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Montreal office building acquired for student housing conversion
Montreal office bldg. acquired for student housing conversion
A Montreal investment firm with a history of acquiring office buildings for conversions into housing has another property in its portfolio. Immo Alliances and affiliated private investors acquired a five-storey downtown building to renovate into student housing.
Fitch: Pension funds face more pressure on real estate
Canada’s largest pension funds will likely take more losses on real estate and see defaults on private loans rise, but have enough financial flexibility to mostly avoid having to sell assets at depressed prices, a report from Fitch Ratings says.
Uncertainty looms over $100M in Metro Vancouver projects
According to foreclosure documents, AimForce Development Group and Davidson Guo, named as the director, are seeing major financial troubles related to properties and projects in Surrey, Richmond and Coquitlam. Combined, the assessed land values for the properties are worth nearly $100 million.
Marlin Spring buys T.O. dev. site; Spring Living adds 7 assets
Two subsidiaries of Toronto’s Baz Group of Companies have announced significant acquisitions: Marlin Spring has purchased a Toronto development site at 5280 Dundas St., W., and Spring Living has acquired seven retirement residences in Ottawa and Montreal.
Ottawa shopping mall makes a comeback from receivership
It’s been six weeks since the courts granted a receivership order involving a portion of the Ottawa Train Yards, one of the city's largest shopping malls, amid allegations the owner was owing more than $40M to Manulife.
More Vancouver office spaces getting makeovers into hotels
A 26-storey tower in Yaletown was originally envisioned as having residential condos on the upper floors and offices below. But after completion in 2021, the offices went unleased, so the developer decided to convert them into hotel rooms.
Watch for these buying signals in beaten-down office REITs
OPINION - Where do contrarian and value investors look for opportunities with benchmarks at near-record highs? Though many sectors are flat, few are significantly off their peaks. One exception is office real estate and the REITs that own office space.
REITs stocks surge, could become more aggressive buyers
Publicly traded property owners are suddenly back in favour after two years of Wall Street betting against the commercial real estate sector. Real estate stocks led all S&P 500 sectors in gains last week.
Canadian Net REIT sells 5 Quebec gas stations
Canadian Net Real Estate Investment Trust (NET-UN-T) has announced the successful sale of five gas station properties in Quebec. Total consideration from the sales is approximately $12.8 million, excluding closing costs.
Total damages from Toronto flooding could top $1B: IBC
The cost of Tuesday’s widespread flood in Toronto could surpass $1 billion, according to the Insurance Bureau of Canada. The bureau said the storm was comparable to the 2013 Toronto flood, which resulted in $1 billion in damages.
Toronto construction costs remain stubbornly high: RLB
The latest North American Quarterly Cost Report from Rider Levett Bucknall suggests growing certainty in costs should be a relief, but Toronto remains a concern as construction costs in the city continue to grow at a stubbornly high rate.
Closing the labour gap in Canada
Canada is building at a rate never seen before. Over the next 10 years, the construction sector is anticipated to start work on, or deliver, more than $450 billion worth of residential and non-residential projects.
National Bank to raise more equity for CWB deal
National Bank of Canada is raising an additional $20 million in connection with its planned acquisition of Canadian Western Bank, according to people familiar with the matter. The Montreal-based lender struck a deal last month to buy CWB.
Halifax's advantages on the hybrid work model front
Four years after the pandemic began, there won’t ever be a time when all workers are back at their office, according to Kenzie MacDonald of national property management firm Colliers.
Fewer home sales and lower average housing prices in June
Real estate activity across Canada in June showed a drop in both sales and housing prices compared to June 2023, says the Canadian Real Estate Association, though sales perked up a bit compared to May 2024.
Toronto saw a 60% drop in housing starts in June
Housing starts in the Toronto area were down drastically last month, with the Canada Mortgage and Housing Corp. (CMHC) reporting a 60 per cent decline in total housing starts in June led by a sharp drop in multi-unit construction.
Brookfield picks up massive industrial portfolio for $1.3B
Brookfield Asset Management is continuing its industrial buys, acquiring a 14.6-million-sq.-ft. portfolio of infill light industrial assets for $1.3B US, according to Commercial Search. The purchase consists of 128 buildings in 20 markets.
RXR explores conversion of 230 Park following $670M default
RXR Realty is looking to convert a portion of the historic Helmsley Building on Park Avenue in a bid to rescue the building from debt distress. The firm is exploring a partial conversion of the 1.4-million-sq.-ft. landmark.
Ares Management expands office space on Manhattan’s Park Avenue
Ares Management Corp. is expanding its offices at a building near Manhattan’s Grand Central Terminal, an area that has become a magnet for Wall Street’s biggest players.
U.S. housing starts increase on pickup in multifamily construction
New U.S. home construction picked up in June on a gain in multifamily projects, though a decline in single-family housing starts to an eight-month low underscored a real estate market challenged by high interest rates.
Industry Events
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Quebec City Real Estate Forum
Oct 16 2024
Quebec City Convention Centre
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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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