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Recent Articles

Office, retail hold their own, industrial soars: JLL

2 years ago

RENX   •   • 

Canadian class-AAA office product is doing well, industrial remains hot and retail has rebounded, according to JLL Canada chief executive officer Alan MacKenzie and a new national outlook report.

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Backed by provincial funding, the first student housing will be built near the Douglas College campus in New Westminster, B.C. The 20-storey, 368-bed, $292.5-million project received $202.3 million in provincial funding, while Douglas College has provided $90.2 million.

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RioCan REIT has proposed a 28-storey mixed-use development at 1293 Bloor St. The proposed project would feature 2,659 square feet of retail space at grade and 230 residential units in addition to indoor and outdoor amenities and bicycle and vehicular parking provided underground.

RENX   •   • 

Transport DSquare has signed what is expected to be the biggest industrial lease of the year in Quebec by securing all of an 822,000-square-foot building at 4505 Hickmore St. in the Montreal suburb of Saint-Laurent.

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Forty-Six Spadina Ave Ltd., and Capitol Buildings Properties propose a 28-storey mixed-use condominium at 46 Spadina Ave. in downtown Toronto. The Wallman Architects-designed building would include 521 residential units, 6,964 square feet of ground-floor retail and 63,593 square feet of office space.

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Fine Choice Foods, a market-leading producer of quality Asian-inspired foods, announced the opening of its second Richmond, B.C., manufacturing facility. The warehouse has been transformed into a 50,000-square-foot, state-of-the-art, CFIA-approved food processing facility.

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Following the addition of Structube, the Upper Canada Mall in Newmarket is gearing up to add a new LCBO store and Winners by the end of this year as well as opening an expanded Aritzia store at the beginning of 2023.

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Alimentation Couche-Tard Inc. (ATD-T) says its net earnings rose to $872.4 million in the first quarter of its 2023 fiscal year, a 14 per cent year-over-year increase. The convenience store operator says its profit amounted to 85 cents per diluted share.

Fengate

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The Canadian economy grew at an annual rate of 3.3 per cent in the second quarter, bringing the quarterly reading below estimates. An early look at July suggests a contraction, according to Statistics Canada’s latest real gross domestic product reports.

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The RCMP have charged four Ontario men with fraud for misusing $9 million in investor funds intended for developments. Two of the accused, Michael Hyman and Giuseppe Anastasio, are co-founders of Noble Developments Corp.

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Construction of the provincially funded Bridgeland Riverside Continuing Care Centre in Calgary’s inner city has been paused due to safety concerns. The $130.5-million project, designed to house nearly 200 people and provide a complex network of care, began in January 2021.

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Wyse Meter Solutions Inc. and EVSTART are sponsoring a nationwide 6,500-km electric vehicle tour to educate apartment and condo residents and building managers about EV technology, charging infrastructure and Canada’s emissions reduction plans.

Aeropark Boulevard

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​The United States is likely to be in a mild recession by the end of this year or early next, and property values will take a hit as a result, according to Cushman & Wakefield’s latest economic forecast.

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Bed Bath & Beyond Inc. (BBBY-Q) on Wednesday announced store closures, job cuts and plans to raise money through a stock offering as the cash-strapped home goods retailer looks to turn around its business.

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Invesque Inc. (IVQ-U-T) announced the sale of two skilled nursing facilities comprised of 148 beds in Nebraska for US$25 million to the existing tenant and operator, Hillcrest Health Services. The sale price represented a price per unit of US$168.000.

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Country Garden Holdings Co. said first-half earnings plunged 96%, the most since its 2007 listing in Hong Kong, as China’s property crisis engulfed the nation’s largest developer by sales. Unaudited net profit slumped to $88 million US in the six months ended June 30.

Procore

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The federal government says it will spend over $2 billion to build 17,000 homes, including thousands of affordable units. Prime Minister Justin Trudeau made the announcement Tuesday in Kitchener, alongside Housing Minister Ahmed Hussen.

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Recent data says Canada’s housing market is cooling from a peak earlier this year, with declines expected through the rest of the year, but some experts say Calgary will be shielded from extreme price decreases.

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Canadians eager to buy a home as the real estate market cools might find themselves considering micro-condos, but mortgage brokers say if you’re thinking small, prepare for extra caveats when seeking financing.

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EDITORIAL: In late 2019, Victoria started work on its Missing Middle Housing Initiative. The plan would allow, without costly and lengthy rezoning, up to six units in a small multiplex where only a detached house or duplex is currently permitted.

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