Starlight buys Akelius’ GTA apartments for $176.8M

RENX  Residential  •  Apartments  •  Toronto / GTA

Akelius Canada has sold 12 of the 13 Greater Toronto Area apartment properties it put on the market in April to Starlight Investments for $176.8 million. The properties include 19 buildings and 626 suites.

Airbnb to become publicly traded company next year

Residential  •  CBC  •  La Presse

Short-term rental company Airbnb says it plans to go public next year and list its shares on the stock exchange. The company made the announcement in a news release on Thursday, but declined to offer further details.

Google to anchor Quebec industrial development

Commercial  •  La Presse

Quebec is set to bypass the Commission for the Protection of Agricultural Land (CPTAQ) for a major industrial project in Beauharnois. The end user of the field would be Google, according to several press reports.

BOMA Canada names 2019 award winners

RENX  Commercial  •  Office, Industrial, Retail  •  National

BOMA Canada’s annual BOMEX 2019 conference in St. John’s, N.L., has wrapped up, which means the association has announced winners of its national awards. Topping the honours are the properties judged as outstanding buildings of the year (TOBY).

City of Toronto downsizing its office space

Commercial  •  Toronto Star  •  CTV

The City of Toronto announced Wednesday it will reduce the office space it leases and owns by 25 per cent over five years, for savings of $30 million a year — and in doing so became part of a North American trend.

Value: Weighed and Measured › Keeping development on pace, to avoid an economic beating

John Clark: Vice President , The Regional Group of Companies Inc

Ottawa moving forward with LeBreton development

Residential, Commercial  •  CTV  •  Ottawa Business Journal  •  Ottawa Citizen

The National Capital Commission is moving forward on developing Ottawa’s LeBreton Flats, with or without an NHL arena. The new plans come after development consortium Rendez Vous LeBreton fell apart due to infighting among its members.

Diverso aims to expand geothermal in buildings

Commercial  •  Sustainable Biz Canada

Diverso Energy hopes to increase geothermal systems in buildings with a business model it believes benefits both developers and occupants. “We created a utility-like model, where we design, build, own and operate the geothermal system,” said Diverso’s Jon Mesquita.

Pure Multi-Family unitholders approve takeover

Commercial  •  Canada Newswire  •  RENX

Pure Multi-Family REIT (RUF-UN-T) announced a special meeting of unitholders held Wednesday approved the statutory plan of arrangement whereby an affiliate of Atlanta-based Cortland Partners, LLC will take the REIT private in an all-cash transaction valued at approximately US$1.2 billion.

Slate Retail sells eight U.S. properties for $45.9M

Commercial  •  Business Wire

Slate Retail REIT (SRT-U-T), an owner and operator of U.S. grocery-anchored real estate, announced today the completion of nine dispositions as part of the REIT’s capital recycling program. The nine dispositions will generate gross proceeds of $45.9 million.

Greybrook, Marlin Spring acquire Montreal rentals

Residential  •  Globe Newswire

Greybrook Realty Partners and Marlin Spring announced today the acquisition of a portfolio of rental properties in Montréal. Entities controlled by Greybrook and Marlin Spring purchased a portfolio consisting of seven apartment buildings with a total of 324 rental units.

Firm Capital buys 50% of $11.4M industrial portfolio

Commercial  •  Globe Newswire  •  RENX

Firm Capital Property Trust (FCD-UN-X) announced the acquisition of a 50 per cent interest in two industrial properties located in Edmonton. The acquisition price for 100% of the portfolio is approximately $11.4 million, excluding transaction costs.

Colliers to run Global Transportation Hub

Commercial  •  CBC

As of Oct. 1, the troubled Global Transportation Hub will be managed by Colliers International (CIGI-T), according to a news release on the Regina inland port’s website.  Colliers International will run and market the GTH, a publicly owned Crown corporation.

Couche-Tard wants to be a key cannabis player

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

Alimentation Couche-Tard Inc. (ATD-A-T) wants to be one of the “key players” in the North American cannabis market by using its position in Canada – where use of the substance for recreational purposes is legal – to achieve this goal.

Invesque announces new Canadian dollar listing on TSX

Commercial  •  Canada Newswire  •  RENX

Invesque (IVQ-U-T) announced the introduction of a Canadian dollar listing of its common shares on the Toronto Stock Exchange. Effective Friday, the shares will commence trading on the TSX in Canadian dollars under the symbol “IVQ.”

Halifax’s long-awaited Centre Plan approved

Residential, Commercial  •  CBC  •  RENX  •  CBC

At long last, Halifax regional council has approved the first part of its plan to regulate new development in Halifax and Dartmouth. The Centre Plan has been four years in the making. The so-called “Package A” deals with multi-unit developments.

N.S. crane collapse site declared state of emergency

Commercial  •  CBC  •  Halifax ChronicleHerald  •  CBC

The site where a crane collapsed onto a building in downtown Halifax has been declared a localized state of emergency. Minister Chuck Porter said the declaration was required so the site is cleared in the fastest and safest way possible.

Vancouver approves more market rental housing

Residential  •  CBC

Vancouver city council approved rezoning for a new rental apartment in the heart of the city’s eastside on Tuesday, but it didn’t come without considerable debate. Council voted in favour of a proposed five-storey, 35-unit apartment on Grant Street.

Home prices rise for fourth straight month

Residential  •  Reuters  •  Globe and Mail (Sub. required)

Canadian home prices rose for the fourth consecutive month in August, while the annual increase in prices picked up for the first time in nine months, the Teranet-National Bank Composite House Price Index showed.

Household wealth drops for first time since financial crisis

Residential  •  Globe and Mail (Sub. required)  •  Financial Post  •  Financial Post

Canadian household wealth dropped in 2018, the first annual decline since the financial crisis battered equity markets and sent real estate prices plunging nearly a decade ago, according to a new study by Environics Analytics.