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Toronto developers JV on large New Jersey housing project
Toronto developers JV on large New Jersey housing project
Four Toronto-based development companies joined forces and broke ground last month for West Side Square, a 477-unit mixed-use community in Jersey City, N.J. The development will be overseen by the West Side Square Development Fund.
Lender alleges Mizrahi/Rogers condo loan default
The senior lender to the 128 Hazelton luxury condo jointly built by Sam Mizrahi and Edward Rogers is asking for a court-appointed receiver to take control of the project, marking the second receiver request for a Mizrahi development since October.
CNRL leasing 916K sq. ft. of downtown Calgary office space
Canadian Natural Resources Ltd. (CNRL) will lease all 640,000 square feet of office space at Calgary's Shell Centre in 2025 and 2026. It’s also scooping up about 276,000 square feet of office space across the street at 400 Third.
RioCan sells Surrey's Strawberry Hill Shopping Centre: $155M
RioCan REIT (REI-UN-T) has sold the 340,000-square-foot Strawberry Hills Shopping Centre in Surrey in Metro Vancouver for $155 million. The buyer is identified as Strawberry Hill Shopping Centre Holding Co.
KingSett proposes dual towers near Mount Dennis Station
KingSett Capital has proposed a 48-storey residential tower and a 38-storey mixed-use tower on neighbouring parcels of land within walking distance of the new Mount Dennis station. The towers would total 899 condo units and retail space.
Tangerine proposes 33-, 38-storey towers in Surrey
Tangerine Developments proposes 33- and 38-storey mixed-use towers near the Expo Line SkyTrain King George Station in Surrey. They would comprise 822 residences - 16 studios, 375 one-bedrooms, 404 two-bedrooms, 17 three-bedrooms and 10 townhouses - plus retail.
 | The Industrial Real Estate Show GP and LP real estate investingChad GriffithsPartner, NAI Commercial |
Canada sees lowest vacancy rate since 1988: CMHC
The Canada Mortgage and Housing Corp. says rent prices in Canada soared last year as supply struggled to keep up with demand, leading to the lowest national vacancy rate on record since it began tracking that data in 1988.
Feds talking to int'l players to expand grocery market
Industry Minister Francois-Philippe Champagne is once again insisting he is reaching out to international grocers in the hopes they will open up shop in Canada and spur more competition.
Lemay acquires Fusion to close loop on decarbonization
Lemay, a Montreal-based architecture and design firm, has acquired Laval, Que.-based Fusion Énergie Inc. to push “one more step forward to support decarbonization for existing buildings,” according to Loïc Angot, Lemay’s leader of sustainability.
Desjardins to reduce number of service centres by 30%
Mouvement Desjardins announced Wednesday the number of the credit union’s service centres and ATMs will be reduced by about 30 per cent by the end of 2026. Desjardins has 669 service centres and 1,559 ATMs operating in Quebec and Ontario.
Analyst expects Canadian REITs to outperform in 2024
National Bank Financial analyst Matt Kornack expects REITS Killam Apartment (KMP-UN-T), Dream Industrial (DIR-UN-T), RioCan (REI-UN-T), Allied Properties (AP-UN-T), Boardwalk (BEI-UN-T), CAPREIT (CAR-UN-T), Crombie (CRR-UN-T), First Capital (FCR-UN-T), Granite (GRT-UN-T), InterRent (IIP-UN-T) and Minto Apartment (MI-UN-T) to outperform in 2024.
Innovation Village opens at Fanshawe College
There's a new space at Fanshawe College for students, employees and industry partners to come together for hands-on learning, problem solving and collaboration. Innovation Village officially opened its doors at the heart of Fanshawe's 95,000-square-foot main campus on Friday.
Young Cdns. well-positioned to use tech skills to find home
PropTech Perspectives: According to the Canadian Real Estate Association, Canada’s housing market saw the lowest annual sales volume in over 10 years, with rising interest rates, limited supply and high home prices keeping many would-be buyers on the sidelines.
T.O. committee endorses 10% tax on foreign homebuyers
Toronto Mayor Olivia Chow's executive committee voted Tuesday in favour of creating a new 10 per cent municipal tax on foreign homebuyers who purchase property. The move still needs to be approved by the full council next month.
Calgary city council rejects tax cut proposal
Calgary city council defeated a motion to reopen the city’s proposed 2024 budget to find more than $23 million in tax rebates to cut property tax increases. A 7.8 per cent property tax increase was approved in November.
Brookfield debuts 58-storey Manhattan tower
Brookfield Properties has opened Two Manhattan West, a 58-storey high-rise designed by Skidmore, Owings & Merrill. The tower is part of the seven-million-square-foot Manhattan West mixed-use development that is now fully completed.
Apartment defaults to double this year: Fitch
Fitch Ratings is predicting the U.S. multifamily market is on the verge of a surge in loan defaults. Apartment delinquencies for CMBS loans could hit $1.3B this year, exceeding the losses seen during the height of the pandemic.
Sternlicht predicts $1 trillion loss in office values
Starwood Capital Group chief executive officer Barry Sternlicht sees more than $1 trillion of losses for office real estate, calling the properties “one asset class that never recovered” from the pandemic.
China unveils new property support measures
A state-backed property project in China has received the first development loan under a so-called whitelist mechanism and two more major cities have eased home-buying curbs, state media reported, as concerns mount about the liquidation of Evergrande.
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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