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Recent Articles

After tough year, hotel panel reconvenes to look back, ahead

3 years ago

RENX   •   • 

A panel of Canadian hotel owners and industry experts who assembled one year ago in a virtual presentation to discuss how COVID-19 had crippled the sector, recently reconvened to update how the situation has evolved.

RENX   •   • 

The apartment sector in Western Canada is poised to grow this year with several key demographic fundamentals driving the market, and industry executives expect a new influx of people into big city cores.

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Ottawa-based co-working company TCC Canada is moving into Shopify’s former downtown Ottawa headquarters. TCC Thursday announced it’s turning over 100,000 square feet of office space at 150 Elgin St. into “Ottawa’s largest and most masterfully designed co-working space for businesses.”

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The Kelowna market has been growing for the past several years, but the pandemic buying phenomenon is setting records. Principal/co-founder Marshall McAnerney says HM Commercial Group currently has 15 high-rise deals underway, including a four-acre downtown site listed for $20 million.

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Dan Gilbert loves his hometown of Detroit. He loves it so much that the billionaire founder of what would eventually become the mortgage lender Quicken Loans has poured at least $2.5 billion into rehabilitating buildings in the heart of the city.

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Former Ontario economic development minister Sandra Pupatello and former federal industry minister Tony Clement are launching Reshoring Canada to promote returning critical manufacturing to Canada and rebuilding supply chains so they don’t rely on increasingly risky countries such as China.

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The convenience store industry’s time-honoured proposition appears to be in flux as outside forces, such as the rise of electric vehicles, threaten to disrupt the model and force the sector  as we know it to search for a new identity.

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“Flexibility in workspaces will be in the spotlight in the post-COVID-19 era, but the office is not dead,” says Ruth Fischer, new senior vice-president and managing director of CBRE Montreal. She views downtown life post-COVID-19 with optimism, unlike many others.

Hersh Condos

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Université de Montréal is moving its Longueuil satellite campus to space in Brossard it says will be larger and more modern. The new 37,000-square-foot campus, set to open in 2022, will be directly connected to the Du Quartier REM station.

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Big box stores, manufacturers and warehouses in Ottawa could receive a visit from provincial inspectors this weekend. The Ontario government is launching targeted health and safety blitzes, focusing on keeping workers safe in hot spot regions across the province.

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Ontario Superior Court Justice Markus Koehnen has ordered Michael Hyman and Giuseppe (Joe) Anastasio – the principals behind Noble Developments Corp. – to pay at least $9 million to investors as punishment for repeatedly disregarding his pretrial orders in a civil lawsuit.

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Hugh Molyneux and Carl Paulse, Refined Data: EHS solutions for the real estate sector, REALtalk: Episode 22
Andrew Freitas, WiredScore: Buildings going digital, CRE Podcast
Mike Yorke, Carpenters District Council of Ontario and Chris Sutton, Millwright Regional Council of Ontario:The underground economy and tax fraud, The Construction Record: Episode 114

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Kimco Realty (KIM-N) and Weingarten Realty Investors (WRI-N) have announced plans to merge into a single retail-focused real estate firm. The combined company is expected to have an equity market capitalization of $12B and a total enterprise value of $20.5B.

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Minnesota real estate firm Nolan Reynolds International (NRI) is planning a $240-million blockchain-based REIT. It would be a first for NRI, and will be among the largest blockchain-based REITs when launched, though it isn’t without competitors.

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U.S. doctors and medical professionals have remained on time with their rent payments in the past year, unlike other office tenants. While some tenants have paid less than 85 per cent of rent collections, medical professionals have paid 95 per cent.

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Mattamy Homes, North America’s largest privately owned homebuilder, has purchased the Rancho Trugold property in the Northwest Phoenix sub-market of Surprise, Ariz. The 41-acre property, purchased for $5.5 million, is zoned for 139 home sites and will be known as Aria Ranch.

Informa

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MAP: Vancouver continues to have the most expensive rent in the country, even with rent prices for one-bedroom and two-bedrooms remaining flat at $1,900 and $2,600, respectively, according to PadMapper‘s rental report for April.

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According to the recent RBC Spring Housing Poll, 36 per cent of Canadians under 40 think buying their first house has become permanently out of their reach. That number rises to 39 per cent in Ontario and 41 per cent in the Western provinces

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A case from the Tax Court of Canada last fall explores how many times a taxpayer can flip personal residences during a short period of time before the government will tax the profits as income rather than tax-free capital gains.

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In Tillsonburg, about two and a half hours south of Toronto, the four-bedroom, two-bathroom property on Lisgar Avenue — with main-floor laundry, hardwood floors, high ceilings and crown moulding — is listed for $559,900. It will almost certainly sell for more.

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