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First Capital sells properties in Toronto, Vancouver areas for $116M
First Capital sells Toronto, Vancouver-area assets for $116M
First Capital REIT (FCR-UN-T) says it has agreements to dispose of an additional $116 million of non-core or low-yielding assets, including interests in a Greater Toronto Area development site and office building, and a Greater Vancouver apartment property.
Leyad acquires North Sydney Mall from Econo-Malls
Leyad has acquired the 182,031-square-foot North Sydney Mall in North Sydney, N.S., for an undisclosed price from Econo-Malls. The property is its second retail acquisition in Altantic Canada in the past six months.
Landmark Toronto office tower granted new life as residence
The once-gleaming headquarters of Canadian Pacific Railway — nowadays a hobbling office tower — can be turned into housing, with Toronto city council green-lighting an exemption to the rules that would have required the developer to fully replace any razed office space.
CRE a manageable risk for Canadian banks: OSFI
Commercial real estate loan losses remain a manageable risk for Canada’s biggest banks even in the wake of last week’s turmoil at New York Community Bancorp, according to Peter Routledge, who leads the Office of the Superintendent of Financial Institutions.
Evergrande's Château Montebello to be sold
The forced liquidation of real estate giant China Evergrande's $245 billion in worldwide assets means Château Montebello, the world’s largest log cabin and one of Canada’s most storied hotels, will again be up for sale.
B.C. industrial firms' exodus to Calgary slows
Smaller deals to local owner-occupiers are characterizing industrial markets in B.C. and Alberta as demand cools and construction costs remain high. This has eased the flow of occupiers from Vancouver to Calgary, following a year of fears about companies' flight.
Investors flock to First Nation land in B.C.
Interest in properties at the Westrich Bay development on Westbank First Nation land surged in recent months. B.C.’s Short-Term Rental Accommodation Act does not apply to reserve land or treaty land unless a First Nation chooses to opt in.
How Canada can support deep retrofit supply chain: Report
The Canadian government can enable intensive residential building decarbonization through stronger regulations, fiscal support and fostering a supportive industry for deep retrofits, according to a report by the Pembina Institute.
Technology to fuel retail growth in Canada in 2024
Canadian businesses are shifting from survival to growth mode in 2024 and technology such as artificial intelligence and automation is becoming increasingly important in their operations including retail, according to Square’s fourth annual Future of Commerce report.
Luxury retailers coming to Vancouver's Oakridge Park
Oakridge Park, the rebranded name for the expanded development that replaces the original Oakridge Centre in South Vancouver, will be home to an impressive roster of international luxury brands when it opens in spring 2025.
Ottawa’s retail vacancy rate hits new low
Marcus & Millichap said the vacancy rate for retail space in the nation’s capital is expected to drop another tenth of a percentage point to about 1.5 per cent this year, “making Ottawa one of the tightest retail markets in 2024.”
Some Kelowna CRE assessments soar amid density push
Assessments have skyrocketed upwards of 80% for some Kelowna properties, particularly downtown. The rapid rise in property values is being attributed to changes to Kelowna's Official Community Plan.
Developer sues Kelowna, mayor over scuttled project
The City of Kelowna and Mayor Tom Dyas are named in a lawsuit concerning the redevelopment of the former RCMP detachment site. Centurion Appelt and 350 Doyle Avenue Holdings Inc. filed the suit in Vancouver Supreme Court on Feb. 1.
Downtown T.O. condo market sees dip in rental rates
According to Urbanation Inc., downtown Toronto condo rents fell 5.7 per cent in Q4 2023, the fastest drop since it began recording rental data in 2010.
Seven apartment REITs with sustainable dividends
Residential REITs with reliable dividends: Toronto’s Canadian Apartment Properties (CAR-UN-T); Halifax's Killam Apartment (KMP-UN-T); Calgary’s Boardwalk (BEI-UN-T) and Northview Residential (NRR-UN-T); Ottawa-based Minto Apartment (MI-UN-T); Mississauga's Morguard North American Residential (MRG-UN-T); and Ottawa's InterRent REIT (IIP-UN-T).
Brookfield Asset Management hikes dividend 19%
Brookfield Asset Management (BAM-T) raised US$93 billion for its funds last year and is predicting a busy period of dealmaking in 2024 as the prospect of declining interest rates could unlock money that has been on the sidelines.
German bank latest to warn of U.S. CRE crisis
Germany’s Deutsche Pfandbriefbank saw its bonds slump on concern about its exposure to the U.S. CRE sector. It responded by issuing an unscheduled statement Wednesday that it had increased provisions because of the “persistent weakness of the real estate markets.”
Canary Wharf office tower takes 60% price hit
Five Churchill Place, a Canary Wharf office building that fell into receivership last year, is to be sold at a 60 per cent discount to its last sale price, a sign of the plunging value of some London CRE.
CBRE could pay over $1B for facilities management firm
CBRE Group has inked a deal to acquire J&J Worldwide Services, a provider of facilities maintenance and other services for over 250 hospitals, clinics and military installations belonging to the federal government, for $1.05 billion depending on performance.
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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