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Dream Impact to buy $378M in multires, adds 2 partners
Dream Impact to buy $378M in multires, adds 2 partners
Dream Impact Trust (MPCT-UN-T) has agreements to pay $378 million to acquire over 900 multifamily residential units in Toronto through a series of transactions. It also announced a $30-million investment by Fairfax Financial Holdings Ltd. and a partnership with BlackTusk Group.
Downtown Vancouver condo market shows signs of life
The recent sale of 100 units at 2 Burrard Place might be the sign developers have been searching for, after four dark years of cancelled and delayed downtown Vancouver presale launches.
Anthem proposes 66-storey Burnaby tower
• urbanYVR • Daily Hive
Anthem Properties has proposed a 66-storey, 692-foot tower north of Burnaby’s Metropolis at Metrotown shopping mall. The tower would include 645 homes of mixed tenure, including 372 condominium homes, in addition to 144,070 square feet of office space and 4,882 square feet of retail.
Mizrahi, Pinnacle condos reach for the top in T.O.
• Toronto Star • RENX • RENX
Toronto’s race to space long ago left the orbit of the financial district and is now firmly rooted in the residential realm with Mizrahi Developments and Pinnacle building along Yonge Street what are expected to be the city’s tallest skyscrapers.
Brookfield to launch private REIT with Oaktree assets
• Financial Post • Globe Newswire
Brookfield Asset Management (BAM-A-T) plans to launch its own private real estate investment trust after taking over the management of a portfolio of properties currently overseen by subsidiary Oaktree Capital Management (OAK-A-N). Oaktree REIT has $478 million in total assets.
Artis REIT closes on sale of 26 GTA industrial properties
• Canada Newswire • RENX
Artis REIT (AX-UN-T) announced the closing of 26 of the 28 properties included in its GTA industrial portfolio sale. The sale generated gross proceeds of $696.7 million. The remaining two properties are expected to close in Q3 and generate gross proceeds of $53.3 million.
CRE firms seeing a brighter financial outlook: DBRS
After getting heavily battered during the pandemic, Canada’s commercial real estate market is slowly regaining its financial footing, though its recovery will remain patchy and somewhat protracted, analysts from DBRS Morningstar said in a new report.
Auditor-General investigating Ontario’s land-use policies
Ontario’s Auditor-General is investigating the Progressive Conservative government’s sweeping changes to the province’s land-use planning policies in a value-for-money audit, with a report expected by the end of the year. The probe’s scope appears to include ministerial zoning orders.
Canadian Net acquires Quebec store property for $6.2M
Canadian Net REIT (NET-UN-X), formerly Fronsac REIT, has waived conditions on the acquisition of a single-tenant IGA grocery store property on Wilfrid-Hamel Boulevard in Quebec City for a purchase price of approximately $6.2 million.
Couche-Tard shares rise more than 5%
• CTV • Journal de Quebec • Financial Post (Sub. required)
Shares of Alimentation Couche-Tard (ATD-B-T) rose more than five per cent to a record high after upgrades by several analysts following the convenience store retailer’s investor day presentation. The Quebec-based company’s class-B shares reached $49.22 early Thursday.
Top 10 upcoming Alberta, B.C. construction projects
The accompanying tables shows the top 10 major upcoming Alberta and British Columbia construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.
Real estate podcasts
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Greg Draper, MNP: Money laundering in commercial real estate, CRE Library: Episode 52
Amy Erixon, Avison Young: ESG leadership and trends: REALtalk: Episode 26
Barry LePatner, LePatner & Associates LLP: How construction industry can move forward, The Construction Record – Episode 127
CPP’s $1B Flipkart investment reaffirms Asia strategy
OPINION: CPP Investments‘ $1 billion investment in India’s Flipkart Group this week is something of a statement that the investment manager is still keen on and active in Asia despite recent geopolitical unrest and controversy, particularly over its investments in China.
Brookfield completes $264M Wash. sale-leaseback
Brookfield Properties has completed a $263.5 million ground sale-leaseback transaction within the Spring District, a 36-acre mixed-use development in Bellevue, Wash. Brookfield Properties purchased Block 16 and Block 24, the two office buildings on the sites, for a combined $565 million.
Google wants people back in the office
Google software engineers reported something in a recent survey that surprised higher-ups: they felt as productive working from home as they did before the pandemic. However, Google is sticking with plans to bring most employees back to offices this fall.
Low NYC rents attracts restaurateurs: CBRE
• CNBC
A plethora of empty space already outfitted with kitchen appliances and a chance to take advantage of historically low rents is driving restaurateurs to sign fresh leases across New York City, according to CBRE.
GTA Q2 rental transactions double YOY: TRREB
• Globe Newswire • Globe Newswire
The number of condominium apartment rental transactions in Q2 2021 was more than double year-over-year, according to the Toronto Regional Real Estate Board. The number of rentals was also up compared to Q1 2021 by 13.3 per cent.
Annual pace of housing starts slowed in June: CMHC
• Globe and Mail • Canada Newswire
Canada Mortgage and Housing Corp. says the annual pace of housing starts slowed in June. The national housing agency says the seasonally adjusted annual rate of housing starts fell 1.5 per cent to 282,070 units in June compared with 286,296 in May.
Home insurers move to exclude COVID cases from coverage
Some Canadian homeowners are finding a new clause in their insurance policies when they go to renew — they’re not covered if someone sues them for catching an infectious disease such as COVID-19 on their property.
U.S. June rents surge to new highs nationwide
The shortage of affordable housing inventory forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com Monthly Rental Report released today.
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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