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Recent Articles

ELAD unveils Phase I of Toronto Galleria on the Park

5 years ago

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ELAD Canada has released details about Phase 1 of its expansive Galleria on the Park development in Toronto’s downtown west. The project, which will eventually include eight mixed-use buildings, kicks off with the 29-storey Galleria 01, and the Wallace Emerson Community Centre.

RENX   •   • 

The developers of a successful condominium at River Landing in Saskatoon are teaming up for a second project in the city. Toronto’s Urban Capital Property Group and Saskatoon’s Victory Majors Development Corp. will build the $60-million Highpoint condo tower.

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The strong pace of Canadian commercial investment property sales and record-high levels in the multisuite residential sector defined the second quarter of 2019, according to the latest Canadian Economic Outlook and Market Fundamentals Report issued by Morguard Corporation (MRC-T).

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The Treasury Department and the Department of Housing and Urban Development, in coordination, each released plans Thursday detailing how the two agencies believe the housing finance system should be reformed – including ending the conservatorship of Fannie Mae and Freddie Mac.

Romspen Commercial Lender

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A longshore crane operator sits in front of a screen in the control room at Canada’s largest container terminal and moves a joystick ever so slightly to the left, remotely guiding a 40-foot container with a video-game-like interface.

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As of August 2019, the GTA industrial market has remained extremely tight, with the overall availability rate at 1.4 per cent. Depending on the property size and location within the GTA markets, vacancy rates are as low as 0.2 per cent.

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Slate Office REIT (SOT.UN-T) announced it has entered into an agreement to sell 5500 North Service Rd. in Burlington for $52.2 million. The REIT expects to use the net proceeds to reduce outstanding debt and to fund future investment opportunities.

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Nearctic Property Group and Rockwell Group, the owners of an Edmonton housing project stalled for more than a decade, are asking the city for $13 million to redevelop the area along a planned LRT corridor.

Pattison ONESTOP

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In the leafy Vancouver west side neighbourhood of Kerrisdale, there is a lot that has sat overgrown and empty for several years. Brian Billingsley, principal of B Squared Architecture, says the expectation for affordable rental on the lot is counter-productive.

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While the City of Vancouver believes 73%, or 4,266 of the 5,866 active short-term rental hosts are abiding by the rules, its staff has flagged 27% of all short-term rental addresses for audits to confirm compliance with city regulations that went into effect Sept. 1, 2018.

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While Chinese visitor numbers to Canada decline in some regions, Richmond, B.C.-based vacation rental network Cozystay Holdings Inc., which has deep links to mainland Chinese consumers, is pushing ahead with an expansion into the local hotel and resorts market.

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Rising property taxes have forced many of Vancouver’s independent grocers to close. The number of business licences issued to convenience stores fell from 302 in 2008 to 226 in 2018, according to data from the City of Vancouver.

Ottawa Real Estate Forums

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Alimentation Couche-Tard Inc. (ATD-A-T) says it is proceeding with a two-for-one split of its shares as the convenience store giant’s profitability continued to grow in the first quarter of its fiscal year.

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Chick-fil-A opened in Toronto today, making its latest run at going international. The Atlanta-based chain, which unveiled its first full-service franchised restaurant outside the U.S., plans to open 15 restaurants in the Toronto area within five years.

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Tim Hortons (QSR-T) needs to expand elsewhere, and the U.S. has long been a target. However, it’s struggled there for decades, which raises the question: why can’t this Canadian icon win over its southern neighbours?

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U.S. restaurant chains should maximize their real estate portfolios as a strategic response to a raft of new challenges facing the sector, an executive from A&G Real Estate Partners warns in a column in online publication Modern Restaurant Management.

Marcus & Millichap

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The Ottawa Real Estate Board revealed average prices for residential properties in August jumped nearly 12 per cent year-over-year to $484,900. It’s the third straight month in which resale prices have topped 10 per cent YOY and was the largest increase in 17 years.

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Canada’s housing market continues to fall further down the list in a global ranking. Canada ranked No. 49 in the second-quarter study of 56 countries by real estate consulting group Knight Frank.

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It’s only been a year since Toronto finally approved “as-of-right” zoning for laneway housing. But there have already been 100 inquiries — and as similar zoning is extended to the suburbs, as many as 47,000 sites may be eligible for new builds.

RENX in Review: Our Top Stories This Week

Most Viewed:  Artis REIT sells two Ontario office buildings for $161M

Editor’s Pick: RENX’s commercial real estate summer in review

National snapshot: Montreal leads in Canadian multi-family transactions

3 office acquisitions: True North plans 3 office acquisitions in GTA, Calgary

ICYMI last week: The battle between wood and concrete construction

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