GTA has 2,000 possible sites to build new housing: Report

RENX  Residential  •  Land, Homes  •  Toronto / GTA

There are as many as 2,000 surplus or underutilized government-owned properties which could be utilized to help ease Toronto’s housing and affordability issues, according to a new report from Ryerson University’s Centre for Urban Research and Land Development (CUR). “We’re

Sun Life acquires Montreal office tower

Commercial  •  La Presse  •  RENX  •  RENX

Sun Life Financial (SLF-T) Wednesday confirmed the acquisition of one of the most prestigious office towers in downtown Montreal: 1250 René-Lévesque Boulevard West. The acquisition, by Bentall Kennedy, is not expected to exceed $605 million. The sellers are Oxford and PSP Investments.

First Capital’s ‘super-urban’ strategy pays dividends

Commercial  •  Bloomberg  •  RENX

What retail apocalypse? The head of First Capital Realty (FCR-T) said rents have never been so high or vacancies so low in the shops it owns and operates. It helps to be the biggest retail landlord in ritzy Yorkville.

Chard building Vancouver office/industrial

Commercial  •  Vancouver Sun

Earlier this month, Chard Development officially broke ground on The Yukon, a 49,000-square-foot strata office/light industrial building in Vancouver’s Mount Pleasant neighbourhood. The building will rise four storeys and will have units from 1,000 to 10,000 square feet.

Fortress seeks large payouts for asset negotiations

Commercial  •  Globe and Mail (Subscription required)

Fortress Real Developments Inc. is seeking large fee payments for work it has done negotiating new financing for some of its troubled real estate developments, even as syndicated mortgage investors are facing significant losses on some of the projects.

Private REITs: a solid capital growth investment

Greg Placidi: Chief Investment Officer & Portfolio Manager, Equiton Capital

Bridges too pricey for CPPIB: CEO

Commercial  •  Bloomberg

Mark Machin, chief executive officer of the Canada Pension Plan Investment Board, sees little opportunities in the country’s infrastructure projects — or in other developed countries for that matter – for the $392-billion fund.

Plans revised for 2 Tecumseth development

Residential, Commercial  •  Urban Toronto

A plan dating back to 2017 seeking to redevelop 2 Tecumseth in Toronto has been revised. The original plan called for three towers and three low-rise buildings. The revised plan calls for a pair of residential condominium towers and two office buildings.

Windsor condo project hopes to spark ‘renaissance’

Residential  •  Windsor Star

Windsor’s Valente Development Corporation broke ground on a $7-million condo project downtown Wednesday — only the second major residential development downtown in more than two decades — with hopes of sparking a “renaissance.”

Montreal architect still dreams of a better city

Residential, Commercial  •  Montreal Gazette  •  Globe and Mail

“I think the more you dream, and really want that dream, it happens,” said Phyllis Lambert. Montreal’s architecture maven is one of four subjects of Joseph Hillel’s stimulating documentary City Dreamers.

REIT first-quarter financial results

Commercial  • 

Boardwalk REIT, (BEI-UN-T), Canada Newswire

Inovalis REIT, (INO-UN-T), Canada Newswire

REOC first-quarter financial results

Commercial  • 

Skyline Investments, (SKLN.TA), Globe Newswire

Trez Capital Mortgage Investment Corp., (TZZ-T), Canada Newswire

Trez Capital Senior Mortgage Investment Corp., (TZS-T), Canada Newswire

Restaurant Brands plans to expand to over 40,000 globally

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

Restaurant Brands International Inc. (QSR-T) said on Wednesday it plans to expand all three of its brands to more than 40,000 restaurants globally in the next eight to 10 years, making it one of the largest restaurant companies in the world.

CalSTRS acquires Fairfield Residential from Brookfield

Residential, Commercial  •  IPE Real Assets  •  RENX

California State Teachers’ Retirement System (CalSTRS) has gained a controlling stake in Fairfield Residential Company from Brookfield Asset Management (BAM-A-T). The $227.8-billion pension fund said it acquired the majority interest for an undisclosed sum.

Silicon Valley getting own version of Hudson Yards

Residential, Commercial  •  Bloomberg  •  San Francisco Chronicle

The developer of New York’s Hudson Yards is ready to build another massive office, housing and retail complex. Related Cos. announced Wednesday it has started work on a 240-acre site in Silicon Valley.

JFK terminal gets new life as luxury hotel

Commercial  •  Winnipeg Free Press

The famous winged TWA terminal at New York’s John F. Kennedy Airport came out of its decades-long retirement Wednesday with a new life as a luxury hotel. The opening culminates a $268-million project.

Provinces seek $138M to help buy flooded properties

Residential  •  Globe and Mail

Flood-ravaged provinces are asking the federal government to provide almost $138-million to move or buy out homeowners affected by previous years’ inundations, according to new data that gives a glimpse into the national costs of helping residents leave floodplains.

Shoddy regulations enable money-laundering: BCREA CEO

Residential  •  Western Investor  •  Toronto Star  •  Bloomberg

A patchy system of regulation throughout the property purchase and conveyancing process is a key reason criminals have been able to launder money through B.C. real estate, according to the CEO of the British Columbia Real Estate Association (BCREA).

Few foreclosures in Metro Vancouver

Residential  •  Business In Vancouver  •  Business In Vancouver

Metro Vancouver benchmark prices have been falling month-over-month for nearly two years, and most homes that are selling are going for less than their assessed value. Yet foreclosures and court-ordered sales represent a minuscule fraction of the listings.

Toronto sublets on the rise

Residential  •  Toronto Star

With Toronto’s heated rental market and lack of affordable housing, tenants increasingly fear being priced out of a home. Those compelled to leave the city are increasingly hanging onto their apartments, subletting to remain locked-in to the price they’re paying.