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PBA begins first downtown Calgary office-to-hotel conversion
PBA begins first downtown Calgary office-to-hotel conversion
Calgary-based real estate company PBA Group of Companies, with U.S.-based partner Concord Hospitality, is repurposing an older 12-storey former office building in downtown Calgary and converting it into an extended-stay Element Hotel by Westin.
Many challenges facing Canada's development land market
Canadian development land sales peaked at around $30 billion in 2022, dropped to $16.5 billion in 2023 and are on pace for about $10 billion this year.
BMO impaired loan provisions mount, led by CRE
Bank of Montreal’s (BMO-T) provisions for loans that are unlikely to be repaid are mounting, driven higher by deterioration in larger loans in CRE and transportation. Office vacancies have also ticked up, pressing property valuations as borrowing costs have spiked.
Landa's mixed-use complex in Richmond approved
Richmond has approved Landa Global Properties’ proposal for three buildings up to 15 storeys with 376 residential units in addition to a 214-guest room hotel and 15,000 square feet of ground-level retail and restaurant space.
Three mixed-use towers proposed in Port Lands
Landowner 1956565 Ontario Inc. has proposed 43-, 46- and 49-storey mixed-use towers in Toronto's Port Lands area. The Turner Fleischer Architects-designed towers would collectively comprise 1,626 residential units and 21,409 square feet of retail space.
Oakville told to pay back feds over density rejection
The federal housing minister has asked Oakville to pay back more than $1 million after town council rejected a motion to bring in “gentle density” policies including fourplexes, even though the mayor had signed a deal to do so.
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POLL: BoC to cut interest rates June 5, three more times
The Bank of Canada will trim interest rates to 4.75% on June 5, according to three-quarters of economists in a Reuters poll which showed three further cuts this year, with the last one hanging on a knife's edge.
Vancouver to move ahead with pod hotel pilot project
Vancouver city council has voted to move ahead with a pilot project to make it easier to convert office space left empty because of the pandemic to pod or capsule hotels.
Kraft, Highbury Canco extend Leamington facility agreement
Kraft Heinz Canada and Highbury Canco are extending their production deal in Leamington, Ont., for another four years. Highbury Canco employs more than 600 at its 2.1-million-square-foot facility in Leamington.
Property controls a barrier to grocery competition: Experts
As Canadian consumers have increasingly soured on the major grocers, the Competition Bureau has turned its sights on restrictive clauses in retail leases that it says are hampering competition in the grocery sector.
Eataly opening at CF Toronto Eaton Centre
Large-format Italian food marketplace Eataly will open its fourth Toronto location, taking over part of the former 223,000-square-foot Nordstrom space at CF Toronto Eaton Centre next year. It will be the fourth location for Eataly in Toronto.
What $2,000 rents will get you in major cities
According to Statistics Canada’s April 2024 Consumer Price Index, rent prices in Canada rose 8.3 per cent year-over-year in April. Following is a look at what $2,000 a month can get you for a rental in major Canadian cities:
Blackstone sells Hawaiian resort for $725M
Blackstone Real Estate announced it has reached an agreement to sell Turtle Bay Resort to Host Hotels & Resorts, Inc. for $725 million. Blackstone purchased the hotel on the North Shore of Oahu, Hawaii in 2018 for $332 million.
CBRE: AI to stifle demand for office space
Artificial intelligence is expected to replace 85 million jobs by 2025, according to a World Economic Forum report. That has serious implications for real estate, Julie Ingersoll, CBRE investment management chief investment officer for Americas direct real estate strategies, says.
Dollar Tree acquires 170 99 Cents Only store leases
Dollar Tree, Inc. (DLTR-Q) announced it has acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada and Texas. Dollar Tree operated 16,774 stores across 48 states and five Canadian provinces as of Feb. 3.
T&T opening second store in Washington State
T&T Supermarket Inc., the largest Asian grocery retailer in Canada, has announced plans for a store at the Lynnwood Crossroads Shopping Center, its second location in Washington State. The 30,000-square-foot store is expected to open in summer 2025.
British Land beats sector gloom with retail parks bet
Commercial owner British Land has outperformed the broader U.K. property market, thanks to a strategy of adding more out-of-town retail parks to its portfolio, that has allowed it to weather beaten-down building values in the sector.
Death knell is tolling for U.S. family restaurants
Restaurants that took the U.S. by storm 30 to 40 years ago are beginning to drop like flies after a whirlwind past few years that forced rapid innovation in response to evolving consumer demands.
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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