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Update on The Well: Tridel begins condo sales
Update on The Well: Tridel begins condo sales
As construction continues at Toronto’s massive The Well development, Tridel officially kicked off the latest phase on Monday, June 3 by opening sales and marketing for three residential condominium buildings at the downtown site.
Group Mach seeks provincial backing to buy airline
• Financial Post • Montreal Gazette
Group Mach has gone public with its offer for Transat AT Inc., the airline in merger talks with Air Canada. The real estate developer wants to buy Transat on terms that include a 25% investment from Spanish company TM Grupo Inmobiliario.
Ventas to buy 85% of Le Groupe Maurice for $2B
U.S.-based Ventas Inc. will spend $2 billion to acquire an 85 per cent interest in the seniors housing assets and operations of Quebec’s Le Groupe Maurice. LGM owns 31 purpose-built seniors housing communities in Quebec and has four projects under development.
A deepening property tax crisis in Calgary
Faced with tax losses and downtown layoffs, Calgary council has imposed huge tax increases on surviving businesses, ensuring many of them shut down too. Yet at the same time it has established a $100-million fund to attract new business.
Toronto’s iconic SkyDome opened 30 years ago today
• CBC • Toronto Star
It had taken two years to build and was nearly four times over budget when Toronto’s SkyDome opened to the public 30 years ago. Then, rain was forecast damping plans to show off the building’s signature retractable roof.
Toronto second fastest growing metro area in N.A.
• Ryerson University • Huffington Post
U.S. Census Bureau data for the 12 months ending July 1, 2018, showed population declined in Chicago, New York City and Los Angeles. Across North America, the second fastest growing metropolitan area was Toronto with 125,298 new persons, second only to Dallas-Fort Worth-Arlington.
Alberta company’s answer to privacy in open offices
• CBC
It’s not just Superman’s change room anymore; the phone booth could be coming to your workplace as a solution to the loss of privacy endemic to open-concept offices. An Edmonton-based company is creating a “modern take on private space”.
Goodlife investing in three developments in Winnipeg
Goodlife Fitness is pumping more than $30 million into the Winnipeg fitness scene with plans to renovate, relocate and build three developments in the city. This two-year makeover is the largest investment in the country by the Canadian-owned and operated company.
Plans for Calgary’s 17th Ave. lack vision
On the northwest corner of one of the city’s busiest intersections — which Calgary Mayor Nenshi called “a gateway in and out of the Beltline district (and) in and out of the downtown core” — council has approved construction of two towers.
Gatineau residents raise stink about cannabis facility
• CBC
Residents of Masson-Angers in eastern Gatineau, Que., are raising a stink about the emissions coming from a massive cannabis production plant. Hexo operates a 1.3 million-square-foot facility that produces almost a third of all the legal pot sold in Quebec.
Vote delayed for proposed Toronto smart-city project
A report revealed a crucial vote by Waterfront Toronto’s board of directors on the controversial Quayside project, scheduled for September, is likely to be delayed by three months or more adding to the growing criticism about the development.
Feds reject Ontario demands for transit-line funding
The proposal for a new version of the downtown relief line – dubbed the Ontario Line – was part of a bigger subway plan that raised questions at both the federal and municipal levels: depth of tunnels, type of trains, technology.
Air Canada to sell drone delivery services
• CBC
Air Canada has signed an agreement with Drone Delivery Canada Corp. to help market and sell drone delivery services across Canada. Air Canada Cargo has also agreed that it won’t use or engage with any other drone delivery service providers.
Hudson’s Bay CEO’s compensation draws criticism
• Globe and Mail (Subscription required)
The $29.4-million compensation package for Hudson’s Bay CEO Helena Foulkes is raising red flags among governance experts. The amount, which includes extensive stock-based awards, was one of the highest executive compensation plans among Canada’s publicly traded companies last year.
Self-storage rents in the U.S. continue slow decline
Although self-storage rents showed signs of recovery, oversaturated metros and new completions led to a decline in the month of April. Year-over-year basis street-rate rents dropped 1.7 per cent for the average 10×10 non-climate-controlled and by 2.2 percent for climate-controlled units.
Tokyo proves housing shortages are a political choice
Compared to skyrocketing housing costs in many Western cities, Japan has seen remarkable success supplying affordable housing – even in cities with lots of economic growth. While average mean rents in London are upwards of £2,000, in Tokyo they are about £1,300.
Canadian housing markets continue with sharp differences
• Globe and Mail (Subscription required) • Globe and Mail (Subscription required)
We won’t get the national picture until mid-May however so far this month local real estate boards highlight the sharp housing market differences across Canada; a “foul mood” in Vancouver, a “floor” in Toronto, a “new normal” in Ottawa.
Would you pay a premium for a third bedroom?
Would you pay more for a condo with an extra bedroom, even if the square footage matched a unit with fewer bedrooms? The CMHC has found Vancouver buyers will pay more, while Toronto buyers don’t feel that pressure.
Fake mortgage broker case reveals widespread problems
• CBC
Last week’s cease-and-desist order against Jay Kanth Chaudhary, accused of using fake financial documents to dupe lenders into giving out a half-billion dollars in loans, is significant because a network of licensed professionals is being investigated for helping.
Ottawa Real Estate Board fuelled John Zinati’s success
John Zinati says even when he was young he was interested in buildings but, when it came time to launch his career, he lacked connections in the commercial real estate industry. He needed credibility and knowledge of the Ottawa market.
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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