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PROREIT buying seven office, industrial buildings
PROREIT buying seven office, industrial buildings
PROREIT (PRV-UN-T) will use proceeds from its latest share offering to fund $97.8M of office and industrial acquisitions in Ottawa and Halifax. The acquisitions “expand our presence in Ontario and the strengthening Halifax market,” CEO James Beckerleg told RENX.
Katz Group, ex-ICE District boss trade lawsuits
• Edmonton Journal • RENX
Katz Group Real Estate and former senior executive Glen B. Scott, who was involved in the downtown ICE District development, are taking each other to court. Scott filed a statement of claim alleging the company still owed him $6 million.
IWG unveils Regus, Spaces franchises in Canada
Flexible workspace provider IWG said Tuesday it hopes to accelerate growth across the country by offering its franchisee program in Canada. IWG is the company behind brands such as Regus and Spaces, and has locations in Toronto, Montreal and Vancouver.
Brookfield to buy 57% of Genworth Canada for $2.4B
UPDATED: Brookfield Business Partners L.P. (BBU-UN-T) plans to buy a 57 per cent interest in residential mortgage insurer Genworth MI Canada Inc. in a transaction valued at about $2.4 billion. The offer represents a price of $48.86 per share.
Adapt or die for Ottawa’s mid-tier malls
• Ottawa Business Journal • RENX
On a warm, sunny morning in late July, Beth Nagy looks out at the deserted rows of seats near her coffee shop in the Lincoln Fields Shopping Centre and reminisces about the good old days of Ottawa retail.
Quebec’s economy enjoying its ‘best boom’ ever
Statistics Canada’s monthly Labour Force Survey has become a showcase for Quebec’s minor economic miracle. Once an economic basket case, the province is now in competition with British Columbia for the title of Canada’s most impressive regional economy.
Oka asks gov’ts to freeze Mohawk land deal
The town of Oka is asking the federal and provincial governments to slap a moratorium on a proposed land grant to the local Mohawk community in Kanesatake and to establish an RCMP detachment to deal with illegal cannabis sales outlets.
VTS opens Toronto product development centre
VTS, a commercial real estate leasing and asset management platform, announced the June opening of its new product development centre in downtown Toronto, the firm’s first outside of New York.
Ontario unveils new syndicated-mortgage rules
• Globe and Mail (Sub. required)
Ontario’s financial industry regulator has unveiled new rules to govern the sale of syndicated mortgage investments to ordinary investors in the wake of failures of high-profile projects affiliated with Fortress Real Developments Inc.
Hamilton Airport growth brings opportunities
• Globe and Mail (Sub. required)
Before Parmod Sharma opened J&A’s Bar at John C. Munro Hamilton International Airport, there was nowhere in the terminal to have a beer. “People were actually saying, ‘I need a drink,’” said Sharma, the former duty-free manager.
Ontario considers changes for two subway projects
• Toronto Star • Globe and Mail
Ontario’s Progressive Conservative government has convened an expert panel to consider potential changes to the Yonge North and Scarborough subway extension projects, including the possibility of building portions of the lines above ground and reducing the number of planned stations.
Opinion: Infrastructure bank needs time to work
In its first 12 months, the Canada Infrastructure Bank has announced involvement in five new projects – more than $3.25 billion committed – and has announced it has an additional 25 projects currently under consideration.
U-Haul poised to buy Regina’s Sears building
Since its inception in 2016, Saskatchewan’s largest indoor market has breathed new life into the old Sears Clearance Centre. U-Haul International, a tenant in the building since last fall, has been making moves to purchase the 70,000-square foot building.
B.C. seeks to seize sites allegedly linked to stock fraud
The B.C. government is suing to seize properties in the B.C. Interior – including a $1.6-million house on Mission Ridge Road in Kelowna – it alleges were linked to a $200-million-plus international stock fraud.
Multi-family shows strongest growth in U.S.
Ten-X Commercial’s latest Multifamily Market Outlook reports that despite the number of millennials failing to “leave the nest,” the multi-family sector showed the most robust growth amongst all CRE sectors – multi-family, office, industrial, retail and hotel – in Q1 2019.
Three-tower plan at Yonge and Steeles revised
• Urban Toronto • RENX
At the intersection of Yonge and Steeles lies 7028 Yonge, the site of a low-rise retail lot. In late 2018 the property became the subject of a Gupta Group proposal, calling for the construction of three IBI Group–designed residential towers.
Housing affordability improves across Canada
• Globe and Mail (Sub. required)
Housing affordability has improved markedly across Canada, a new study shows. Indeed, the National Bank of Canada report says, affordability improved in the second quarter by the most in 10 years, largely because of a drop in mortgage rates.
Detached housing lifts GTA prices: RE/MAX
• Canada Newswire • Toronto Star
The bounce-back in single-detached home sales is contributing to an uptick in average price, with more than 50 per cent of neighbourhoods in the Greater Toronto Area reporting an increase in detached housing values the first half of 2019, according to RE/MAX.
Registrations open for Timbercreek Ottawa development
Timbercreek Communities announced registrations are open for Vista Local, a newly built rental building in south east Ottawa’s Alta Vista Ward. Vista Local will offer residents spacious suites and modern amenities in a vibrant new rental community.
Cloud-based eXp Realty comes to Quebec
A new real estate brokerage launching in Quebec this month is betting the future of the industry is in the cloud. Although it’s in the property business, eXp Realty maintains no bricks-and-mortar offices.
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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