'Much more' to be done to increase rental housing supply: ULI

Federal government legislation to remove the GST from purpose-built rental housing construction in Canada is just a start. "Much more" must be done to ease supply and affordability concerns, a group of industry insiders agreed during an ULI Toronto webinar.

VIDA grows apt. portfolio via unique management strategy

VIDA is putting its tenants to work to help provide affordable rentals. Tenants in company-owned apartment buildings are given the opportunity to do everything from painting and caulking to minor repairs and office management to keep operating costs down. 

CRE lending bigger risk than previously thought: OSFI

The Office of the Superintendent of Financial Institutions warned in its list of the highest risks facing CRE that valuations in a fast-changing landscape could quickly become outdated and that trends including co-lending could increase default risks and recovery values.

CRE taxes 'wake-up' call for Calgary city council

OPINION: Here’s a “wake-up” call for city councillors as they head into budget deliberations next month — a new Altus Group report highlights the disproportionate share of taxes local businesses are paying on commercial properties in Calgary.

Bosa proposes 43-, 60-storey mixed-use towers in Burnaby

Bosa Development and Chris Dikeakos Architects have proposed 43- and 60-storey mixed-use towers in Burnaby's Brentwood neighbourhood. The towers would include 472 market strata units, 266 market rental units, 77 non-market rental units and office and retail space.

600 homes planned in Phase 1 of Burnaby project

The first phase of the Indigenous-developed Willingdon Lands project with more than 600 homes in three multifamily buildings, has gone to Burnaby council for preliminary approvals. The project is jointly owned by Musqueam Indian Band, Tsleil-Waututh Nation and Aquilini Development.

Pomerleau JV breaks ground on T.O. life sciences project

Pomerleau and Seeker Labs recently held a groundbreaking event for Catalyst, the first purpose-built life sciences project in more than two decades in Toronto. The 155,000-square-foot facility is located at 77 Wade Ave. in the Junction neighbourhood.

Conversion momentum draws on combination of drivers

Replicating Calgary’s nascent office-to-residential conversion momentum in other markets will likely depend on the same combination of factors, including a generous dollop of cash to subsidize required capital investment, according to Rob Blackwell, chief operating officer with Aspen Properties.

CEO says turnover chatter hurting Fiera Capital

Jean-Guy Desjardins, founder and CEO of Fiera Capital (FSZ-T), says he is frustrated by what he describes as staff turnover “noise” harmful to the development efforts of the Montreal asset manager and is reflected in the drop in Fiera's stock.

More bosses admit work from home is here to stay

Only 55 per cent of Canadian business leaders think staffers will return to the office full-time within the next three years, according to KPMG LLP. Last year, 75 per cent of CEOs expected employees to be back at their desks.

Bill gives N.S. gov't more say over Halifax dev.

The Nova Scotia government is giving itself even more power to control development in the Halifax Regional Municipality, in a bill introduced Thursday, claiming the changes are needed to speed up the construction of new homes in the capital city.

Victoria eyes waiving some fees for rental projects

Victoria will ­create a revitalization tax exemption bylaw to encourage developers to include more-affordable units in new market-priced rental projects and to encourage investment in ­non-market-priced rental housing. Victoria will consider ­waiving development cost charges for ­non-market rental housing ­projects.

Real estate podcasts

Nico DePaul, NNN Pro Group: Net leasing in today’s CRE market, Tenant Experience Network

Johanne Marcotte, JLL: Navigating property management trends, The Interview Series 

John McNally, PLACE Centre: Energy transition challenges for Canada, Down to Business

CRE insurance availability at 'crisis levels': Moody's

Climate events and soaring costs are making businesses and homes in some parts of the country completely uninsurable, forcing the commercial real estate industry to scramble to find solution, according to Natalie Ambrosio Preudhomme, associate director at Moody's Analytics CRE. 

Banks boost incentives to lure U.S. CRE buyers

In a tough market for U.S. commercial real estate, sellers are stepping up efforts to entice buyers before plummeting property values force them to accept deeper discounts, offering to act as the bank for sales of buildings in some cases.

Volume of distressed asset sales plummets: MSCI

During the first nine months of 2023, only 205 distressed properties traded hands, a fraction of the 309 distressed transactions during the same period in 2009 and close to 1,000 in 2010 due to income uncertainty, says MSCI Real Assets. 

Hard times ahead for CRE: Deutsche Bank CEO

Deutsche Bank AG chief executive officer Christian Sewing said commercial real estate is facing tough times in the years ahead after central banks raised interest rates more than expected to combat inflation.

Brookfield sued for $6M for work at L.A. buildings

Contractors have filed at least 13 complaints for $6 million in Los Angeles County Superior Court concerning mechanic's liens on downtown buildings owned currently or at the time of filing by Brookfield or its entities for work performed.

Walmart opening 900K-sq.-ft. fulfillment centre in Calif.

Walmart (WMT-N) is improving its West Coast shipping services with the addition of a new 900,000-square-foot facility in Stockton, Calif. Set to open in 2026, it will be the retail giant’s fifth “next-generation” fulfillment centre in the country.

Soros closes offices across $25B philanthropy empire

Open Society Foundations, the $25 billion international network of foundations started by George Soros, is shuttering offices around the world as it prepares to cut more than 40% of its staff.