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Montreal’s condo boom sparks race to the top
Montreal’s condo boom sparks race to the top
• Globe and Mail (Sub. required) • RENX
Developers are vying for bragging rights over who has the highest residential tower in Montreal. Brivia Group‘s planned 61-storey condo tower in the Phillips Square area of the city centre would make it the city’s tallest residential building.
Amazon offers sneak peek at Alberta fulfillment centre
• CBC • Edmonton Journal • Global News
Amazon (AMZN-Q) is gearing up for completion of its second fulfillment centre in Alberta. Located at the Border Business Park in Leduc County, the one-million square foot facility is on track to hit its mid-2020 completion target.
Demand, rates back on rise for Canadian apartments: Rentals.ca
The average monthly rental rate in Canada increased by four per cent in May following two months of declines, but demand for apartments is expected to remain strong according to a monthly rental report from Rentals.ca.
Oxford plans Toronto’s largest-ever, mixed-use development
Oxford Properties has unveiled plans for the largest mixed-use development in Toronto’s history, a four-tower, $3.5-billion, 4.3-million-square-foot project called Union Park. It includes 3.3 million square feet of office space, approximately 800 residential rental units, and three acres of public space.
Waterfront Toronto chair has doubts about Sidewalk Labs
• Financial Post • Toronto Star • Globe and Mail
The chairman of Waterfront Toronto says Sidewalk Labs’ masterplan for the area goes well beyond the scope of the original request for proposals and in some cases requires guarantees that fall outside his agency’s mandate.
Ottawa student apartment project heads to committee
Councillors on the city’s planning committee will be asked this week to endorse a proposed 832-unit mixed-use building in the Hog’s Back/Confederation Heights neighbourhood aimed at Carleton University students.
Canada Lands proposes mixed-use complex for East Ottawa
• CBC
The Canada Lands Company is proposing a mixed-use development on a 10.5-hectare property at the corner of Tremblay Road and St-Laurent Boulevard in East Ottawa that could bring hundreds of homes and thousands of government workers to the area.
Montréal gives $800M boost to Quebec City tramway
Montréal is providing $800 million of its federal public transit envelope to the Quebec City light rail project, which needs immediate funding. In return, the Quebec government will allocate an “equivalent amount” to the city for its own public transit projects.
LNG site ‘largest private sector investment’ in Canada
• CBC • Vancouver Sun • Canada Newswire
The federal government is pumping $275 million into LNG Canada‘s $40-billion liquefied natural gas project in Kitimat, B.C. $220 million will be directed toward buying energy-efficient gas turbines for the project, with the additional $55 million spent on replacing the Haisla Bridge.
Unlocking the opportunities of TOD
An Ontario government announcement has the potential to dramatically change the urban fabric of the GTA: An agreement was struck with Vandyk Group to build a GO Station in Mimico for free, in return for development rights around the station.
OCAD waterfront campus shows benefits of collaboration
When OCAD University opened its Toronto waterfront campus last year, officials at the country’s oldest post-secondary institution for art and design wanted a different kind of training. The result was a 14,000-square-foot space in a new office/condominium high-rise.
Winnipeg OKs demolition of former Public Safety Building
The demolition of the former Public Safety Building and its parkade moved a step closer Monday, after Winnipeg city councillors approved a demolition contract. Removing the two structures is the precursor to a major redevelopment of the property.
Land & Buildings increases its stake in HBC
• Globe and Mail (Sub. required)
Opposition is building to a $1B offer to take HBC (HBC-T) private. U.S. hedge-fund firm Land & Buildings Investment Management, an investor claiming the $9.45-per-share go-private bid is too low, has bought more shares of the retailer, said a source.
Tecumseh selects $54M option for proposed sportsplex
The Town of Tecumseh has opted for the second-most costly option for its new multi-use sportsplex, choosing a $54-million version with a FIFA-size indoor soccer field.
Slate Office REIT provides seven per cent yield
• Motley Fool • RENX
Slate Office REIT (SOT.UN-T), which stands out because of its juicy seven per cent yield, provides the opportunity for individual investors to gain exposure to office real estate, typically a difficult class to access due to the significant capital required.
Dream Office hits new one-year high
Shares of Dream Office REIT (D-UN-T) reached a new 52-week high Monday. The company traded as high as $24.40 and last traded at $24.28, with a volume of 23,257 shares traded. The stock had previously closed at $24.40.
Montreal’s residential property value soaring
• La Presse • Montreal Gazette
Montreal’s economy is running at full speed. Increases in residential values since 2015 are approaching 30 per cent in certain sectors of the island of Montreal, says an analysis of thousands of transactions carried out on behalf of La Presse.
Average price of a new GTA condo nears $780,000
• Newinhomes.com • Globe Newswire • Toronto Star
The average price of a new Greater Toronto Area condo increased 2.8 per cent year-over-year to $779,687 in May, while the average price of a new single-family home fell three per cent to $1,109,501, according to Altus Group.
Potential cases of tax evasion in B.C. real estate rising
Recent tax audits of the B.C. real estate sector are now resulting in average assessments of more than $200,000, as the Canada Revenue Agency sharpens its aim at some of the most egregious instances of tax avoidance and evasion.
Airbnb remits more than $14M in PST in B.C.
Airbnb has handed over more than $14 million in PST to the B.C. government in the first six months of tax remittance. The short-term vacation rental company has also handed over around $4 million in Municipal and Regional District Tax.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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