Canada’s office absorption positive, first since pandemic

RENX  Commercial  •  Industrial, Office  •  National, Toronto / GTA

Canada’s Q4 2021 office vacancy rate crept up again, but the absorption rate was positive for the first time since early 2020. On the industrial front, vacancy continues to decline, and leasing rates to rise nationwide, according to Cushman & Wakefield.

BGO, Starlight buy B.C., Ont. buildings in new venture

RENX  Residential  •  Apartments  •  Ontario, British Columbia

BentallGreenOak (BGO) and Starlight Investments have partnered to acquire three newly built, multifamily properties in Victoria and Kitchener and Burlington, Ont., in recent months and plan to purchase several more buildings.

Nicola, Montoni JV on Montreal industrial property

Commercial  •  Canada Newswire  •  RENX  •  RENX

Nicola Wealth Real Estate has acquired its first industrial property, at 3499 Douglas B Floreani St. in Saint-Laurent. The transaction, sourced by new partner Montoni Group, comprises an existing 139,302 square foot building on 9.26 acres of land.

Calgary downtown towers lose another $1.1B in value

Commercial  •  Calgary Herald  •  RENX

A new year has delivered another nasty wallop to the value of Calgary’s downtown office towers. The city’s annual reassessment process shows office buildings in the core lost another $1.1 billion of their combined value for the new tax year.

Republic proposes 54-storey downtown Toronto tower

Residential, Commercial  •  Urban Toronto  •  RENX

Republic Developments has proposed to build a 54-storey building, inclusive of a six-storey podium, with a total 549 condominium units and 479 square feet of retail space at-grade. The IBI Group-designed building would be situated at 15 Charles Street E. in downtown Toronto.

CRE Matters › Burnaby, Mississauga epitomize rise of towering big-city suburbs

Daniel Holmes and Darrell Hurst: Colliers Canada

Cachet seeks MZO for 1,200-unit Waterloo project

Residential, Commercial  •  CBC

Councillors “simply need more time and information” before making a decision about a ministerial zoning order for Cachet Developments‘ proposed mixed-use development, Wilmot Township Mayor Les Armstrong says. Toronto-based Cachet’s proposal includes at least 1,200 residential units and commercial spaces.

Online shopping spurs stacked Van. industrial projects

Commercial  •  Vancouver Sun  •  RENX

Online Christmas shopping for everything from gifts to food and wine for entertaining has spurred an increase in Metro Vancouver stacked industrial developments. A handful are under development across the region.

Two new commercial spaces coming to Windsor

Commercial  •  Windsor Star

A couple of run-down, vacant buildings have been renovated into two hip commercial spaces in Windsor’s Ford City. The new owner of the two buildings is Kyle McDonald, no stranger to rejuvenating tired, often derelict, buildings into neighbourhood jewels.

New real estate framework in force for Manitoba

Residential, Commercial  •  Winnipeg Free Press

On Jan. 1, the Real Estate Services Act came into effect in Manitoba, bringing with it an updated regulatory framework for the local industry to follow, along with some key changes for parties on either side of a real estate transaction.

Famed architect Eberhard Zeidler dead at 95

Commercial  •  CBC  •  Toronto Star  •  CP24

Renowned architect Eberhard “Eb” Zeidler, who designed some of Toronto’s most iconic buildings – including Eaton Centre, Ontario Place, the Toronto Centre for the Arts, Queen’s Quay Terminal – and many prominent landmarks across Canada, has died at 95.

Taco Bell closing all Quebec locations

Commercial  •  CTV  •  Mtl Blog

It’s a dark day for burrito lovers: Taco Bell quietly announced on Friday that it’s shutting down all of its Quebec locations, about 15 years after first coming to the province.

Evergrande moves HQ to Guangzhou, report says

Residential, Commercial  •  Globe and Mail  •  CNBC

Heavily indebted property firm China Evergrande Group has left what has been its headquarters in the City of Shenzhen and relocated to nearby Guangzhou, Chinese media outlet The Paper reported on Monday, citing people familiar with the matter.

U.K. orders homebuilders to pay $5B to remove cladding

Residential  •  Globe and Mail

Britain has ordered housebuilders to pay around $5.4 billion to help remove dangerous cladding from buildings following a deadly 2017 London fire that left government, developers and owners at loggerheads over how to make properties safe.

Drug, money laundering probed to GTA real estate

Residential  •  CTV

A drug and money laundering investigation called “Operation Mad Money — which stretched from Toronto to British Columbia to China — has shown links between illegal marijuana sales and Toronto’s booming real estate market, CTV News Toronto has learned.

Richmond targets 60 properties for rental-only zoning

Residential  •  Western Investor

Richmond, B.C., council is considering imposing rental-only zoning on certain properties. However, the plan has been criticized by business and development “stakeholders” who say it could devalue – by 30 per cent – the 60 properties identified throughout the city.

Dream of a home torn apart in Vancouver

Residential  •  Globe and Mail (Sub. required)  •  Business In Vancouver

A Vancouver house was tentatively sold with Daphne Roubini planning to move it onto a new site. However, the City of Vancouver refused to issue a moving permit because trolley lines were in the way and the house was demolished.

Assessments soar in small Vancouver Island towns

Residential  •  Victoria Times Colonist

Some of Vancouver Island’s smallest communities saw some of the biggest increases in property assessments this year, as an influx of homebuyers spilling out of larger centres combined with low housing inventory drove up home prices.

Fresh approach needed to build new homes

Residential  •  Financial Post  •  Globe and Mail (Sub. required)

OPINION: Building more housing above and beyond the business-as-usual scenario must accompany measures directed at curbing housing demand. This is even more relevant for Canada because it has plans to admit over 400,000 immigrants each year.

Lenders, groups divided on 2022 forecast

Residential  •  Western Investor

Most of Canada’s biggest mortgage lenders and its largest real estate groups are forecasting a robust housing market this year. CIBC, however, believes overall residential sales will decline this year, though condo prices could rise.