Housing starts strong, but ‘confusing’ fall ahead: Tal

RENX  Residential  •  Homes, Investment  •  National

While Canadian housing starts have gained momentum and are on pace for more than 200,000 this year, CIBC World Markets managing director and deputy chief economist Benjamin Tal expects things to slow down in the final quarter.

Construction workers’ union gets new Vaughan HQ

Commercial  •  Globe and Mail

North America’s largest construction workers’ local union is putting up a new headquarters in Vaughan that will be a far cry from gritty old-time union halls of the past. The Diamond Schmitt-designed headquarters will be more than 290,000 square feet .

Wesgroup seeks extra 14 storeys for New West tower

Residential  •  urbanYVR  •  RENX

Wesgroup is reworking plans for a residential tower near the Braid SkyTrain station in New Westminster, seeking additional height – from 21 to 35 storeys – in exchange for changing from strata condominiums to rental apartments.

Concert Properties secures first HSBC green loan

Commercial  •  Sustainable Biz Canada

Concert Properties has secured the first loan under HSBC Bank Canada’s Green Loan Principles-aligned financing program, for its 15-storey Tapestry at Victoria Harbour development in the B.C. capital. The $71.5-million financing represents a conversion of Concert’s existing construction financing.

‘A renaissance is coming’ to food courts

Commercial  •  Financial Post  •  Winnipeg Free Press

Canadian shopping malls, battered by the pandemic and struggling to bring back customers who have been ignoring them for years, need to transform their food courts if they’re going to survive, according to a new report from Deloitte Canada.

Ottawa in court over ClubLink’s residential plans

Residential, Commercial  •  Ottawa Citizen  •  CTV

A judge has started listening to arguments over ClubLink‘s controversial homebuilding plans at the Kanata Golf and Country Club as the court holds a three-day hearing by video conferencing and broadcasts the proceedings on YouTube.

Feds seek consultants for Gatineau office complex

Commercial  •  Ottawa Business Journal

As it continues to plan the exterior rehabilitation of a Gatineau office complex – Les Terrasses de la Chaudière – the federal government is looking for an architectural team to act as the prime consultant on the project.

Influential Peel developer dead at 93

Residential, Commercial  •  Mississauga.com  •  Toronto Star  •  REMI Network

One of Peel’s most influential real estate developers and philanthropists has died. Ignat Kaneff, who founded Kaneff Corporation more than 60 years ago, died on July 12, at the age of 93. Kaneff immigrated to Canada from Bulgaria in 1951 with $5 in his pocket.

Key issues for 2020-’21 Canadian CRE

Commercial  •  Mondaq

Four partners of our national Real Estate Group have co-authored the Canadian chapter of Practical Law’s 2020 Corporate Real Estate Global Guide. This publication provides an excellent overview of the current state of commercial real estate across Canada’s major jurisdictions:

AMC reaches deal to reduce debt up to $630M

Commercial  •  Reuters  •  Toronto Star

AMC Entertainment Holdings Inc. (AMC-N) said Monday it had reached an agreement with bondholders to reduce its debt by up to $630 million. Major theatre operators in the U.S. have laid off thousands of employees and borrowed funds to stay afloat.

Fiera Capital to buy back shares

Commercial  •  La Presse  •  RENX

After CEO Jean-Guy Desjardins said Fiera Capital‘s (FSZ-T) shares were undervalued, the Montreal asset manager announced Monday its intention to buy for cancellation up to two million shares, the equivalent of approximately two per cent of those in circulation.

REIT/REOC COVID-19 business updates

Commercial  • 

BTB REIT, (BTB-UN-T), Canada Newswire

Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire

Harbour Group launches investment vehicle

Commercial  •  Canada Newswire

The Harbour Group announced Harbour Opportunity Partners, a real estate investment vehicle will focus on acquiring performing and non-performing loans, providing creative debt and structured equity capital solutions for lenders and borrowers, and source opportunistic and value-add direct investing opportunities.

Scholar’s Choice closing all but three stores

Commercial  •  CTV  •  Canada Newswire

Retailer Scholar’s Choice – a seller of educational toys, teaching materials and early childhood furniture and toys – is closing all but three of its stores as part of a restructuring of its operations to focus on its e-commerce and catalogue business.

Co-working outlook positive: JLL report

Commercial  •  CP Executive

The burgeoning flexible-space market had begun to slow in growth before the global pandemic, but now the niche office sector is set for a renaissance, according to JLL’s new report, The Impact of COVID-19 on Flexible Space.

International trade creating new industrial opportunities

Commercial  •  Globest.com

New demand for industrial real estate is emerging as international trade continues to morph in response to various trends, according to the 2020 CBRE Research Global Trade Report. In addition, the coronavirus pandemic is accelerating many of these trends.

Gov’ts urged to expand housing supply in relief plan: TRREB

Residential  •  Winnipeg Free Press  •  Financial Post  •  Globe Newswire

As home prices rise, the Toronto Regional Real Estate Board says governments should focus economic recovery plans on housing supply — and be careful of stoking too much demand. That could lead to housing price inflation, TRREB said to lawmakers.

Calgary heritage homeowners could get 75% tax break

Residential  •  LiveWire Calgary

On Wednesday, Calgary council’s planning and urban development (PUD) committee will hear the updated report on heritage conservation tools and incentives. One incentive is for heritage property owners to receive a 75 per cent rebate on their property taxes – up to $50,000.

5 things that make for a great neighbourhood: Planner

Residential, Commercial  •  CBC

Brent Toderian, who led Vancouver’s city planning from 2006-’12, says a neighbourhood is more than a collection of physical things. “It’s also a social collection of people and things and activities that can be defined and assembled,” he says.

Manitoba assessment cycle extended for additional year

Residential  •  Altus Group

The Manitoba property assessment cycle has recently been delayed for one year, with the next general reassessment being changed from 2022 to 2023. The decision to temporarily extend the cycle has significant potential consequences for taxpayers hardest hit by the COVID-19 pandemic.