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Recent Articles

Graywood to ramp up development in T.O.’s Distillery District

3 years ago

RENX   •   • 

Graywood Developments will launch sales of its latest residential project, The Goode, at 33 Parliament St. in Toronto’s revitalized The Distillery Historic District in September. It’s one of several major residential projects planned for the district in coming years.

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NJS Capital has proposed to build a 49-storey residential tower at 383 Sherbourne St. in Downtown East. The IBI Group-designed building contains 32 rental replacement units, 44 additional market rental units, and 407 market condo units, bringing the total of residential units proposed to 483.

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Vantage Data Centers has acquired two Montreal-area buildings with a view to possibly creating a new campus. Its Canadian data centre subsidiary paid $26.2 million to acquire neighbouring buildings in Baie-D’Urfé: 21500 route Transcanadienne, and 21525 avenue Clark-Graham.

RENX   •   • 

UPDATED: Oxford Properties Group and J.P. Morgan Global Alternatives have announced the largest single office trade in North America so far in 2021, selling One Memorial Drive in Cambridge, Mass., for $1.05 billion Cdn.

Artis REIT

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Infosys, a massive IT company based in Bangalore, India, announced it plans to “establish a new digital development centre at its largest Canadian office” and create at least “500 high quality jobs in the Toronto Region over the next three years.”

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The Musqueam Indian Band need not pay $2.2 million in B.C. taxes on land where rental apartments are being built, after a ruling that could have a major effect on some of B.C.’s biggest residential developments.

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Reliance Properties is reimagining 6.7 acres of Victoria’s downtown in what would be one of the city’s largest developments. Reliance’s proposal includes buildings of 10, 13 and 17 storeys, respectively, and would include industrial and commercial space, offices, residential units and live-and-work units.

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The Langley-based San Group of Companies has unveiled a plan for 2,800 new homes in a mix of housing types on 73 acres in Port Alberni. Pacific Mayfair Estates would have an estimated value of close to $1 billion.

Fengate Properties

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The City of Ottawa’s planning committee has approved an official plan amendment that will allow Hazelview Investments‘ controversial redevelopment of the 52-acre Heron Gate site to move forward. Hazelview plans to build 6,427 residential units, increasing the intensification of the neighbourhood.

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For many of the retail shops, coffee shops and lunch spots around downtown Edmonton, Sept. 7 has been circled in red for months as a day bringing  hope of a profound change in an area finally divorced from the pandemic.

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Matt Picken, JLL: Recovery of investment activity, CRE Podcast
Brendan Wallace, Fifth Wall: The intersection of proptech and innovation, REALtalk: Episode 28
Bill Gowdy, Lafarge: Turning land back to its natural state, The Construction Record, Episode 132

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Lanesborough REIT, (LRT-UN-X), Canada Newswire
Marwest Apartment REIT, (MAR-UN-X), Canada Newswire
NexPoint Hospitality Trust, (NHT-U-X), Canada Newswire

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The Delta Variant infected demand in office space in July, as virtual and in-person tour volume dipped, according to the VTS Office Demand Index (VODI). The mark snapped a six-month streak of growth in new demand for office space.

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Ace Hardware is riding the home spending wave. Ace, the largest retailer-owned hardware cooperative in the world, has opened 110 new stores so far in 2021. It is planning to open at least an additional 60 locations by the end of the year.

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Blackstone has built a U.K. affordable housing business with a portfolio valued at more than $1.22 billion Cdn. Sage Housing said the company had an existing portfolio of 4,007 homes and a pipeline of a further 8,656 homes that it had committed to deliver.

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Singapore’s office property market is gradually catching up with that of Hong Kong, the Lion City’s rival business hub, in terms of rents and prices, with Chinese technology giants such as Alibaba Group Holding, Tencent Holdings and ByteDance expanding in the city state.

Real Estate Forums

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For the first time in over 40 years, the cost to carry a mortgage was less than the rate of inflation, which was 3.7 per cent in July. Buyers can get a variable-rate mortgage for 1.15 per cent, says Butler Mortgage‘s Ron Butler.

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A Zoocasa survey found low mortgage rates, the cheap money that helped fuel the housing boom, is now seen by 80.5 per cent of Canadians as the culprit behind soaring home prices. That’s a 33% increase since the poll in February.

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A coalition of national seniors’ living operators, led by Chartwell, Extendicare, Responsive Group, Revera and Sienna, announced they are making COVID-19 vaccination mandatory for their long-term care and retirement home staff across Canada.

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A Liberal Party promise to cut federal mortgage insurance rates by 25 per cent is unlikely to make housing more affordable, but will increase risks for taxpayers, industry experts, including mortgage broker Elan Weintraub with Toronto-based Mortgage Outlet Inc., say.

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