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Porchlight-Marwest selling 468-apartment portfolio
Porchlight-Marwest selling 468-apartment portfolio
Opportunity knocks for investors seeking a foothold in steadily growing multifamily rental markets on the Canadian Prairies. More precisely, it knocks on the doors of 468 units at three new properties in Regina and Winnipeg, the Porchlight-Marwest multifamily portfolio.
Kamloops office tower for sale amid tight market
One of Kamloops’ most prominent office buildings is up for sale. The 11-storey, 37,000-square-foot tower called Cornerstone has become available in a market now facing low downtown vacancy with very little new product in the pipeline.
Lowe’s Canada shuttering 34 stores
• Canada Newswire • Reuters • CBC
Following a detailed strategic review of its operations, Lowe’s Canada (LOW-N) is closing 34 underperforming stores to optimize its network and undertaking a process to simplify multiple store banners to drive efficiency and reduce operational complexity.
Gazit Globe sets sights on T.O. mixed-use
Israeli real estate investment firm Gazit Globe (TASE: GZT) said on Tuesday it was establishing a joint venture with its Toronto-based director Dori Segal to buy and manage mixed-use properties in Canada, particularly in Toronto.
Bridgit opening first satellite office in Toronto
Bridgit, a construction technology software company based in the Kitchener-Waterloo area, announced the official opening of its satellite office location in downtown Toronto’s King East Design District.
Edmonton’s sustainable Blatchford site underway
Townhouses are rising and a shared district geothermal heating and cooling system is commissioned and ready to go for the City of Edmonton’s long-awaited Blatchford project. The sustainable community is being built on 536 acres of former municipal airport land.
Burbs and boondocks lure Vancouver investors
Vancouver landlords are looking to suburban markets and deeper into the boondocks to capture higher yields and escape the spiraling cost of buying and owning big-city apartment buildings.
Northview charging tenants thousands for pets
Northview Apartment REIT (NVU-UN–T) has been charging its N.W.T. tenants illegal “pet fees” in its pet-friendly buildings. In its lease agreements Northview is charging each tenant an extra $25 per pet, per month, on top of rent.
Couche-Tard sells interest in Crossamerica
• Globe Newswire • Globe Newswire
Alimentation Couche-Tard Inc. (ATD-A-T) announced today it has sold all of its ownership interest in CrossAmerica Partners LP (CAPL-N) to investment entities controlled by Joe Topper, the founder of CrossAmerica, for an undisclosed amount.
Vancouver bricks-and-mortar sector booming
Bricks-and-mortar shopping is thriving in Metro Vancouver with approximately 3.8 million square feet planned or under development and property sales of $450 million so far this year. Lee & Associates’ Neil McAllister said new regional shopping centres are leading CRE development.
Halifax CFL stadium group submits revised plan
The business group that wants to build a 24,000-seat stadium for a potential CFL franchise in Halifax has updated its proposal after the idea was nearly quashed by regional council last month.
B.C. cannabis facility returns to market
Colliers International brokers Alan Johnson, vice-president of the firm’s Unique Properties Group, and Bianca Gilbert have resumed marketing of the BlueVault Organic Marijuana Ltd. property in Pemberton. The 135-acre property first hit the market in summer 2018.
T.O. smart city evaluation set to wrap up in March
Details of the technological innovations planned for a futuristic development in Toronto recently provided by Sidewalk Labs are satisfactory to evaluate the project. The evaluation by Waterfront Toronto is due to be wrapped up by March 2020.
HBC’s property value is tough to pin down: Opinion
• Globe and Mail (Sub. required) • Bloomberg • Toronto Star
Since Richard Baker announced his aim to take HBC (HBC-T) private, the biggest bone of contention has been the value of its real estate. Tuesday, HBC released appraisals of its 79 store locations from Montreal to Vancouver to Beverly Hills.
Two more LRT subcontractors seek $18M
Two subcontractors are alleging project delays and negligence on the part of LRT-builder Rideau Transit Group’s construction component led to skyrocketing costs for their own work on the Confederation Line — and they’re taking legal action to pursue more than $18 million.
Aura files lawsuit over East Van. parking lot
• CBC
Aura Ventures Corp., which has filed notice of civil claim in B.C. Supreme Court against the City of Vancouver, claims it and other local CRE owners are the true and “beneficial owners” of a Vancouver parking lot.
Polygon Homes, Telus in court over B.C. project
• Globe and Mail (Sub. required)
In September 2017, Vancouver-based developer Polygon Homes inked a $175.5-million deal for a 14-acre property in Burnaby with Telus Communications, the site marketed as transit-oriented in a “booming” area nestled between two town centre malls along a coveted commuter-friendly SkyTrain route.
Queen’s Park looks to update rules for realtors
• Winnipeg Free Press • Globe Newswire
The Ontario government has introduced a bill to update regulations for realtors that includes new enforcement tools, rules on business structures, and more disclosure of competing bids for homes.
Details scarce on Tarion’s successor
• CBC
The head of the new organization tasked with replacing Tarion says he plans to take the auditor general’s scathing criticism into account as he overhauls the province’s home-building industry, but critics still have their doubts anything will change.
Cheap Nova Scotia real estate beckons
Nova Scotia offers private islands larger than Hong Kong’s Victoria Park for less than the purchase price of a 450-square foot-flat in Sai Ying Pun in the Asian city’s western district.
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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