Proptech sector about to see major consolidation

RENX  Residential, Commercial  •  Technology  •  National

Consolidation is coming in the property technology industry as adoption hits a critical mass threshold, according to the Altus Group CRE Innovation Report 2020. The research tracks technology trends and the digital transformation impacting the global commercial real estate industry.

Edmonton OK’s RioCan’s shopping centre project

Residential, Commercial  •  CBC  •  CTV

A major overhaul is on the way for a West Edmonton shopping centre after city council approved redevelopment plans for the area on Tuesday. City council voted in favour of rezoning RioCan’s Jasper Gates Shopping Centre for high-density mixed-use developments.

New path charted for False Creek South

Residential, Commercial  •  Globe and Mail

Residents recently gathered in the heart of False Creek South, to learn how to bring their unique 45-year-old community into present-day Vancouver. That new version envisions an additional one million square feet of housing and commercial space.

Metro proposes multi-tower tech hub in Hamilton

Commercial  •  CBC  •  Hamilton Spectator

Metro Partners Inc. has proposed a technology hub with two towers on city hall property in Hamilton. Local entrepreneur Paven Bratch plans a 20-storey tower, a 24-storey tower, a three-storey podium around the buildings, and a 12-storey municipal building.

Two bids to renovate Hamilton entertainment facilities

Commercial  •  CBC  •  Global News

Hamilton city council has received two large proposals from Vrancor Group and the Hamilton Urban Precinct Arts and Entertainment Group, respectively, to build a revamped downtown entertainment precinct.

Ontario needs 100,000 new construction workers

Residential, Commercial  •  Globe Newswire  •  Ottawa Business Journal  •  Toronto Star

The Ontario construction and maintenance sector continues to operate at close to full capacity driven by high volumes of investment in public- and private-sector infrastructure and residential activity. The industry will need almost 100,000 additional workers to keep pace.

The Legal Corner › Utility arrears under a commercial lease – A ‘shocking’ decision for landlords

Darrell Gold: Partner, Robins Appleby LLP

Kelowna industrial vacancy rate below one per cent

Commercial  •  Global News

Kelowna’s industrial sector is the latest to feel the real estate squeeze. A MCL Real Estate Group report concludes the industrial vacancy rate was below one per cent at the end of 2019.

February Commercial Mortgage Commentary: CMLS

Commercial  •  Globe Newswire

In its latest Commercial Mortgage Commentary, CMLS Financial discusses Amazon’s plans to occupy the former Canada Post building in Downtown Vancouver, the latest rate decisions by the Bank of Canada and CMHC’s changes in fee structure for NHA MBS guarantees.

TD Greystone Global Real Estate Fund launched

Commercial  •  Canada Newswire

Today, TD Asset Management Inc. introduced its latest alternative investment solution, the TD Greystone Global Real Estate Fund L.P. The fund joins TDAM’s comprehensive alternative suite, which includes Canadian real estate, Canadian commercial mortgages and global infrastructure.

Calgary votes for business property tax rebates

Commercial  •  CBC

Calgary businesses will get another “one-time” rebate on property tax increases for the fourth consecutive year. Council voted in favour of a $30-million rebate for business property owners that would limit tax hikes to no more than 10 per cent.

REIT fourth-quarter financial results

Commercial  • 

Allied Properties REIT, (AP-UN-T), Globe Newswire

Four Seasons unveils new planned builds for 2020

Commercial  •  Daily Commercial News

Toronto-based Four Seasons Hotels and Resorts has announced short-term and long-term plans for new hotel and resort builds around the world after completion of eight projects in 2019 including the Four Seasons Hotel Montreal.

Macy’s to shut 125 stores

Commercial  •  Bloomberg

Macy’s Inc. plans to close 125 of its least productive department stores — almost a quarter of the total — over the next three years as part of a large restructuring. The stores account for about $1.4 billion in annual sales.

Nearly 100 more Sears & Kmart stores to close

Commercial  •  CBS

Nearly 100 additional Kmart and Sears stores could close in December or sooner. The news comes just weeks after retailers announced 26 Sears and Kmart locations would close in October. Liquidation sales are expected to start in mid-September.

U.S. industrial sustains 3B sq. ft. of growth in decade

Commercial  •  Globe Newswire

Between Q1 2010 and Q4 2019, the U.S. industrial market experienced occupancy gains of more than three billion square feet, according to Transwestern’s latest national industrial report. In the most recent quarter, 58.6 million square feet of absorption contributed to that total.

Airbnb takes steps to reduce ‘unauthorized parties’

Residential  •  CBC  •  Daily Hive  •  CBC

Airbnb has announced it will begin testing new regulations across Canada this month that will ban local guests under the age of 25 from booking entire homes. Local guests under 25 years old won’t be able to rent an “un-hosted home.”

Toronto puts plan to tax vacant homes on hold

Residential  •  CBC

A proposed tax on vacant homes in Toronto will likely be delayed for at least another year after the concept was found to be in need of more investigation during the city’s 2020 budget discussions.

Ottawa home prices up 19% year-over-year

Residential  •  Ottawa Business Journal  •  Ottawa Citizen

Ottawa’s home prices ​– which rose about nine per cent in 2019 ​– continued their steady climb in 2020. The average sale price of a condo in January was $338,077, up 19.1 per cent year-over-year, while the average residential property jumped 19.3 per cent YOY to $516,229.

Maltzan’s radical housing designs stretch the limits

Residential  •  Globe and Mail (Sub. required)

OPINION: Once upon a time, innovation happened at home. New houses and apartments rarely give us that feeling of exploration, but architect Michael Maltzan’s housing designs consistently stretch the limits of what’s possible, technically and conceptually.