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Recent Articles

Hilton suites, extended-stay hotels cast eyes on Canada

5 years ago

RENX   •   • 

Canada’s strong economy and booming tourism — especially a growing influx of international visitors — has caught the attention of the world’s largest hotel and resort chains. Companies such as Hilton aren’t wasting time capitalizing; Canada features prominently in its development pipeline.

RENX   •   • 

Equiton might have a relatively low profile, but the private equity firm’s leaders have continually expanded its holdings since inception five years ago. Equiton’s Residential Income Fund most recently completed the $21M purchase of a 64-unit apartment building in Markham.

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Tidy grids of boxy small and medium-sized plexes may still dominate many urban neighbourhoods in Montreal, but the rising cost of land is spurring downtown developers to maximize their investment by building up (way up).

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On Tuesday, developer and builder Broccolini held a groundbreaking ceremony to mark the start of construction of Victoria sur le Parc, which will become the tallest residential tower in Montreal. The project will also house 10 floors of office space.

Community Trust

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Mizrahi Developments and Hyatt announced the Andaz Toronto–Yorkville hotel will occupy Floors 4 through 16 of the 309-metre The One, an 85-storey luxury condominium and hotel tower at Yonge and Bloor in downtown Toronto.

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A day after city council shut down a proposal for a 24-storey tower in a core park, residents are again voicing their displeasure for the potential loss of green space downtown with a planned 185-metre tower development on Jasper Avenue.

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Canmore is the only Rocky Mountain resort town where private real estate investment is welcomed and thriving. This is reflected in recent residential and commercial real estate action. In March, Canmore housing sales increased 44 per cent from a month earlier.

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More than 3,000 private properties in British Columbia could be swept up in land claims by two First Nations, but those landowners are being kept in the dark about that possibility as Ottawa and the two bands litigate the claims.

Stewart Title

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Australian financial services firm Macquarie Group is shutting down its equity sales, trading and research businesses across Canada, the company confirmed. It is understood that the job cuts were in Toronto and Calgary.

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Lee & Associates, North America’s largest broker-owned commercial real estate firm, Tuesday announced the opening of its first Ontario office. Lee & Associates Toronto will be headed by Mark Cascagnette and represents the firm’s second Canadian office after debuting in Vancouver.

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BSR REIT (HOM-U-T) announced it has sold four non-core assets as part of the REIT’s portfolio enhancement and capital recycling strategy. The total consideration of $31.7 million US for the U.S. apartment properties exceeded the IPO appraised values by $1.3 million or 4.3%.

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Morguard North American Residential REIT, (MRG-UN-T), Canada Newswire

Centurion

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As parts of Eastern Canada struggle with record flood levels, Winnipeg is unusually dry. That’s partly because of a long, slow spring melt, but also because of major investments in dikes, dams, diversions — and something called Duff’s Ditch.

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Winnipeg is poised to ensure Airbnb rentals are subject to the same five per cent tax as conventional hotel rooms in a move described as a “first step” toward levelling the economic playing field in the accommodations sector.

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Unibail-Rodamco-Westfield’s Garden State Plaza mall in Paramus, N.J., — considered one of the top 10 shopping malls in the U.S. based on sales — is being renovated to include office space, a residential area and a hotel.

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Campaigners fighting British government plans to expand Heathrow Airport lost a challenge in one of the country’s highest courts on Wednesday, in a decision which deemed the expansion lawful.

BOMA

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The Canadian government should consider being flexible on its new mortgage lending rules because the impact has been longer-lasting and more significant than originally intended, Toronto-Dominion Bank says. There is also evidence of a shift in business to private lenders.

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Buyers of Liberty Developments’ cancelled Cosmos condos have lost a legal battle they had hoped would clear the way to seek compensation after the project was scrapped two years after they paid 10s of thousands of dollars in deposits.

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The owner of a Port Coquitlam rental building is suing the city over a bylaw amendment aimed at cracking down on so-called renovictions. The owner claims the three-storey wood-frame building is about 51 years old and has not had extensive renovations.

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The 2018 Regional Parking Study, which goes before Metro Vancouver’s housing committee today, concludes what a similar 2012 study did: there continues to be an excessive number of parking spots at apartment buildings that are not being filled with cars.

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