TorQuest acquires VersaCold from KingSett, Ivanhoé

RENX  Commercial  •  Industrial  •  National, International

TorQuest Partners confirmed today it has completed the acquisition of VersaCold Logistics Services, one of Canada’s largest cold storage warehousing and food logistics firms, from KingSett Capital and Ivanhoé Cambridge.

Minto invests in Vancouver, now a national player

RENX  Residential  •  Apartments, Investment  •  Metro Vancouver

The strategic mandate of Ottawa’s Minto Apartment Real Estate Investment Trust (MI-UN-T) is simple – be active in all six of Canada’s major real estate markets. It has now achieved that, with its entry into Metro Vancouver.

Ontario property assessments top $3 trillion in 2020

Residential, Commercial  •  Canada Newswire  •  Barrie Today  •  MPAC key facts

The assessed value of all properties in the province of Ontario is estimated to be more than $3 trillion. These changes are summarized in the annual Municipal Property Assessment Corporation (MPAC) assessment rolls, which were delivered to municipalities on Tuesday.

Starlight, BSR both expand U.S. multifamily portfolios

RENX  Residential  •  Apartments, Homes  •  International

Two multifamily owners with Canadian connections have acquired four U.S. properties comprising 1,301 apartments for almost $315M US. The acquisitions represent different strategies for Starlight’s U.S. Multifamily No. 1 Core Plus Fund, and BSR REIT, which trades on the TSX.

Sonshine investing in beaten-down RioCan

Commercial  •  Globe and Mail (Sub. required)  •  RENX

On Dec. 8, chief executive officer Ed Sonshine invested over $443,000 in RioCan REIT (REI-UN-T), purchasing 25,000 units at an average cost per unit of approximately $17.74. Year-to-date, the unit price has declined over 32 per cent.

Vancouver CRE investment down 22 per cent YOY

Commercial  •  Vancouver Sun

Industrial real estate demand engulfs Abbotsford

Commercial  •  Western Investor

Abbotsford, an Eastern Fraser Valley community once seen as a lower-cost safety valve for industrial demand, is posting prices rivalling major Metro markets. Only 1.1 per cent of Abbotsford’s 8.8 million square feet of industrial space is vacant, according to Colliers International.

CPP acquires one of Britain’s biggest malls

Commercial  •  Globe and Mail (Sub. required)  •  Toronto Star  •  IPE Real Assets

CPP Investments has taken over one of Britain’s largest shopping malls after it failed to sell as part of a bankruptcy protection process. The Trafford Centre in Manchester was among 17 U.K. shopping centres owned by Intu Properties Plc.

Locked-down shops squeezed by delivery crunch

Commercial  •  Financial Post

Neighbourhood shops that have turned to online ordering during the holiday shopping rush have struggled to find couriers to take their packages, says the Retail Council of Canada (RCC). Some business owners have resorted to delivering packages themselves.

Sonder establishes growth centre in Montreal

Residential, Commercial  •  CTV  •  La Presse

Apartment-hotel company Sonder will significantly improve its presence in Quebec by establishing its “international growth centre” in Montreal. Sonder will obtain a loan of $30 million from Investissement Québec (IQ) — Quebec’s financial arm — in order to carry out its $182-million project.

Medallion Corp. proposes nine-storey rental building

Residential, Commercial  •  Urban Toronto

Toronto-based Medallion Corporation has proposed a nine-storey mixed-use rental building for Toronto’s Leaside neighbourhood at 1500 Bayview Ave. The BDP Quadrangle-designed building would include 156 purpose-built rental residential units and the bulk of the first floor would comprise retail space.

Six-storey mixed-use building planned for teachers

Residential, Commercial  •  urbanYVR

A dys architecture-designed innovative mixed-use building slated for 2929 Commercial Dr. would provide office space for two teachers’ associations and housing for early-career educators with 9,120 square feet of administration offices and teacher training spaces in addition to ground-floor retail space.

U.S., Canada lost 6% of co-working locations during pandemic

Commercial  •  Commercial Observer

The U.S. and Canada lost nearly six per cent of their co-working locations in 2020 as the coronavirus pandemic emptied workspaces and forced operators to streamline their portfolios, according to a report by flexible workspace finder platform Upsuite.

ERES REIT acquires Dutch multiresidential for $19M

Residential  •  Globe Newswire

ERES REIT (ERE-UN-T) announced it has entered into an agreement to acquire a multiresidential property in Steenwijk, a city in the Dutch province of Overijssel, for $19 million Cdn. The building is comprised of 98 residential units 100 per cent owned and 98% leased.

U.S. real estate companies dominate bankruptcy filings

Residential, Commercial  •  Financial Post

The busiest week for bankruptcies in a month was dominated by U.S. real estate companies, which have sought protection this year at the fastest pace since 2011. Twenty large real estate companies have filed for Chapter 11 protection so far this year.

Hines pays $129M for Amazon fulfillment centre

Commercial  •  CP Executive

Hines has acquired a 1,262,294-square-foot Amazon fulfillment centre in Schertz, Texas. The new owner spent $129.2 million for the building, according to the company’s SEC filings and represents its fourth global logistics purchase this year.

The average rent in Canadian cities for December (MAP)

Residential  •  Daily Hive

MAP: According to PadMapper’s latest report, Vancouver has overtaken Toronto as the priciest city to rent in the country. Four cities across British Columbia rank in the top five most expensive cities in Canada:

Hamilton, Moncton highly vulnerable to bubble: CMHC

Residential  •  Winnipeg Free Press  •  Canada Newswire

Canada Mortgage and Housing Corp.’s latest assessment indicates Hamilton and Moncton have become highly vulnerable amid price acceleration and overvaluation of homes in the second half of this year. Overvaluation of homes has also increased in Toronto, Montreal and Regina.

Home prices to rise more than 9% in 2021: CREA

Residential  •  CBC  •  Toronto Star  •  Canada Newswire

The national average house price is expected to increase by 9.1 per cent — to $620,400 — in 2021, the Canadian Real Estate Association (CREA) says. Shortages of supply, particularly in Ontario and Quebec, are expected to result in strong price growth.

Doomsday housing forecasts have proven wrong — for now

Residential  •  Financial Post

OPINION: Did the forecasters get the housing markets wrong? Or might it be too early to celebrate? In addition to CMHC, others, including the National Bank of Canada and Fitch Ratings Inc. have forecasted that housing markets will decline in 2021.