QuadReal buys three S. Ontario apartments for $300M

RENX  Residential  •  Apartments  •  Ontario, Toronto / GTA

QuadReal Property Group has purchased three apartment buildings in the GTA/Greater Golden Horseshoe area surrounding Toronto for $300 million. The three buildings contain 750 units, Altus Group reports in a listing of recent transactions. They were purchased from ICBC and Starlight.

Hotel added in revised Pinnacle One Yonge plan

Residential, Commercial  •  Urban Toronto

Pinnacle International has revised its plans for its multi-tower Pinnacle One Yonge project. In addition to three residential towers and two commercial towers, the new plan calls for the introduction of a hotel and a mid-air connection between the towers.

Surrey City Development Corporation dissolved

Residential, Commercial  •  Tri-City News  •  Surrey Now-Leader  •  Business In Vancouver

Surrey city council is dissolving its quasi-public real estate corporation, the Surrey City Development Corporation, in favour of in-house transactions, following a secret vote in April that was announced Monday. SCDC is a for-profit real estate development company.

New tech catalyst for CRE change: Altus CEO

RENX  Commercial  •  Technology  •  National

Altus Group chief executive officer Bob Courteau opened the June 11 ARGUS Connect virtual event by stressing how the commercial real estate industry has to quickly adapt to a world which has changed very rapidly during 2020.

Cadillac Fairview launches LiVE by CF shopping app

Commercial  •  Canada Newswire  •  Toronto Star  •  Montreal Gazette

As consumers are welcomed back to shopping centres, Cadillac Fairview (CF) announced LiVE by CF, a new mobile app developed to enhance the Canadian shopping experience, at home or in CF shopping centres, and deliver additional support for retailers.

Ontario CRE evictions ban to be retroactive to May

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

Ontario is making its ban on commercial evictions for some small businesses retroactive to May 1, after months of frustration from entrepreneurs. Premier Doug Ford announced last week that the province would ban evictions from June through August.

The Saskatchewan Edge › The oxymoron of office culture for remote workers

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Dollarama CEO sells $150M worth of shares

Commercial  •  La Presse

Dollarama (DOL-T) CEO Neil Rossy, GRI Investments (a private company controlled by the Rossy family) and the Rossy Foundation have decided to sell 3.2 million shares of the Montreal retailer. The total value was $150 million.

Wholesale sales posted record plunge in April

Commercial  •  Toronto Star  •  Toronto Star

Statistics Canada says wholesale sales fell by a record 21.6 per cent to $49.8 billion in April, led by a plunge in the motor vehicle and motor vehicle parts and accessories subsector due to the pandemic.

Top 10 largest construction project starts in Canada

Commercial  •  Daily Commercial News

The accompanying table records the 10 largest construction project starts in Canada in May 2020. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada.

Receiver takes over StableView Asset Management

Commercial  •  Globe and Mail (Sub. required)

An Ontario judge has ordered a receiver to oversee Toronto’s StableView Asset Management after a regulatory probe found investors’ money had been overconcentrated in Clarocity Corp., a penny stock that paid consulting fees of more than $100,000 to the wealth manager.

REIT COVID-19 business updates

Commercial  •  Canada Newswire

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

PROREIT, (PRV-UN-T), Canada Newswire

Fiera Capital changes global management structure

Commercial  •  Canada Newswire  •  RENX

Fiera Capital Corporation (FSZ-T) today announced a change to its global management structure, effective July 1. Fiera Capital will organize its business activities across three operating groups: Public Markets, Private Markets and Private Wealth, instead of its existing regional structure.

Big-box industrial to remain stable in 2020

Commercial  •  Globest.com

Big-box industrial facilities face challenges and changes during the fluid COVID-19 situation, though the sector should remain stable in 2020, according to Colliers International’s North America Big-Box Market Report 2019 Year-End Review and Outlook.

Investors getting ready to bet on hotels’ comeback

Commercial  •  Bisnow

Three months into the economic crisis brought on by the coronavirus pandemic, U.S. investors are optimistic about the long-term future of distressed assets in the hospitality sector.

Co-working market expected to rebound in 2023

Commercial  •  PR Newswire

The global co-working spaces market is expected to decline from $9.27 billion in 2019 and to $8.24 billion in 2020 at a compound annual growth rate (CAGR) of -12.9 per cent. The market is then expected to recover and reach $11.52 billion in 2023 at CAGR of 11.8%.

B.C. condo owners seek gov’t action on insurance crisis

Residential  •  Vancouver Sun

The organization representing owners of 240,000 B.C. condo units asked the province on Wednesday to tighten the rules for strata corporations to help bring soaring insurance premium costs under control.

Hurdles remain before real estate recovery

Residential  •  Financial Post  •  Financial Post  •  Globe and Mail (Sub. required)

Though signs of a real estate recovery are appearing, hurdles and uncertainties must still be overcome for a sustained improvement. For one thing, new regulations starting in July will likely limit some borrowers’ ability to qualify for a mortgage.

Pandemic underscores lack of affordable housing in B.C.

Residential  •  Globe and Mail

The B.C. government’s effort to get people off the street has underscored the shortage of affordable housing throughout the province, a problem that existed long before the pandemic and has become more visible as people are urged to stay home.

U.S. mortgage applications at highest level in 11 years

Residential  •  CNBC  •  Winnipeg Free Press

Mortgage applications to purchase a home spiked four per cent last week and were up 21 per cent higher year-over-year, the Mortgage Bankers Association said on Wednesday. The ninth straight week of gains pushed it to its highest level in 11 years.