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Pandemic creates ‘immense’ opportunity: Mainstreet CEO
Pandemic creates ‘immense’ opportunity: Mainstreet CEO
The global pandemic has created “especially difficult” operating circumstances for Calgary-based Mainstreet Equity (MEQ-T), but the residential rental company sees “immense” opportunity for continued growth in its portfolio in the near future.
Newly formed BlackTusk Group seeks mixed-use res.
BlackTusk Group is just seven months old, but its ambitions are as high as the peak in British Columbia’s Garibaldi Mountain range from which the real estate asset management firm took its name.
Surrey council approves six residential buildings
Surrey has approved two high-rises and a 12-storey rental tower by Thind Properties with a total of 1,023 market units near Gateway SkyTrain station. Council also approved two condo towers and a 12-storey building with 932 total units by WestStone Group.
$824M Union Station reno is finally done
• Toronto Star • Daily Commercial News
After more than 10 years of cost overruns and delays, the city-led $824 million revitalization of Union Station is finally done. Key features include expanding the station’s gross floor area by 14 per cent and adding approximately 161,000 square feet of retail space.
Downtown T.O. CRE set to rebound: JLL
• Financial Post • RENX
Downtown Toronto’s CRE sector “. . . is expected to see a turning point with an uptick in touring activity which will translate to an increase in leasing activity in the latter half of the year,” says a new JLL report.
Feds greenlight $394.2M for Edm. LRT line extension
• Edmonton Journal • Global News • CTV
A 4.5-kilometre extension of Edmonton’s Capital LRT Line to Ellerslie Road is moving full steam ahead after getting the green light from the federal government through a $394.2-million investment.
U.K. tech firm chooses Calgary for Canadian HQ
• Calgary Herald • Yahoo Finance • Canada Newswire
Newcastle, U.K.-headquartered software company Test Driven Solutions has chosen Calgary to house its first North American headquarters. The company’s Calgary office will be located in Bankers Hall, the same building where RBC’s recently announced innovation tech hub will be.
Calgary, Flames to each put extra $12.5M toward arena
• Calgary Herald • CBC • Global News
The City of Calgary and the Flames ownership will each pay an additional $12.5 million for a new arena and Calgary Municipal Land Corp. will no longer oversee the project. The Calgary Sports and Entertainment Corporation will cover additional cost overruns.
Legal minefield staked as workspaces reopen
Employers who want to bring their workforce back to the office could face legal quandaries. They are legally obliged to ensure a safe work environment for their employees, but privacy laws restrict them from asking employees whether they are vaccinated.
Loblaw profit soars even as grocery sales level off
• Toronto Star • Globe and Mail (Sub. required) • Canada Newswire
Loblaw Companies Ltd.’s (L-T), second-quarter earnings beat analysts estimates as its profits soared amid higher revenues, even as its sales levelled off compared to the stockpiling frenzy that marked the start of the pandemic a year before.
RioCan’s Oakville Place shifts focus with new tenants
Changes are happening at RioCan REIT’s Oakville Place including four new restaurants, three new retailers and the re-opening of H&M. Executive Jeff Ross said changes have been taking place since RioCan bought the property from Cadillac Fairview several years ago.
What hope is there for Canadian retailers?
• Toronto Star • Globe and Mail (Sub. required)
Disney is just the latest major retailer to dramatically scale back its bricks-and-mortar presence in Canada following Bed Bath & Beyond, Starbucks and Forever 21. Retail analyst Lisa Hutcheson says there’s plenty of life left in stores if done right, however.
Ivanhoé Cambridge forms Dutch residential JV
• Property Funds World • IPE Real Assets
Ivanhoé Cambridge, Mubadala Investment Company and Round Hill Capital, a global real estate investor, developer and manager, have formed a new strategic partnership to target high-quality residential investments with an attractive risk adjusted return profile across the Netherlands.
Manulife acquires Chicago class-A logistics centre
Manulife Investment Management announced the acquisition of the Joliet Logistics Center, a state-of-the-art logistics facility in Joliet, Ill. The million-square-foot, class-A property is located in the I-80 corridor, one of Chicago’s top institutional submarkets.
CBRE to acquire $1.3B interest in Turner & Townsend
• Business Wire • Bisnow • Wall Street Journal
CBRE Group Inc. (CBRE-N) has cut a deal to make one of its largest acquisitions paying roughly $1.3 billion for a 60% stake in Turner & Townsend Holdings Ltd., one of the world’s largest managers of infrastructure, natural resources and real-estate construction projects.
Cineworld faces $1.73M legal challenge over U.K. rent
Cineworld is facing a $1.73 million Cdn legal challenge over allegedly not paying rents for a Southampton site. Southampton-based Marina Developments claims Cineworld – the world’s second largest cinema chain – has not paid rents and other charges since last March.
Insurance premiums rise drastically for condos
Prices for condo premiums saw double-digit increases throughout British Columbia and Alberta, while rates rose almost 10 per cent in Ontario, according to LowestRates.ca’s Home Insurance Price Index Report for Q1 2021.
Toronto apartment rents rise for first time in 18 months
• Financial Post • RENX
Apartment rents increased for the first time in a year and a half in Toronto during Q2 and also rose in Calgary, new Urban Analytics studies show. Toronto’s average rents per square foot increased two per cent.
1 in 5 GTA homeowners under 35 own secondary properties
• Toronto Star • Montreal Gazette • Canada Newswire
A new survey of homeowners in the Greater Toronto Area has found nearly 20 per cent of respondents under the age of 35 own a secondary property, according to a new report released by Royal LePage.
The era of affordable houses seems to be done
• Globe and Mail (Sub. required)
OPINION: This is how Canada’s housing market cools: from the white-hot intensity of a thousand suns to merely scorching. Only a sharp pullback in house prices will make a difference for affordability.
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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