Vancouver’s high-profile Martello Tower sold

RENX  Residential  •  Apartments  •  Metro Vancouver

After years of interest from many Vancouver multifamily property owners, one of the city’s most iconic rental apartment towers has been sold. The waterfront Martello Tower at 1011 Beach Ave., is now owned by Vancouver-based Mayfair Properties Ltd.

Spallacci, Valery to build The Moderne in Hamilton

RENX  Residential  •  Condominiums  •  Ontario

Two Hamilton developers will partner to build the 36-storey The Moderne, the second-tallest building in the city’s downtown core. Spallacci Group and Valery Homes will develop The Moderne along King and Catharine Streets.

Mississauga’s 177-acre Lakeview Village closer to reality

Residential, Commercial  •  680 News

Lakeview Community Partners’ 177-acre mixed-use Lakeview Village is progressing with continued construction along Mississauga’s waterfront, while awaiting the next stage of planning approvals. The project is to include over 8,000 residential units in townhomes, mid-rise and taller condo buildings.

Developers wrestle with on-site COVID outbreaks

Residential  •  Globe and Mail

As Ontario’s emergency public health measures are being extended into June, a number of COVID-19 outbreaks at residential construction sites has highlighted the debate over what kind of work should be considered essential.

Three apartment towers planned in downtown Moncton

Residential  •  CBC

Sackville, N.B., developer T. Hicks Construction Management Service has proposed three 14-storey apartment complexes in downtown Moncton on behalf of Lafford Properties. The apartment complex would include underground parking and commercial and retail space at 20 Record St.

The Saskatchewan Edge › Premier Moe’s plan to reopen Saskatchewan for business

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Greybrook, Cityzen propose 22-storey mixed-use

Residential, Commercial  •  Urban Toronto

Cityzen Development Group and Greybrook Realty Partners‘ latest iteration for a 22-storey tree-covered condominium and retail development would bring 100 residential dwellings to 314 Davenport Rd. in Toronto. The proposed comprehensive site redevelopment would be designed by BBB Architects.

Brutalist Windsor law school building gets $35M facelift

Commercial  •  Daily Commercial News

The University of Windsor’s three-storey Ron W. Ianni Law Building, opened in 1970 and generally considered an admirable example of Brutalist architecture, is undergoing a $35-million restoration. The project will not sacrifice the “fine” exterior shell, says Diamond Schmitt’s Duncan Higgins.

Canadian Tire e-commerce up 257 per cent YOY

Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire  •  Toronto Star

Sales have continued to surge at Canadian Tire Corp. Ltd. (CTC-A-T), as demand for outdoor gear, backyard items and home improvement products remains high. The Toronto-based retailer’s e-commerce grew by 257 per cent year-over-year to nearly $450 million the first quarter.

B.C. lumber prices soar to stratospheric highs

Residential, Commercial  •  Vancouver Sun  •  CBC

The sticker shock of lumber prices that have more than tripled in the last year has made Cameron Holden’s job of managing client expectations as a renovation contractor more difficult. Madison’s last week quoted US$1,330 for 1,000 board feet.

REIT first-quarter financial results

Residential, Commercial  • 

American Hotel Income Properties REIT, (HOT-UN-T), Canada Newswire
Automotive Properties REIT, (APR-UN-T), Canada Newswire
Inovalis REIT, (INO-UN-T), Business Wire
Slate Office REIT, (SOT-UN-T), Business Wire
SmartCentres REIT, (SRU-UN-T), Globe Newswire

REOC first-quarter financial results

Residential, Commercial  • 

Brookfield Asset Management, (BAM-A-T), Globe Newswire
Invesque Inc., (IVQ-U-T), Canada Newswire
Sienna Senior Living Inc., (SIA-T), Globe Newswire
Tricon Residential, (TCN-T), Canada Newswire

Brookfield remains world’s largest public RE company

Residential, Commercial  •  Forbes

For the fourth straight year, Brookfield Asset Management took the top spot on The Global 2000 ranking of the largest public companies with $600 billion in assets under management, including more than 400 million square feet of office, hotel, residential and retail space.

MGM, Caesars get OK for 100% gambling occupancy

Commercial  •  Toronto Star  •  PR Newswire

MGM Resorts (MGM-N) shares wavered on Wednesday after the casino titan said Nevada officials approved 100 per cent occupancy with no social-distancing requirements on the gambling floors in its nine Las Vegas properties.

Marriott reports lower-than-expected quarterly profit

Commercial  •  Globe and Mail  •  Toronto Star

Marriott reported lower-than-expected quarterly profit and revenue because of fewer bookings in its main U.S. market, but the business showed a sharp rebound in China, which is emerging from the coronavirus pandemic at a faster pace.

Flagship buys Ark. manufactured housing community

Residential  •  Canada Newswire

Flagship Communities REIT (MHC-U-T) announced  it has completed the acquisition of a manufactured housing community in Little Rock, Ark., for a purchase price of approximately US$5.3 million. The acquisition is 76.6% leased currently.

Chard launches sales for Victoria condo tower

Residential  •  Victoria Times Colonist

As residents prepare to move into its first Victoria middle-income condominium tower, Vancouver-based Chard Development is already planning a second one. The 135 one- and two-bedroom units in 20-storey Vivid at the Yates were sold at 12 per cent below market value.

First-Time Home Buyer Incentive struggling to gain traction

Residential  •  Globe and Mail (Sub. required)

The federal government is doubling down on its shared-equity program for first-time home buyers, a move critics say is unlikely to drum up significant interest in the underutilized program and does not address the affordability challenges that plague the market.

New Westminster cracked the renoviction code

Residential  •  Toronto Star

In 2019, New Westminster council adopted a bylaw so adept at shutting down renovictions one developer launched a lawsuit challenging it. The numbered company’s attempts advanced to the B.C. Court of Appeal, but it lost its bid in April.

Foreign-homebuyers tax could raise $500M over four years

Residential  •  Vancouver Sun

Parliamentary budget officer Yves Giroux suggests in a report the  proposed tax on vacant homes owned by foreign non-residents would bring in just over $500 million from 2022-’26. The federal government’s recent budget estimated the one per cent tax would raise $700 million.