Soneil acquires Pickering industrial portfolio for $73M

RENX  Commercial  •  Industrial  •  Toronto / GTA

Soneil Investments has made its largest-ever industrial acquisition, a six-building, $73-million portfolio in Pickering in the eastern portion of the GTA. The purchase comes just three months after Soneil bought two suburban Markham office buildings for $115 million.

Public lands, Part II: CreateTO and Toronto Lands Corp.

RENX  Residential, Commercial  •  Infrastructure, Land  •  National, Toronto / GTA

In day two of our look at four major stewards of public lands in Canada, we focus on the Greater Toronto Area through agencies operated by the City of Toronto and its largest school board.

Eastway proposes North York seven-building complex

Residential, Commercial  •  Urban Toronto

Eastway International plans a seven-building redevelopment at 172 Finch Avenue W. in Willowdale. The TAES Architects-designed buildings would rise three, four, six  and 11 storeys and would include 495 condominiums. There would also be 4,600 square feet of ground-floor retail.

ELAD’s nine-tower Emerald City project sold out

Residential, Commercial  •  Daily Commercial News

ELAD Canada Realty announced it has sold out all nine of its residential towers in North York’s Emerald City development. The project includes 3,000 condominium residences, 300 rental units in purpose-built rental buildings, the 50,000-square-foot Parkway Forest Community Centre and retail space.

Builders get creative as Van. industrial land disappears

Commercial  •  Western Investor

As the industrial land base in Metro Vancouver vanishes, developers such as Wesbild are throwing a wide net in their search for more space to meet intense demand that has driven industrial lease rates to the highest level in Canada.

Tall buildings missing from T.O.’s east downtown plan

Residential, Commercial  •  Globe and Mail (Sub. required)

This week, Toronto City Council will approve a new “secondary plan” for the King-Parliament area – a big chunk of the eastern downtown – that generally limits new buildings to 98 feet, and at most 295 feet or about 27 storeys.

Value: Weighed and Measured › If we can weather COVID-19, we can hit Canada’s emission targets

John Clark: AACI, FRICS | Vice President, The Regional Group of Companies Inc.

Neighbourly Pharmacy to go public with $150M IPO

Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire

Neighbourly Pharmacy Inc., Canada’s third-largest pharmacy chain operator, has filed preliminary documents for a $150-million initial public offering on the Toronto Stock Exchange. Neighbourly, which until recently was known as Rx Drug Mart, has 145 locations across the country.

Loblaw continues to see pandemic sales lift

Commercial  •  Globe and Mail (Sub. required)  •  Financial Post  •  Canada Newswire

Canada’s largest grocer is continuing to see elevated sales, as shoppers spend more money on cooking at home. However, like other grocery retailers, Loblaw Companies Ltd. (L-T ) is beginning to face tougher comparisons to surging food purchases last year.

MEC looks to its roots after insolvency, sale

Commercial  •  Toronto Star  •  Canada Newswire

With a house on the ocean in picturesque Mahone Bay, N.S., Eric Claus wanted to buy his wife a kayak. So he went to the MEC store in Halifax and got such good advice, he bought one on the spot.

REIT first-quarter financial results

Residential, Commercial  • 

Cominar REIT, (CUF-UN-T), Canada Newswire
Dream Industrial REIT, (DIR-UN-T), Business Wire
ERES REIT, (ERE-UN-X), Globe Newswire
First Capital REIT, (FCR-UN-T), Canada Newswire
Melcor REIT, (MR-UN-T), Globe Newswire

REOC first-quarter financial results

Residential, Commercial  • 

Brookfield Renewable Partners, (BEP-UN-T), Globe Newswire
Dream Impact Trust, (MPCT-UN-T), Business Wire
Morguard Corporation, (MRC-T), Canada Newswire
NexPoint Hospitality Trust, (NHT-U-X), Canada Newswire

CDPQ invests $2.36B in American Tower

Commercial  •  Canada Newswire

Caisse de dépôt et placement du Québec will acquire a 30 per cent stake in American Tower Corporation‘s (AMT-N) ATC Europe through a transaction valued at over $2.36 billion, implying an enterprise value of over $13 billion for ATC Europe.

Brookfield Residential acquires U.S. developer Newland

Residential  •  Globe Newswire

Brookfield Residential (BAM-A-T) has agreed to acquire Newland, one of the U.S.’ largest master-planned community developers. Brookfield is also acquiring the five per cent general partner’s equity interest in 15 (of the 20) master-planned communities Newland is developing.

Biden’s proposed tax hikes could hit CRE retroactively

Commercial  •  Bisnow  •  The Real Deal  •  CNBC

Real estate investors who are still reeling from a series of proposed capital gains taxes and a possible end to exemptions on most 1031 exchange transactions now have  to worry about whether there’s time to plan before the changes hit.

Former WeWork execs launch new venture Daybase

Commercial  •  Bisnow  •  PR Newswire

Ex-WeWork executives Joel Steinhaus and Doug Chambers have launched a company called Daybase, which will operate a network of “on-demand work spots” in various communities nationwide. As yet, the company has announced no locations for its new foray into co-working.

Housing affordability declines most in two years

Residential  •  Financial Post

The pandemic housing market has defied gravity — and Canadians are paying for it. Housing affordability in Q1 saw its worst decline since 2018 and its first fall in four quarters, according to the National Bank of Canada’s housing affordability monitor.

T.O. prices post sharpest drop since start of pandemic

Residential  •  Financial Post  •  Toronto Star  •  CBC

Toronto’s housing market last month posted the sharpest drop since the start of the pandemic, as buyers and sellers took a breather from a frenetic pace amid surging infections and renewed lockdown measures, says the Toronto Regional Real Estate Board.

Why Ottawa doesn’t rein in runaway house prices

Residential  •  Vancouver Sun

With a global value of about $200 trillion, homes are collectively worth about three times as much as all publicly traded shares. That’s why some say the real estate industry is too big to fail.

‘Unprecedented’ demand driving Canmore market

Residential  •  CBC

It was just minutes after a new listing for a $1.15-million home in Canmore went online when real estate agent Jill Law’s phone started buzzing. Three days and 31 showings later, she had received 11 offers for the property.