Parkit shifts gears, to acquire GTA industrial properties

RENX  Commercial  •  Industrial  •  Toronto / GTA

Parkit Enterprise (PKT-X) is expanding its business model from parking facilities to also own industrial properties, and adding considerable new experience and heft to its board of directors. Parkit has agreements to buy two class-A GTA properties for $36.25 million.

Rogers, Brookfield plan new Blue Jays stadium project

Commercial  •  Globe and Mail (Sub. required)

Rogers Communications and Brookfield Asset Management want to demolish the Rogers Centre and construct a new stadium as part of a downtown Toronto redevelopment that would include residential towers, office buildings, stores and public space, according to sources.

Feds to pay for REM station at Montreal airport: Source

Commercial  •  La Presse  •  Montreal Gazette

The Trudeau government intends to pull out the chequebook to keep the project to build the Réseau express métropolitain (REM) station at the Pierre-Elliott-Trudeau International Airport on track. “It will be settled next week,” a government source told La Presse.

Ottawa rejects ClubLink golf course redevelopment

Residential, Commercial  •  Ottawa Citizen  •  Ottawa Business Journal  •  CBC

Ottawa’s planning committee on Thursday voted 7-1 to reject a redevelopment plan for a Kanata golf course. ClubLink wants to transform the Kanata Golf and Country Club into a 1,544-home subdivision with development partners Richcraft Homes and Minto Communities.

CAPREIT acquires Maple Ridge apt. campus for $29.2M

Residential  •  Globe Newswire  •  RENX

CAPREIT (CAR-UN-T) announced it has purchased a four-building apartment campus containing 147 suites on 3.15 acres of land in the heart of the Maple Ridge Town Centre, just outside Vancouver. CAPREIT paid $29.2 million for the property, financed by cash.

Montreal’s Complexe Desjardins to get a new food court

Commercial  •  La Presse

Montreal’s Complexe Desjardins is taking advantage of the pandemic to demolish its fast food court and build a new space for meetings. The search for new restaurateurs is underway ​​for the 30,000-square-foot Le Rendez-Vous, set to open in November.

The Saskatchewan Edge › Industrial properties sell in the blink of an eye

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Airbnb takes action against 44 Alberta party houses

Residential  •  Global News  •  CTV

Airbnb is cracking down on party houses, announcing Wednesday it has taken action against 44 listings in Alberta — 24 in Calgary and 20 in Edmonton. It comes after Airbnb received complaints or learned of listings violating the company policy on parties and events.

Homebuilding surge to continue for years: West Fraser

Residential  •  Financial Post

Strong homebuilding activity in North America will mean tight wood supply and demand for several more years, according to Ray Ferris, chief executive officer of Quesnel, B.C.-based West Fraser Timber Co. Ltd., the world’s largest lumber producer.

Court allows Coquitlam Centre HBC to reopen

Commercial  •  Daily Hive  •  Tri-City News

Hudson’s Bay Co. has been granted an interim order by B.C.’s Supreme Court to re-enter its Coquitlam Centre location five days after it was served an eviction notice for defaulting on its rent.

Hullmark, First Capital plan flatiron 227-unit rental

Residential  •  Urban Toronto  •  RENX

Hullmark Developments and First Capital have submitted a Site Plan Approval application for a flatiron-inspired purpose-built rental building at 1071 King St. W. BDP Quadrangle designed the 14-storey mixed-use building with 227 units for the wedge-shaped property.

Top 10 largest construction project starts in Canada

Commercial  •  Daily Commercial News

The accompanying table records the 10 largest construction project starts in Canada in October 2020. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada.

Food services sector could see 200,000 jobs wiped out

Commercial  •  Financial Post  •  Reuters

“The second round of restrictions that began in October look set to subtract 150,000 to 200,000 from accommodation and food service employment compared to September,” Stephen Brown, senior Canada economist at Capital Economics, told the Financial Post.

Black Friday just part of one long, weird shopping season

Commercial  •  Bisnow  •  Canada Newswire  •  Globe and Mail

The Black Friday of yore was already in flux before the pandemic. As consumers shifted to online shopping, the enticement to stand in a line in the wee morning hours for a $99 flat-screen waned.

Managing director discusses CRE-dedicated IPSX

Commercial  •  Quoted Data  •  Lexology  •  IPE Real Assets

VIDEO: Managing director Roger Clarke discusses the International Property Securities Exchange (IPSX), the world’s first regulated securities exchange dedicated to commercial real estate assets and reflective of an industry-wide curiosity to find new ways to access capital markets.

U.S. condos sell for record 17% discount to single-family

Residential  •  PR Newswire

The typical single-family home that sold in the U.S. this year was purchased for an average of 17.3% more ($58,000) than the typical condo. That represents the largest premium since at least 2013, when Redfin began recording the data.

Kitsilano rental project remains controversial one year later

Residential  •  Business In Vancouver

Jameson Development’s five-storey rental housing project in Kitsilano, approved last year, has grown by five homes. At least one councillor is concerned the change, along with a reduction in three-bedroom units, compromises the integrity of council’s developments approval process.

Prices soar in Ontario’s cottage country

Residential  •  CBC

People seeking to trade urban living for an idyllic Ontario cottage on the lake are getting sticker shock as properties get snapped up within days of going up for sale — sometimes at 70 per cent above the asking price.

TRREB tells brokerages to stop displaying old home sales data

Residential  •  Globe and Mail (Sub. required)

Toronto real estate brokerages have been told  to stop displaying home sales data older than two years, according to a memo sent by the Toronto Regional Real Estate Board (TRREB), sowing confusion among realtors who question the sudden restriction.

T.O. neighbourhoods where rent declined the most

Residential  •  Daily Hive

The average monthly rent in the Greater Toronto Area was down for the 11th straight month, with rent for all property types taking a dive at over 13% in October. Looking at former municipalities, many experienced significant declines.

Crown Realty Partners sells Mississauga office campus

RENX  Commercial  •  Office  •  Toronto / GTA

Three years after purchasing 2300 Meadowvale Blvd. from its owner-operator, Crown Realty Partners has sold the office campus in Mississauga to an institutional buyer. The $75.5 million sale values the three-storey, 240,000 square foot building at $315 per square foot.

VANDYK nearing sales launch for Grand Central Mimico

RENX  Residential

VANDYK Properties is master-planning a new transit-tailored community called Grand Central Mimico in the Toronto suburb of Etobicoke. The project is located in The Mimico Triangle area of south Etobicoke, which has been recognized as a priority regeneration area by