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Recent Articles

Pandemic creates ‘immense’ opportunity: Mainstreet CEO

3 years ago

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The global pandemic has created “especially difficult” operating circumstances for Calgary-based Mainstreet Equity (MEQ-T), but the residential rental company sees “immense” opportunity for continued growth in its portfolio in the near future.

RENX   •   • 

BlackTusk Group is just seven months old, but its ambitions are as high as the peak in British Columbia’s Garibaldi Mountain range from which the real estate asset management firm took its name.

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Surrey has approved two high-rises and a 12-storey rental tower by Thind Properties with a total of 1,023 market units near Gateway SkyTrain station. Council also approved two condo towers and  a 12-storey building with 932 total units by WestStone Group.

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After more than 10 years of cost overruns and delays, the city-led $824 million revitalization of Union Station is finally done. Key features include expanding the station’s gross floor area by 14 per cent and adding approximately 161,000 square feet of retail space.

CMLS

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Downtown Toronto’s CRE sector “. . . is expected to see a turning point with an uptick in touring activity which will translate to an increase in leasing activity in the latter half of the year,” says a new JLL report.

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A 4.5-kilometre extension of Edmonton’s Capital LRT Line to Ellerslie Road is moving full steam ahead after getting the green light from the federal government through a $394.2-million investment.

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Newcastle, U.K.-headquartered software company Test Driven Solutions has chosen Calgary to house its first North American headquarters. The company’s Calgary office will be located in Bankers Hall, the same building where RBC’s recently announced innovation tech hub will be.

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The City of Calgary and the Flames ownership will each pay an additional $12.5 million for a new arena and Calgary Municipal Land Corp. will no longer oversee the project. The Calgary Sports and Entertainment Corporation will cover additional cost overruns.

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Employers who want to bring their workforce back to the office could face legal quandaries. They are legally obliged to ensure a safe work environment for their employees, but privacy laws restrict them from asking employees whether they are vaccinated.

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Loblaw Companies Ltd.’s (L-T), second-quarter earnings beat analysts estimates as its profits soared amid higher revenues, even as its sales levelled off compared to the stockpiling frenzy that marked the start of the pandemic a year before.

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Changes are happening at RioCan REIT’s Oakville Place including four new restaurants, three new retailers and the re-opening of H&M. Executive Jeff Ross said changes have been taking place since RioCan bought the property from Cadillac Fairview several years ago.

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Disney is just the latest major retailer to dramatically scale back its bricks-and-mortar presence in Canada following Bed Bath & Beyond, Starbucks and Forever 21. Retail analyst Lisa Hutcheson says there’s plenty of life left in stores if done right, however.

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Ivanhoé Cambridge, Mubadala Investment Company and Round Hill Capital, a global real estate investor, developer and manager, have formed a new strategic partnership to target high-quality residential investments with an attractive risk adjusted return profile across the Netherlands.

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Manulife Investment Management announced the acquisition of the Joliet Logistics Center, a state-of-the-art logistics facility in Joliet, Ill. The million-square-foot, class-A property is located in the I-80 corridor, one of Chicago’s top institutional submarkets.

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CBRE Group Inc. (CBRE-N) has cut a deal to make one of its largest acquisitions paying roughly $1.3 billion for a 60% stake in Turner & Townsend Holdings Ltd., one of the world’s largest managers of infrastructure, natural resources and real-estate construction projects.

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Cineworld is facing a $1.73 million Cdn legal challenge over allegedly not paying rents for a Southampton site. Southampton-based Marina Developments claims Cineworld – the world’s second largest cinema chain – has not paid rents and other charges since last March.

Procore

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Prices for condo premiums saw double-digit increases throughout British Columbia and Alberta, while rates rose almost 10 per cent in Ontario, according to LowestRates.ca’s Home Insurance Price Index Report for Q1 2021.

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Apartment rents increased for the first time in a year and a half in Toronto during Q2 and also rose in Calgary, new Urban Analytics studies show. Toronto’s average rents per square foot increased two per cent.

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A new survey of homeowners in the Greater Toronto Area has found nearly 20 per cent of respondents under the age of 35 own a secondary property, according to a new report released by Royal LePage.

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OPINION: This is how Canada’s housing market cools: from the white-hot intensity of a thousand suns to merely scorching. Only a sharp pullback in house prices will make a difference for affordability.

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