Canvar Group selling 3 Montreal multires buildings, hotel

Canvar Group is selling a portfolio of three mutiresidential properties and one hotel its broker describes as a rare opportunity in downtown Montreal. The four properties total 755 units and more than 663,000 square feet of building area.

Mainstreet Equity reports double-digit year-over-year growth

Mainstreet Equity Corp. (MEQ-T) in its fiscal Q3 2023 achieved double-digit, year-over-year growth across all key operating metrics for the seventh consecutive quarter amid a rosy outlook in the rental market.

T.O.'s Canary District continues transformation

In recent years, the Canary District in downtown Toronto has experienced a tremendous amount of development, transforming the neighbourhood into a commercial and residential hub including Dream Unlimited's mixed-use development and its current Canary Landing project which is under development.

Steelcon adds 112,750-sq.-ft. manufacturing facility

Steelcon Group of Companies is expanding its fabrication capacity with the addition of a 112,750-square-foot manufacturing facility in Welland, Ont. Steelcon now owns a combined total of more than 712,750 square feet of facility space.

StorageMart opens new facility in Barrie

StorageMart, an international self-storage company, announced the opening of a new facility in Barrie. The new facility on Mapleview Drive West comprises 747 units and over 89,000 net square feet of heated and climate controlled self storage in assorted sizes.

Pair of Vancouver office buildings officially for sale

As expected, two premier downtown Vancouver office buildings are listed for sale, marking the first major office towers coming to market since COVID. Oxford Properties and CPP Investments have listed attached buildings 402 Dunsmuir St. and 401 West Georgia St.

Amazon to open 2M-sq.-ft fulfilment centre Oct. 1

Amazon Canada will open its two-million-square-foot facility between London and St. Thomas, Ont., on Oct. 1. According to a release, Amazon said employees will work alongside the latest advanced Amazon Robotics technology to process up to 750,000 items a day.

First mall-based HBC shutting down in Burnaby

A Canadian department store that shaped land use and traffic patterns in what became Burnaby’s Lougheed Town Centre more than 50 years ago is closing down. The shopfront was unique as it was Hudson’s Bay's first location in a mall.

Madison proposes 34-storey Midtown condo

Madison Group has proposed a 34-storey condominium building at 21-35 Henning Ave. in Midtown Toronto. The design by Turner Fleischer Architects contains 390 residential units. The design also includes provisions for bicycle parking, with a total of 440 spots.

Top 10 upcoming Alberta, B.C. 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.

REIT second-quarter financial results

Artis REIT, (AX-UN-T), Canada Newswire

Dream Residential REIT, (DRR-U-T), Business Wire

ERES REIT, (ERE-UN-T), Globe Newswire

InterRent REIT, (IIP-UN-T), Business Wire

RioCan REIT, (REI-UN-T), Business Wire

CF, Boreal IM JV acquires first Italian portfolio

The Cadillac Fairview/Ontario Teachers' Pension Plan & Boreal IM joint venture has completed its first transaction in Italy, the purchase of a portfolio that includes four fully let and long-lease operational warehouses totalling 2,127,000 square feet and two development plots.

U.S. industrial leasing down 46.9% Y-O-Y: JLL

The U.S. industrial real estate market recorded 112.6 million square feet of leases in the second quarter, down 46.9% year-over-year, according to a report released Wednesday by JLL, which called the leasing decline "staggering."

U.S. office loan delinquencies rise to 5% in July

The number of borrowers having trouble staying current on their loans continues to grow, including in the office sector. The delinquency rate for CMBS loans rose to 4.4% in July, but for office loans, that number reached five per cent.

CRE seeks financing alternatives as lenders hit the brakes

In order to keep capital flowing into CRE deals and projects, investors and developers are increasingly turning to alternative funding sources. The pool of commercial real estate lenders was already shrinking in 2022 and recent events have accelerated the pace.

T.O. home sales drop for second straight month: TRREB

The volume of resales in the Toronto region fell 8.8 per cent from June to July after removing seasonal influences, according to the Toronto Regional Real Estate Board. It was the second straight month of declines.

Van. home sales jump 28.9% year-over-year

Vancouver homes sales were up 28.9 per cent year-over-year in July and prices were up across the board as the market continued to rebound despite higher mortgage costs, according to data from the Real Estate Board of Greater Vancouver (REBGV).

B.C. condo buyers set sights on Calgary’s presale market

B.C. homebuyers are fuelling condo presales in Calgary, with data showing a “velocity” of condo sales in Calgary not seen in the last decade, according to real-estate data analytics firm Zonda Urban.

More newcomers needed to build housing: RBC

The construction sector is short 64,000 jobs, posing a significant problem for an industry that must produce enough housing to meet demand from Canada’s ever-growing population — and the best workers for the job are newcomers, says a RBC report.