Israeli billionaire selling 37% of Elad Canada

RENX  Residential, Commercial  •  Condominiums, Office, Apartments, Industrial  •  National, International

Delek Group Ltd., which is controlled by Israeli billionaire Yitzhak Tshuva, is reportedly selling 37 per cent of its interest in Elad Canada to a partnership of private investors which includes Plaza Partners of Toronto and U.S.-based Argent Ventures.

Sentinal condos brighten tough year for Denna Homes

RENX  Residential  •  Condominiums, Apartments  •  Metro Vancouver

The pandemic may have slowed the housing market to a crawl, but Denna Homes has discovered there’s still an appetite for a reasonably priced condo in the right location. Presales have gone well for Sentinal condos in West Vancouver.

Ontario to fast-track transit station housing projects

Residential  •  Toronto Star

The Ontario government intends to introduce sweeping legislation on Tuesday to stimulate the construction of thousands of homes at a dozen-plus new transit stations including the forthcoming Ontario Line, Scarborough subway, proposed Eglinton West LRT and Yonge North subway extensions.

Amazon planning second warehouse in Ottawa

Commercial  •  Ottawa Citizen  •  Ottawa Business Journal

E-commerce giant Amazon announced it’s planning to open a second “fulfillment centre” in Ottawa, this time a 450,000-square-foot warehouse at Citigate in Barrhaven. The company says the warehouse will create more than 1,000 full-time jobs.

Alberta launches $10 billion stimulus plan

Commercial  •  Western Investor

Blindsided by a pandemic and an unprecedented crash in oil prices, the Alberta government has launched a $10 billion stimulus package – Alberta Recovery Plan – meant to spur the creation of 50,000 jobs by fast-tracking infrastructure spending and with corporate tax cuts.

Trez Capital high-yield fund to buy mispriced debt

Commercial  •  BNN Bloomberg

Vancouver-based Trez Capital has closed the first round of financing on its new high-yield fund, which will invest in debt that has been mispriced by the pandemic with plans to attract a maximum of $100 million in capital.

Value: Weighed and Measured › Adaptability, survivability and the persistence of human nature

John Clark: Vice President , The Regional Group of Companies Inc

Holt Renfrew Ogilvy opens 6-level store in Montreal

Commercial  •  Retail Insider

The massive Holt Renfrew Ogilvy store in downtown Montreal is nearly finished, with all six levels now open. The 250,000-square-foot store is one of the largest multi-brand luxury stores in N.A. and the largest in the Montreal market.

Vancouver Island’s tallest building complete

Commercial  •  Victoria Times Colonist  •  BC Business

The tallest building on Vancouver Island is officially complete. After three years of construction, the 25-storey Hudson Place One, on the site of the former Hudson’s Bay parkade on Herald Street, is ready for occupancy early next month.

Could ‘Ugly Broadway’ become a Great Street?

Commercial  •  Globe and Mail

There is a short section on the western end of Broadway that feels like the high street of a pleasant village – trees, a stretch of small local shops with canopies, a few sidewalk tables, interesting paving blocks at the intersections and drivers who suddenly slow to a meander.

WSP, Altus Group launch geomatics firm GeoVerra

Commercial  •  Construct Connect

GeoVerra, one of the country’s largest geomatics firms with 29 offices in Western Canada and Ontario, is officially open for business. The firm is a partnership between the geomatics business units of WSP Global Inc. and Altus Group Limited.

Home insurance startup Lemonade goes public

Residential, Commercial  •  Les Affaires

Lemonade, which promises to revolutionize the home and renter’s insurance industry with algorithms using artificial intelligence and big data, quenched its thirst for success with a notable entry July 2 on the New York Stock Exchange, where its title soared 140%.

Shopify soars above RBC in market value

Commercial  •  Globe and Mail  •  Ottawa Citizen

The white-hot run of Shopify shares has widened the company’s lead over Royal Bank of Canada for the title of the country’s most valuable company – and added billions to founder Tobias Lutke’s net worth, moving him closer to becoming the richest Canadian.

Cineplex starts litigation over failed merger

Commercial  •  Bloomberg  •  CBC

Cineplex is seeking damages including $2.18 billion, less the value of Cineplex securities retained by its holders, it would have received in the merger with Cineworld. The deal would have created the biggest operator of movie theatres in North America.

Brookfield puts US$1B behind real estate partnership

Commercial  •  Globe and Mail

Brookfield Asset Management is putting US$1-billion behind its belief that investors are undervaluing its real estate partnership in the punishing era of COVID-19. It has advanced the money to its Brookfield Property Partners so it can buy back nearly 75 million of its units at US$12 each.

Manulife, ESR, PGGM acquire Chinese industrial portfolio

Commercial  •  The Taiwan News

ESR, Manulife and PGGM, the Netherland’s largest pension fund, announced a new JV between ESR and Manulife with the acquisition of four logistics properties from Redwood China Logistics Fund for approximately US$243 million. Manulife’s first standalone industrial investment in China.

Manitoba bans CRE evictions until August 31

Commercial  •  Western Investor

The Manitoba government has placed a temporary ban on commercial evictions as part of an effort to drive increased participation in the federal-provincial cost-shared Canadian Emergency Commercial Rent Assistance (CECRA) program, Finance Minister Scott Fielding announced June 26.

Hong Kong buyers consider pre-sale condo units

Commercial  •  Financial Post

Despite the looming threat of greater Chinese control over Hong Kong, Ashley Lum is choosing to remain in the city-state for the foreseeable future. “Look, it’s not simple to just get up and leave your home,” the 36-year-old wealth manager told the Financial Post.

Toronto home buyers turn to the suburbs

Residential  •  Globe and Mail

Torontonians are increasingly heading to the suburbs and further afield, driving up sales in Niagara, St. Catharines, Burlington and Hamilton, as they search for more space after months of being cooped up in their condos and relatively tiny homes during the pandemic.

Buyers lining up to purchase homes in Montreal

Residential  •  Montreal Gazette

There’s a feeding frenzy on new listings in Montreal, thanks to pent-up buyer demand following the month-long pause on real estate showings in Quebec. Bidding wars are breaking out over modest bungalows and homes now selling over the asking price.