Centurion acquiring 276-unit luxury Ottawa apt. property

RENX  Residential, Commercial  •  Office, Apartments  •  National, Ottawa

Centurion Asset Management has been seeking a foothold in the Ottawa multiresidential market for years. After acquiring its first National Capital Region property in 2021, the Toronto investor is rapidly expanding, including the 276-unit luxury Les Terrasses Francesca.

Intensification, mixed-use experts tackle sector trends

RENX  Residential  •  Apartments, Condominiums  •  National, Toronto / GTA, Calgary

The intensification of existing sites has become an increasingly important part of growing purpose-built rental housing across Canada, and executives addressed key issues at the Sept. 7 Canadian Apartment Investment Conference at the Metro Toronto Convention Centre.

Real estate holdings drop by record $419B in Q2

Residential, Commercial  •  Bloomberg  •  Bloomberg

Canadian households experienced a decline of almost $1 trillion in net worth in Q2 2022 amid plunging prices for homes and stocks. The value of residential real estate holdings held by households fell by $419 billion in Q2, Statistics Canada reported Monday.

The One rocked by lawsuit from co-owner

Residential  •  Globe and Mail (Sub. required)

Jenny Coco, the road-paving magnate who partnered with well-known Toronto developer Sam Mizrahi to build The One, an 85-storey Toronto skyscraper, is asking the courts to appoint a special investigator to probe the affairs of their jointly owned company.

Adi appeals proposal to revoke building licenses

Residential  •  Canada Newswire  •  Toronto Star

Adi Developments has filed an appeal of Ontario’s Home Construction Regulatory Authority‘s proposal to revoke its licences after Adi demanded buyers of its Burlington Nautique condos pay hundreds of thousands of dollars more for units they agreed to purchase.

Feds plan office building in Old Montreal

Commercial  •  La Presse

Public Services and Procurement Canada (PSPC) plans to build a nearly 150,000-square-foot office building on a lot that has been coveted for 20 years in Old Montreal. The Canadian government acquired the lot on May 20, 2020 for $7.375 million.

Madison Group proposes 59- and 57-storey mixed-use

Residential, Commercial  •  Urban Toronto

Madison Group has proposed a mixed-use development of 59- and 57-storey towers at 110 Eglinton Ave. E. The Turner Fleischer Architects-designed towers would sit atop a nine-storey mixed-use podium and would include 1,116 residential units in addition to retail and office space.

Gupta Group proposes 33-storey mixed-use

Residential, Commercial  •  Urban Toronto

Developer Gupta Group has proposed a 33-storey hotel and residential mixed-use development at 179 – 185 King St. E. in Toronto’s historic St. Lawrence Market neighbourhood. The IBI Group-designed building would include 190 residential and 140 hotel units.

Quebec hotel industry enjoyed ‘a great summer’

Commercial  •  La Presse

While the hotel and restaurant sectors were hard hit at the height of pandemic, the sector is finally breathing a little after experiencing “a very good summer,” according to Véronyque Tremblay, president and CEO of the Association Hôtellerie Québec (AHQ),

Sidewalk Labs project gained early support from PM

Residential, Commercial  •  Globe and Mail (Sub. required)

Google parent Alphabet Inc. gained support from Justin Trudeau for its plan to build a technology-driven community in Toronto after a private, undisclosed call between the prime minister and the company’s chairman before the project was ever made public.

The Industrial Real Estate Show › Podcast: Strategies when you are facing expropriation

Chad Griffiths: Partner, NAI Commercial

Imperial Oil buys hydrogen for renewable diesel refinery

Commercial  •  Sustainable Biz Canada

Imperial Oil Ltd. has made significant progress in its plans for a renewable diesel complex near its Strathcona refinery east of Edmonton, including a contract with Air Products and Chemicals to supply low-carbon hydrogen to the Imperial site.

SL Green sells NYC office condominium for $300.4M

Commercial  •  Globe Newswire  •  Globe Newswire

SL Green Realty Corp. (SLG-N) today announced it has entered into an agreement to sell 414,317 square feet of vacant office leasehold condominium units at 885 Third Avenue to Memorial Sloan Kettering Cancer Center for total consideration of $300.4 million.

Return to the office would solve inflation: BlackRock

Commercial  •  Fortune

Like many bosses, Larry Fink wants to get his employees back to the office. But in a Tuesday interview with Fox Business, the BlackRock CEO offered a new argument as to why his company is pushing a return to the office: helping to bring down the U.S.’s record inflation.

Canadian banks push U.S. expansion

Commercial  •  Globe and Mail (Sub. required)

Canadian bank CEOs are racing to grab a larger share of the United States banking market, eyeing expansion in targeted areas at a moment when economic uncertainty is eating into fees and putting pressure on demand for new loans.

Frank Gehry’s influence on L.A.’s city core expands

Commercial  •  Globe and Mail

In L.A., art gets a city on a hill. Grand Avenue runs along the top of the looming Bunker Hill, stringing together a cluster of art museums and concert venues. The jewel is Frank Gehry’s shimmering Walt Disney Concert Hall.

Inventory may reach crisis point in major centres: RE/MAX

Residential  •  Canada Newswire

New housing starts and purpose-built rentals continue to fall short, threatening to push even more buyers into the rental pool, which itself is under pressure, as evidenced by rising prices, according to the 2022 Housing Inventory Report by RE/MAX Canada.

Students paying 25% more for housing than average renter

Residential  •  Toronto Star  •  Toronto Star

A recent report by Unité de travail pour l’implantation de logement étudiant (UTILE), a Québec affordable student housing non-profit organization, found students are paying 25 per cent more for housing than the average Canadian renter.

Van. social housing complex residents face demo-viction

Residential  •  Globe and Mail (Sub. required)  •  RENX

ANALYSIS: Many apartments offering low rents are at risk of redevelopment since Vancouver green-lighted heights on side streets up to six storeys and 18 storeys for buildings with below-market units as part of the recently approved Broadway Plan.

Sotheby’s Realty opens first Atlantic Canada office

Residential  •  Saltwire  •  STOREYS

Sotheby’s International Realty Canada announced it is opening an office in Nova Scotia, its first in Atlantic Canada, with Scott Bryant regional director. Sotheby’s describes Nova Scotia as “one of the country’s most desirable residential and recreational real estate markets.”