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Recent Articles

Minto REIT buys stake in Toronto’s High Park Village

5 years ago

RENX   •   • 

Minto Apartment REIT (MI-UN-T) will spend $131.2M to acquire a 40 per cent interest of the 750-unit High Park Village in Toronto. The purchase has two major attractions: significant new development opportunity, and repositioning of the apartments is already underway.

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A settlement offer has been reached for a proposed mixed-use project at 90 Eglinton East in Toronto’s Midtown neighbourhood. Originally proposed by Madison Group in March 2018, the  settlement sees the height of the building reduced from 55 to 52 storeys.

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From the third floor of Solar Uniquarter’s office tower, it looks as though anyone living, working or shopping in the $1.3-billion development will have to sprint across four lanes of highway traffic to reach the Du Quartier LRT station.

RENX   •   • 

In a scenario reminiscent of summer 2018, Pure Multi-Family REIT’s (RUF-UN-X) largest shareholder Vision Capital Corp. is voicing “serious questions” about management’s handling of a possible sale. Vision urges Pure’s management to respond to a bid by American Landmark/Electra America.

Marcus & Millichap

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Thanks to a flood of new technology and e-commerce tenants, commercial space has reached a premium in Toronto, with the average class-A net asking rent in the financial core crossing the $40-per-square-foot threshold for the first time.

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SmartCentres Real Estate Investment Trust (SRU-UN-T) and Mitchell Goldhar announced they have signed a 10-year (plus two 5-year extensions) lease transaction with Scotiabank in the 220,000-square-foot mixed-use PwC-YMCA Tower at SmartCentres Place in the Vaughan Metropolitan Centre.

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Primaris Management, a subsidiary of H&R REIT (HR-UN-T), is looking to capitalize on Dufferin Mall’s location 200 metres from Dufferin Subway Station, by redeveloping the north end of the property, currently home to single-storey big box shops and fast food outlets.

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Prologis (PLD-N) said it would buy Black Creek Group’s Industrial Property Trust, a portfolio of U.S. industrial properties, in an all-cash deal valued at about $4 billion. The deal consists of 37.5 million square feet of industrial holdings with 236 properties.

Matrix360

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Just east of Canada Olympic Park, Trinity Hills is taking shape on the slopes of Paskapoo. It’s a mixed-use area developers hope will become a destination in Calgary. There’s the Town Centre, anchored with a Save-On-Foods and a PetSmart.

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A high-speed rail linking Vancouver, Seattle and Portland has the potential to unlock US$355 billion in economic growth and 160,000 new permanent jobs throughout the Cascadia region, according to a new study submitted to Washington’s state legislature.

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Just like struggling malls in our Amazon era, cities are overbuilding convention centres, missing all the signs of the changing marketplace, failing to grasp how people communicate, chasing a dying business model and ignoring the fact that the market is saturated.

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In the wake of the Fairmont Château Laurier brouhaha and other recent zoning controversies, an Ottawa councillor is calling for the city’s planning committee to be split into two bodies that deal with urban and suburban planning issues separately.

Canadian Apartment Investment Conference

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Halifax regional council has endorsed two separate development proposals involving four apartment towers for a busy city block. Dexel Developments‘ proposed towers would be built at Robie Street and Coburg Road and could be between 20 and 29 storeys.

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The board of trustees of Canadian Apartment Properties Real Estate Investment Trust (CAR-UN-T) Friday announced the passing of trustee Paul Harris. “We are deeply saddened by Paul’s passing,” said Michael Stein, chairman of CAPREIT.

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Recent mortgage regulations, rising interest rates and a softening Canadian housing market contributed to a general slowing of the mortgage market in 2018 while the uninsured mortgage market grew, according to the Residential Mortgage Industry Report by CMHC.

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Poor Warren Buffett. Home Capital Group Inc. (HCG-T) shares have surged more than 50 per cent since the chief executive of Berkshire Hathaway Inc. sold his stake in the Canadian alternative mortgage lender in December.

CoStar

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Construction could finally begin by the end of this year at Little Mountain, which has become Vancouver’s most contentious expanse of mostly empty land. Construction of two social housing buildings could be completed by 2022.

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In 1997, the house at 4749 Belmont Ave. overlooking Spanish Banks was sold for $4.08 million. And no one seems to have lived there since. The property increased sixfold in value when it was flipped for $24.5 million in 2015.

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The defining feature of North American cities is the single-family detached home. It is the least efficient way to house people, yet municipal zoning laws have historically served to ensure its primacy.

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For many, home ownership is completely out of reach. Meanwhile, unaffordability in the rental market is making it harder for people to save for the future. Housing co-ops offer people a chance to get ahead, have control and live affordably.

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