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Apartment investment is paying off for REITs
Apartment investment is paying off for REITs
Fundamentals for the apartment sector have never been stronger, with low vacancies across Canada and increasing interest from institutional investors and REITs. TD Securities director of investment banking David Bloomstone moderated a session on apartments with five executives at RealREIT.
Vancouver apartment building listings soar
In the past few weeks, landlords have besieged Mark Goodman, a multi-family specialist with Vancouver’s Goodman Commercial Inc., wanting to list their properties for sale, including rare portfolios in Vancouver’s hottest rental neighbourhoods.
Amazon opening 12th Canadian fulfillment centre
• Global News • Business Wire • RENX
Amazon (AMZN-Q) plans to open a new fulfillment centre in Scarborough that will bring more than 600 full-time jobs. The million-square-foot robotics facility, its 12th in Canada, is being developed by Broccolini in partnership with owner Manulife Investment Management.
German fund buys interest in Stantec Tower
The commercial portion of the 69-storey Stantec Tower in Edmonton’s ICE District has been sold to German investor Deka Immobilien. The tower includes 29 floors of commercial space. SKY Residences (483 residential units on floors 30-66) are not included in the sale.
Co-founder steps down as WeWork CEO
• Reuters • La Presse • Business Insider
WeWork co-founder Adam Neumann agreed Tuesday to resign as CEO and give up majority voting control, after SoftBank Group Corp. and other shareholders turned on him over a plunge in the U.S. office-sharing start-up’s estimated valuation.
IWG Canada expanding to Kelowna, Victoria
IWG Canada is broadening its network of co-working space beyond the Lower Mainland, with the opening of locations in Kelowna and Victoria. The company had initially opened a Regus-branded space in Kelowna at the Landmark business complex.
Farhi Holdings embarks on massive Windsor project
London-based Farhi Holdings is embarking on one of the largest development projects in Windsor’s history, with seven condo/apartment buildings, plus commercial buildings and possibly a hotel on a long-vacant former industrial wasteland, according to sources.
Winnipeg’s huge development proposal unveiled
• CBC
The one–time home of a meat packing plant and a former proposed site for the Winnipeg Blue Bombers’ stadium could become a mix of apartments, condos and commercial businesses, says a proposed plan from Calgary-headquartered Olexa Developments.
Metrolinx planning overhaul, station renovations
Just four years after the Union Pearson Express started running, Metrolinx is planning an extensive and potentially costly overhaul of the airport rail link that could include major station renovations and scrapping the current fleet of trains.
New 400-series highway concept revived
A major 400-series highway project proposed for the northwest end of Greater Toronto Area (GTA) that was shelved four years ago by the previous Liberal government has been revived by the Progressive Conservatives (PCs).
Metro starts construction on distribution facilities
Metro Inc. (MRU-T) has started construction on its $400-million semi-automated fresh distribution centre in Etobicoke, part of a larger expansion effort that will also include a new frozen foods facility on the same site.
Saskatoon negotiating deals for arena district
Saskatoon city hall has identified locations and is securing potential properties for a downtown entertainment district where a new arena and convention centre could be built.
‘Too early to say’ who will reimburse N.S. for crane removal
• Halifax ChronicleHerald • CBC • Halifax Today
The Nova Scotia government is footing the bill to remove a fallen crane from a downtown Halifax building but it will look to be reimbursed once it’s done. Who will repay the province has yet to be determined.
Imperial buys Rio All-Suite Hotel & Casino for $516M
• CP Executive • Hotel News Resource
Caesars Entertainment is selling the Rio All-Suite Hotel & Casino for $516.3 million to an affiliate of Imperial Cos. in the second recent major casino transaction. VICI Properties and Hard Rock International earlier finalized their $745-million acquisition of the JACK Cincinnati Casino.
REITs the new flight-to-quality asset class
• Forbes
With this past week’s strong performance, with gains of 25% so far this year, the broad-based REIT ETFs – as measured by Vanguard Real Estate ETF and iShares U.S. Real Estate ETF – continue to outperform the S&P 500, which has climbed roughly 20%.
Women in CRE still not saying #MeToo
• Bisnow
As thousands of women prepare to fly to the Commercial Real Estate Women Network’s annual convention in Orlando this week, the organization dedicated to the advancement of women in the industry says addressing sexual harassment in the workplace isn’t part of its mission.
Housing project promoters suing City of Montreal
• CBC • Montreal Gazette • La Presse
Three groups of developers that had planned to build homes in what’s now slated to become a 3,000-hectare park are suing the City of Montreal and other municipal players for more than $175 million, for what they describe as “disguised expropriation.”
Presold Scarborough condo project returning deposits
• Globe and Mail (Sub. required)
The tortured saga of years-delayed The Academy Toronto condominium project by LeMine Investment Group, appears to be finally coming to an end. The plans for the 26-storey, 339-unit building have languished since 2014.
Toronto’s affordable housing plan moves forward
Mayor John Tory’s signature affordable housing plan is moving forward after the city’s realty agency signed off on business cases for four sites, the details of which are being kept from the public.
Toronto to lead Canadian top-tier RE in fall
Emboldened consumer confidence and solid economic fundamentals in Canada’s largest housing market position the Greater Toronto Area (GTA) to lead Canadian top-tier real estate performance this fall, according to Sotheby’s International Realty Canada.
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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