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‘I don’t think I’ve ever been more bullish’: Tricon CEO
‘I don’t think I’ve ever been more bullish’: Tricon CEO
Rebranding efforts and housing trends accelerated by COVID-19 helped push Tricon Residential to a strong 2020 financially and operationally. “I don’t think I’ve ever been more bullish,” CEO Gary Berman told RENX.
Burnaby issues RFO for ‘prime’ 17-acre industrial site
Burnaby, where the industrial vacancy rate is among Metro Vancouver’s lowest, seeks to sell a “prime” 17-acre light industrial property. Bids starting at $63 million are being accepted to purchase the land, but there is an option for a 60-year lease.
Pension plans increasing in-house asset management
Canada’s sophisticated pension funds are at the forefront of a trend to shift asset management functions in-house – along with associated requirements for investment operations and systems, according to a new survey of 50 leading Canadian pension funds by CIBC Mellon.
Black Opportunity Fund a promising first step
• Globe and Mail • RENX
Since the Black Opportunity Fund was created last summer by a group of black executives, several commercial real estate companies have reached out, says Dennis Mitchell, a co-founder of the fund which aims provide black Canadian-led businesses with long-term capital.
Algonquin chiefs denounce Ottawa’s urban expansion
• CBC • Ottawa Citizen • Ottawa Citizen
Chiefs of Algonquin First Nations say a decision by municipal politicians to allow the Algonquins of Ontario to urbanize a large swath of land in Ottawa’s rural southeast isn’t reconciliation, and say they were never consulted on the project.
T.O. COVID-19 workplace outbreaks will be made public
Toronto Public Health announced that starting next week, it will publicly name all businesses with COVID-19 cases that meet its definition of a workplace outbreak on a weekly basis. Previously, it was only naming businesses with “significant” outbreaks.
Montreal plant will produce vaccines in 2022
Montreal’s new vaccine manufacturing plant, under construction on Royalmount Avenue, will likely only be ready to start producing vaccines several months into 2022. The federal government granted $126 million in August for Montreal’s Biologics Manufacturing Centre.
Google shutters Mtl. studio; Quantic Dream opens one
• Montreal Gazette • Les Affaires • La Presse
Google is no longer competing with PlayStation and the Xbox, announcing Monday it’s shutting down the division of Stadia that was dedicated to making exclusive games, including its Montreal studio. Meanwhile, Quantic Dream announced it will open a Montreal studio.
CIB directed to invest $1B in Indigenous projects
• Globe and Mail (Sub. required)
The federal government has directed the Canada Infrastructure Bank to invest at least $1 billion in revenue-generating projects that benefit Indigenous peoples as part of a new statement of priorities for the Crown corporation.
Sites being cleared for Van.’s new $2.83 subway project
• CTV
Sites are now being cleared to make way for the $2.83 billion Broadway Subway project, which aims to help people get around one of the busiest parts of Vancouver when it’s completed in 2025.
Automobile has become a kingmaker for downtown CRE
A recent university paper confirms what stakeholders have observed: CRE in cities that “rely heavily on subway and light rail” has been affected more by the adverse impacts of COVID-19 than cities where commuting is dominated by the automobile.
Ottawa plan must allow for distribution centres
OPINION: Members of Civic Action Ottawa are concerned that city staff recommendations for the new Official Plan will limit Ottawa’s competitiveness in attracting large-scale logistics and distribution centres, such as Amazon and a much-needed food terminal.
BentallGreenOak buys Amazon-leased Brooklyn warehouse
• CP Executive • IPE Real Assets
BentallGreenOak has acquired a 90,000-square-foot Brooklyn industrial property leased to Amazon from a joint venture between Harbor Group International and Turnbridge Equities. The property is eight kilometres west of JFK Airport and within a 30-minute drive of 10.5 million people.
Oil bust leaving Texas towers empty
Houston ended last year with a 24 per cent office vacancy rate, the highest of any major U.S. city, according to Jones Lang LaSalle Inc. Buildings are sitting empty, values are plunging and mortgage defaults are piling up.
Moody’s: U.S. office rents won’t rebound until 2026
• Business Wire • CP Executive
Moody’s Analytics predicts the U.S. office sector will suffer more in 2021 than it did in 2020, with the vacancy rate rising to 19.4 per cent this year before steadying in 2022. Pre-pandemic average effective office rents are not expected until 2026.
U.S. REITs’ long road to economic recovery
• CP Executive • Wealth Management
Currently, roughly one-third of U.S. REITs have a negative outlook, while just three per cent are rated as positive. Hard-hit REIT sectors — such as hotels and gaming and leisure properties — will continue to experience much of the same decline.
Condo prices in border-lockdown limbo in Van., T.O.
• Vancouver Sun • Globe and Mail
Metro Vancouver has been defined by its profusion of condos. Whether the housing units are in one of the more than 1,300 high-rises or countless low-rises across the region, the strata units are the forgotten children of Canada’s fevered real-estate market.
How much does it cost to renovate a Van. laneway home?
• Globe and Mail (Sub. required)
My neighbour spent $40,000 going down the road to building an infill house on his lot, with a plan almost identical to ours. However, he gave up after a couple of years into the same process I went through.
Nanaimo rental vacancy rate drops to 1%
Nanaimo’s rental housing crisis is becoming more severe as availability shrinks and rents rise despite new construction. The city’s vacancy rate dropped to one per cent as of October, down from two per cent year-over-year. The Canadian average is 3.2.
Fraser Valley home sales up 76% YOY
• Vancouver Sun • Globe Newswire • CTV
More investors and buyers with purchasing power from sales elsewhere are spurring a hot home market in the Fraser Valley, says the Fraser Valley Real Estate Board. There were 1,718 home sales in the region in January, 76 per cent up year-over-year.
Industry Events
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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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