Concord Pacific buys Van. St. Paul’s Hospital for $1B

RENX  Commercial  •  Investment  •  Metro Vancouver

Vancouver-based developer Concord Pacific has purchased one of the most coveted development sites in Vancouver, the St. Paul’s Hospital property on Burrard Street, for nearly $1B. The 6.6-acre property at 1081 Burrard St., has been on the market for a year.

Starlight proposes three apt. buildings, townhouses

Residential  •  Urban Toronto  •  RENX

Starlight Investments is proposing to redevelop one of its rental properties with the addition of three apartment buildings and a group of stacked townhouses to 65 through 99 Silver Springs Boulevard in northern Scarborough.

WE Charity looks to sell T.O. real estate

Commercial  •  Global News

WE Charity is scaling back its operations, making dozens of layoffs in Canada and the United Kingdom. In addition, a number of buildings on a block near Toronto’s Moss Park will be assessed to determine which ones could be sold.

Many residential real estate what-ifs during pandemic

RENX  Residential  •  Condominiums, Apartments  •  National

Keeping perspective on the Canadian residential real estate market during the COVID-19 pandemic and what to expect for the rest of 2020 was the focus of a recent Altus Group webinar.

Mainstreet Equity betting big on Alberta: CEO

Residential  •  Calgary Herald  •  RENX

Calgary-based Mainstreet Equity Corporation (MEQ-T) has shrugged off the unprecedented challenges caused by the pandemic to post double-digit third-quarter growth. “I realize everyone is dismissing Alberta these days, but we intend to double-down on this province,” CEO Bob Dhillon said.

Auto complex planned for north of Barrie

Commercial  •  Toronto Star

A major development in Oro Station, north of Barrie, Ont., is expected to include houses, townhouses, “barn” garages and 500,000 square feet of industrial space to house everything from automobile upholstery shops to museums to engineering and manufacturing.

Wesgroup mixed-use building inspired by sturgeon

Residential, Commercial  •  urbanYVR  •  RENX

Wesgroup is planning a six-storey, mixed-use building in Vancouver’s River District which would include 178 secured market rental units, five rental units and 12 live/work units. The architects at Yamamoto Architecture said they looked to the white sturgeon for design inspiration.

Basecamp Resorts builds on confidence in Canmore

Commercial  •  Calgary Herald

Sky McLean, owner of Basecamp Resorts, is still so fired up about the future of Canmore she is opening a fourth property in the mountain resort’s central downtown area, in what she calls “the best place on earth to live.”

Less-expensive U.S. hotel companies faring better

Commercial  •  Toronto Star

U.S. mid-market hotels have held up better as many humble business folk have no choice but to travel for work. On the stock market, that has rewarded Hilton Worldwide over Marriott International and, in Europe, InterContinental Hotels Group over Accor.

The future of hospitality: Deloitte Canada

Commercial  •  Business In Vancouver

PODCAST: Vancouver-based Deloitte Canada partner Leslie Peterson discusses the future of hospitality – a sector particularly hard-hit by the COVID-19 pandemic. Peterson is the firm’s national transportation, hospitality, services and gambling leader.

Shoppers launches first walk-in clinic

Commercial  •  Toronto Star  •  Winnipeg Free Press

Shoppers Drug Mart (L-T) is getting into the medical clinic business. The drugstore giant is opened its first “Health Clinic by Shoppers” on Wednesday at its Lawrence Avenue West and Dufferin Street retail location.

REOC second-quarter financial results

Residential, Commercial  • 

Brookfield Asset Management, (BAM-A-T), Globe Newswire

Dream Unlimited Corp., (DRM-T), Business Wire

Firm Capital American Realty Partners Corp., (FCA-U-X), Canada Newswire

Firm Capital Property Trust, (FCD-UN-X), Canada Newswire

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

Melcor Developments Ltd., (MRD-T), Globe Newswire

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

StorageVault Canada Inc., (SVI-X),Globe Newswire

N.A. CRE market reacts sharply to downturn: Survey

Commercial  •  Globe Newswire

After a strong start to 2020, the impacts of COVID-19 on the CRE industry became evident during Q2. The Midyear Market Sentiment Survey by Transwestern and Devencore indicated the Canadian office index declined 29 per cent since the year-end 2019 survey, from 104.0 to 73.8.

Brookfield revalues real-estate portfolio

Commercial  •  Toronto Star

Brookfield Asset Management Inc. (BAM-A-T) reported a loss in its latest quarter as it revalued its real estate portfolio lower amid the pandemic. The alternative asset manager said most of its operations continued to generate favourable operating profits.

Simon, Authentic Brands buying Brooks Brothers for $325M

Commercial  •  Globe and Mail

Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group (SPG-N). The venture, called Sparc Group LLC, initially offered $305 million for the clothing company last month.

China’s WeWork rival Ucommune withdraws $100M IPO

Commercial  •  Caixin Global

Chinese shared workspace provider Ucommune Group Holdings has officially withdrawn its plans for a $100-million initial public offering (IPO) in the U.S. “in light of the current capital markets condition,” Ucommune said in a filing.

Vancouver homes currently listed for under $500,000

Residential  •  Daily Hive  •  Straight.com

There are still (relatively) affordable listings to be found. Zoocasa has compiled a list of several Vancouver properties under $500,000 currently on the market. So, if the price is right, check out what’s currently listed in and around Vancouver:

Mortgage ‘stress test’ falls for 3rd time since pandemic

Residential  •  CBC

The bar at which the finances of Canadian mortgage borrowers gets tested has just been lowered, making it easier for would-be home buyers to reach. The Bank of Canada has lowered the average rate on which it bases calculations to 4.79%.

Vancouver council defers rental-housing incentives

Residential  •  Vancouver Sun

At a recent meeting to discuss making it easier for developers to build six-storey, mixed use developments along many commercial streets, Vancouver city council voted, 6-5, to defer the decision to some point in the future pending further consultation.

Airbnb takes action against guest for unauthorized party

Residential  •  Globe and Mail

For the first time, San Francisco-based Airbnb said Wednesday it is initiating legal proceedings against a guest who held an unauthorized party at a home in Sacramento County, Calif., last weekend. Three people were shot and wounded at the party.