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Transactions, development surge as hotels, resorts hit high gear
Transactions, dev. surge as hotels, resorts hit high gear
A burst of hotel transaction and development activity in Canada seems to indicate the sector has returned to pre-pandemic norms, says Curtis Gallagher, principal, Canadian hospitality lead at Avison Young.
In Hamilton's multires sector, LiUNA becomes major player
Hamilton has become a hotbed for multiresidential development. One of its newest projects, a purpose-built rental apartment at 500 Upper Wellington St., is being developed by LiUNA, an organization playing a major role in the region.
Laurentian Bank puts itself up for sale
Laurentian Bank of Canada (LB-T) is up for sale, with larger rivals now circling the country’s ninth-largest lender in pursuit of a deal that would continue a trend toward consolidation in financial services, sources say.
Bank of Canada hikes interest rate to 5%
The Bank of Canada raised its key interest rate by 25 basis points to five per cent, the highest in 22 years. The increase is the second hike to the central bank’s rate since it ended its pause in June.
Amazon's London mega-plant fully built, but still not open
There is no opening in sight for the giant London-area Amazon processing plant as the retailer remains tight-lipped about when it will hire workers and start shipping goods. Construction began on the 2.8 million-square-foot plant two years ago this month.
Fidelity, Brookfield to launch private investment funds
Independent asset manager Fidelity Investments Canada ULC is joining forces with Brookfield Asset Management (BAM-T) to offer retail investors greater access to the Canadian private real estate market – an asset class that is typically held by institutional and ultra-high-net-worth investors.
Cost escalation pushing GTA developers further out
High building costs in the GTA and the buyer resistance that is fomenting are pushing developers further afield. “I’ve got 8,600 units: 63 per cent in the 905 (the zone outside Toronto’s “416″ urban core),” said Zonda Urban's Pauline Lierman.
Construction industry short tens of thousands of workers
On top of the shortage, experts say a coming wave of retirements could make the problem worse even as Canada is millions of homes behind what’s needed to reach housing affordability this decade.
Ont. developers go to court to dodge Greenbelt questions
Michael Rice and Silvio De Gasperis - two developers who benefited from Ontario’s controversial Greenbelt land swap - have gone to court to fight the auditor general’s attempts to interview them as part of her investigation.
TDSB parts ways with CEO of real estate subsidiary
The Toronto District School Board has parted ways with Daryl Sage, CEO of its real estate subsidiary Toronto Lands Corporation, 10 months after a review found there was significant distrust between the two organizations.
Allied aims high for green building certifications
Allied Properties REIT (AP-UN-T) says in its 2022 ESG Report the trust has outperformed environmental performance targets, executed the first steps of its net-zero plan, and intends to certify most of its portfolio with LEED and/or BOMA by 2028.
Downtown Winnipeg seeing high rate of office vacancy
According to a new report from Coldwell Banker Richard Ellis (CBRE), office vacancy rates rose to 17 per cent in downtown Winnipeg in Q2. This brings the city just below the national average of 18.9 per cent for downtown vacancy.
June strongest month for U.S. public REITs since January
The Nareit All Equity REIT Index rose 5.36 per cent in June and is now up 2.97 per cent year-to-date with almost every property subsector — even the beleaguered office segment — posting strong gains for the month.
CRE loan books undergo U.S. Fed stress test
CRE loan books are coming under banking regulator scrutiny in the U.S. Through a recent stress testing exercise, the U.S. Federal Reserve determined potential losses on CRE loans pose the second-highest risk for lenders after credit cards.
Inside Clifford Chance's dramatic office downsize
Sustainability, flexibility, cost and talent are the reasons international law firm Clifford Chance made one of the biggest office moves in recent London history, leaving its home of more than 20 years for a building almost half the size.
Chinese stocks rise as Beijing extends support measures
Chinese real estate stocks mostly rose after the country announced it will extend two financial policies to support the real estate market until the end of 2024. Hong Kong-listed real estate stocks saw large gains.
OSFI mulls changes to ensure banks can absorb mortgage risks
Canada’s bank regulator, the Office of the Superintendent of Financial Institutions, is considering changes it says would help banks and mortgage insurers deal with the risks posed by mortgage borrowers under financial stress as a result of higher interest rates.
T.O. house price increases expected to slow this summer
Investors unable to keep up with high interest rates are selling rental properties, adding much-needed supply to Toronto’s real estate market. However, the Bank of Canada’s latest rate hike will dampen activity in the summer and fall, experts say.
Ontario cottage prices have crashed by up to 60%
Average Ontario cottage sale prices plummeted from five to 60 per cent year-over-year in Q1, according to the annual cottage trends report from Re/Max Canada. Kenora and Lake-of-the-Woods, Peterborough and the Kawarthas, and Haliburton saw the largest year-over-year drops.
Greater Vancouver market active despite headwinds
A renewal of activity in Greater Vancouver can be attributed to a combination of factors, including pent-up buyer demand, population growth and sellers’ fear of missing out, said Brendon Ogmundson, chief economist at the British Columbia Real Estate Association.
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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