Edenshaw launches new tower in booming Mississauga

RENX  Residential  •  Condominiums  •  Toronto / GTA

Edenshaw Developments has launched sales for its new Mississauga, Ont. condominium, Alba, near the city centre. The project is the latest from the Mississauga company, which was founded in 2009 by president and CEO David McComb.

CPP, Boston Properties, GIC form $2.5B U.S. office JV

RENX  Commercial  •  Office  •  International

CPP Investments will invest over $312 million (all figures Cdn) in a multi-billion-dollar U.S. office joint venture alongside  Boston Properties Inc. (BXP-N) and Singapore-based GIC, the partners announced Wednesday morning.

RBC says hybrid work is ‘here to stay’

Commercial  •  Vancouver Province

Royal Bank of Canada is formulating hybrid, flexible work arrangements for its employees and doesn’t plan any “one-size-fits-all mandates” on how much time its staff will need to be in the offices when they reopen.

B.C. employees, employers disagree on office return

Commercial  •  Business In Vancouver

B.C. employers and employees don’t seem to be on the same page with the impending, large-scale return to the office, according to industry experts speaking Tuesday at a Greater Vancouver Board of Trade panel.

Condo sales higher near proposed SkyTrain corridor

Residential, Commercial  •  Vancouver Sun

Pre-sale condo sales near the proposed Surrey-to-Langley SkyTrain corridor are growing faster than in surrounding areas. According to Urban Analytics, there has been “an approximate 15- to 20-per-cent increase in sale values of condos and townhomes in these areas from 2020 to 2021.”

The Title Page › Lumber: How one material cost impacts an entire industry

Lori Sartor and Eric Haslett: Lori Sartor and Eric Haslett

B.C. now allowing rental properties on agricultural land

Residential  •  CTV

The province is easing restrictions for secondary housing options on properties within B.C.’s Agricultural Land Reserve, land zoned specifically for farming. Previously, small secondary homes were only allowed on ALR land for use by property owners or immediate family members.

Restored Park Hyatt Toronto to open in September

Commercial  •  Daily Hive  •  Canada Newswire

Park Hyatt Toronto and Oxford Properties announce the re-opening of the fully restored luxury hotel in September 2021. The restoration of Park Hyatt Toronto comes as part of a wider redevelopment of the site into a mixed-use destination by Oxford Properties.

Surrey paves way for hospital development

Commercial  •  Business In Vancouver

Surrey city council has approved zoning bylaw changes to fast-track development of the new hospital and cancer centre. An official community plan amendment changes the land designation from industrial to mixed employment, allowing for the hospital and its supportive services.

Storm clouds are forming for B.C. builders

Residential, Commercial  •  Western Investor

“Absolutely nothing has changed with us,” says Kevin Mierau, president of Mierau Contractors Ltd. in Abbotsford, as provincial construction returns to its post-pandemic pace. But high demand is leading to skyrocketing costs and a lack of skilled trades

5 dead in Kelowna crane collapse: Police

Residential, Commercial  •  Global News  •  CBC  •  Globe and Mail

Four people are confirmed to have died in Monday’s crane collapse in downtown Kelowna, say police, and a fifth is believed to be buried in rubble in an adjacent building. Kelowna RCMP announced the news Tuesday during a press conference.

Lumber wipes out all its 2021 gains after record boom

Residential, Commercial  •  Financial Post

Lumber, which at one point was among the world’s best-performing commodities as the pandemic sent construction demand soaring and stoked fears of inflation, has officially wiped out all of its staggering gains for the year.

CF acquires 50% interest in KDC; closes $800M JV

Commercial  •  Business Wire  •  CP Executive

Cadillac Fairview has acquired a 50% interest in Dallas-headquartered KDC, a developer of commercial office buildings, corporate build-to-suit facilities and mixed-use projects. Cadillac Fairview, KDC and Compatriot Capital have also closed on their initial $800 million U.S. commercial office and mixed-use fund.

CPP establishes Japan data centre venture with Mitsui

Commercial  •  Canada Newswire  •  IPE Real Assets

CPP Investments announced today it has established a data centre joint venture with Mitsui & Co. Ltd., one of Japan’s largest general trading and investment companies. CPP Investments will allocate approximately $400 million Cdn in equity into the venture.

Brookfield, Digital establish Indian data centre JV

Commercial  •  Globe Newswire

Brookfield Infrastructure Partners (BIP-UN-T) and Digital Realty (DLR-N) announced an agreement to establish a 50/50 joint venture focused on the development, ownership and operation of institutional quality data centres in India under the brand name BAM Digital Realty.

A&G to auction new NYC residential building

Residential  •  PR Newswire

A&G Real Estate Partners is now accepting bids from developers or investors for Barclay Tower, a new 23-unit residential building in Queens. The site is being offered through a bankruptcy auction scheduled for Sept. 14, with bids due on Sept. 10.

Variable mortgage rate hits record low at sub-1%

Residential  •  Bloomberg

Canadian homebuyers have the option of getting a variable mortgage rate below one per cent for the first time. Ratehub.ca said the best five-year variable mortgage ranked on its website is now 0.98 per cent.

Torontonians boost house prices in smaller markets

Residential  •  Toronto Star  •  Canada Newswire  •  Montreal Gazette

Toronto-area home prices rose 18.2 per cent year-over-year to a median $1.03 million in Q2 2021, compared to 25.3 per cent growth nationally in the same period, according to Royal LePage’s (BRE-T) House Price Survey, which looked at 62 of the country’s largest markets.

Toronto-area real estate market continues to slow

Residential  •  Globe and Mail (Sub. required)

Fewer people are listing their Toronto-area homes for sale and the languid pace looks set to continue through the summer. “Things are kind of trodding along,” says Bosley Real Estate Ltd.’s Davelle Morrison. “It feels like it’s slow.”

TRREB calls for vacant home tax exemptions

Residential  •  Globe Newswire

The Toronto Regional Real Estate Board (TRREB) is urging Toronto city councillors to carefully consider the implementation details of two items on council’s agenda: a new vacant home tax (VHT) and a new home energy rating and disclosure program.