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Montreal office vacancy drops, rents begin to rise
Montreal office vacancy drops, rents begin to rise
Given Montreal’s buoyant economy, rental rates for downtown office space aren’t increasing as quickly as they should according to Colliers International‘s André Plourde. Montreal’s in a different league when new office tower asking rents are compared to Toronto and Vancouver.
PC Urban to build commercial strata in Kelowna
PC Urban is launching a flex commercial and office strata development, part of a larger mixed-use project in the emerging Packing District in downtown Kelowna, B.C. Powerhouse at Packer’s Junction will be its fourth project in the central B.C. city.
Anbang’s B.C. seniors homes purchase probed
The ownership of B.C.’s Retirement Concepts by China’s Anbang Insurance Group is under scrutiny after one seniors home on Vancouver Island was taken over by the regional health authority and two others were put under investigation.
Winnipeg’s Fort Garry Hotel for sale
The Fort Garry Hotel, Spa and Conference Centre, one of Winnipeg’s most iconic landmarks, is up for sale. Cushman & Wakefield is selling the downtown hotel, which first opened its doors in 1913. It is expected to fetch “somewhere in the $40 millions.”
Closing time for Winnipeg Hotel
The 138-year-old Winnipeg Hotel officially closed its doors this weekend, but its life isn’t over yet. The holding company fronted by John Pollard, co-CEO of Pollard Banknote, hopes to refurbish the building and redevelop it into a boutique hotel.
Luxury hotel opens on N. Vancouver waterfront
Executive Hotels and Resorts announced the opening of Seaside, a new waterfront hotel destination located in The Shipyards District of Lower Lonsdale (Lolo) — North Vancouver’s historic arts and dining neighbourhood.
Chinese-Canadian mall giving way to condos
• CBC
It was the first of many Chinese malls in an area of Scarborough that became known as “Asiancourt” instead of Agincourt. Now, Dragon Centre is slated to close, soon to be replaced by two high-rise condos.
Law Society of Ontario probes Fortress lawyer
• Globe and Mail (Sub. required)
An Ontario court has transferred $100 million of syndicated mortgage loans related to troubled Fortress Real Developments Inc. to the control of an independent trustee after the Law Society of Ontario raised concerns about a lawyer who was overseeing the investments.
Apartment building to anchor Winnipeg development
Shindico Realty is inching closer to developing the remainder of Grant Park Pavilion, a mixed-use site set to fill in open land around a Winnipeg Walmart superstore. Plans for the development have been about two decades in the making.
Co-working space opens in former Ottawa church
Mohammad Dourou is the co-founder of Collabüro, one of Ottawa’s newest flexible work spaces. What really makes the new business stand out is that Collabüro is located in the former home of the German Evangelical Martin Luther Church of Ottawa.
Plans to develop Calgary golf courses hit rough
Two city-owned golf courses won’t be facing bulldozers despite plans to repurpose the land that could save $1.07 million by 2022, according to a report. For Lakeview Golf Course, the major constraints are the slope stability from the edge of the reservoir.
Crane, crane, go away, say Halifax businesses
• CBC
There’s no immediate end in sight for Halifax businesses struggling with a localized state of emergency due to a crane toppled during Hurricane Dorian. Business owners are hoping the crane will be removed and the area reopened within six weeks.
Trez Capital Mortgage Investment winding down
Trez Capital Mortgage Investment Corporation announced it has ceased to be a reporting issuer in each of the provinces and territories of Canada and is no longer a reporting issuer in any jurisdiction.
AY acquires San Diego’s McKinney Advisory Group
Chair/CEO Mark E. Rose announced today Avison Young has acquired San Diego-based brokerage and property management firm McKinney Advisory Group, Inc. The purchase represents Avison Young’s first acquisition in San Diego and expands its full-service platform across Southern California.
WeWork’s problems have London landlords fretting
• The Guardian • Financial Post
At the U.K. headquarters of office space company WeWork, the skateboard half-pipe is empty, the arcade machines aren’t in use and the DJ turntables are motionless. The fast-growing company has suddenly found itself in crisis mode.
U.S. CRE poised to deal with recession: M&M
“The commercial real estate sector as a whole is well-positioned for an economic downturn,” said Marcus & Millichap‘s John Chang. “The underwriting this cycle has generally been sound and the risk of overdevelopment has been muted at a macro level.”
Student housing being ignored in Canada
• Huffington Post • Western Investor
Canada’s high prices and rising rents may be a result of the fact no one is building housing for international students. The number of students from abroad in Canadian universities and colleges is rising rapidly, up 119 per cent between 2010 and 2017.
Montreal home sales up 14 per cent year-over-year
• Globe Newswire • Toronto Star
Montreal-area home sales rose 14 per cent in September year-over-year as home prices climbed. The Quebec Professional Association of Real Estate Brokers says there were 3,659 residential sales last month to hit a September record.
Ban short-term rentals for non-residents: Consultant
People who own homes in residential areas and don’t actually use them as principal residences shouldn’t be allowed to put their places up for short-term rentals, a consultant has recommended after a lengthy study on rental accommodations, including Airbnb.
Foreign-buyers tax now mainstream in Canada
When Canadians last went to the polls in 2015 you would have had difficulty finding someone willing to talk about a surtax on foreign nationals buying real estate. Now, such taxes are just considered the right thing to do.
Industry Events
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Canada Real Estate Auctions
Dec 01 2024
to Dec 31 2024
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Global Property Market
Dec 03 2024
Metro Toronto Convention Centre, South Building
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Toronto Real Estate Forum
Dec 04 2024
to Dec 05 2024
Metro Toronto Convention Centre, South Building
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Quebec Apartment Investment Conference
Feb 19 2025
Palais des congrès de Montréal
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RealCapital
Feb 25 2025
Metro Toronto Convention Centre, North Building
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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