MSCI/REALPAC property index dips to open 2020

RENX  Residential, Commercial  •  Investment  •  National, International

The total investment return of all assets measured by the MSCI/REALPAC Canada Annual Property Index slipped to 4.6 per cent in Q1 2020. “Public markets have clearly taken a very sharp decline, but have come back a bit,” said MSCI‘s Simon Fairchild.

Dream Industrial snaps up $214M Dutch portfolio

Commercial  •  IPE Real Assets

Dream Industrial REIT (DIR-UN-T) has acquired a $214 million Cdn light industrial portfolio in the Netherlands from M7 Real Estate. M7 said it sold the portfolio of 31 assets on behalf of the M7 European Real Estate Investment Partners (EREIP) IV fund.

Pension plans take a bath on London City Airport

Commercial  •  Globe and Mail (Sub. required)

When the Ontario Teachers’ Pension Plan, the Ontario Municipal Employees Retirement System (OMERS) and the Alberta Investment Management Corp. acquired control of London City Airport in 2016 for about $3 billion, it looked like a shrewd investment given the airport’s growing popularity.

Design, Policy & Canadian Cities › There are no backyards in Paris, but you’d love to raise your kids there

Naama Blonder: Architect, Urban Designer, Urban Planner | B.Arch, OAA, RPP, MCIP

Toronto’s Shangri-La wracked by infighting

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

The Shangri-La Hotel and condominium in Toronto, one of the city’s premier luxury buildings, has been riven by disputes over shared costs and the condo corporation’s management of its $7-million budget.

CaGBC’s Zero Carbon Building Standard V2 ‘raises the bar’

BIZ  Commercial, Real Estate

More buildings across Canada will be able to move to zero carbon faster following an update to a standard from the Canada Green Building Council (CaGBC). Version Two of the Zero Carbon Building Standard was recently released.

Pier 1 Imports shuttering all 540 stores

Commercial  •  CBC

After trying to restructure and find a buyer for months, U.S. retail chain Pier 1 Imports (PIRRQ) announced Tuesday it will wind down operations and close its 540 stores in the U.S. and Canada. The chain filed for bankruptcy protection in February.

Small businesses to get rent relief

Commercial  •  Business In Vancouver  •  CBC

The federal government says it’s working with provinces to cover 50 per cent of commercial rent for small businesses under financial pressure amid the COVID-19 pandemic. The Canada Emergency Commercial Rent Assistant Program will begin accepting applications May 25.

B.C.’s hotels, resorts planning to safely reopen in June

Commercial  •  CBC

With Tuesday marking the beginning of Phase 2 of the economic recovery plan — during which British Columbians are told to avoid non-essential travel — Phase 3, which begins in June as long as transmission rates remain low, will see hotels and resorts reopening.

Calgary construction crews work on building the future

Commercial  •  Calgary Herald

The Calgary Construction Association continues to change the face of the city. The biggest project, and hardest to understand, is the massive interchange work well underway at the junction of the Trans-Canada Highway and Stoney Trail N.W.

Retail COVID-19 business updates

Commercial  • 

Alimentation Couche-Tard Inc., (ATD-A-T), Canada Newswire

Darden Restaurants, Inc., (DRI-N), PR Newswire

Retail Council of Canada, Canada Newswire

REIT/REOC COVID-19 business updates

Commercial  • 

Avison Young, Canada Newswire

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

Four Seasons Hotels and Resorts, Canada Newswire

Fronsac REIT, (FRO-UN-X), Globe Newswire

ViveRE Communities Inc., (VCOM-X), Canada Newswire

Amazon’s latest fulfillment centre coming to Delaware

Commercial  •  PR Newswire  •  RENX

Gov. John Carney and Amazon formally announced the company will launch a new, state-of-the-art fulfillment centre in Wilmington. Amazon has now grown to more than 110 fulfillment centres in North America and 185 globally, fulfilling millions of customer orders every day.

Nando’s shuttering 21 Canadian locations

Commercial  •  Business In Vancouver  •  Ottawa Business Journal

Global chicken chain Nando’s will be closing 21 corporate-owned locations across Canada, including four in Metro Vancouver.  However, 27 locations will remain open in B.C., Alberta, and Ontario. Of those 27, 13 are corporate-owned, while the remaining 14 are franchise locations.

Home Depot misses profit estimates

Commercial  •  Reuters  •  Canada Newswire

Home Depot Inc. (HD-N) missed estimates for quarterly profit on Tuesday, as the home improvement chain spent about $850 million on benefits for employees keeping its stores and warehouses running through the COVID-19 pandemic.

Lowe’s sales surge during lockdowns

Commercial  •  Reuters  •  PR Newswire  •  PR Newswire

Lowe’s Cos. Inc. (LOW-N) reported its biggest rise in quarterly same-store sales in at least 15 years on Wednesday, as people spent more on tools and paint for do-it-yourself projects and home repairs during the coronavirus lockdowns.

27% likely to buy GTA house within a year: TRREB survey

Residential  •  Globe Newswire

GTA-wide, 27 per cent of survey respondents said they were likely (very likely or somewhat likely) to purchase a home in the next 12 months, according to a Toronto Regional Real Estate Board-commissioned Ipsos Public Affairs survey on the COVID-19 pandemic.

Joint committee OKs Ottawa’s urban boundary expansion

Residential  •  Ottawa Citizen  •  Global News  •  CBC

Ottawa’s urban boundary should push out to accommodate thousands of hectares more of homebuilding land in the suburbs, a joint committee decided Tuesday. Councillors approved the expansion of between 1,350 and 1,650 hectares of development land (1,281 hectares would be for homes).

20 per cent of mortgages could go into arrears: CMHC

Residential  •  National Post  •  Financial Post

On Tuesday, Evan Siddall, president and CEO of the Canada Mortgage and Housing Corporation (CMHC), said claims from defaulted mortgages could reach $9 billion as a result of the coronavirus. As many as 20 per cent of mortgages could go into arrears.

Pandemic presents challenges for condo pre-sales

Residential  •  Business In Vancouver  •  Business In Vancouver

The COVID-19 pandemic could spell the end to the splashy condo sales centre. Most of the centres that also serve as model homes are closed because of the public health emergency, so developers are discovering new ways to engage customers.