Winnipeg’s SHED adds new tower as boom continues

RENX  Commercial  •  Condominiums, Hotels and Resorts, Office, Apartments, Retail  •  Winnipeg

The count is up to five for Winnipeg’s SHED. The downtown Sports, Hospitality and Entertainment District centred around Bell MTS Place – home of the NHL’s Winnipeg Jets – will soon have another new high-rise as Wawanesa builds a 19-story office tower.

Winnipeg in contempt for rejecting developer’s proposal

Residential  •  CBC  •  Winnipeg Free Press

The City of Winnipeg — and three city councillors — have been found in contempt for violating a court order over developer Andrew Marquess’ Parker Lands project. Marquess wants to build 1,900 residential units.

Vancouver retail tenants face demolition clauses

Commercial  •  Business In Vancouver

Development pressure has driven Vancouver retail rents sky high and convinced some landlords to include demolition clauses so they can boot retailers out if a developer wants in, according to a Cushman & Wakefield report.

Renovations underway at Toronto’s Scotiabank Arena

Commercial  •  Urban Toronto

It has been a big year for the Scotiabank Arena at Bay and Lake Shore in Downtown Toronto. The multi-million dollar renovation designed by Kramer Design Associates is bringing a refreshed look to the building that includes dark exterior finishes.

Daniels president fights T.O. housing price crisis

Residential  •  Bloomberg  •  RENX

Mitchell Cohen writes policy papers and show tunes about affordable housing. He wears a pork pie hat and is easy to tear up when talking about local “empowerment.” He’s also president of The Daniels Corporation, one of Canada’s biggest developers.

Cirque founder’s $1M-a-week Airbnb listing

Residential  •  Montreal Gazette  •  Daily Hive

Nukutepipi, Cirque du Soleil founder Guy Laliberté’s private island resort in French Polynesia, is welcoming guests. According to its Airbnb listing, you and 51 of your friends could stay there for your next vacation for $1.1 million per week.

The Saskatchewan Edge › Now, that’s how you throw a music festival!

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Sobeys to eliminate plastic bags from stores in 2020

Commercial  •  Sustainable Biz Canada

It’s back to the future for Canadian grocer Sobeys (EMP-A-T), which will eliminate plastic bags from its stores by the end of January 2020. The company says it will take 225 million bags per year out of circulation from Sobeys’ 255 Canadian stores.

Vancouver office building dons 20-storey mural

Commercial  •  Globe and Mail  •  Globe and Mail

Shepard Fairey’s instantly iconic HOPE poster emerged this week on the side of a downtown Vancouver office building – spanning 10,000 square feet and 20 storeys. The mural is the tallest of Fairey’s career.

Inovalis protects investors from household debt ratios

Commercial  •  Motley Fool  •  RENX

Household debt ratios in Canada are at a record high and REITs like InterRent (IIP-UN-T) are particularly exposed. Investors should diversify overseas, where property valuations are more reasonable. Inovalis REIT (INO-UN-T) is the perfect option for this type of exposure.

R&R REIT acquires hotel portfolio for US$52.0M

Commercial  •  Canada Newswire

R&R REIT (RRR-UN-X) has an agreement to acquire a portfolio of eight economy hotels located in the U.S. and comprising a total of 906 rooms for an aggregate purchase price of approximately US$52.0 million.

REIT second-quarter financial results

Commercial  • 

American Hotel Income Properties REIT, (HOT-UN-T), Canada Newswire

Dream Global REIT, (DRG-UN-T), Globe Newswire

Dream Office REIT, (D-UN-T), Globe Newswire

Northview Apartment REIT, (NVU-UN-T), Globe Newswire

NorthWest Healthcare Properties REIT, (NWH-UN-T), Canada Newswire

Plaza Retail REIT, (PLZ-UN-T), Canada Newswire

Pure Multi-Family REIT, (RUF-UN-X), PR Newswire

SmartCentres REIT, (SRU-UN-T), Globe Newswire

Activist vows to replace HBC chairman if bid fails

Commercial  •  Bloomberg  •  Winnipeg Free Press

Activist investor Jonathan Litt vowed to replace of Hudson’s Bay Co. (HBC-T) chairman Richard Baker if a bid to take the company private fails. The investor blasted the actions by Baker and his buyout group.

Brookfield CEO responds to weak global economy

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

CEO Bruce Flatt continues to sound notes of caution about the global economy, but Brookfield Asset Management (BAM-A-T) sees itself ramping up the amount of cash it will generate in the future, with stock buybacks and perhaps an increased dividend.

Global CRE investment dips in 2019

Commercial  •  World Property Journal

Global real estate consultant JLL is reporting this week that after a bumpy 2018, investment in global commercial real estate cooled in the first half of 2019 with year-over-year volumes dropping by nine per cent to $341 billion.

U.S. office vacancy rates hold steady at 9.7%

Commercial  •  World Property Journal

According to Transwestern‘s recently released national office report, the national vacancy rate held steady at 9.7 per cent in the second quarter thanks to healthy pre-leasing levels of newly delivered office assets.

Danish 20-year mortgages hit zero for first time

Residential  •  Bloomberg

In Denmark’s US$495 billion mortgage-backed covered bond market, another milestone was reached on Wednesday as Nordea Bank Abp said it will start offering 20-year fixed-rate loans that charge no interest.

Canadian housing starts decline 9.6% in July

Residential  •  Bloomberg  •  Canada Newswire

Canadian housing starts fell last month, led mostly by a drop in construction of semi-detached, row houses and apartments. Builders started work on an annualized 222,013 units, a drop of 9.6 per cent from June, Canada Mortgage and Housing Corp. reported Friday.

Home buyers, mortgage shoppers can celebrate

Residential  •  Globe and Mail (Sub. required)

Home buyers and mortgage shoppers have new reason to celebrate. With U.S. President Donald Trump taking another wrecking ball to international trade relations, government bond yields are continuing their decline. And bond yields are the No. 1 driver of fixed-mortgage rates.

GTA seniors holding onto their homes: CMHC

Residential  •  CBC  •  Bloomberg

Over the next decade, Toronto seniors may not be freeing up the expected number of dwellings — single-family homes, condos and townhouses — for younger people to move into and this will limit supply, says the Canada Mortgage and Housing Corporation.