CRE leaders offer investment outlooks at Real Estate Forum

RENX  Commercial  •  Investment  •  National

Commercial real estate investment across Canada was projected to hit a record $50 billion in 2020, before the COVID-19 pandemic changed everything. Five top-ranking executives analyzed what’s happened since, and where they see things going during the Real Estate Forum.

PC Urban plans two Vancouver industrial strata builds

RENX  Commercial  •  Industrial  •  Metro Vancouver

PC Urban has submitted applications to the City of Vancouver for two new strata industrial projects in South Vancouver which would add 154,346 square feet of leasable space to the region’s tight market.

Montréal, gov’ts need new partnership: Devimco

Residential, Commercial  •  Canada Newswire  •  RENX

The City of Montréal, the two senior levels of government and the private sector must create a new partnership to ensure the economic recovery of the city’s downtown and surrounding area, Devimco Immobilier president Serge Goulet said today.

Medallion Realty proposes 36-storey infill rental

Residential  •  Urban Toronto

Medallion Realty is seeking to build a IBI Group-designed 36-storey tower and podium containing 480 new rental dwelling units to the southwest corner of Finch Avenue West and Weston Road adding more rental housing to the increasingly diverse Emery Village neighbourhood.

B.C. foreign ownership registry game changer: Insiders

Residential  •  Globe and Mail (Sub. required)

B.C. government action to force transparency of property ownership so impressed immigration lawyer Richard Kurland that he fired off a letter to the premier. “It’s huge,” Kurland says. “It means you can’t hide international capital in B.C. real estate.”

Ontario AG flags several condo sector oversights

Residential  •  REMI Network

An estimated 47 condo boards have experienced significant increases in condo fees in the first two years after the condos were registered, Ontario auditor general Bonnie Lysyk revealed in her first audit of the condo sector and its two regulatory authorities.

The People Space › People Space: Hirings at ERES, Baker, CMLS, Colliers…

Don Wilcox: Managing Editor

Sabia’s infrastructure vision: Build it and they will come

Residential, Commercial  •  Globe and Mail (Sub. required)

OPINION: In 2016, Caisse de dépôt et placement du Québec head Michael Sabia proposed a $5.5-billion light-rapid transit system to connect downtown Montreal to Trudeau International Airport. Nearly five years later, transit experts remain divided about the wisdom of the project.

Restaurants Canada calls for sustained federal help

Commercial  •  Ottawa Citizen  •  Toronto Star

With roughly half of Canada’s 97,500 restaurants at risk of closing in the next six months, a federal working group is urgently needed to help the sector get through the COVID-19 pandemic, Restaurants Canada president and CEO Todd Barclay said Tuesday.

Dollarama hikes dividend, posts sales gain

Commercial  •  Globe and Mail  •  Canada Newswire  •  Reuters

Dollarama Inc. (DOL-T) reported higher sales and increased its dividend to shareholders on Wednesday, as the discount retailer continues to benefit from demand for items such as cleaning products and household items during the pandemic.

Melcor REIT blames Alta. economy, COVID for declines

Commercial  •  Globe Newswire  •  Globe Newswire

The Melcor REIT board blames the recent decline in unit value and monthly distribution on the decline in the Alberta economy and on capital market concerns regarding new and emerging trends in office and retail assets and the pandemic impact.

REOC fourth-quarter financial results

Residential  • 

Mainstreet Equity Corp., (MEQ-T), Canada Newswire

Anbang loses $5B suit to force Mirae to buy portfolio

Commercial  •  Bisnow

Mirae Asset Daewoo Co. has prevailed in a lawsuit filed by Anbang Insurance Group, which sought to force the South Korean investment bank to go through with a $5.8-billion deal to buy a portfolio of 15 U.S. hotels from Anbang.

Serendipity Labs struggles to emerge from bankruptcy

Commercial  •  Bisnow

Co-working provider Serendipity Labs is attempting to restructure itself through the Chapter 11 bankruptcy process after failing to refinance its debt. Serendipity is one of several mid-sized U.S. co-working providers facing challenges during the coronavirus pandemic.

Starlight to acquire N.C. multifamily property for $77.25M

Residential  •  Canada Newswire  •  RENX

Starlight U.S. Multi-Family (No. 1) Core Plus Fund (SCPO-UN-X) announced it has entered into an agreement to acquire LaVie Southpark, a 321-suite, class-A mid-rise multifamily property completed in 2015 and located in Charlotte, N.C.,  for approximately $77.25 million US.

Brookfield seeks yield with major bet on India office REITs

Commercial  •  Bloomberg  •  IPE Real Assets

Brookfield Asset Management in October agreed to pay US$2 billion for 12.5 million square feet of rent-yielding offices and co-working spaces, the largest real estate deal ever for India. These assets will probably be folded into existing or new REITs.

Downtown Toronto among hardest hit by COVID-19

Residential, Commercial  •  Toronto Storeys

More than three quarters into 2020, it has become evident downtown Toronto was among the hardest hit by the changes inherent in living through a COVID-19 world. Office buildings have emptied and small apartment condos are dropping in value.

Vacancy taxes can make a real difference: Opinion

Residential  •  Globe and Mail  •  Toronto Star

In 2018, B.C.’s NDP government introduced a vacancy tax covering Metro Vancouver, Victoria and other urban areas. The rate was 0.5 per cent for Canadians and two per cent for foreigners. Vancouver reported 1,893 vacant properties in 2019, 25 per cent lower than two years earlier.

Failed project a lesson in politics of urban density

Residential  •  Globe and Mail (Sub. required)

OPINION: On Dec. 2, Toronto’s Committee of Adjustment denied a P & R Developments application to sever a 50-foot lot and replace one home with two semi-detached buildings and two laneway suites that would have added 10 family-sized rental units to the neighbourhood.

B.C. growth rests on shaky housing construction foundation

Residential, Commercial  •  Business In Vancouver

OPINION: Against a backdrop of high housing costs, weak wage growth and slowing immigration to B.C., residential housing construction seems like a shaky foundation upon which to build robust future economic growth.