Capital Point to mark Slate’s Vancouver office debut

RENX  Commercial  •  Office  •  Metro Vancouver

Slate Asset Management is set to launch its first Vancouver office buildings this spring, a two-tower strata renovation project known as Capital Point. The Toronto-based firm is betting on pent-up demand for the properties from businesses and investors.

StorageVault to acquire 15 facilities for $100M

RENX  Commercial  •  Industrial  •  Ontario, Saskatchewan, Alberta

StorageVault Canada says it has agreements to acquire 15 additional locations from seven vendors in three provinces for a total of $100 million. Seven of the properties are in Ontario, two are in Saskatchewan and six are in Alberta.

Nanaimo port expanding, but land already spoken for

Commercial  •  Western Investor

A $105M public-private expansion of Nanaimo’s Duke Point Shipping Terminal is being touted as the key to  opening up Vancouver Island to more container shipping, but the industrial land is already owned by Harmac Pacific (1,250 acres) and Seacliff Properties (726 acres).

Port of Vancouver sees 1% growth in challenging 2020

Commercial  •  Business In Vancouver

Movement of goods through the Port of Vancouver increased a marginal one per cent for 2020, a year in which global trade was beset by challenges posed by the COVID-19 pandemic.

Calgary’s neighbours stealing industrial tenants

Commercial  •  Global News  •  RENX

As part of the ongoing development of a city-wide growth strategy, Calgary’s planning and urban development committee heard the city is facing growing competition as industrial land in areas such as Balzac are priced lower than within city limits.

PROREIT sells two Montreal buildings for $13M

Commercial  •  Canada Newswire  •  RENX

PROREIT (PRV-UN-T) announced it has sold a non-strategic office building for $5 million and a non-strategic light industrial building for $8 million at 325 Hymus Blvd., and 26 Hymus Blvd., respectively, in the Greater Montreal Area.

The Title Page › How low can rates go: Navigating a long-term low rate environment

Lori Sartor and Eric Haslett: Lori Sartor and Eric Haslett

Feds extend wage and rent subsidy until June

Residential, Commercial  •  CTV  •  Toronto Star

Prime Minister Justin Trudeau says the government will extend the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy until June as the country grapples with the COVID-19 pandemic.

Victoria International Marina for sale

Commercial  •  Victoria Times Colonist  •  CHEK

Facing a second consecutive season of empty slips, the ­owners of Victoria International Marina have put the four-year-old property on the market. No sale price was published for the marina, which was built for $35 million and was fully operational in 2019.

Alberta budget includes $21B for construction projects

Commercial  •  Daily Commercial News

Alberta’s budget aims to increase spending on construction projects to spur economic recovery. The government’s three-year plan includes investing almost $21 billion on construction, a $1.7 billion increase on what was planned in Budget 2020 for 2021-’22.

REIT fourth-quarter financial results

Commercial  • 

Granite REIT, (GRT-UN-T), Business Wire
True North Commercial REIT, (TNT-UN-T), Canada Newswire

REOC fourth-quarter financial results

Residential, Commercial  • 

Genesis Land Development Corp. (GDC-T), Canada Newswire
Tricon Residential, (TCN-T), Canada Newswire

BGO raises $1.3B for European debt fund

Residential, Commercial  •  Bloomberg  •  IPE Real Assets

BentallGreenOak has raised $1.3 billion Cdn for its latest European real estate debt fund as the private equity firm muscles in on property lending amid a retreat by banks. The fund issues loans secured against European offices, warehouses and homes.

HBC launching online marketplace

Commercial  •  Toronto Star

Hudson’s Bay Co. hopes to transform its website into Canada’s next online shopping marketplace in a bid to position itself as a premium, home-grown alternative to e-commerce heavy hitters like Amazon.

Social media interest fuels jump in Tanger Factory

Commercial  •  Regina Leader-Post

Shares in Tanger Factory Outlet Centers (SKT-N), which is currently heavily shorted, hit an over two-year peak on Thursday, buoyed by an unexpectedly strong retail interest on social media platforms. Tanger’s stock rose as much as 26.3 per cent to $22.40.

JPMorgan looks to cut office space in Manhattan

Commercial  •  Reuters

JPMorgan Chase & Co. (JPM-N) is looking to sublet just under 700,000 square feet at 4 New York Plaza in Manhattan’s Financial District and more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area, Bloomberg News reported on Tuesday.

Toronto, Vancouver home sales soar

Residential  •  Globe and Mail  •  Financial Post  •  Toronto Star

February home sales in Toronto and Vancouver soared as the condo market rebounded and low interest rates continued to push up prices of detached houses in the suburbs. GTA home resales hit a record for February, 52.5 per cent higher year-over-year.

Calgary housing sales jump 54% YOY

Residential  •  CBC  •  CTV

The Calgary Real Estate Board‘s February numbers show prices jumped by about eight per cent to reach an average of $485,870, up from $446,690 year-over-year.  Sales totalled 1,836 last month, a 54 per cent-plus year-over-year increase and a February volume not seen since 2014.

Pandemic extended Ontario homebuyers’ search areas

Residential  •  Financial Post

A survey by Zoocasa found nearly a third Ontarians bought in an area they would not have considered before COVID. Of these, 70% said the property was further away and over half said it was in an area with fewer residents.

Ottawa lays out 10-year, $200M plan for affordable housing

Residential  •  CBC

The City of Ottawa has laid out a decade-long plan to spend nearly $200 million to build affordable housing, and wants upper levels of government to match those dollars. The city forecasts needing nearly $565 million over 10 years.