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Apartment execs share strategies, update developments
Apartment execs share strategies, update developments
With Canada’s population growing rapidly, nationwide apartment demand remains strong. That has created significant development and redevelopment activity. At the Real Estate Forum in Toronto, five senior executives offered strategic insights, and updated recent and current projects.
Livmore rental tower a downtown Toronto rarity
Until recently, a building like the Livmore, a new 43-storey, 595-unit housing tower in downtown Toronto, would have been a rarity in the city. It’s a purpose-built rental, not a condo like many of its Bay Street neighbours.
Farm Boy opening 10 new Ontario locations
• Canada Newswire • Financial Post • Canadian Grocer
Farm Boy today announced it will bring its popular fresh-market shopping experience to more Ontario communities and urban centres in the Greater Toronto, Niagara and Ottawa areas. The 10 new stores will bring the total Farm Boy Ontario store count to 37.
Allied to buy World Trade Centre Montreal for $276M
Allied Properties REIT (AP-UN-T) will add a major office property to its assemblage in Montreal’s International Quarter. The REIT has an agreement to purchase the 747 Square-Victoria complex, also known as World Trade Centre Montreal, for $276 million.
Edmonton office tower adds tenants as reno continues
The former Enbridge Place office tower in downtown Edmonton is undergoing an extensive renovation by owner AIMCo and manager Epic Investment Services, which announced Tuesday the vacated structure is now about half leased.
Will Sidewalk Labs make a play for Vancouver?
“We’re here (in Vancouver) because we’re in the process now of looking around the world at other places where we might partner with local developers and local municipalities to explore opportunities,” Sidewalk Labs’ Jesse Shapins said on Thursday.
Vancouver waterfront subdivision delayed: Wesbild
Vancouver-based developer Wesbild says it has run into a maze of red tape in trying to transform a waterfront property on the North Shore. The company applied to subdivide the 27-acre property in 2018.
Slow cannabis market, trade tensions hit West CRE
Despite the expectations of cannabis carrying the commercial market in the West to new highs in 2019, the sector has fallen short. Greater Vancouver experienced a year-over-year decrease in total dollar value of 69 per cent across all commercial property types.
Vacancy control proposed for sold Van. SRO hotels
Vancouver Councillor Jean Swanson has proposed vacancy control for the city’s single-room occupancy hotels, saying the measure is needed to protect tenants at risk of losing their homes if the buildings are sold.
True North’s new Hargrave St. Market opens Friday
• CBC • Winnipeg Free Press • RENX
A menu of new dining and drinking options will soon open in downtown Winnipeg as part of True North Square. True North’s Jim Ludlow insists the market is unique because of its focus on the experience.
Dollarama shares hit some turbulence
• Globe and Mail (Sub. required) • Canada Newswire
Dollarama Inc. (DOL-T) shares have hit some turbulence because of concerns over the discount retailer’s profit margins. However, the sell-off alleviates the biggest downside to the stock: its high valuation. In August, the shares traded at 30 times reported earnings.
Reitmans’ shares at lowest level in 37 years
Sales down for six quarters. No profit for four quarters. On Thursday, other unfavorable financial results plunged Reitmans Canada’s stocks (RET-T) down 34 per cent, its lowest value since 1982. Are shareholders beginning to lose confidence?
Edmonton Valley Line LRT delayed 6 months
• CBC • Edmonton Journal • Edmonton Sun
The southeast leg of the Valley Line LRT will open six months later than expected, according to documents obtained by CBC News. The City of Edmonton’s latest timeline had the 13-kilometre line linking Mill Woods to downtown opening on Dec. 15, 2020.
HBC quarterly loss widens on heavy discounts
• Reuters • Financial Post • Globe and Mail (Sub. required)
Canadian department store operator Hudson’s Bay Co (HBC-T) reported a bigger third-quarter loss on Tuesday, hit by higher discounts at luxury chain Sakes Fifth Avenue and weak sales at its namesake stores.
Brookfield’s takeover of Genworth approved
• Globe Newswire • RENX
Brookfield Business Partners L.P (BBU-UN-T), together with its institutional partners ,has received approval under the Insurance Companies Act (Canada) to purchase Genworth’s majority interest in Genworth MI Canada Inc. (Genworth Canada) (GNW-N) for $2.4 billion.
Amazon signs 335,000-sq.-ft. NYC lease
• Business Wire • CP Executive
SL Green Realty Corp. (SLG-N), New York City’s largest office landlord, announced Amazon (AMZN-Q) has signed a new 335,408-square-foot lease at 410 Tenth Avenue, previously known as 460 West 34th Street.
B.C. home values could drop as much as 15%
• CBC • Vancouver Sun • Victoria Times Colonist
Single-family home values are expected to drop by as much as 15 per cent across the Lower Mainland next year, according to BC Assessment. Condos and townhouse values are expected to remain the same.
Stress test making housing issues worse: CREA
Canada is experiencing sustained economic and population growth. Millennials and new Canadians are forming households and their desire for home ownership is very strong. Interest rates are low. In this environment, home sales should thrive and supply should rise.
Hamilton looks at an empty homes tax
• CBC
Hamilton is investigating a new tax on empty homes to discourage speculators it says are driving up costs. The city has a problem with wealthy buyers who purchase homes and never live in them, says Councillor Nrinder Nann.
Why is housing market still smoking in some cities?
• Globe and Mail (Sub. required) • Globe and Mail (Sub. required)
When you see the housing market taking off like it has lately, you have to wonder what’s happening. Are conditions for home buying getting better, or are people just buying houses because that’s a thing Canadians do?
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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