Speculators go all in on Metro Vancouver industrial

Speculators go all in on Metro Vancouver industrial

Speculators are going all-in on Metro Vancouver industrial real estate, gambling to sell space into a market that is starting to rival the residential sector with multiple bids and soaring prices. In East Vancouver, industrial strata space is selling for up to $550 per square feet, an increase of at least 10% from a year ago.

Business in Vancouver

Vancouver to study short-term rentals like Airbnb

New data shows Vancouver has more than 5,000 properties available for short-term rentals, a total called “worrisome” by the councillor spearheading the city’s efforts to tighten rules for services like Airbnb. “I think it’s worrisome,” said Coun. Geoff Meggs of the tally of 5,000 short-term accommodations, one of the figures included in a Sunday release from the City of Vancouver.

Vancouver Sun – Vancouver Sun – CTV News – CBC

Brexit is a buying opportunity: Russo, Timbercreek

For property owners heavily invested in the U.K. and specifically London, it is likely too late to get out following the Brexit vote and for those not players in the market, prices will start to look attractive, said Corrado Russo, global head of real estate securities with Timbercreek Asset Management in Toronto.

Property Biz Canada

Plaza and RioCan form JV to develop malls

RioCan Real Estate Investment Trust (REI.UN-T) has sold a 50-per-cent managing interest in three shopping centres to Plaza Retail REIT (PLZ.UN-T) to forge a joint venture focused on redeveloping the properties. Plaza Retail REIT “We’re a growth-oriented REIT looking to develop and redevelop assets,” said Plaza president and chief executive officer Michael Zakuta.

Property Biz Canada

Gordon Pape: Why I’m selling my RioCan REIT units

I first bought RioCan REIT (REI.UN-T) more than 20 years ago and I have added to my holding periodically since. I was impressed by RioCan’s steady growth, the quality of its management and the regular monthly cash flow, now 11.75 cents a unit. I also recommended RioCan to readers of my newsletters more than a decade ago.

Globe and Mail

New Gordie Howe International Bridge faces delays

An official says plans for a bridge linking Windsor, Ont., and Detroit are being held up by delays in buying properties in both cities. Dwight Duncan, interim chair of the Windsor-Detroit Bridge Authority tells the Detroit Free Press that about 30 of the roughly 900 parcels needed in the Delray district of Detroit could pose potential problems if owners resist selling.

Toronto Star

Keltic Lodge sees major facelift

The venerable Keltic Lodge Resort in Ingonish, majestically located on Middle Head Peninsula, has been the object of a long overdue facelift. Jim Balsillie, whose company GolfNorth has a 42-year lease with the federal government to operate Keltic Lodge and the nearby Highlands Links golf course, was on hand for a “grand re-opening” to get a glimpse of the renovations made so far to the resort.

The Chronicle Herald

Leonard Lee, Founder of Lee Valley Tools, was the ultimate craftsman

Leonard Lee was the ultimate craftsman. He turned a passion for woodworking into Lee Valley Tools, a successful mail-order catalogue business that now includes 17 stores across Canada, catering to those who build furniture, love gardening or are just looking for quirky gifts.

Toronto Star

Canadian Tire customers dissatisfied with retailer’s online experience

Canadian Tire Corp. Ltd. (CTC-T)has been trying to sharpen its e-commerce edge in recent years, but the company has work to do to win over some customers dissatisfied with the retailer’s online experience. Canadian Tire announced it reinstalled former CEO Stephen Wetmore in the role.

Globe and Mail

Walmart set to begin Visa ban today

Walmart‘s (WMT-N) threat to ban the use of Visa cards at its Canadian stores gets underway today in the northwestern Ontario city of Thunder Bay. After months of negotiations, the retailing giant is eliminating Visa as a payment option at three stores in Thunder Bay, vowing to roll it out to its 400 locations in Canada.

The Chronicle Herald

Vancouver pot shop appeals delay planning items

Routine permitting issues before the City of Vancouver’s board of variance are being delayed in part because of the large number of appeals by Vancouver pot shops determined to stay open.  More traditional city variance issues coming before the board are being delayed because of the large number of pot shop appeals.

Vancouver Sun

Vancouver’s burgeoning bike routes spin off new businesses

Six years ago, many downtown Vancouver businesses were fiercely opposed to the loss of curbside parking in favour of new, separated bicycle routes.Today, not only has much of that criticism abated, but new businesses have sprung up that capitalize on this city’s growing urban bike culture. There’s been a “sea change” in attitudes towards cycling, says Charles Gauthier of the Downtown Vancouver BIA.

Vancouver Sun

Sovran Self Storage acquires LifeStorage for $1.3 billion

Sovran Self Storage Inc. completed its acquisition of LifeStorage LP, a privately-owned self-storage operator, for $1.3 billion. Buffalo-based Sovran Self Storage will rebrand its 563 storage facilities it presently operates as Uncle Bob’s to Life Storage. The REIT also plans to change its corporate name from Sovran Self Storage to Life Storage Inc.

CoStar Group

Bank regulator flashes warning over U.S. CRE

A leading U.S. banking regulator wants lenders to do more to manage their exposure to commercial real estate.  As property lending accelerates, the Office of the Comptroller of the Currency  is actively monitoring banks’ stress tests and risk-management practices, Comptroller Thomas Curry said Friday.

Bloomberg

U.S. CRE investors press the “pause” button

Look for a noteworthy shift in the investment market during the second half as players exercise caution. After the accelerated growth of the past few years, commercial real estate markets seem poised for a breather. After the 2008 financial crisis investors picked up the early signs of the rebound and have been funneling capital into real estate assets at an upbeat tempo ever since.

CP Executive

Market Trends and Research

AIBC tries to maintain dignity behind the word architect

Since April, the Architectural Institute of British Columbia (AIBC) has issued almost 20 illegal practice findings and launched three civil lawsuits against individuals and companies who are claiming to be architects or who are providing some form of “architectural” services.

Journal of Commerce

CRIQ teams up with Industry 4.0 global giant

During the economic mission to Germany organized by Quebec’s Ministry of Economy, Science, and Innovation, Centre de recherche industrielle du Québec (CRIQ) and internationally renowned company Festo signed an agreement to help speed up introduction of the smart factory. Smart factories—a core element of Industry 4.0—are characterized by continuous communication between the various tools and work stations of supply and production lines.

Canada Newswire

Alberta hit by one of worst recessions ever

Alberta is in the midst of “one of the most severe recessions” ever, Toronto-Dominion Bank says, warning of a cumulative contraction of a sharp 6.5 per cent in economic activity by the end of this year. TD chief economists in a new forecast expect gross domestic product to shrink by 3 percentage points this year.

Globe and Mail

Real Estate Companies

Firm Capital Corp. completes $359 million in financings year to date

Firm Capital Corporation is pleased to announce the completion of $359 million in new mortgage financings year to date 2016. Sample transactions completed, include: 1. $3,500,000 first mortgage bridge loan for 3 lakefront lots located in Muskoka Lakes, Ontario. 2. $12,240,000 mezzanine loan for a 25-storey, 280 unit condominium building located in Calgary, Alberta, plus other examples described in the news release.

Firm Capital News Releas

A bold new frontier for Edmonton Public Library

Rental Space, the (not quite) final frontier. These are the voyages of the Edmonton Public Library. Its three-year mission: to explore strange new worlds, to seek out new readers and new borrowers, to go, boldly, where no library has gone before. This week, EPL signed a three-year agreement with the University of Alberta, to lease about 17,200 square feet of space in Enterprise Square.

Edmonton Journal

Retail

Retailers to rethink employee commissions

Rising online sales are prompting some Canadian retailers to consider overhauling the commission structures that motivate their store employees to deliver strong customer service.  Clothing retailer Le Chateau said it’s reviewing its options due to the growth of showrooming because it deprives employees of commissions.

CTV News

Starbucks Corp invests in Italian bakery Princi

Starbucks Corp., (SBUX-Q) counting on food sales to help maintain growth, is investing in an Italian bakery and plans to expand it with new locations. The world’s biggest coffee-shop chain is buying a stake in Princi, which sells pastries, pizza and pasta in Europe and will also act as a global licensee of the Italian company.

Financial Post

Sustainability

Climate change initiatives a $7-trillion funding opportunity for capital markets: Carney

The trillions needed to fund global carbon reduction commitments in the coming years is a big opportunity for investors, Bank of England Governor Mark Carney said Friday in a speech to Toronto’s financial community. Carney, formerly the Bank of Canada governor, spoke at the Toronto Region Board of Trade with Catherine McKenna, the minister of environment and climate change.

Financial Post

Other

Main Street named one of N.A.’s ‘coolest streets’

When Nigel Pike opened his first restaurant called Habit on Main Street about 10 years ago, he recalled one of his first customers asking if it was safe to park his car on the street right out front. The street landed among the top 15 “coolest streets” in North America, and only one of two in Canada (along with Toronto’s West Queen West).

Vancouver Sun

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