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'A whirlwind' week in CRE as capital gains tax changes loom
'A whirlwind' week in CRE as capital gains tax changes loom
Commercial real estate transaction activity has been brisk in recent weeks, but the overall impact of looming federal capital gains tax changes has been somewhat muted, say brokers who spoke to RENX in advance of the June 25 deadline.
Calgary taps Bow River to keep building projects moving
The fast-flowing Bow River will be the construction industry’s source of water until Calgary finishes repairs to its damaged water main — a solution the city fast-tracked to relieve some pressure from its clean-water supply.
Chartwell acquiring interests in 10 seniors facilities for $511M
Chartwell Retirement Residences (CSH.UN-T) has deals to acquire two seniors’ housing portfolios in Quebec for a total of $511 million, which will give it ownership interests over an additional 2,300 units.
Leyad acquires 2 shopping centres, buying spree to continue
Leyad’s 2024 buying spree continued this week as the firm acquired shopping centres in Winnipeg and in Prince Albert, Sask., for a combined $126 million. And, CEO Henry Zavriyev told RENX there is more to come.
Nesto closes on acquisition of CMLS Financial
Online mortgage lender Nesto Inc. is expanding into commercial mortgages with the purchase of Canada’s third-largest non-bank mortgage lender CMLS Financial Ltd. Montreal-based Nesto acquired 100 per cent of CMLS, making it one of the largest online Canadian mortgage lenders.
National Bank closes $1B capital raise for CWB acquisition
National Bank has closed a $1-billion capital raise tied to its acquisition of Canadian Western Bank. Montreal-based National announced the capital raise as it agreed to buy Edmonton-based CWB for about $5 billion in an all-stock deal.
Ottawa committee approves RioCan’s six-tower project
A real estate firm’s plan to build six high-rises on Carling Avenue is closer to reality after the city’s planning and housing committee approved a zoning bylaw amendment Wednesday, raising height limits on the site from nine storeys to 40.
Four Vancouver high-rise projects ask city for delay
The developers of four high-rise projects in Vancouver have requested more time from the city before proceeding to rezoning enactment, likely resulting in the projects being delayed. The projects are being developed by Wesgroup, Prima, Landa Global and Westbank.
31-storey tower proposed next to Jasper House in Edmonton
The City of Edmonton is currently holding public engagement on a proposed high-rise residential tower for Jasper Avenue. The proposal is for a 31-storey tower at the intersection with 121 Street NW, near the Victoria Golf Course.
85-unit apt. building planned in downtown Charlottetown
A public consultation will be held on a eight-storey, 85-unit apartment building proposed for the heart of Charlottetown. The new building would replace 149-151 Great George Street and include commercial space on the ground floor.
Lansdowne 2.0 could cost $74M more than estimated
Ottawa's auditor general says construction costs for the Lansdowne 2.0 project could be understated by more than $74 million, potentially raising the project's price tag to just short of half a billion dollars.
Bird selected to complete five projects valued at $625M
Bird Construction Inc. has been selected for five projects including three long-term care projects, a multi-building institutional project in Western Canada and multi-year mine infrastructure work in Eastern Canada. The projects have a combined value of over $625 million.
Ontario to reconsider housing data collection
Ontario is considering revising its tallies of how many homes are built in cities and towns across the province, after some complained that undercounting has cost them millions in provincial funding.
Calgary has lowest share of renter households in big cities
Calgary is no renter’s paradise, a recent study shows its housing stock has the lowest share of renter households among Canada’s largest cities. The study by Point2Homes found renter households made up about 31 per cent of all dwellings.
Moxies plans 15 new stores in North American expansion
Restaurant chain Moxies has opened its fourth location in Edmonton and plans open between 15 to 18 stores within the next three years. The new 8,000 sq. ft. location will serve as a flagship restaurant.
Peavey ends relationship with ACE Hardware in Canada
Retailer Peavey Industries LP announced Thursday it is ending its relationship with ACE Hardware International on December 31, marking the end of the ACE Canada banner under Peavey Industries LP.
Starwood liquidity issues spark withdrawals at other REITs
Nine of the 10 largest non-traded real estate investment trusts have seen a huge jump in investors seeking to pull out their money following Starwood Real Estate Income Trust’s move last month to sharply limit redemptions.
After cheap-money era, Blackstone’s property arm enters riskier terrain
The world’s biggest real-estate investor made its name by making punts on enormous portfolios, secure in the knowledge that near-zero interest rates lifted all boats. Central banks demolished that era’s certainties. Blackstone’s property business is now testing much choppier waters.
Conversion projects will pick back up next year — maybe
Hopes are high that projects to convert defunct or underperforming malls and office buildings to alternative uses will start again next year. But a lot of things will need to line up between now and then.
Developers, investors leap at cricket to draw visitors
A midsized Texas city between Dallas and Fort Worth has become an international destination thanks to its cricket stadium as the sport gains popularity stateside. More such venues are on the way.
Industry Events
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Quebec City Real Estate Forum
Oct 16 2024
Quebec City Convention Centre
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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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