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Aoyuan continues its major expansion into Canada
Aoyuan continues its major expansion into Canada
Aoyuan International has launched new inventory for its 8.6-acre master-planned Toronto community, M2M, called M2M Spaces. It’s part of the publicly traded, Hong Kong-headquartered company’s expansion into Canada, which began with its first property acquisition in Vancouver in March 2017.
$5B Abbotsford Tech District proposed
Can Abbotsford Tech District, a $5 billion high-tech hub the size of a small city, provide Abbotsford with just the push it needs to fulfill its goals of being the principle economic hub of the Fraser Valley?
KingSett resubmits plans for three-tower proposal
• Urban Toronto • RENX
KingSett Capital has resubmitted a proposal to the City of Toronto. again seeking rezoning to permit a three-tower condominium complex for Scarborough’s Kennedy and Highway 401 area. One tower’s height has been reduced to 36 storeys and the other two to 34 storeys.
UPDATE: ELAD acquisition talks ‘progressing well’
UPDATED July 13: One week after the pending sale of ELAD Canada to Plaza Partners and Argent Ventures became public, the CEO of ELAD confirms talks are “progressing well.” The transaction involves an initial payment of $225 million for 37% of ELAD.
FULECap’s new venture: CRE deposit financing
A new company is providing commercial real estate developers with deposit financing on real estate transactions, freeing them from tapping into lines of credits or using liquidity to lock down deals. Toronto-based FULECap provides deposit loans from $100,000 to $1.5M.
Condo market values to rise up to 15%: Lanterra CEO
VIDEO: Barry Fenton, CEO of condo developer Lanterra Developments, tells Financial Post’s Larysa Harapyn he sees condo values rising 10 per cent to 15 per cent as demand remains steady but inventories shrink in the pandemic.
Chatham’s Boardwalk ‘best building west of Toronto’
Derek Lobo, whose SVN Advisors Inc. will be leasing Chatham’s Boardwalk on the Thames apartments, is impressed. “This is the best building west of Toronto, I think I can say with quite a bit of confidence,” Lobo said.
Why H&R REIT is hurting
• Globe and Mail (Sub. required)
Even before the coronavirus pandemic, H&R REIT‘s (HR-UN-T) payout ratio was elevated. In 2019, the payout ratio soared to 105 per cent of adjusted funds from operations, according to a recent note from Neil Downey, an analyst at RBC Dominion Securities.
William F. White opens ninth Canadian studio property
William F. White International Inc. announced Century Studio, its third studio location in Toronto and ninth property in Canada. Century Studio is located in Mississauga and features 81,500 square feet split between shooting space boasting a 32-foot clear height and offices.
Second Cup owner opens first pot store
• Bloomberg • Toronto Sun • Canada Newswire
Second Cup’s (SCU-T) transition from coffee to cannabis is finally underway. Aegis Brands cut the ribbon to its Hemisphere Cannabis brand in Toronto on Friday, with plans to open another six stores in Ontario in the coming months.
Foreign investments on rise in Montreal
Foreign companies invested a record $1.38 billion in the first six months of 2020, a 10 per cent climb from last year’s first-half tally, Montréal International said Friday. That’s the highest first-half total recorded by the economic development agency since its creation in 1996.
Equiton internalizes property management
• Equiton media release • RENX
Equiton internalized the management of its portfolio of residential properties with the launch of its new division, Equiton Living, on July 1. The internalization simplifies Equiton’s structure by unifying its activities, operations, and resources under a single entity called Equiton Living.
Tricon prices $553M securitization transaction
• Canada Newswire • RENX
Tricon Residential (TCN-T) announced its single-family rental joint venture in which it holds a one-third interest has priced its 2020-SFR1 securitization transaction – comprising six offered classes of fixed-rate certificates – at US$553 million. The transaction is expected to close July 21.
Muji files for bankruptcy
• CNN • New York Post • Financial Post
Trendy home-goods chain Muji has filed for bankruptcy. Muji, which sells minimalist decor, stationery and clothing, filed for Chapter 11 bankruptcy protection Thursday in Delaware. The company plans to use the process to emerge with a renewed focus on online sales.
WeWork chairman expects positive cash flow in 2021
• Reuters • TechCrunch
WeWork executive chairman Marcelo Claure said the office-sharing company was on course to have positive cash flow in 2021, a year earlier than a target the company set in February, the Financial Times reported on Sunday.
Manhattan office space will always be among priciest
In the long run, as the economy recovers and grows, Manhattan will still be unique. It will still be valued as a centre of advanced business services, and will likely employ more workers than ever in its flagship office-based sectors.
Ont. claims Bill 184 protects landlords and tenants
• CBC • Toronto Star
Bill 184 (Protecting Tenants and Strengthening Community Housing Act) has passed second reading at Queen’s Park and is before a legislative committee. The government says it will “strengthen protections for tenants and make it easier to resolve landlord and tenant disputes.
Tarion denies moving too slowly on reforms
• Globe and Mail (Sub. required) • Toronto Star
CEO Peter Balasubramanian rejected criticism Ontario’s Tarion Warranty Corporation is moving too slowly to implement the recommendations of the province’s Auditor-General as it revealed that it has followed through with 11 of 25 of the orders, nine months after they were received.
Insurance may never be the same again
• Reuters
Insurers are creating products for a world where virus outbreaks could become the new normal. While new pandemic-proof policies might not be cheap, they offer businesses ways of insuring against disruptions and losses if another virus strikes.
T.O. ponders more density in single-family neighbourhoods
Toronto city council is about to wade into one of the most contentious planning debates that has been percolating during an ongoing housing crisis — whether to allow more density in stable, low-rise neighbourhoods.
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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