Challenges remain, but optimism reigns in apt. sector

RENX  Residential  •  Apartments  •  National

When the COVID-19 pandemic struck, apartment owners worried about collecting rents from millions of laid-off workers. Amid a mood of cautious optimism these owners continue to work with their residents, but look forward to kick-starting new growth.

Brookfield revamps unusual ownership structure

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

Brookfield Asset Management (BAM-A-T) has unveiled sweeping changes to its unusual ownership structure that for decades has given a secretive group of self-styled partners the right to wield huge influence over the US$500-billion investment firm.

Northwest Healthcare Properties expanding globally

Commercial  •  IPE Real Assets

Governments are reaching out to the private sector to bolster their health care resources. One group involved is Toronto-based NorthWest Healthcare Properties REIT (NWH-UN-T), which has created one of the leading non-government health care real estate platforms outside the U.S.

Calgary indoor malls tentatively reopen

Commercial  •  Calgary Herald  •  Calgary Herald  •  CBC

Practising physical distancing wasn’t difficult as Calgary malls opened Thursday for the first time since March’s lockdown. At CF Chinook Centre, a lineup of customers waited for the doors to open, signalling a cautious lifting of a COVID-19 closure.

Superstore opens first urban concept in Calgary

Commercial  •  Calgary’s Business  •  Calgary Herald

The Real Canadian Superstore (L-T) is opening its first Canadian urban concept store Friday in Calgary. The 80,000-square-foot store, “unlike any other Superstore location in Canada,” is on the second floor of the RioCan 5th & Third East Village mixed-use development.

Hudson’s Bay exiting downtown Edmonton

Commercial  •  Retail Insider  •  Edmonton Journal  •  Business In Vancouver

The Hudson’s Bay Company (HBC-T) has announced it is shutting its 168,000-square-foot store in downtown Edmonton this fall, marking the closure of the last remaining department store in the city’s core.

COVID-19 accelerates stores’ omnichannel uptake

Commercial  •  Business In Vancouver  •  Globe and Mail (Sub. required)  •  CBC

Long before COVID-19, several department stores were already developing omnichannel retailing and retail analysts say COVID-19 will accelerate that move. Shoppers are also likely to see more kiosks and digital checkouts in department stores when they reopen.

Some grocery chains making face masks mandatory

Commercial  •  CBC  •  Toronto Star

A growing number of major retailers are now requiring — or requesting — shoppers wear a face covering in their store during the COVID-19 pandemic. The move follows a shift from Canadian health officials who originally questioned the benefits of widespread mask-wearing.

High rents, tourism reliance to slow Van. recovery

Residential, Commercial  •  Globe and Mail

Data compiled by the Vancouver Economic Commission and the mayor’s office showed 90,000 jobs – many in tourism, hotels and restaurants, as well as health and social services – disappeared in April as 13,400 businesses shut down because of COVID-19.

Ontario begins gradual reopening on Tuesday

Commercial  •  Globe and Mail  •  Toronto Star  •  Toronto Star

Ontario’s economy will begin its gradual reopening on Tuesday, resuming all construction, restarting scheduled surgeries and allowing retail stores outside of malls to open with physical distancing guidelines. However, limits on social gatherings remain in place.

REOC first-quarter financial results

Commercial  • 

Fiera Capital Corporation, (FSZ-T), Canada Newswire

StorageVault, (SVI-X), Globe Newswire

Tricon Capital Group Inc., (TCN-T), Canada Newswire

REIT first-quarter financial results

Commercial  • 

Automotive Properties REIT, (APR-UN-T), Canada Newswire

Boardwalk REIT, (BEI-UN-T), Canada Newswire

H&R REIT, (HR-UN-T), Canada Newswire

Melcor REIT, (MR-UN-T), Globe Newswire

Nexus REIT, (NXR-UN-X), Globe Newswire

Northview Apartment REIT, (NVU-UN-T), Globe Newswire

NorthWest Healthcare Properties REIT, (NWH-UN-T), Canada Newswire

Starbucks asks for year-long rent relief

Commercial  •  Toronto Star

Starbucks (SBUX-Q) wants landlords to give it a break on rent for at least a year as coronavirus social-distancing measures batter sales at the Seattle-based global coffee chain.

Lloyd’s of London expects COVID-19 claims to match 9/11

Residential, Commercial  •  Reuters

Lloyd’s of London is likely to pay out $3- to $4.3 billion in insurance claims related to COVID-19, similar to losses from the 9/11 attacks. Global non-life underwriting and investment losses may hit a record $203 billion in 2020, the commercial insurance market added.

CPP Investments No. 8 investor of 2020

Commercial  •  IPE Real Assets

GRAPH: The IPE Real Assets top-100 ranking of some of the world’s largest real estate investors, has captured more than $1.44 trillion in infrastructure assets. At No. 8 is Canada’s CPP Investments, at $36 billion.

China real estate investment rebounds in April

Residential, Commercial  •  Reuters

Real estate investment in China quickened in April while property sales fell at a much slower pace, Reuters calculations based on official data showed on Friday, providing some relief as Beijing looks to restart the economy from coronavirus-related shutdowns.

Big banks tightening lending for investors: Brokers

Residential  •  Globe and Mail (Sub. required)

Big lenders are tightening their requirements for real estate investors, mortgage brokers say, which could further slow activity in places such as Southern Ontario where investor demand had driven up prices and sales.

Canadian home sales, listings post record declines in April

Residential  •  Canada Newswire  •  Toronto Star  •  Reuters

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings fell by more than half in April 2020 compared to March. National home sales fell 56.8 per cent on a month-over-month basis in April.

Rural B.C. property search surges during pandemic

Residential  •  Western Investor

Freddy Marks is a specialist in B.C rural recreational property but his phones have lit up with calls from the big city since the pandemic brought on self-insulation and social distancing.

What rights do owners of second homes have?

Residential  •  Globe and Mail

Canadians are being asked not to travel unless necessary, not even to their cottages. Walls are even going up between provinces. With the long weekend arriving, some may wonder: Don’t I have property rights?