Sobering outlook, but COVID-19 has ‘end game’: Tal

RENX  Commercial  •  Investment, Human Resources  •  National

“The next few weeks, months and quarters will test the economic IQ of every government and every central banker in the universe, because they are the first to admit that they have no clue what’s happening.”

Most tenants paid April rents: Anthem, RioCan

Commercial  •  Globe and Mail (Sub. required)

Anthem Properties and RioCan REIT say the majority of their tenants have made April rent payments, providing the first glimpse into the health of the real estate market as scores of businesses are forced to close due to COVID-19.

S2e builds net-zero projects in Canada, Mexico, U.S.

RENX  Residential  •  Technology, Homes  •  International, Ontario

A Southwestern Ontario company has big plans for sustainable developments across all three North American countries. S2e Technologies of St. Jacobs has projects planned, and under way, in Canada, the United States and Mexico.

Calgary Co-op dispute sparks layoffs, lawsuits

Commercial  •  CBC

In the ongoing dustup between grocery and fuel retailer Calgary Co-op and Saskatoon-based supplier Federated Co-operatives, the fallout includes the closing of a massive Calgary warehouse this month, hundreds of layoffs and a lawsuit claiming millions of dollars in damages.

Retail thought it was in tough. Then came COVID-19

Commercial  •  Toronto Star  •  CNBC

As operator of one of the United States’ biggest liquidators, Bryant Riley has profited from what’s been called the retail apocalypse — the destruction of shops and big chains largely because of competition from online upstarts.

Food distributors shift their focus to retailers

Commercial  •  Globe and Mail  •  Globe and Mail

Food distributors that typically serve the restaurant and hospitality industries are pivoting their resources to sell to grocery retailers struggling to restock amid the surging demand caused by the COVID-19 pandemic.

CRE investing and how technology is changing the game

Ed Nwokedi: CEO, Founder of Red Swan PC

WeWork sues SoftBank for dropping $3B tender offer

Commercial  •  Reuters

A WeWork board committee that negotiated a $3 billion tender offer with SoftBank Group sued the Japanese conglomerate on Tuesday for abandoning the deal, accusing it of succumbing to “buyer’s remorse” amid the novel coronavirus outbreak.

Toronto’s tallest building of every decade since 1900

Commercial  •  Urban Toronto  •  Urban Toronto

The last 120 years of development has transformed Toronto from a muddy provincial backwater into Canada’s economic powerhouse. The metamorphosis is nicely summarized by picking out the tallest new building from each decade during since the 1900s.

Feds asked to help cover infra project overruns

Commercial  •  Toronto Star

Cities and construction groups are asking the Trudeau Liberals to relax the rules for expected cost overruns from infrastructure projects facing delays from the COVID-19 pandemic — or add more cash to help them deal with it.

COVID-19 will change way people live, work: Scotiabank

Residential, Commercial  •  Financial Post  •  Bloomberg

Scotiabank president and CEO Brian Porter predicted Tuesday the COVID-19 crisis will change forever the way people live and work, but that the lender and the broader banking system will be able to hold on.

Retail COVID-19 business updates

Commercial  • 

Canadian Tire Corporation, (CTC-T), Canada Newswire

High Tide Inc., (HITI-CN), Canada Newswire

IKEA Canada, Canada Newswire

METRO Inc., (MRU-T), Canada Newswire

Hong Kong office demand shrinks the most in 18 years

Commercial  •  Reuters

Cushman & Wakefield revised its forecasts for Hong Kong office rents to fall as much as 18 per cent in the full year. Retail rents could drop as much as 40 per cent in the first half as COVID-19 takes its toll.

Gateway Partners invests $50M in Tim Hortons Gulf franchise

Commercial  •  Reuters  •  Globe and Mail

Dubai-based private equity firm Gateway Partners has acquired a 40 per cent stake in the Gulf franchise of Tim Hortons, two sources told Reuters. Gateway Partners, which is led by former Standard Chartered banker Viswanathan Shankar, paid about $50 million US.

Canada Pavilion for Expo 2020 in Dubai takes shape

Commercial  •  Daily Commercial News

A 42,000-square-foot Canada Pavilion is taking shape for Expo 2020 in Dubai that will feature architectural elements to symbolize the strong cultural ties between this country and the United Arab Emirates (UAE).

One-of-a-kind parking system debuts in Fort Worth

Commercial  •  Globest.com  •  Urban Land Institute

Cornerstone Projects Group, Trident Structures and Stream Realty Partners recently released development plans for Triune Centre, a six-storey 30,000-square-foot class-A office development. Triune Centre is the first office development in the United States to feature an automated valet parking garage.

Montreal plans to claim lands for social housing

Residential  •  Daily Commercial News

The City of Montreal will take steps to assert its right of first refusal to buy 300 lots located in central locations in the city to develop social housing. Mayor Valerie Plante made the announcement in February.

Uncertainty creates unusual mortgage rate landscape

Residential  •  Winnipeg Free Press

Uncertainty is everywhere in the financial world these days as the COVID-19 pandemic spreads, and that’s translating into big swings in mortgage rates and challenges in how to navigate borrowing for a home.

Technology allowing agents to keep doing business

Residential  •  CBC  •  Globe and Mail  •  CTV

Not long ago, the strict physical distancing rules that have caused so much disruption in society would have forced the closure of the real estate industry. However, that was before this era of virtual tours, digital documents and remote conferencing.

Housing starts soar in Calgary, Edmonton

Residential  •  Calgary’s Business  •  Canada Newswire  •  Ottawa Business Journal

Canada Mortgage and Housing Corporation reported housing starts in the Calgary census metropolitan area of 376 in the single-detached sector were up 102 per cent year-over-year ,while they rose by 44 per cent to 374 units in the Edmonton census metropolitan area.