Everything’s hi-tech at futuristic Ten York condo

RENX  Residential  •  Condominiums, Technology  •  Toronto / GTA

As hygiene becomes more top of mind in light of the COVID-19 virus, hands-free smart toilets and faucets may move up on residential wish lists. Those are just two innovations Tridel spotlights in a 68th-floor condominium suite at Ten York.

Starwood buys Oxford/JP Morgan tower for $614M

Commercial  •  ICLG.com

An affiliate of private investment firm Starwood Capital Group has acquired a class-A downtown Boston office tower from JP Morgan and Oxford Properties for $614 million US. The agreement included the long-term leasehold interest and ground tenant of the commercial property.

Up to 50% of B.C. tenants not paying rent

Residential  •  Business In Vancouver

Goodman Commercial Inc. surveyed a dozen Vancouver multifamily property owners of varying sizes and found that up to 50 per cent of those landlords’ tenants didn’t pay their rent this month.

Airbnb lowers internal valuation to $26B: Source

Residential  •  Reuters

Airbnb lowered its internal valuation by 16 per cent to $26 billion US, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source told Reuters on Thursday.

B.C. hotels struggle to stay open amid COVID-19

Commercial  •  Western Investor

Some B.C. hotel owners are opting to close their businesses as the COVID-19 pandemic ravages their revenue and occupancy rates, while others are vowing to stay open as a public service to accommodate essential workers and others who need rooms.

Hotels offer rooms to doctors, nurses

Commercial  •  CBC

Some hotels – including Saskatoon’s Park Town Hotel and and Hilton Garden Inn and Travelodge Hotel and Toronto’s Fairmont Royal York – are offering discounted or free rooms for health-care professionals during the COVID-19 pandemic.

The Saskatchewan Edge › My ‘negative attitude’ cure for the CRE professional

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Ontario shuts parts of construction industry

Residential, Commercial  •  Globe and Mail

The Ontario government is expected to announce it is shutting down some sectors of the construction industry, according to government and industry sources. Industry sources said work on public-sector infrastructure projects and some residential construction would be allowed to continue.

COVID-19 a disaster for Canadian restaurants

Commercial  •  Financial Post  •  CBC  •  Global News

The Canadian food service sector laid off 800,000 people in March as COVID-19 forced shutdowns, according to Restaurants Canada, which is warning nearly 30 per cent of restaurants will not reopen if the situation continues unchanged for another month.

Amazon has hired 80,000 workers amid COVID-19

Commercial  •  Toronto Star

Amazon.com Inc. (AMZN-Q) has filled 80,000 jobs in the span of a few weeks, part of a hiring spree to add 100,000 workers to meet soaring demand in the wake of the coronavirus pandemic.

Goldhar made mark luring Walmart to Canada

Commercial  •  Motley Fool

Mitchell Goldhar founded his own real estate development firm in the early 1990s after spending time working at the family company. He encouraged Walmart CEO Sam Walton to expanding into Canada, which he did in 1994. The rest is history.

Retail COVID-19 business updates

Commercial  • 

Alimentation Couche-Tard Inc., (ATD-B-T), Canada Newswire

AutoCanada Inc., (ACQ-T), Canada Newswire

Canadian Tire Corp., (CTC-T), Canada Newswire

The Home Depot, (HD-N), PR Newswire

Lowe’s Companies, Inc., (LOW-N), PR Newswire

Tanger Factory Outlet Centers, Inc., (SKT-N), PR Newswire

IKEA acquires AI imaging startup Geomagical Labs

Commercial  •  TechCrunch

IKEA has been one of the leaders among retailers when it comes to adapting to tech innovations that impact its business. It’s taking another step in that trajectory with the acquisition of Geomagical Labs, a Mountain View-based AI imaging startup.

Commercial showings deemed essential in N.Y.

Commercial  •  CP Executive

In a major turn of events, the state of New York has classified certain real estate activities as essential. Brokers and agents are now allowed to continue in-person commercial property showings, appraisals and inspections, says the Empire State Development Corp.

WeWork asks landlords to help it cut its rent bill

Commercial  •  National Real Estate Investor

WeWork is in discussions with its biggest landlords globally as the co-working giant aims to slash as much as 30 per cent from its copious load of rent liabilities, according to people with knowledge of the talks.

Coronavirus clobbering real estate industry

Residential, Commercial  •  Business Insider

COVID-19 has thrown the real estate world into disarray, as people empty out of offices, hotels, and malls and work from home. The spread of the virus is changing how people finance, operate, and occupy real estate.

Shuttered truck stops, off-limits gas stations ‘huge problem’

Commercial  •  Winnipeg Free Press  •  Canada Newswire  •  Ottawa Citizen

Even though they may have the highways pretty much to themelves, truckers are increasingly being denied warm meals, hot showers or even a place to wash their hands as rest stops close and service stations bar access to washrooms.

Mortgage deferrals at big banks pile up: Association

Residential  •  Toronto Star

The Canadian Bankers Association says the country’s six largest banks have allowed customers to defer payments on more than 10 per cent of the mortgages in their portfolios as borrowers affected by COVID-19 seek financial help.

T.O., Vancouver homes sales tail off in late March

Residential  •  Globe and Mail (Sub. required)  •  Vancouver Sun  •  Globe Newswire

Home sales in Toronto and Vancouver soared in the first half of March and then plummeted in the second as the spread of COVID-19 prompted provincial governments to shut down activity, according to the local real estate boards.

COVID-19 takes bite out of U.S. housing sector

Residential  •  PR Newswire

The U.S. housing market began to show signs of slowing in the second half of March as the year-over-year decline in inventory softened, the number of newly listed properties declined and prices decelerated compared to early March, according to realtor.com.