Brightwater: Redeveloping a prime GTA waterfront site

RENX  Residential, Commercial  •  Office, Homes, Retail  •  Toronto / GTA

Large swathes of waterfront in mature metropolitan areas rarely become available for redevelopment anywhere in Canada. For Kilmer Group, however, this “once in a lifetime opportunity” has now happened twice, both in the Greater Toronto Area.

New buyer in picture for Port McNicoll Resort Village land

RENX  Residential  •  Hotels and Resorts, Land  •  Ontario

Alternative arrangements have been made to sell a Port McNicoll, Ont., development site after a previous deal fell through. A securities filing says Skyline Investments Inc. has a tentative deal with a local developer for the 850-acre property.

KingSett proposes 59-storey tower on Yonge

Residential  •  Urban Toronto

KingSett Capital has submitted applications for a 59-storey mostly residential tower to rise on an assembled site of 510 through 528 Yonge St. The Quadrangle-designed tower would join a roster of buildings redefining the stretch of Yonge between College and Bloor.

Calgary says no to 11 new housing developments

Residential  •  Calgary Herald  •  CBC

Eleven new developments along Calgary’s farthest-flung edges will have to wait after city councillors voted not to let them proceed this year. In 2018, council approved 14 new suburban developments and councillors heard public pushback against approving even more this year.

CMHC’s underwriting policies change is Sagen’s gain

Residential  •  Financial Post

Genworth MI Canada Inc. (Sagen MI Canada), says it has gained market share “probably in the high 30s (per cent)” following CMHC’s decision to tweak its underwriting policies, setting off alarm bells at the Crown corporation.

Holborn appeals release of Van. land sale details

Residential, Commercial  •  CBC

The public will need to wait a few more months to find out what happened with the sale of the Little Mountain lands in Vancouver. Developer Holborn Properties is headed to B.C. Supreme Court to fight the release of details.

B.C. residential, CRE have clashing wish lists

Residential, Commercial  •  Business In Vancouver

While B.C. CRE owners are suffering with low demand for tenants, property values and sales have stayed strong. On the residential side, tenants are poised to continue enjoying a rent freeze, while investor landlords are frustrated with eroding cash flow.

Aritzia’s Jennifer Wong builds a fashion empire

Commercial  •  Globe and Mail (Sub. required)

Aritzia, the fourth-largest Canadian-owned women’s apparel retailer, has a better chance than most of coming out strong post-pandemic. A key reason is that president/COO Jennifer Wong led many of the essential initiatives so crucial at the start of the crisis.

SERIES: Independent grocers facing toughest year ever

Commercial  •  Canadian Grocer: Overview  •  Canadian Grocer: Part V  •  Canadian Grocer: Part IV

In this challenging year, independent grocers have been tested again and again and more often than not they’ve risen to the challenge. This doesn’t surprise Ron Welke, chair of Canadian Federation of Independent Grocers.

Part III, Part II, Part I

RBC Real Estate Fund completes $805M closing

Commercial  •  Canada Newswire

RBC Global Asset Management announced the second closing of the RBC Canadian Core Real Estate Fund, which attracted $805 million in equity commitments from Canadian institutional and individual investors, exceeding targets. The fund was created in partnership with BCI and QuadReal.

Fiera Capital assets under management up 3.9%

Commercial  •  Canada Newswire  •  RENX

Fiera Capital Corporation (FSZ-T), a leading independent asset management firm, reported its preliminary estimate of assets under management of approximately $177.7 billion as of Sept. 30, a $6.7 billion increase, or 3.9 per cent over its previous quarter.

REIT third-quarter financial results

Commercial  • 

Cominar REIT, (CUF-UN-T), Canada Newswire

Dream Industrial REIT, (DIR-UN-T), Business Wire

First Capital REIT, (FCR-UN-T), Canada Newswire

Fronsac REIT, (FRO-UN-X), Globe Newswire

FirstService stock is sailing through the pandemic

Residential, Commercial  •  Globe and Mail (Sub. required)

Toronto-based FirstService Corp. (FSV-T) has posted robust profits during COVID-19, but does its recent rally have staying power? The stock slumped about 34 per cent in February and March, but has rebounded more than 80 per cent since.

BP reportedly close to selling London HQ to cut costs

Commercial  •  Reuters

British oil major is close to selling its central London headquarters for about $428 million Cdn as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday.

Strategic Storage acquires Las Vegas facility

Commercial  •  PR Newswire

Strategic Storage Growth Trust II, a private REIT sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a newly constructed, 950-unit self-storage facility in Las Vegas. The facility is composed of approximately 99,300 square feet of rental space.

IKEA owner’s profit growth accelerates

Commercial  •  Reuters

Profits at the IKEA furniture brand’s owner grew in the 12 months through August as shoppers, kept at home by the pandemic, spent money saved by not going on holiday on furnishing. September and October sales rose.

T.O.-style tactics put pressure on Mtl. home buyers

Residential  •  Montreal Gazette  •  Globe Newswire  •  Globe Newswire

The recent acceleration in rising Montreal home prices has real estate brokers making comparisons to Toronto and Vancouver. While prices are still not at the same heights, buyers and sellers are taking advantage of Toronto-style tactics to stoke bidding wars.

Fonds JVs on Mont-Tremblant condo building

Residential  •  Canada Newswire

The Fonds immobilier de solidarité FTQ is teaming up with developers Luc Desmarteau and Jean Beaulieu on a residential project in the City of Mont-Tremblant. The three-storey Le Boisé du Ruisseau Clair will offer 18 condominium units and 23 underground parking spaces.

GTA condo sales fall 8.5% YOY: TRREB

Residential  •  Financial Post  •  Toronto Star  •  Globe and Mail (Sub. required)

Condominiums in Toronto’s central 416 area code were the only segment of its housing market to register a decline in the number of sales in October, falling 8.5 per cent year-over-year, according to data from the Toronto Regional Real Estate Board.

Class-A apartments hit hardest by pandemic

Residential  •  REMI Network

Class-A apartments in large downtown centres are feeling the strain from COVID-19 more than their class-B and class-C counterparts. “Multifamily has faired better than we all expected through this (pandemic), certainly compared to previous recessions,” observed CBRE’s Jeanette Rice.