Most real estate will emerge OK post-pandemic: Tal

RENX  Commercial  •  Condominiums, Office, Apartments, Retail  •  National

Multifamily, office and industrial real estate will emerge from the COVID-19 crisis as winners, while losers will include the energy, transportation and hospitality sectors. Those are among the insights offered by CIBC World Markets‘ Benjamin Tal during a May 5 webinar.

Morguard REIT trims spending, sees Alberta challenges

RENX  Commercial  •  Office, Industrial, Retail  •  National

Morguard REIT (MRT-UN-T) has cut its distributions to unitholders by half, and is curtailing discretionary spending significantly as it preserves cash due to uncertain economic conditions. The moves, announced in Morguard REIT’s Q1 2020 financials, were discussed by CFO Andrew Tamlin.

National construction rebounds as restrictions loosen

Residential, Commercial  •  Globe and Mail

Construction cranes that had been idled are back in action. At Montreal condo developer Conceptions Rachel-Julien Inc., three of four project sites have restarted after the Quebec government eased restrictions on construction activity, said vice-president and director-general Mélanie Robitaille.

Troika Developments sees a rosy post-COVID future

Residential, Commercial  •  Globe and Mail

In the last month, Troika Developments CEO Renee Merrifield has seen a record number of people registering for information on her housing projects. Merrifield is seeing signs of pent-up demand from buyers who appear to be waiting on the sidelines.

Some Canadian banks freeze new CRE financing

Commercial  •  Reuters

Some Canadian banks have frozen new lending for smaller commercial property purchases, in some cases withdrawing letters of intent, as the coronavirus crisis raises concerns about owners’ ability to make payments, mortgage and real estate brokers said.

CEO Mark Rose on Avison Young’s global rise

Commercial  •  CP Executive

During his 11 years at the privately held Toronto-based firm, Mark Rose has shepherded Avison Young through a string of acquisitions and the company’s revenue has grown from $40 million in 2009 to its current $1.1 billion. Following are some of his insights:

Airbnb cuts 1,900 jobs as COVID-19 hits home rentals

Residential  •  Reuters  •  Bloomberg  •  PR Newswire

Airbnb Inc. is laying off 25 per cent of its workforce, or nearly 1,900 employees, the home rental startup said on Tuesday, as the COVID-19 pandemic brings global travel to a near standstill.

Teranet buys Foster Moore; grows registry business

Commercial  •  Canada Newswire

Teranet Inc., Canada’s leader in the delivery of statutory registry services, announced an affiliated entity has acquired all of the outstanding shares of Foster Moore International Ltd. Foster Moore is the world-leading provider of Catalyst, a commercial off-the-shelf registry software.

Shopify tops forecasts as shoppers go online

Commercial  •  CBC  •  Financial Post  •  Toronto Star

Shopify Inc. (SHOP-T) posted stronger-than-expected first-quarter results Wednesday, joining other e-commerce companies that have experienced a similar lift as shoppers shifted more of their buying to the internet in the early weeks of the pandemic.

George Weston reports Q1 profit

Commercial  •  Canadian Grocer  •  Canada Newswire

George Weston Ltd. (WN-T) reported a Q1 profit compared with a loss a year ago when it took a large one-time charge. The retail, bakery and real estate business says the profit available to common shareholders totaled $582 million for Q1.

REOC first-quarter financial results

Commercial  • 

Brookfield Business Partners, (BBU-UN-T), Globe Newswire

Dream Alternatives, (DRA-UN-T), Globe Newswire

Genesis Land Development Corp. (GDC-T), Canada Newswire

Morguard Corporation, (MRC-T), Canada Newswire

REIT first-quarter financial results

Commercial  • 

Dream Industrial REIT, (DIR-UN-T), Globe Newswire

First Capital REIT, (FCR-UN-T), Canada Newswire

True North Commercial REIT, (TNT-UN-T), Canada Newswire

Home prices won’t recover for at least 2 years: CMHC

Residential  •  Bloomberg  •  Canada Newswire

Canada Mortgage and Housing Corp. expects a prolonged period of weak real estate prices because of the COVID-19 pandemic, with a return to pre-recession pricing more than two years away.

Post-COVID condo sell-off may be coming: Urbanation

Residential  •  Toronto Star

President Shaun Hildebrand says Urbanation will be watching to see if condo investors start selling when activity returns to normal. If investors can’t achieve the rents they want to carry their units, they might decide it’s time to sell.

Immigration key to post-pandemic Toronto real estate

Residential  •  Bisnow

WEBINAR: Immigration may be Toronto real estate’s ace in the hole in a post-pandemic world, several market experts said on a webinar. “To me, the driver of residential real estate here is immigration,” Republic Developments president Matthew Young said.

Is Canadian real estate too big to fail?

Residential  •  CBC

PODCAST: Could the “wealth-conjuring machine” that is Canadian real estate grind to a halt after the COVID-19 crisis exposed its worst weaknesses? Now, the housing market in Canada could be “too big to fail.”

Hines JV buys stake in Manhattan project for $493M

Commercial  •  CP Executive

SL Green Realty Corp. has sold a 49.5 per cent interest in One Madison Avenue to the National Pension Service of Korea and Hines Interest LP as it moves forward with its plans for a $2.3-billion redevelopment of the office building.

WeWork’s Adam Neumann sues SoftBank

Commercial  •  Yahoo Finance  •  Bloomberg

WeWork co-founder Adam Neumann sued SoftBank Group, its biggest investor, over the Japanese company’s decision to scuttle a $3-billion deal to buy stock from employees and other shareholders as part of an effort to bail out the struggling workplace provider.

Harbert raises $510M for U.S. senior housing fund

Residential  •  IPE Real Assets

Harbert Management Corp. has raised $510 million US for its latest U.S. senior housing fund. The Harbert Seniors Housing Fund II fund, along with its parallel funds, received the capital commitment from international and domestic investors at its final close.

Virus threatens future of U.S. transit systems

Commercial  •  Winnipeg Free Press

Even before the pandemic, public transit users in cities around the U.S. bonded over a slew of ills that plagued aging subway systems, from delays and breakdowns to the occasional derailment.