The Bow iconic symbol of Calgary’s ups and downs

RENX  Commercial  •  Office  •  Calgary

The Bow tower was conceived and built at the height of an energy boom, an iconic symbol of Calgary’s status as a key economic driver in the country.

Queen’s Park fast-tracks TOD near Lake Simcoe

Residential, Commercial  •  Toronto Star

Ontario has approved a special order to fast-track a Cortel Group development in Innisfil that will convert farms into a transit-oriented development surrounded by concentric rings of condominiums and townhouses. A future proposed phase would see the population grow by 150,000.

Coquitlam OKs WesGroup’s multi-storey industrial

Commercial  •  Business In Vancouver  •  Business In Vancouver

Coquitlam city council has approved a development permit for WesGroup/Pacific Reach to construct a 196,000-square-foot multi-storey industrial building at 11 King Edward St., just north of a Beedie Living proposed master-planned mixed-use community that would include 4,700 homes.

First Capital executes $400M in sales, development JVs

RENX  Residential, Commercial  •  Retail, Apartments, Condominiums  •  Metro Vancouver, Toronto / GTA, Calgary

First Capital REIT (FCR-UN-T) has agreements to sell two of its Western Canadian shopping centres and has entered into partnerships on two major Toronto development properties. In total, the four transactions amount to approximately $400 million.

Moderna to build mRNA production plant in Canada

Commercial  •  CBC  •  Toronto Star  •  Globe and Mail

Massachusetts-based drug maker Moderna will build a mRNA vaccine manufacturing plant in Canada within the next two years, CEO Stéphane Bancel said. The company has signed a memorandum of understanding that will result in Canada hosting Moderna’s first foreign operation.

AbCellera to anchor proposed Van. innovation hub

Commercial  •  The Logic

In Vancouver’s Mount Pleasant neighbourhood sits an industrial area the city wants to revitalize as an innovation hub, which would include an office for biotech firm AbCellera. The 40-block area hosts offices, shops and services, homes and a public park.

Real Estate with Howard Drukarsh › Podcast: Howard Drukarsh with Knightsbridge CEO Will Smith

Howard Drukarsh: Co-founder, Right at Home Realty

CIBC SQUARE south tower welcomes tenants

Commercial  •  Urban Toronto

The CIBC SQUARE office complex by Hines and Ivanhoé Cambridge – the most significant downtown Toronto office development since Brookfield Place was constructed in the 1990s – recently began to welcome tenants to its south tower, which stands 49 storeys.

Plaza Retail’s focus shifts to growth: CEO

Commercial  •  Huddle  •  RENX

CEO Michael Zakuta says Plaza Retail REIT (PLZ-UN-T) is anxious to leave the pandemic behind. “Our focus has clearly shifted from managing the effects of the pandemic to pursuing growth opportunities,” he said in a conference call to investors.

Office leasing shows signs of recovery: Morguard

Commercial  •  Canada Newswire

The Canadian office leasing market is displaying early signs of recovery, says Morguard’s (MRC-T) 2021 Canadian Economic Outlook and Market Fundamentals Second Quarter Update. Investors continued to target multi-suite residential rental and industrial property acquisitions given the rising economic optimism.

REOC second-quarter financial results

Residential, Commercial  • 

Bridgemarq Real Estate Services, (BRE-T), Canada Newswire
Chartwell Retirement Residences, (CSH-UN-T), PR Newswire
Dream Impact Trust, (MPCT-UN-T), Business Wire
Dream Unlimited Corp., (DRM-T), Business Wire
Melcor Developments Ltd., (MRD-T), Globe Newswire
Morguard Corporation, (MRC-T), PR Newswire

REIT second-quarter financial results

Residential, Commercial  • 

American Hotel Income Properties REIT, (HOT-UN-T), Canada Newswire
BSR REIT, (HOM-U-T), Canada Newswire
Flagship Communities REIT, (MHC-U-T) , Canada Newswire
Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

U.S. senate passes $550 billion infrastructure bill

Commercial  •  Financial Post

The Senate passed a US$550 billion infrastructure plan that would represent the biggest burst of spending on U.S. public works in decades and notch a significant victory for President Joe Biden’s economic agenda.

WeWork to operate in some Saks Fifth Avenue stores

Commercial  •  Saltwire

Saks Fifth Avenue owner Hudson’s Bay Co will convert parts of some department stores into co-working spaces, which will be managed by office-sharing startup WeWork, the companies said, at a time when many employees are negotiating remote-work policies.

LinkedIn allows employees to work fully remote

Commercial  •  Reuters

LinkedIn will allow employees to opt for full-time remote work or a hybrid option as offices gradually reopen, chief people 0fficer Teuila Hanson said. Microsoft Corp’s (MSFT-Q) professional social networking site originally said it expected 50% time spent in the office.

Cortland pays record price for Florida multifamily

Residential  •  Bisnow

A multifamily property in Boca Raton traded for $230 million, marking Florida’s largest multifamily deal in 2021 and the highest-ever price per square foot for a garden-style product in Florida. It was purchased by Atlanta-based Cortland, which owns a 200-apartment portfolio.

Housing strategy having ‘limited’ impact on need: PBO

Residential  •  Globe and Mail

The federal government has spent less than half of the funding earmarked for a pair of flagship housing programs as the need for affordable homes grows along with a yawning “affordability gap,” says Parliamentary Budget Officer Yves Giroux.

Olympic rugby player back to selling homes

Residential  •  Globe and Mail

Victoria-based rugby sevens player Lucas Hammond just returned from Tokyo where he competed in his first Olympics. The 27-year-old obtained his real-estate licence late last year, after the pandemic delayed the 2020 Olympics and left him wondering if he’d compete.

Demand for high-end Mtl. properties remains strong

Residential  •  Montreal Gazette  •  Montreal Gazette

According to real estate broker Patrice Groleau of Engel & Völkers Montreal, competition for properties in the outer suburbs appears to be decreasing, but demand for high-end properties in the city remains strong because there is so little supply.

T.O. sees back-to-school rush for accommodation

Residential  •  Globe and Mail (Sub. required)

Toronto’s real estate rental market is firming up. In the past three weeks, overseas students have begun making plans to return to the city. “That’s the trend right now – people are coming back,” says Chestnut Park Real Estate’s Simson Chu.