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Recent Articles

Concord Pacific preps Phase 2 of huge Metrotown dev.

2 years ago

RENX   •   • 

Concord Pacific Developments is planning Phase 2 of the massive Concord Metrotown mixed-use development, beside the Metrotown shopping centre, for a project that will eventually add eight towers and over 3,500 homes to the City of Burnaby.

RENX   •   • 

Calgary-based ApartmentLove Inc., is continuing to grow through its acquisition and partnership strategies, purchasing OwnerDirect.com and completing a rental listings license agreement with a major U.S. aggregator in recent weeks.

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Victoria Wood/Main Square LP has proposed a five-building mixed-use development at 2575 Danforth Ave. in Toronto’s East End Danforth area. The WZMH Architects-designed proposal would include buildings ranging from 15 to 55 storeys comprising 1,543 residential units.

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Manulife Ontario Property Portfolio Inc. has proposed a mixed-use 50-storey tower at 45 St. Clair Ave. W. in Toronto’s Yonge-St.Clair neighbourhood. The Sweeny & Co Architects-designed tower would include 629 residential units, 64,088 square feet of office and 6,114 square feet of retail space.

Yardi

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Osmington Gerofsky Development Corp. has proposed to build a 32-storey residential condo at 141 Davisville Ave. in Toronto’s Midtown area. The Wallman Architects-designed building would include 423 residential units.

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BTB Real Estate Investment Trust (BTB-UN-T) announced the sale of a retail and office property at 5878-5882, Sherbrooke St. E. in Montreal. The 10,773-square-foot building, acquired in July 2007, sold for $4.4 million, which will be reinvested in acquisitions of industrial properties.

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After two years of pandemic and the rise of e-commerce, the commercial arteries of Quebec are holding up against all odds, a recent study indicates. However, the challenge remains for Sainte-Catherine Street, according to Côté Mercier Consiel Immobilier.

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There were 485 commercial real estate sales in the Lower Mainland in Q2 2022, a 34.3 per cent year-over-year decrease, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

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Amazon Canada is expected to open its last-mile distribution centre at Victoria International Airport on Oct. 5. Amazon’s $65-million, 115,000-square-foot ­­building is located on 7.8 acres of land owned by the Victoria Airport Authority and was built by Edmonton-based York Realty.

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A Restaurants Canada (RC) report shows restaurants across the country closing at a much faster rate than they are opening and Quebec’s eateries are at the top of the list. Restaurant closures in the country outpaced openings by 43 per cent.

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Solar energy company TIU Canada is set to build a 72-acre solar project east of Calgary on Siksika Nation territory to support sustainable Indigenous economic development.

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First Capital REIT (FCR-UN-T), one of Canada’s largest retail landlords, is restoring its monthly payout to pre-pandemic levels, making good on a promise to do so within two years after management slashed the distribution at the start of 2021.

Property Vista

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Owner Fortis Property Group has completed a $1 billion-plus refinancing of One Lincoln, a 36-storey, 1.1-million-square-foot class-A office tower in Boston. In addition, One Lincoln has gained a new anchor tenant, HarbourVest Partners, a leading global private markets firm.

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The real estate industry has the highest average daily office attendance in New York City as of mid-September, according to a survey of more than 160 major Manhattan office employers by The Partnership for New York City.

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In the week after Labour Day on Sept. 5, bookings by all-access and on-demand members surged 20 per cent compared to the weekly average at WeWork’s 700 office locations worldwide. Global keycard swipes soared over 70 per cent year-over-year.

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Amazon.com Inc. (AMZN-Q) has suspended the construction of new warehouses in Spain until 2024, Spanish news website El Confidencial said on Monday, citing unidentified company sources. El Confidencial said Amazon told its providers and partners to “wait and see.”

Ottawa Real Estate Forum

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RBC assistant chief economist Robert Hogue is calling for the country’s cooling housing market to hit a low point in the spring before fully adjusting to rising interest rates. The central bank delivered a 75-basis-point hike last week.

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Real estate flippers have made out like bandits in Canada’s red hot market over the past two years. However, with today’s slower sales and house prices dropping rapidly, it’s time for a reckoning, says real estate agent Clark Cai.

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Several Montreal boroughs are looking to prevent the eviction of tenants from private seniors’ residences by limiting what such buildings can be converted into. Those boroughs include the Plateau-Mont Royal, Lachine, Côte-des-neiges–NDG, Verdun, Mercier–Hochelaga-Maisonneuve and Ville-Marie.

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ANALYSIS: In a space of five years, between 2011 and 2016, Canada lost 322,000 affordable homes. In the same period of time, the country built about 60,000 new homes for people most in need, according to housing expert and consultant Steve Pomeroy.

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