A jump in office rents and shrinking vacancy levels have spurred a dramatic increase in the construction of new office buildings, with more than 10 million square feet of new offices under construction in Santa Clara County and Fremont.

Russia’s CRE sector set for expansion

Commercial  •  Moscow Times

Investment into Russia’s real estate sector surged in 2019 as the market finally turned the corner and brought the crisis years to a close. Commercial real estate investment in Russia increased by 34% to a total of $3.8 billion US in 2019, CBRE said.

Zara founder steered clear of housing

Commercial  •  South China Morning Post

Spanish billionaire Amancio Ortega, the founder of clothing giant Zara, has built up a global real estate empire that includes offices used by Facebook and Amazon in Seattle and large swathes of London’s Oxford Street.

Zillow brings change to Canada’s housing industry

Commercial  •  Globe and Mail

A year ago real estate agents were watching the arrival of U.S.-based Zillow Group, a giant online data portal feeding the obsession for real estate listings searches, into the Canadian marketplace with a mixture of curiosity and trepidation.

T.O. luxury condo prices to surpass Montreal’s

Residential  •  Canada Newswire  •  Montreal Gazette

According to Royal LePage, luxury home prices are on the rise in the greater regions of Montreal, Toronto and Ottawa after posting gains during the 12-month period ending Jan. 31, 2020.

Rich Chinese are buying up Montreal real estate

Residential  •  South China Morning Post

While Vancouver and Toronto remain buoyant, trends have forced Chinese investors to diversify their holdings, with many “now looking beyond the big cities and Montreal was very much in vogue,” notes Juwai’s “Top 10 Chinese Buyer Picks H1 2019 Report.”

Vancouver developers slash condo presales

Commercial  •  Vancouver Sun

The number of condo presale units released for sale in 2019 fell sharply in Metro Vancouver, as developers responded to demand that fell off a cliff. Developers put 7,588 units up for presale, less than half the 18,998 released in 2018.