Vancouver’s Pacific Centre shopping mall and several other major Metro Vancouver shopping centres have topped the list of most valuable commercial properties in the Lower Mainland, according to data provided by B.C. Assessment.
The City of Calgary released details of its 50-year master plan for the Rivers District and it appears big things are in the works to transform Victoria Park into a bustling arts and entertainment district.
The historic low skyline of Old Strathcona around Whyte Avenue is under threat again with a developer proposing to build three towers. Cidex Group of Companies seeks to build three towers, 15 18 and 20 storeys high, and podiums surrounding the development.
Menkes Developments has acquired interest in an 18-storey heritage office building at 320 Bay Street in Toronto with TD Greystone Asset Management and will begin a “major restoration”. The Canada Permanent Trust Building is located at Bay and Adelaide streets.
Trinity Development Group is gearing up for a new development on heritage land in the heart of Westboro in Ottawa. A page on Trinity’s website shows a rendering of the development and an opening date of 2022.
Jim Mitchell, president of Calgary developer Certus Developments, said the interior of recently purchased Bannerman Block will be renovated but it will keep the 1911 red-brick exterior. Other developments currently underway or planned include the Spider Block.
During 2018, Firm Capital American Realty Partners Corp. (FCA-X) completed three joint venture investments comprised of 556 multi-family residential units located in Irvington, New Jersey; Houston and New York City for a total purchase price of approximately $58.1 million.
Managing Partner and Senior Sales Associate , ICR Commercial Real Estate
CAPREIT (CAR-UN-T) announced it has acquired Villas at Greenview West and Park Villas, two affordable apartment communities in St. Mary’s County, Md. Villas at Greenview West consists of 160 two- and three-bedroom homes. Park Villas features 144 one- and two-bedroom units.
Canadian industrial REITs will benefit from e-commerce growing to represent a higher percentage of total retail sales in the coming years, according to Timbercreek‘s 2019 Market Outlook. The report is also enthusiastic about Canada’s senior housing sector in 2019.
Developer Andrew Marquess has gone to court a second time, as he escalates his dispute with city hall over his Parker lands project. Marquess alleges the City of Winnipeg is in contempt of court.
Ikea Canada has named Michael Ward as its new president. Ward replaces Marsha Smith, who is moving to join Ikea United Kingdom and Ireland. Ward served most recently in a global role at Ikea as regional retail manager.
Brixmor Property Group Inc. (BRX-N) announced the completion of approximately $1 billion of non-core asset sales during 2018, consistent with its prior expectations. Brixmor is a U.S. REIT that owns and operates a high-quality, national portfolio of open-air shopping centres.
Investors across the country increasingly turned to real estate investment trusts in 2018 as a way to diversify from a volatile stock market, but things didn’t always go quite as planned.
Despite a slowdown in the Hong Kong commercial real estate market, office rents in the Asian financial hub rose to record levels in the fourth quarter, reaching an average of $18.62 US per square foot per month.
Institutional investment in India’s real estate sector is estimated to have reached its highest annual level in 10 years in 2018, driven by a mix of steady economic growth and ongoing policy changes, according to a JLL report.
More than 8,000 Toronto properties listed on Airbnb fail to comply with the city’s regulations for short term rentals but remain on the site pending the resolution of several court proceedings, a new report has found.
Roughly half of residential property owners have submitted Empty Home Tax declarations with just over a month before the Feb. 4 deadline. Owners would otherwise be subject to the empty homes tax, one per cent of the property’s 2018 assessed value.
While many Metro Vancouver homes decreased in value last year, according to B.C. Assessment, Vancouver Island experienced some of the largest growth. Here are the top 5 most pricey properties in the region, according to recently released B.C. assessment numbers.
The number of new homes started in Greater Victoria last year surpassed 4,200, the highest rate since 1976 and one that exceeded expectations. “Rental units were half of all housing starts in 2018 . . .,” said Braden Batch, CMHC market analyst.