As China reopens for business, what can Canada learn?

RENX  Commercial  •  Investment, Human Resources, Infrastructure  •  National, International

Wuhan, the Chinese city of 11 million considered ground zero for the COVID-19 pandemic, emerged from lockdown this week after 76 days. Prevention measures remain in place, but businesses are opening, people are walking and driving, and planes and trains are operating.

Vancouver at risk of bankruptcy: Mayor

Residential, Commercial  •  Vancouver Sun  •  Globe and Mail  •  Financial Post

The City of Vancouver is at risk of going bankrupt, says the mayor, citing a recent poll showing more than half of property owners are not expecting to pay full property taxes this year as COVID-19 financial woes take hold.

Measures must help both landlords, tenants: CIBC

Residential, Commercial  •  Financial Post

Canadian Imperial Bank of Commerce CEO Victor Dodig is stressing the need to help residential and commercial landlords and tenants get through the coronavirus crisis, including by ensuring renters also benefit from relief being given to owners.

Retailers scrambling due to e-commerce surge

Commercial  •  Financial Post

The coronavirus crisis has many retailers either struggling with a surge in demand for online ordering and delivery or ruing their lack of a web shop since most people are trying to stay home and practice social distancing measures.

Indigo rehires 545 workers following layoffs

Commercial  •  Winnipeg Free Press  •  Canada Newswire

Indigo Books & Music Inc., (IDG-T) says it is rehiring 545 of its workers after tapping into the federal government’s emergency wage subsidy. The Toronto-based retailer temporarily laid off 5,200 of its retail employees and closed its retail locations in mid-March.

Fresh City opens new store despite pandemic

Commercial  •  Canadian Grocer

At Fresh City’s new Toronto store, “the frontlines meet the frontlines,” says founder/CEO Ran Goel. The grocer’s latest store, located at the base of a condo building at Bay and Gerrard, is in the vicinity of five major hospitals.

The Saskatchewan Edge › What might CRE look like after COVID-19?

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Fronsac acquires Gatineau retail property for $4.6M

Commercial  •  Globe Newswire

Fronsac REIT (FRO-UN-X) announce the acquisition of a property located in the district of Limbour in Gatineau, Que. The property is a grocery store operated under the Metro banner. Total consideration paid for the property was $4,600,000.

Ontario health-care construction can run 24/7

Commercial  •  Daily Commercial News  •  Ottawa Business Journal

Ontario Premier Doug Ford announced critical health-care construction projects will be extended to 24 hours per day to deal with the COVID-19 pandemic: “That includes assessment centres and temporary structures needed to prepare for any surge in COVID-19 cases.” 

Killam receives 93% of rental revenue for April

Residential  •  Canada Newswire

As of April 8, Killam Apartment REIT (KMP-UN-T) has received approximately 93 per cent of rental revenue due, including approximately 95 per cent for the apartment and MHC portfolios, generally in line with average rent collected by the eighth day of the month.

REOC COVID-19 business updates

Commercial  • 

Invesque Inc., (IVQ-U-T), Canada Newswire

Selection Group, Canada Newswire

Sienna Senior Living Inc., (SIA-T), Globe Newswire

Retail COVID-19 business updates

Commercial  • 

George Weston Ltd., (WN-T), Canada Newswire

High Tide Inc., (HITI-CN), Canada Newswire

Loblaw Companies Ltd., (L-T), Canada Newswire

BSR sells three Texas properties for $52.5M

Residential  •  Canada Newswire

BSR REIT (HOM-U-T) announced today it has sold three non-core properties, comprising 632 apartment units, in Longview, Texas for gross proceeds of $52.5 million, further enhancing the REIT’s strong liquidity position.

D-FW’s office market hits the brakes

Commercial  •  Dallas Morning News

Dallas-Fort Worth’s booming office market is being derailed by COVID-19. Net leasing in the area was down more than 150,000 square feet in Q1 — before the worst of the pandemic hit, notes CBRE. It was the first quarterly decline in years.

Houston office vacancies could hit new high

Commercial  •  Houston Chronicle

The vacancy rate for Houston-area office space could increase by four percentage points by the end of the year as collapsing oil prices and the COVID-19 crisis slow leasing activity and lead to more available sublease space, Colliers International notes.

Wuhan rent protest shows unrest in China

Commercial  •  National Real Estate Investor

Dozens of small shop owners protested outside one of Wuhan’s biggest shopping malls to demand a cut in rent, in one of the first signs of unrest since authorities lifted a lockdown at the epicenter of the coronavirus outbreak

Mortgage demand drops as lenders tighten standards

Residential  •  Globe and Mail  •  Financial Post

Fewer Canadians are taking out mortgages and refinancing their debt, as home sales decline, interest rates on loans rise and lenders start tightening standards amid the economic fallout from the pandemic, says Stephen Smith, First National Financial Corp. (FN-T) CEO.

U.S. mortgage industry is facing a crisis

Residential  •  MarketWatch  •  Globe Newswire

The $2.2 trillion CARES Act stimulus bill President Donald Trump signed into law guaranteed any homeowner with a federally backed mortgage could stop making payments for up to a year, which could have negative consequences for the mortgage industry.

Alberta backtracks on rental evictions . . . for now

Residential  •  Western Investor

The Alberta government has joined other Western provinces and banned residential rental evictions, but so far the ban only applies for one month. Premier Jason Kenney had rejected calls for an eviction ban as late as March 27.

Van. hopes roller-coaster ride will be short

Residential  •  Globe and Mail

Vancouver’s construction industry is deemed an essential service, so developers are still busy bringing their projects along. However, the industry is bracing itself for a bumpy few months ahead, as the housing market seizes up and consumers lose their jobs.