LSR GesDev, Fonds to build NOVIA tower in Longueuil

RENX  Residential, Commercial  •  Office, Retail, Apartments  •  Greater Montreal

Developer LSR GesDev has launched NOVIA, a $105-million mixed-use project in the new downtown area being developed in Longueuil, across the river from Montreal. It’s partnering with Fonds immobilier de solidarité FTQ and private investors on the 20-storey project.

Nexus’ recent acquisition spree tops $262M

RENX  Commercial  •  Industrial  •  Ontario, Edmonton

Nexus REIT (NXR-UN-T) is pushing its recent industrial buying spree past the quarter-billion-dollar mark with two additional acquisitions announced Tuesday in London, Ont., and Edmonton. The two properties will add about 496,000 square feet of GLA to Nexus’ portfolio.

Calgary council approves $200M downtown revamp plan

Residential, Commercial  •  CBC  •  CTV  •  Calgary Herald

With approximately 32 per cent of downtown office space sitting vacant, Calgary city council has approved a revitalization plan for the core that involves an initial investment of $200 million. It’s believed $1 billion will be needed over the next decade.

Amazon building second Wpg. distribution centre

Commercial  •  Winnipeg Free Press  •  RENX

Amazon is setting up another last-mile distribution centre in Winnipeg after announcing its first one in October. According to the City of Winnipeg’s listing of construction-related building permits, Amazon’s name is on a number of jobs related to the property.

Industrial condo space sprouts in Victoria

Commercial  •  Globe and Mail  •  RENX

With CBRE predicting Victoria will maintain its title as Canada’s strongest industrial real estate market for the foreseeable future, developers getting in on the game for the first time include Vancouver-based Beedie and PC Urban Properties, under its IntraUrban brand.

Viterra plans world’s biggest canola-crushing plant

Commercial  •  Financial Post  •  CBC  •  Regina Leader-Post

Private agribusiness Viterra Inc. said on Monday that it will build the world’s biggest canola-crushing plant at Regina and open it in late 2024, as interest in turning oilseeds into renewable fuel stokes already strong demand.

Sponsored by FlexSpace Logistics StorageVault launches flexible last-mile solution: FlexSpace Logistics

StorageVault Canada is leveraging its extensive business expertise to offer an end-to-end last mile business solution, with storage, logistics and inventory management services, helping move your goods from manufacturer to warehouse to customer and everywhere in between, through FlexSpace Logistics.

Costco developing a cult-like following in Canada

Commercial  •  Toronto Star

Whether due to deals or an employee culture in which it replaced its pandemic bonus with a permanent raise, Costco (COST-Q) has earned a loyal following. There are Costco blogs and Facebook groups where Costco superfans discuss deals and more.

Urban neighbourhood rises along Gardiner Expressway

Residential, Commercial  •  Globe and Mail (Sub. required)

Over the past decade or so, office and condominium towers have sprouted to the Gardiner Expressway’s north and south, creating a new, vitally urban neighbourhood, the South Core. Buildings now flank it for most of the central stretch.

Davpart proposes 12-storey rental building

Residential  •  Urban Toronto

Davpart has submitted a rezoning application to the City of Toronto seeking permission to build a 12-storey rental building at 2808 and 2810 Keele St., in the Downsview area of North York. The redevelopment proposal would bring nearly 300 apartments to the neighbourhood.

Real World of Real Estate › Podcast: Alberta Residential Landlords Assoc. interview

Gerald Tostowaryk:

Porte planning six-storey, 122-unit Van. condo building

Residential, Commercial  •  urbanYVR

Porte is planning a six-storey condo building near East Broadway and Nanaimo in Vancouver. The development, designed by Integra Architecture Inc., will include 122 strata units – 35 studio, 42 one-bedroom, 33 two-bedroom and 12 three-bedroom – and ground-floor commercial space.

AltaGas sells U.S. natural gas transport, storage assets for $344M

Commercial  •  Toronto Star

Shares in AltaGas Ltd. (ALA-T) are on the rise after it announced it has sold its U.S. transportation and storage business for $344 million to better focus on its core energy infrastructure operations and pay down debt.

NYC office vacancy rate highest since 1994: C&W

Commercial  •  KNBR

Vacant office space in New York City is the highest since 1994 and will likely hit “unprecedented levels” in the coming months. Cushman & Wakefield data shows the office vacancy rate in Manhattan reached 16.3% in Q1 2021, up from 11.3% a year ago.

Giant U.S. landlords pursue evictions despite CDC ban

Residential  •  Reuters

As the coronavirus pandemic moves into its second year, landlords have persisted in pursuing evictions across the United States, despite government measures meant to keep tenants in their homes.

Central banks face inflation conundrum over home prices

Residential  •  Reuters

A multi-year boom in global house prices which even a pandemic has failed to halt is forcing central banks around the world to confront a knotty question – what, if anything, should they be doing about it?

Stretched borrowers may be stretching truth to get loans

Residential  •  Financial Post

The recent surge in home prices is prompting concern that borrowers may be stretching themselves financially and, in some cases, stretching the truth when they apply for a mortgage, according to Dan Eisner, CEO of True North Mortgage Inc.

Toronto ponders affordable housing lottery system

Residential  •  Toronto Star

Toronto officials are now eyeing a citywide lottery system, which could allow tenants struggling to meet rent to see and apply for empty affordable units across Toronto as early as 2023.

Why are homes selling far above listing price?

Residential  •  Financial Post

A possible explanation is homes are being deliberately listed low to attract a larger cohort of buyers. Zolo‘s Mustafa Abbasi also noted that “a realtor today will often list a property below market value to encourage more bids.”

Housing is keeping Canada’s economy going

Residential  •  Financial Post

OPINION: I have no clue what the Bank of Canada is looking at. There is no reopening large enough to offset a housing reversal and all the negative multiplier effects that will reverberate across the entire economy.