Bids closing on Montreal office bldg., as market heats up

RENX  Commercial  •  Office  •  Greater Montreal

CBRE says Montreal is heading for its best quarter of office building sales since the pandemic struck, with Q3 investments projected to top $614M. Three additional downtown-area offices, including the Aldred Building, are also soon to be sold.

Minister threatens to revoke Cambridge warehouse MZO

Commercial  •  CityNews  •  CTV  •  RENX

The City of Cambridge has until Nov. 30 to provide evidence it consulted with the community and Indigenous groups on Broccolini’s application to build a million-square foot “e-commerce” distribution warehouse or the Minister’s Zoning Order will be revoked.

‘Beds and sheds’ investments a winner: Fund managers

Residential, Commercial  •  Globe and Mail  •  Globe and Mail

Investors considering adding some real estate into their portfolios should take a page from some of the top-performing fund managers who have succeeded by playing on long-term trends such as low vacancy rates for apartments and the embrace of e-commerce.

QuadReal acquires ‘trophy’ 60-acre GTA industrial lands

RENX  Commercial  •  Industrial, Land  •  Toronto / GTA

One of the most coveted industrial development properties in the Greater Toronto Area, 60 acres at 1700 Derry Rd. in Mississauga, has been acquired by BCIMC’s real estate arm QuadReal. The transaction closed Monday, nine months after QuadReal went under contract.

Toronto’s tallest 10 towers waiting for approval

Residential, Commercial  •  Urban Toronto

While Toronto’s streets and our skylines are rapidly changing, there is always another raft of towers waiting in line at City Hall for approval. Here’s our list of the Top-10 tallest towers still awaiting their judgment days:

The Property Law Hub › Due diligence: Court cases illustrate why you must try before you buy

Daniel Waldman: Lawyer, Pallett Valo LLP

Caledon Station TOD proposed for Bolton

Residential, Commercial  •  Toronto Star

Glen Schnarr and Associates, on behalf of the landowners, has proposed a transit-oriented development called “Caledon Station,” in the Town of Caledon, Ont. The town’s goal for the hub is a Caledon GO station will be built in the area.

One Planet fund invests in three developments

Residential, Commercial  •  Sustainable Biz Canada

The One Planet Living Real Estate Fund has approved three real estate developments in Ottawa and Guelph, the first projects since the fund’s inception. First is Stone Abbey, a $30 million condo and townhouse project in Ottawa.

Aspen Ridge preserving 1960s IBM HQ in new complex

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

Toronto’s former IBM headquarters – which was built by John B. Parkin Associates in 1967 and received additions in 1970-’71 – is being readied, in situ, to become part of a massive residential, office and retail complex by Aspen Ridge Homes called “Crosstown.”

Plaza Partners proposes three rental buildings

Residential  •  Urban Toronto

Plaza Partners is proposing three new eight-storey, TACT Architecture-designed, residential buildings at 390-400 Woodsworth Rd. in the Toronto borough of North York. The new development would contain a total of 379 residential units comprised of 309 condos and 70 units of purpose-built rental housing.

One Urban bringing four-storey mixed-use to Barrie

Residential, Commercial  •  Urban Toronto

One Urban‘s 430 ESSA Condos is bringing 71 residential units and new retail opportunity to 430 Essa Rd. in Barrie. The four-storey BDP Quadrangle-designed building was launched in 2018 and is expected to be completed in March 2022.

Scotiabank plans phased return-to-office in mid-January

Commercial  •  Financial Post  •  Financial Post

Scotiabank (BNS-T) plans to start a phased return-to-office on Jan. 17 for headquarters employees who are still working remotely, marking a major commitment for a broad return from one of Canada’s largest banks.

Brookfield eyeing $1.5B sale of 92-hotel portfolio

Residential, Commercial  •  Bisnow  •  Bisnow

Brookfield Asset Management (BAM-A-T) is exploring the sale of its WoodSpring Suites hotels in a deal that could fetch upward of $1.5 billion, sources said. Brookfield acquired the 92-hotel portfolio from private equity firm Lindsay Goldberg for $707 million three years ago.

Fiera RE sells Liverpool office site for more than $65M

Commercial  •  Place North West  •  Property Funds World  •  RENX

Fiera Real Estate has sold the 11.5-acre Skyways House site in Speke, Liverpool to Corum XL, a fund managed by Corum Asset Management. Fiera said the sale was for an undisclosed price, but that it was more than $65 million Cdn.

CubeSmart REIT buys Storage West portfolio for $1.7B

Commercial  •  Inside Self-Storage

CubeSmart, a self-storage REIT and third-party management company, is acquiring Storage West‘s U.S. portfolio for $1.69 billion. The 59-property portfolio of LAACO, the California-based limited partnership that owns and manages the Storage West brand, comprises more than 4.7 million rentable square feet.

Evergrande sells $273.5M stake in streaming platform

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

China Evergrande Group (EGRNF) is selling its entire stake in streaming services firm HengTen Network Group for $273.5 million US as the cash-strapped developer struggles to avoid a debilitating default on its debts.

Canadians using real estate to outrun record inflation

Residential  •  Toronto Storeys

As Canadians enter a hyper-inflationary environment, real estate is proving one of the few soluble ways to stay ahead of the curve, according to Shawn Allen, owner and president of Matrix Mortgage Global in Toronto.

Variable mortgage rates won’t wait for Bank of Canada

Residential  •  Globe and Mail (Sub. required)

Most don’t expect variable mortgage rates to move higher until the Bank of Canada’s next rate hike, which financial markets currently anticipate in March. However, the unparalleled discounts we’ve been seeing are already beginning to shrink.

Foreign buyers a small fraction of Canadian purchases: Report

Residential  •  Toronto Storeys

While foreign buyers’ reputations may precede them, it appears as though the long-standing belief that this buyer category “dominates” the Canadian market is inaccurate, according to Baker Real Estate Incorporated’s Baker Insights Group, a research and analysis service.

Poloz-backed firm aims to make ownership more attainable

Residential  •  Toronto Star  •  Business Wire

Key, a new Toronto-based company backed by former Bank of Canada governor Stephen Poloz as its global advisory board chair, wants to help Canadians co-own real estate through investments valued at just 2.5 per cent of a property’s value.