Consensus from the C-Suite: ‘Adversity is the greatest teacher’

RENX  Commercial  •  Investment, Human Resources  •  National, Toronto / GTA

“We’re probably going through a period where we’re learning more about ourselves and our businesses than at any other time,” said Oxford Properties Group president and CEO Michael Turner during his opening comment on the closing panel for the Real Estate Forum.

RioCan REIT cuts distributions by a third

RENX  Commercial  •  Office, Apartments, Retail  •  National

One of the country’s largest owners of retail properties, RioCan REIT (REI-UN-T), will cut distributions to unitholders by a third. The impact of COVID-19 on the retail sector is cited as the reason for the reduction from $1.44 to 96 cents.

Employers not so happy with work-from-home: Colliers

Commercial  •  Calgary Herald

According to a report by commercial real estate firm Colliers, employers surveyed in June estimated working from home had caused employee productivity to drop by 22.6 per cent. In a November survey, this number had increased to 23.4 per cent.

Portal Developments plans 26-storey mixed-use tower

Residential  •  Urban Toronto

Portal Developments has submitted applications for a 26-storey mixed-use tower in North York. The IBI Group-designed building would include 263 homes: 1.1 per cent studios, 40.3 per cent one-bedrooms, 48.3 per cent two-bedrooms, 10.3 per cent three-bedrooms and 9,700 square feet of retail space.

Curated Properties proposes 22-storey condo/rental

Residential  •  Urban Toronto

A low-rise rental apartment building in Midtown Toronto could make way for a 22-storey residential building comprising condominium and rental dwelling units. Curated Properties proposes a 223-foot, 231-unit building designed by RAW Design and including 31 rental replacement apartment units.

The Saskatchewan Edge › Can HBC, Canada’s oldest retailer, hang on?

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

Scarborough Eglinton East LRT cost soars to $4B

Residential, Commercial  •  Toronto Star

The cost of the Eglinton East LRT has nearly doubled, raising more doubts about the future of the Scarborough transit project. A city report says building the 15-kilometre extension is expected to cost between $4 billion and $4.4 billion.

Could Infrastructure Bank fund airport REM station?

Residential, Commercial  •  La Presse

OPINION: No one wants to or is able to fund the Caisse de dépôt et placement’s entire Montreal-Trudeau airport Réseau express métropolitain (REM) station, estimated at $600 million. My solution? The Canada Infrastructure Bank will be called in to help.

Kadestone to lease/buy 200 acres of B.C. industrial park

Commercial  •  Canada Newswire

Kadestone Capital Corp. (KDSX-X) announced it will pursue the leasing or purchasing of approximately 200 acres of the QETDZ Terrace Industrial Park in Terrace, B.C., from Taisheng International Investment Services to be used as a staging, storage, and assembly site.

Commercial real estate: A new lease on business

Commercial  •  Lexology

VIDEO: In the face of the pandemic, the Canadian government took a series of measures in the CRE space and introduced rent relief programs and a temporary ban on evictions. We talk to Blakes CRE associate Beth Earon.

Podcasts from the real estate world

Residential, Commercial  • 

Kristopher Wojtecki, PSP Investments: Pension Fund Logic, CRE Library: Episode 44
Ken McIntyre, Real Estate Executive Council: Why CRE diversity is so important, Make Yourself At Home: Season 2, Episode 33
Nic Paolella, Marcon: Building on strong foundations, Highview Partners People Who Perform: Episode 28

REIT third-quarter financial results

Commercial  • 

Lanesborough REIT, (LRT-UN-X), Canada Newswire
Nexus REIT, (NXR-UN-X), Globe Newswire

Oxford buys Melbourne site for $428M build-to-rent project

Residential  •  IPE Real Assets

Oxford Properties has bought a site for a $428 million Cdn build-to-rent project in Melbourne to capitalize on recent changes to state taxes to encourage multifamily developments. The Canadian investor is currently developing BTR apartments in central Sydney.

Parkland advances growth strategy with two U.S. acquisitions

Commercial  •  Globe Newswire

Parkland Corp. (PKI-T) announced it has entered into a series of transactions to acquire the assets of Story Distributing Company and its affiliates and of Carter Oil Company, Inc. and its affiliates. The acquisitions include 13 company retail sites.

U.S. banks expect increase in CRE delinquencies: Fed

Commercial  •  Reuters

“Banking contacts in numerous Districts reported some deterioration of loan portfolios, particularly for commercial lending into the retail and leisure and hospitality sectors,” Federal Reserve officials have reported. “An increase in delinquencies in 2021 is more widely anticipated.”

Vornado cuts 70 jobs; longtime CFO steps down

Commercial  •  Commercial Observer

Vornado Realty Trust announced a shakeup in its ranks with the exit of CFO Joseph Macnow, who has been with Vornado since 1981 and also serves as the chief administrative officer, along with the company laying off 70 amid a cost-cutting program.

Canadian home insurance firms saved over $1B in 2020

Residential  •  Business In Vancouver

A new Hellosafe.ca report found home insurance companies in Canada have saved an estimated $1.1 billion over 2020. The report credits this huge savings amount to the COVID-related restrictions that have greatly reshaped Canadian homeowners’ domestic habits for most of the year.

T.O. should tax vacant homes to boost supply: Mayor

Residential  •  Toronto Star  •  CBC  •  CTV

City staff are recommending Toronto impose a tax on vacant homes — a move Mayor John Tory said would boost the housing supply and could raise as much as $66 million annually.

Airbnb adds more restrictions to prevent New Year’s Eve parties

Residential  •  Global News

Airbnb says it has a plan to curb New Year’s Eve parties this year, with the announcement coming not long after a short-term rental was the site of a 60-person party in Mississauga.

Overdue permits can prompt a zoning order: BILD

Residential  •  Toronto Star