Crombie nears midpoint of $511M redevelopment plans

RENX  Residential, Commercial  •  Apartments, Industrial, Retail  •  National, Toronto / GTA

Crombie REIT (CRR-UN-T) is nearing the midpoint in its plan to spend $511 million on five mixed-use redevelopments at properties across Canada. “We have live cameras of every project. I look at them every day,” COO Glenn Hynes told RENX.

Onni begins building Metro Vancouver’s tallest tower

RENX  Residential  •  Condominiums  •  Metro Vancouver

Onni Group has started work on the Two Gilmore Place largest residential tower, accelerating the transformation of Burnaby’s Brentwood Town Centre. At 216 metres, the 64-storey tower would be the tallest in Metro Vancouver, and tallest residential tower in Western Canada.

Fairmont Hotel Vancouver turning 80

Commercial  •  Vancouver Sun  •  Vancouver Province

The Hotel Vancouver had no Fairmont in front of its title for its May 1939 opening. There was plenty of hoopla, though, including a visit by King George VI and Queen Elizabeth. The Vancouver Sun marvelled at the Depression-delayed hotel.

Billions in paper losses for Vancouver homeowners

Residential  •  Vancouver Sun  •  Western Investor

The downturn in the Metro Vancouver real estate market has resulted in an estimated paper loss of $89.2 billion for property owners in the past year, according to a new analysis by Burgess, Cawley Sullivan & Associates.

Toronto looks to remake downtown Yonge St.

Residential, Commercial  •  Toronto Star

A strip of the busiest pedestrian street in Canada is being considered for a makeover, courtesy of decaying water mains. The city wants to seize the opportunity to redevelop a stretch of iconic Yonge St. to make it more pedestrian-friendly.

Why modern expense platforms are vital for real estate brokers

Jim Thomas: CEO

Kenaston transforming into a luxury-vehicle corridor

Commercial  •  Winnipeg Free Press

Winnipeg’s Birchwood Automotive Group has embarked on a massive, multi-million-dollar expansion, adding three new dealerships, renovating three others and adding a new brand to the fold. Jaguar Land Rover and Lexus stores will be neighbours facing Kenaston Boulevard.

Cineplex Rec Room complex coming to Vancouver

Commercial  •  Vancouver Sun

Cineplex announced it will open a 45,000-square-foot entertainment complex in the old Empire 7 cinema on Granville Street in 2021. The Rec Room Granville will include a live-performance venue, arcade, dining options and a rooftop patio.

I.M. Pei’s legacy stands tall in Montreal

Commercial  •  Montreal Gazette  •  RENX

When Place Ville Marie celebrated its 50th anniversary seven years back, a new sculpture by Montreal artist Nicolas Baier was unveiled on the public esplanade to mark the occasion.

Study highlights need for UBC SkyTrain extension

Commercial  •  Global News

A new study confirms what the University of British Columbia and the City of Vancouver have been saying for years: the Broadway corridor is good for business and needs better transportation.

Mortgage Company of Canada surpasses $250M in assets

Residential  •  Canada Newswire

Mortgage Company of Canada Inc., a Toronto-based Mortgage Investment Corporation (MIC), announced its assets under management have surpassed $250 million. The MIC was launched in November 2013 to invest in mortgages primarily for residential homes in the GTA.

Frankforter Group acquires Atlanta multi-family for $39.5M

Residential  •  PR Newswire

Montreal’s Frankforter Group recently acquired a 623-unit multi-family portfolio in the Atlanta region for $39.5 million. The portfolio includes the Preserve at Collier Ridge, a 419-unit multi-family asset, and Orchard Walk, a 204-unit multi-family.

Walmart unveils plans for new headquarters

Commercial  •  Canadian Grocer

Walmart (WMT-N) has released additional plans for its new 350-acre northwest Arkansas campus that will include four quadrants connected by bike and walking paths, an on-campus childcare facility and a fitness centre.

Commercial property no threat to U.S. expansion: Nareit

Commercial  •  Reuters

America’s $6 trillion of commercial property markets show no signs a U.S. recession is on the way, with builders, lenders and buyers treading cautiously after a soft first quarter, said Calvin Schnure, Nareit senior vice-president.

Remnants of HBC housing program still stand in Edmonton

Residential  •  Globe and Mail (Subscription required)

Architect and amateur historian Louis Pereira has found a few all-but-forgotten architectural gems in Edmonton – a handful of homes built by the Hudson’s Bay Company in the 1920s in an altruistic gesture to provide modest, quality housing for returning veterans.

Majority of B.C. speculation tax paid by non-residents

Residential  •  CBC  •  Western Investor

The B.C. Ministry of Finance says the vast majority of those paying the speculation and vacancy tax are the people it was intended for — foreign owners, satellite families and Canadians living outside the province — according to submitted declaration forms.

Esquimalt reverses course on family-size requirement

Residential  •  Victoria Times Colonist

A decision to require 10 per cent of units in new developments have three bedrooms has been rescinded by Esquimalt, B.C., councillors. Council agreed to the three-bedroom provision before the municipal election last October.

Five-year forecast for prices in 33 Canadian cities

Residential  •  Globe and Mail (Subscription required)

Some economists say Canada’s housing market may now have hit bottom after the slowdown engineered by policy makers. And by many accounts, those policies appear to have done the trick, with a soft landing rather than a crash.

Ottawa market defying national chill

Residential  •  Globe and Mail (Subscription required)

Cuckoo Kochar, founder of DCR/Phoenix Group, says he and two partners launched the first phase of their new Pathways at Findlay Creek complex in September and were stunned to sell out all of the townhouse units on the first day.

Ontario’s municipalities grapple with funding cuts

Residential  •  CBC

Ontario’s municipalities say they may be forced to raise taxes or cut services due to provincial government cuts that will likely equal well over half a billion dollars in lost annual funding and foregone revenue.