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Signet sells 7 apt. buildings to Starlight, Timbercreek
Signet sells 7 apt. buildings to Starlight, Timbercreek
Starlight and Timbercreek have purchased seven Toronto apartment buildings from Signet Group, spending $193.7 million on the transactions. The portfolios comprise 675 apartments all located within the City of Toronto.
CIBT looking to spin off $1.4B of student housing
• Daily Hive • CIBT media release
Vancouver-headquartered CIBT Education Group (MBA-T) announced it is considering spinning off Global Education City (GEC), its student real estate subsidiary, as a separately listed entity. CIBT intends to have GEC listed while also seeking “strategic funding opportunities” around the world.
First major tenant opens at Calgary’s huge Taza project
The opening of a 150,000-square-foot Costco store and warehouse at the massive mixed-use Taza development on the Tsuut’ina Nation outside Calgary is the validation of years of preparation and planning. Taza is planned to accommodate 25 million square feet of development.
Small businesses plead for rent-relief rule changes
• Globe and Mail • Vancouver Sun
Thousands of small businesses in B.C. and Alberta are begging the federal government to change the rules to ensure they can apply on their own for the federal government’s Canada Emergency Commercial Rent Assistance program, months after it was introduced.
Ottawa OKs main + main, First Capital projects
• CBC
Ottawa’s planning committee has approved Toronto-based developer main + main‘s high-rise buildings at the Westboro transit station, as well as First Capital‘s 30-storey tower to connect to Blair station as the city promotes development near its new LRT.
Six buildings proposed in refined CreateTO proposal
CreateTO and developer partner Diamond Kilmer‘s revised proposal for disused Runnymede Quarry Lands at 411 Victoria Park Ave. in Scarborough includes a sixth building – a mid-rise – and increases the number of units from 798 units to 1,043, including 80 townhouses stacked and back-to-back.
Cambridge unveils plans for multiplex, community hub
Cambridge is finally moving ahead with a new community hub. Southpoint will also include two elementary schools, a new Idea Exchange branch and a new residential subdivision of more than 300 homes, ranging from single homes to apartment buildings.
Company revises proposal for 10-storey mixed-use
8570442 Canada Inc. has submitted a revised proposal for 1326-1328 Wilson Ave. The Tregebov Cogan Architects-designed scheme maintains the proposed 10-storey residential project but reduces the number of units from 95 to 65 and includes a four-storey podium containing medical office and commercial uses.
Can T.O.’s office market flatten ‘sublease curve’? – AY
As the GTA office market continues to find its way through the pandemic, tenants are evaluating their office space needs (both short-term and long-term) and many organizations are opting to list office space for sublease as part of their strategies.
Grocers fight back against calls for gov’t action
The Retail Council of Canada Thursday pushed back against calls for the government to step in and regulate the relationships between supermarkets and their suppliers. Advocates say a code of conduct would help lay out rules and fair business practices.
Costco opens 2nd-largest Canadian location in Ottawa
• Ottawa Business Journal • PR Newswire
Four years after announcing it planned to move its East Ottawa location to Shoppers City East, Costco has made good on its pledge. The warehouse giant cut the ribbon on a new 161,000-square-foot store at 1405 Blair Towers Pl. Thursday morning.
Half of Canadian restaurants could fail in 3 months
• Montreal Gazette • Business In Vancouver • Business In Vancouver
Restaurant owners issued a stark warning to federal policymakers on Wednesday, saying more than half of all Canadian eateries could go out of business in the next three months. Restaurants Canada has been meeting federal officials.
Las Vegas Strip casino revenue tumbles 39% YOY
Casino revenue on the Las Vegas Strip fell 39 per cent to $330.1 million in July from a year ago, the first full month properties were open after the coronavirus shutdown, showing the city is struggling to win back customers.
Nordstrom sales plunge 53% in Q2
• Reuters
Nordstrom Inc. (JWN-N) reported a bigger-than-expected loss on Tuesday, as the COVID-19 pandemic shut its stores for about half of the reported quarter and consumers stayed home with little need for designer clothes.
Gap reports 13% rise in sales, boosted by e-commerce
• Reuters
Apparel retailer Gap Inc. (GPS-N) reported a surprise 13 per cent rise in quarterly comparable sales on Thursday, as consumers stuck at home due to the COVID-19 pandemic bought more of its Old Navy and Athleta clothing online.
Germany, Central Eastern Europe lead CRE growth
Germany and Central Eastern Europe reported investment turnover growth across commercial real estate so far in 2020, despite the effects of COVID-19 in Q2, according to Savills’ European Investment Spotlight. Germany recording a year-over-year 31 per cent increase in investment transactions.
High demand, delays, fees add up to expensive new GTA homes
OPINION: “Why are new homes so expensive in the GTA?” The answer is actually very complex. When it comes to new housing, the GTA is an undersupplied market. Virtually every year since 2006, new homes have fallen short of demand.
Small-town B.C. sees a rental boom
As people migrate from urban centres to smaller communities, land values are rising, putting a new kind of pressure on B.C.’s small towns. People are relocating to small-town B.C. from the Lower Mainland, Alberta, the Prairies, Ontario and Quebec.
Late senator’s Westmount mansion listed for $15M
In 1987, Lynne Kolber Halliday’s parents, Leo and Sandra, were preparing to tear down their California-style house at the peak of a mountain in Montreal’s Westmount neighbourhood and replace it with a 32-room bungalow. First, they had to host a wedding.
Fannie Mae suspends single-family mortgage evictions
Fannie Mae (FNMA) announced an extension of the temporary moratorium on foreclosures and evictions until Dec. 31, 2020. The moratorium, which was set to expire Aug. 31, is effective immediately and applies to properties with single-family mortgages backed by Fannie Mae.
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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