Riocan plans ‘hundreds of millions’ in transactions

RENX  Residential, Commercial  •  Condominiums, Office, Apartments, Retail  •  National

RioCan REIT (REI-UN-T) might be nearing completion of its $2B non-core asset divestment, but CEO Ed Sonshine expects “many hundreds of millions” of dollars in transactions during the coming year. RioCan expects a mix of outright sales and joint ventures.

Brookfield plans acquisitions in major Cdn. markets

Residential, Commercial  •  Globe and Mail (Sub. required)  •  RENX

Brookfield Property Partners (BPY-UN-T) is putting renewed focus on its roots in Canada after spending years building a huge portfolio of foreign real estate holdings, saying it is now seeking investments in Canadian hotels, apartments, offices and large-scale development projects.

Continuum to sell $1.73B GTA portfolio to Starlight

RENX  Residential  •  Apartments  •  Toronto / GTA

Continuum Residential Real Estate Investment Trust’s proposed initial public offering (IPO) has been taken off the table with the announcement that  Starlight Investments has an agreement to acquire the REIT’s multiresidential portfolio for $1.732 billion.

REM a magnet for developers

Commercial  •  La Presse  •  La Presse

In Brossard, Peel Basin or in the borough of Saint-Laurent, the Réseau express métropolitain (REM) of the Caisse de dépôt et placement acts as a magnet for developers. Real estate activity has reached $4.3 billion so far around future stations.

Indigenous developer ignored Vancouver zoning rules

Residential, Commercial  •  Globe and Mail (Sub. required)

EDITORIAL: It is often said Vancouver’s insanely high real estate prices are due to a lack of land. However, there is plenty of land. The problem is zoning rules reserve so much of that land for low-rise, single-family homes.

Vancouver’s CRE boom faces some ominous signs

Commercial  •  Globe and Mail (Sub. required)

The official picture of Vancouver’s office-tower scene is almost zero vacancy, more companies clamouring for space and near euphoria over the transformation from a resources-only town to a rapidly growing tech centre that is filling up commercial buildings.

The Saskatchewan Edge › The art of passionate selling

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

Ottawans vote to purchase Mattamy’s golf course

Commercial  •  Ottawa Citizen  •  CBC

Residents of Barrhaven’s Stonebridge neighbourhood have voted by a two-thirds margin in favour of an annual tax levy to raise $7 million for the potential purchase of Stonebridge Golf Cub from its current owner Mattamy Homes.

Dream proposes two-tower mixed-use complex

Residential, Commercial  •  Urban Toronto

An application has been submitted to the City of Toronto by Dream Unlimited (DRM-T), seeking rezoning for a mixed-use development at 49 Ontario St. Designed by architectsAlliance, the proposal calls for 36-, 29-, and 12-storey buildings and a mix of residential, retail and office.

Top 10 upcoming Canadian office projects

Commercial  •  Daily Commercial News

The accompanying tables show the top 10 major upcoming private and government office building construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

P3s more expensive in the long term: Study

Commercial  •  Daily Commercial News

The author of a study that looked at the P3 model of building highways in Nova Scotia has a few words of advice for other provinces that might be mulling over the possibility of using the same playbook.

Investors sue Ontario over syndicated mortgages

Residential  •  Globe and Mail (Sub. required)

A group of investors has launched a class-action lawsuit against the Ontario government alleging the regulator responsible for licensing mortgage brokers was negligent in allowing the sale of risky syndicated mortgage investment products marketed by the Tier 1 group of companies.

BSR REIT sells nine U.S. properties for $119.2M

Residential  •  Canada Newswire  •  Canada Newswire

BSR REIT (HOM-U-T) announced it has sold nine non-core assets, comprising 1,423 apartment units, for $119.2 million US as part of the REIT’s portfolio enhancement and capital recycling strategy. All of the properties are in the U.S.

Sears to close 96 more U.S. stores

Commercial  •  Reuters

Sears (SHLDQ) told Reuters on Thursday it had won a $250-million lifeline from lenders that include billionaire owner Eddie Lampert and will close additional stores, as mounting losses strain the beleaguered U.S. department store chain’s finances.

CPPIB to JV on São Paulo multifamily portfolio

Residential  •  Canada Newswire  •  IPE Real Assets

Canada Pension Plan Investment Board (CPPIB) and Cyrela Brazil Realty (Cyrela) have formed a joint venture to develop a portfolio of residential real estate São Paulo. The joint venture will target an investment of up to $358 million Cdn.

WeWork, ex-CEO, Softbank sued over botched IPO

Commercial  •  Reuters  •  Calcalist

WeWork officials, including co-founder and former CEO Adam Neumann, are being sued by minority shareholders to recoup losses as the shared workspace provider pulled its initial public offering and saw its value plunge more than 87 per cent.

Proposed Airbnb rules heavy-handed: Ottawa hosts

Residential  •  CBC  •  Ottawa Business Journal

Ottawa Airbnb hosts say a proposed city bylaw that would limit short-term rentals to primary residences is too harsh, and worry responsible homeowners are being scapegoated for problems beyond their control.

B.C. rental crisis beyond short-term rentals: Experts

Residential  •  CBC  •  Globe and Mail  •  Western Investor

British Columbia’s rental housing crisis goes far beyond factoring the impact of short-term rentals, say housing experts who say more building is needed to help families find affordable homes.

Vancouver addresses housing crisis in 10-year plan

Residential  •  Vancouver Sun

Metro Vancouver has a 10-year plan to help tackle the region’s housing crisis. Under the framework, the region said it will invest $190 million in affordable housing over the next decade.

Calgary housing market sees a shift to rental

Residential  •  Globe and Mail (Sub. required)  •  Calgary Herald  •  Calgary Herald

Calgary inner-city condo developers are deciding to convert buildings from condo ownership to rental either before construction has begun or after construction has started, says Dave MacKenzie, vice-president of multifamily and land with Avison Young in Calgary.