RioCan, SmartCentres offer pandemic impact updates

RENX  Commercial  •  Apartments, Retail  •  National

Investors are getting a much clearer picture this week of the impact of the COVID-19 pandemic on some of Canada’s largest retail-based CRE firms. RioCan (REI-UN-T) and SmartCentres (SRU-UN-T) released updates Tuesday; Choice Properties REIT (CHP-UN-T) reports Q1 earnings tonight.

ViveRE acquisitions to double apartment portfolio

RENX  Residential  •  Seniors Housing, Apartments  •  Toronto / GTA, Atlantic Canada

Halifax-based ViveRE Communities Inc. (VCOM-X) has confirmed it will proceed with its two most recent purchase of apartment properties in Oshawa and Moncton for $37.3 million. The acquisitions will double the size of ViveRE’s portfolio to 446 units.

Airbnb rival closing in on nine-figure venture funding

Residential, Commercial  •  Globe and Mail (Sub. required)

One of the most highly valued startups to launch from Canada in the past decade, travel accommodation provider Sonder Holdings, is closing in on a nine-figure financing investors believe will help it ride out the economic impact of the pandemic.

COVID-19 hit at worst possible time for new hotels

Commercial  •  Globe and Mail  •  Financial Post  •  RENX

On March 1, the Hew & Draw Hotel officially opened its doors. A minimalist boutique hotel and craft brewery in Corner Brook, N.L., the property had been in the works for more than three years and rooms were about 70 per cent booked.

Greatwise plans six buildings for Wellesley-Parliament

Residential, Commercial  •  Urban Toronto

Greatwise Developments is seeking approvals to introduce six new IBI Group-designed buildings to Toronto’s St. James Town area. The application proposes a 47-storey residential tower and five other complementary mid- and low-rise buildings.

Winnipeg development vote ends in stalemate

Residential, Commercial  •  Global News  •  Winnipeg Free Press

A multi-million dollar development proposed for Winnipeg’s Polo Park area resulted in a tie vote from city councillors. Shindico Development and Cadillac Fairview want to build a sprawling series of high-rise and low-rise buildings near CF Polo Park.

Lord & Taylor explores bankruptcy

Commercial  •  Reuters

Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores, sources said. Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Hudson’s Bay Company for $100 million.

New Caisse head faces baptism by fire

Commercial  •  Globe and Mail (Sub. required)

Charles Émond was two weeks into his new job as Caisse de dépôt et placement du Québec CEO when the stock market hit a record high in February. Two months later, the economic landscape is unrecognizable. So is Émond’s job.

Many small businesses permanently closing

Commercial  •  Globe and Mail

Many small businesses are closing for good rather than wait out shutdowns imposed amid COVID-19. It’s a sign of the long-term economic damage that will be left in the wake of measures to stem the spread of the virus.

Metro reports sales spike amid COVID-19 fears

Commercial  •  Globe and Mail  •  Canada Newswire  •  Toronto Star

As people rushed out to stock their pantries, grocery stores saw a major increase in traffic. For Metro Inc., (MRU-T) that led to an estimated $125 million sales increase in just the first two weeks of March.

True North Commercial REIT collects 99% of April rent

Commercial  •  Canada Newswire  •  RENX

True North Commercial REIT (TNT-UN-T) has received approximately 99 per cent of its April rent to date, inclusive of government tenants who pay at the end of the month. The REIT also has access to approximately $50 million of cash.

REIT/REOC COVID-19 business updates

Commercial  • 

Artis REIT, (AX-UN-T), Canada Newswire

Emergia Inc., (EMER-CN), Globe Newswire 

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

SmartCentres REIT, (SRU-UN-T), Globe Newswire

Cargill to temporarily close Alberta meat-packing plant

Commercial  •  Globe and Mail  •  Calgary Herald  •  CBC

One of Canada’s largest slaughterhouses is halting operations after hundreds of people connected to the facility were infected with the novel coronavirus and one died from COVID-19, marking the first major shutdown in the country’s food supply chain.

Coronavirus exposes fragility of auto-centric cities

Residential, Commercial  •  GreenBiz

The coronavirus has exposed the ills of continued automobile-centric urban planning practices that adversely impact equity, health and the climate. Many households rely on public transit systems that are struggling to provide service or they may bear high transportation costs.

Google hits pause on 10-building California deal

Commercial  •  Mercury News

A mega-deal for Google to buy 10 buildings in Mountain View from NortonLifeLock has been put on pause amid economic uncertainties. Separately, however, Google is expected to still push forward with wide-ranging plans for expansion at multiple locations in San Jose.

U.K. lending costs, defaults to increase in 2020

Commercial  •  IPE Real Assets

The U.K. lending market recorded a decrease in lending in 2019 and is expected to experience an increase in lending costs and defaults this year due to COVID-19, according to the Cass Business School UK Commercial Real Estate Lending Report.

Quebec allows brokers to return to work

Residential  •  CTV

The Quebec government has authorized the province’s real-estate brokers to get back to work, but it won’t exactly be business as usual. The brokers have been granted permission to work only on transactions that must be completed before July 31.

Ontario’s Condominium Authority board members resign

Residential  •  Globe and Mail

The majority of Ontario’s Condominium Authority board has resigned en masse in a move connected to accusations of an alleged conflict of interest issue with at least one member.

GTA home sales down 69% year-over-year

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

Greater Toronto Area realtors reported 1,654 home sales through Toronto Regional Real Estate Board‘s MLS system during the first 17 days of April – down by 69 per cent year-over-year. Declines were greatest for the detached and condominium apartment market segments.

B.C. landlords look for solution with May rent looming

Residential  •  Globe and Mail

Renters’ advocates and landlords say it feels a bit like the calm before the storm. Most residents of Vancouver were able to pay their rent or mortgage payments for April. However, for many, May 1 will be the real test.