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Recent Articles

Tal forecasts stable housing sector, slower rental market

4 years ago

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The next six months will be more difficult economically than the past quarter, but Canada’s housing market is expected to continue its V-shaped recovery, according to CIBC World Markets deputy chief economist Benjamin Tal.

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Cominar Real Estate Investment Trust (CUF-UN-T), one of Canada’s largest diversified REITs, has initiated a “formal strategic review process.” In a release Tuesday, Cominar management said a special committee of independent trustees has been created to explore its options.

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A group of prominent greenhouse operators has launched a lawsuit against Canopy Growth Corp. (WEED-T) and two related companies seeking $500 million in damages and alleging fraud and civil conspiracy in a dispute over a troubled joint venture in Leamington, Ont.

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Toronto-based Windsor Private Capital, a merchant bank with a 28-year history of lending to developers and real estate projects, is launching its first fund in the sector with the Windsor Real Estate Opportunity Fund.

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Robert Courteau will retire at the end of September from his position as chief executive officer of Altus Group (AIF-T). Michael Gordon, formerly the CEO of U.K.-based Callcredit Information Group, will succeed Courteau.

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Walmart Canada (WMT-N) officially started charging its suppliers extra fees on Monday, veering closer to what some in the grocery industry say could be a breaking point in the shaky relationship between food producers and supermarkets.

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No sector is more active than logistics, and there is no busier niche within it than cold chain for grocery and medical needs. The busiest companies within that niche are automated logistics pioneers and the grocers they serve.

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Proposals to ease some of the rigidly prescriptive oversight of Ontario capital markets, while strengthening punitive mechanisms, have garnered positive response from connected players who issue, underwrite, deal in and advise investors on publicly traded securities, including real estate.

Centurion REIT

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Luxury shoppers are elated Holt Renfrew has relaunched pop-up shop installations on the walkway between CF Pacific Centre and the third floor of Holt Renfrew in Vancouver. Kicking-off is an exclusive Off-White c/o Virgil Abloh pop-up sure to attract shoppers.

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As Canadians continue to work and study from home this fall in anticipation of a second wave of COVID-19, furniture stores are running low on desks and chairs and other supplies for home offices.

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Ottawa city council has given JB Holdings the green light to construct a six-storey apartment building in the Glebe. Forty of the 49 rental units will be one-bedroom suites, with the rest split between two-bedroom and studio apartments.

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The magazine Site Selection has named North Bay one of Canada’s 20 best locations for investment. The list from Site Selection states North Bay “attracts more than its share of projects, from heavy industry to food to film and TV productions.”

Smart Density

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Outdoor sporting goods retailer REI surprised the world last month when it put its never-been-used suburban Seattle headquarters up for sale, a striking example of how the pandemic is reshaping office demand. On Monday, Facebook Inc. bought it for $368 million.

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Blackstone Group (BX-N) aims to grow its manufactured housing portfolio by acquiring about 40 parks for $550 million, in a major vote of confidence for one of the most resilient property sectors. Blackstone would acquire the assets from Summit Communities through BREIT.

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Developers SL Green and Hines have opened One Vanderbilt, the second-tallest skyscraper in New York City, with high hopes for the landmark project at a time when office towers are mostly empty. The 77-storey property spans a full city block.

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Most people who work in the life sciences — pharmaceutical, biotech and other medical research fields — can’t do their jobs from their couches or backyard sheds like many office workers. For them, the pandemic has helped fuel a real estate scramble.

Yardi Marketplace

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A long struggle for control at the condos topping Toronto’s luxury Shangri-La Hotel has ended with the election of a new board of directors and the departure of a controversial board president.

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Three of Canada’s six biggest banks said Tuesday they expect most borrowers who took advantage of pandemic-related deferral programs to resume payments, countering fears of a sharp increase in impaired loans.

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In downtown Vancouver, the condo market has softened considerably. And although the detached house market is robust, the number of houses for sale could increase once the people who took mortgage deferrals have to start paying again.

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Laneway suite potential is a phrase beginning to appear with increasing regularity in Toronto real estate listings. The two-year-old city program is designed to allow homeowners with rear lane access to build two-storey rental suites where a garage once stood.

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