Nicola Wealth on track for up to $2B in acquisitions in 2021

RENX  Commercial  •  Ontario, Toronto / GTA, Calgary

Nicola Wealth Real Estate (NWRE) forecasts it will make 80 to 90 acquisitions valued at between $1.5 billion and $2 billion in 2021, making it its busiest year ever, with an emphasis placed in the industrial sector.

American Dream megamall once again sinking in debt

Commercial  •  Bloomberg

Since its groundbreaking nearly two decades ago, the megamall built in New Jersey’s Meadowlands has done little except hemorrhage cash. Now, the complex known as American Dream is threatening to dash the ambitions of Edmonton-based developer Triple Five.

Cost to repair Ontario’s municipal assets $52B: Report

Residential, Commercial  •  Daily Commercial News

A new report estimates the current cost to bring Ontario’s municipal assets into a state of good repair and eliminate the municipal infrastructure backlog is about $52 billion, which reiterates the critical need for continued infrastructure investments in the province.

Proptech firm Entrata establishes Canadian presence

RENX  Residential  •  Apartments, Technology  •  National, International

Entrata’s only Canadian employee joined the firm less than three months ago, but the Utah-based property management software provider has big international growth plans. Entrata was created in 2003 and processes over $20 billion US annually, mainly in multifamily rent payments.

Kelowna lists two downtown properties for $11.275M

Commercial  •  Global News  •  Castanet  •  Kelowna Capital News

Two lucrative city-owned downtown Kelowna properties have been placed on the market. The previous Husky gas station, located at 380 Harvey Ave. and the long-vacant McDonald’s site at 1746 Water St. have been listed for sale for a combined $11.275 million.

The Property Law Hub › Municipality not responsible for misrepresentations during rezoning: Ont. court

Daniel Waldman: Lawyer, Pallett Valo LLP

RBC, TD to require vaccination for all in-person staff

Commercial  •  Toronto Star  •  Toronto Star  •  La Presse

Royal Bank of Canada (RY-T) and TD Bank Group (TD-T) will require employees working in their offices to be fully vaccinated. TD’s policy will ask staff to register their vaccination status with the bank by Sept. 30.

Downtown office workers set to return: Morguard

Commercial  •  Bloomberg

VIDEO: Keith Reading, director of research at Morguard, joins BNN Bloomberg to discuss the economic outlook for commercial real estate and what it means for investing.

Reserve, Westdale break ground on Untitled Toronto

Residential  •  Urban Toronto  •  REMI Network  •  RENX

Reserve Properties and Westdale Properties on Tuesday celebrated the start of construction for Untitled Toronto, a 751-unit, two-tower residential condo development that will stand 21 and 33 storeys tall on Broadway Avenue in Midtown.

Walmart’s first Atlantic Canada dist. centre underway

Commercial  •  Canada Newswire  •  RENX

Walmart Canada broke ground Thursday on its first distribution centre in Atlantic Canada – a 223,000-square-foot facility in Moncton which is slated to open in fall 2022. The  distribution centre will provide fresh and frozen groceries to 43 Walmart stores in Atlantic Canada.

Retail sales up 4.2% in June: StatsCan

Commercial  •  Toronto Star  •  Toronto Star

Retail sales rose 4.2 per cent to $56.2 billion in June as restrictions were eased in many parts of the country, Statistics Canada said Friday. However, the agency said its preliminary estimate for July suggests retail sales fell 1.7 per cent last month.

Real estate podcasts

Residential, Commercial  • 

Linda Foggie, Turner & Townsend: Designing human, safe, healthy and sustainable spaces, Tenant Experience Network. Season 2, Episode 11
Ashley Salvador, Canada Backyard Housing Association: Parking lots are choking our cities and economy, Down to Business, Episode 113
Darryl Bellwood, First National: Financing the biggest borrowers, CRE Podcast

Entertainment sector took massive hit: StatsCan

Commercial  •  Ottawa Citizen

According to Statistics Canada, industries within the cultural and recreational sectors have suffered “massive” financial hits during the pandemic. The sector includes performing arts, amusement parks, movie exhibitors and distributors and book and newspaper publishers.

Brookfield planning $1B U.S. student housing venture

Residential  •  Bloomberg

Brookfield Asset Management Inc. is in advanced talks to form a joint venture with Scion Group LLC to acquire at least $1 billion in student-housing properties, marking the alternative-asset manager’s first U.S. bet on the sector, according to sources.

71% of U.S. firms pushing for full return to the office

Commercial  •  Globest.com

In a survey of more than 2,800 senior managers in the US from Robert Half, 71% of respondents said they would require their teams to be on-site, full time once restrictions lift. Fewer companies (16%) will allow employees to follow a hybrid schedule.

Blackstone JVs on $784M student housing portfolio

Residential  •  Bloomberg  •  IPE Real Assets  •  PR Newswire

Blackstone Inc.. (BX-N) is broadening its bet on U.S. student housing, forming a $784 million joint venture with Landmark Properties. The new partnership will recapitalize a portfolio of buildings with 5,416 beds, according to sources.

Canadians piling into mortgages at fastest pace since 2007

Residential  •  Financial Post

Canadians are piling into mortgages at more than double the historical pace as the housing market appears to moderate after a pandemic boom. The total value of residential mortgages rose by 1.2 per cent to $1.73 trillion in June, says Statistics Canada.

Metro Van. cities blocking new housing: Panel

Residential  •  Daily Hive

A recent report jointly commissioned by the federal and provincial governments has identified municipal government policies as a major barrier for improving housing affordability and supply in British Columbia, especially in Metro Vancouver.

Toronto rent prices returning to pre-pandemic levels

Residential  •  CTV

Rental deals available earlier in the COVID-19 pandemic appear to be disappearing in a changing market as data on monthly rents for apartments and condos in Toronto show a rebound close to pre-pandemic levels, according to a Rentals.ca report.

Housing affordability to be a top issue in election

Residential  •  National Post  •  Toronto Star  •  Yahoo Finance

The Conservative and NDP campaigns are both pledging to take on what they say is a housing crisis in Canada, as affordability shapes up to be a key issue in the federal election.