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4 Metro Van. apt. properties attract big interest
4 Metro Van. apt. properties attract big interest
The sale of a $45.5-million portfolio of multifamily properties by RAAMCO International, a company with assets throughout North America, is one of Metro Vancouver’s largest recent transactions in the sector.
BGO to acquire NYC’s Metropolitan RE Equity
BentallGreenOak says it has an agreement to acquire Metropolitan Real Estate Equity LLC (CG-Q), a New York-based global primary, secondary and co-investment real estate platform with more than US$2.4 billion in assets under management.
OMERS posts 2.7% loss on real estate holdings
• Globe and Mail (Sub. required) • Toronto Star
Toronto-based pension plan OMERS turned in a 2.7 per cent loss on its investments in 2020 as the pandemic hurt its holdings in shopping malls, a theatre chain and other businesses. OMERS saw its first negative returns since the 2008 global financial crisis.
Caisse pledges disclosure of REM cost overruns
• Montreal Gazette • La Presse • La Presse
Caisse de dépôt et placement du Québec chief executive Charles Emond is pledging “complete and public” disclosure this spring of all cost overruns and likely delays associated with construction of the Réseau Express Métropolitain.
Purolator expanding rural distribution facilities
Purolator Inc. is building up capacity with technology upgrades and physical expansions at its more remote distribution centres in response to rising demand from consumers who have fled the city in search of more space amid the pandemic.
Calgary CRE rents fell 4.6 per cent in 2020
• Calgary’s Business • Calgary’s Business
Commercial rents in Calgary were 4.6 per cent lower year-over-year in 2020, according to a Statistics Canada report released Thursday. Rents were down in all three sectors – retail, industrial and office – as COVID-19 compounded the pre-existing economic slowdown in the energy sector.
Number of Quebec headquarters up since 2017
Statistics Canada recently reported the number of head offices in Quebec was 565 in 2019, a drop of 12 compared to the 577 in 2012, or 2.1 per cent. The good news is that’s up from a low of 552 in 2017.
TD to shut 82 U.S. bank branches
• Globe and Mail (Sub. required)
Toronto-Dominion Bank (TD-T) is shutting 82 U.S. branches, culling locations it considers redundant and reinvesting some of the proceeds in digital banking alternatives. TD has the largest branch network of any Canadian bank, with 1,087 locations in Canada and 1,228 in the U.S.
Loblaw predicts strong sales in first half of 2021
• Globe and Mail (Sub. required) • Canada Newswire • Financial Post
Loblaw Companies Ltd. (L-T) expects grocery sales to remain high in the first half of 2021, as Canadians continue to cook at home during the pandemic and restrictions on businesses such as restaurants continue in many parts of the country.
Municipalities protest fast-tracked GTA highway
• Toronto Star • CBC • CTV
Mississauga and Brampton councils voted Wednesday to ask the federal government to conduct an environmental assessment of the proposed GTA West Highway, adding their voices to a growing chorus concerned about the impact of the route chosen by the province.
Podcasts from the real estate world
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Ray Wong, Altus Group: 2020’s biggest transactions, CRE Podcast
Chad Boddez, JLL: Office market trends and update, The Real World of Real Estate, Season 2 Episode 4
Justin Thouin, LowestRates.ca: Why B.C. condo insurance continues to climb, BIV Today Podcast
REIT fourth-quarter financial results
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Boardwalk REIT, (BEI-UN-T), Canada Newswire
Plaza Retail REIT, (PLZ-UN-T), Canada Newswire
Trez Capital Senior MIC asks to revoke wind-up resolution
Trez Capital Senior Mortgage Investment Corp. (TZS-T) will seek shareholders approval of a resolution to revoke the Orderly Wind-Up Resolution, enabling the directors to explore transaction(s) that could monetize the value of company as a publicly listed entity.
Victoria’s Secret set to shutter 50 more stores
• CTV
Victoria’s Secret’s parent company L Brands (LB-N) announced it plans to permanently close between 30 to 50 stores in the U.S. and Canada this year. The reduction comes after it closed 241 stores in 2020, leaving it with 848 stores across the two countries.
Atria Retirement expands U.S. portfolio
Atria Senior Living, a leading operator of senior living communities across Canada and the U.S., is assuming management of 21 Northeast, Midwest and Pacific Coast independent living communities owned by New Senior Investment Group Inc. (SNR-N).
Airbnb bookings rebound as restrictions ease
• Reuters
Airbnb Inc. (ABNB-Q) reported better-than-expected gross bookings on Thursday in its first quarterly earnings report since going public, indicating a strong rebound in demand for vacation rentals in North America as COVID-19 pandemic curbs ease.
Construction industry encounters market pressures
• Insurance Business Canada • Daily Commercial News
According to Navacord, the small pool of insurers who offered builders’ risk insurance in 2020 continue to demand higher deductibles and rates, while also restricting coverage for some projects. Additionally, professional liability (errors & omissions) insurance has experienced its own challenges.
Developers giving T.O. condo buyers a helping hand
• Globe and Mail (Sub. required)
More developers are responding to a moment of tumult in Toronto’s condo market with more flexible schedules that allow a deposit to be spread out over multiple years, and in some cases effectively lowers the upfront demand to 15 per cent.
Concerns raised as Canadians pile on mortgage debt
• Globe and Mail (Sub. required) • Toronto Star
Canada Mortgage and Housing Corp. Thursday raised concerns about rapidly rising mortgage debt, as the work-from-home trend increases competition for larger properties and drives up house prices in suburbs and beyond.
B.C. braces for post-pandemic immigration boom
• Globe and Mail • Straight • Vancouver Sun
Metro Vancouver housing builders and the real estate industry are bracing for a surge of immigrants once travel is allowed again, with some possible extra pushes coming from Hong Kong, India, the Philippines and even Indonesia.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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