Harrison Street closes fund, has $550M to invest in Canada

RENX  Commercial  •  Investment  •  National, International

Harrison Street’s Jonathan Turnbull has spent the past year quietly building relationships and examining market conditions. Now that the Harrison Street Canada Alternative Real Estate Fund has completed its first closing, he expects the deals to begin flowing.

In Vancouver, ‘mega’ education centre a N.A. first

Commercial  •  Globe and Mail

CIBT Education Group is about to break ground on a massive new education campus centre that will be the first of its kind in North America. The $270-million development will include schools, related services and a 49-storey residential tower.

CIBC SQUARE south tower starts accepting tenants

Commercial  •  Urban Toronto

The CIBC SQUARE office complex by Hines and Ivanhoé Cambridge continues to make progress in downtown Toronto’s financial district. The south tower, which recently began accepting tenants, stands 49 storeys. The 50-storey north tower site is being excavated.

Toronto’s Liberty Market Tower nears completion

Commercial  •  Urban Toronto  •  RENX

Construction of Lifetime Developments‘ 28-story mixed-use condominium building Liberty Market Tower is nearing completion, anticipated for the year end in Toronto’s Liberty Village neighbourhood. It’s the final phase of the long-term redevelopment of the six-acre Liberty Market Complex.

Super tax on Vancouver developer nixed by appeal board

Commercial  •  Western Investor

In what could set a precedent for residential development in Vancouver, the Property Assessment Appeal Board has ruled the Additional School Tax levied on a rental housing project by Musqueam Capital is “counterproductive” and should not apply.

B.C. gov’t gave $211M interest-free loan in land deal

Commercial  •  CBC.ca

After 13 years of questions and uncertainty surrounding the privatization of the Little Mountain lands, details of the deal are finally public. CBC News has obtained the purchase and sale agreement between the provincial government and developer Holborn Properties.

Sponsored by Yardi Three opportunities residential owners are unlocking

If you’re still feeling the impact of the pandemic, you’re not alone. Disruption caused by the virus has affected all business sectors, perhaps none more than property management as the global population of renters was told to “stay at home.”

North Vancouver’s The Shipyards honoured

Residential, Commercial  •  Business In Vancouver

North Vancouver’s makeover of The Shipyards has been recognized for a second time this year, taking home another major award. The Shipyards received top honours in the Waterfront Centre’s Excellence on the Waterfront Awards Program.

Currie Barracks continues march toward urban village

Residential, Commercial  •  Calgary Herald

Calgary’s Currie Barracks continues to develop as a vibrant urban village, still honouring the original master plan of 1996. Currently, Currie is home to about 630 single and multi-family units. Currie is also home to a number of commercial businesses.

60 unit apt. opens in Winnipeg village-style development

Commercial  •  Winnipeg FreePress

The grounds of a former church parish in Transcona have become home to a 60-unit infill apartment complex. After a minor shuffle and fallout with initial development partners, the long-talked about project got a second wind in early 2020.

Sleep Country expands partnership with Walmart Canada

Commercial  •  PR Newswire

Sleep Country Canada Holdings, a leading omnichannel specialty sleep retailer, is expanding its partnership with Walmart Canada through the launch of 10 new “Sleep Country Express” stores in Walmart Canada licensee spaces, the first of its kind for Walmart with a retailer.

Gap expands athleisure brand Athleta into Canada

Commercial  •  Globe and Mail  •  Canada Newswire

Gap is launching its Athleta brand in Canada, its first move outside the U.S., competing with retailers including Vancouver-based Lululemon. It will start with an e-commerce campaign and store openings at Park Royal Shopping Centre in Vancouver and Yorkdale Mall in Toronto

HQ Capital Real Estate finalizes strategic partnership

Commercial  •  PR Newswire

HQ Capital Real Estate, a U.S. real estate manager specializing in multifamily investments, has closed on a transaction transferring majority interest to Canada’s Concord Pacific and Paragon Real Estate Advisors. It has been rebranded to “CP Capital”.

Walker & Dunlop to acquire Alliant Capital for US $696M

Residential  •  Multi-Housing News  •  PR Newswire

Walker & Dunlop has entered an agreement to acquire Alliant Capital and affiliates for an enterprise value of US $696-million. The privately-held alternative investment manager has $14 billion of affordable apartment assets under management.

AIG Global, Korean Investors form US $1B industrial JV

Commercial  •  CP Executive  •  IPE Real Estate

AIG Global Real Estate and LB Asset Management, the latter on behalf of three Korean institutional investors, have created a joint venture that has acquired 86 assets, approximately 8.6 million-square-foot of U.S. industrial real estate valued at more than US $1 billion.

Wynn spends big promoting online sports gambling

Commercial  •  Toronto Star  •  Business in Vancouver

Wynn Resorts is making a big bet on its nascent sport-betting app with a plan to spend more than $100 million (U.S.) marketing the platform during this football season. The company debuted a new television advertisement for WynnBet Monday.

HELOC growth raises red flag: Equifax Canada

Residential  •  BNN Bloomberg  •  Financial Post  •  Globe Newswire

Record low-interest rates are fuelling a resurgence in Home Equity Lines of Credit (HELOC), where payments are often tied to a variable interest rate. HELOC have jumped 56.7 per cent in Q2 compared to a year earlier says Equifax Canada.

Prices for GTA single family homes up almost 30%

Residential  •  Toronto Star  •  Globe Newswire

The price of new construction homes in the GTA continued to hit records in July with the single-family homes benchmark price soaring 28.4 per cent year over year to $1.52 million and the condo benchmark rising 10 per cent to $1.1 million.

Homes with backyards, office space in high demand

Residential  •  blogTO

A new report from  real estate brokerage and analysis firm Zoocasa suggests outdoor space and enough room for an office are high up on the list of things people are now looking for when purchasing new homes in Canada.

Times is up for Toronto’s whimsical cube house

Commercial  •  Toronto Star

Near Eastern Avenue for decades, an urban curiosity reminding passersby of a much more whimsical architectural vision, Toronto’s cube house — three geometric blocks sitting diagonally atop a tower on an oddly shaped downtown land — could soon be no more.