1,000 units cut due to Ontario rent control: Report

1,000 units cut due to Ontario rent control: Report

A new report commissioned by an industry landlord groups says 1,000 rental units have been cancelled since Ontario expanded rent control rules across the province. Ed Sonshine, chief executive of RioCan REIT, said the decision to turn one of its projects into a condominium as opposed to a rental unit is traced back to provincial rules which will tie rent increases to inflation. 

Financial Post – Globe and Mail

Ice District parking stall sells for $75,000

A downtown underground parking space has sold for $75,000, condo developer Westrich Pacific says. Parking stalls in the 32-storey highrise on 103 Street in the Ice District sold for as little as $25,000 in 2012, Westrich co-chief executive officer Richie Lam said Friday. “This is mind-blowing,” he said. The building, Ultima Tower, has 199 units, with over 300 parking stalls. 

Edmonton Journal

Suburban Toronto offices attract new-economy tenants

The suburban Toronto office market has had its ups and downs over the past 15 years and, while it can’t match the robust activity downtown, there’s still much to be said for it. Panelists at The Real Estate Strategy & Leasing Conference feel low vacancies and high rents downtown could draw more people to the suburbs.

Property Biz Canada

JVs, mixed-use developments help REITs mitigate risk

“Partnerships” and “mixed-use” have become mainstays in the vocabularies of REIT executives as they increasingly turn to development to maximize returns for shareholders. They were also central themes of a panel discussing risk mitigation at the 14th annual RealREIT conference at the Metro Toronto Convention Centre on Sept. 7.

Property Biz Canada

North Vancouver approves Chard’s 23-storey tower

The City of North Vancouver has unanimously approved a 23-storey tower with 175 new units in the 1400 block of St. Georges Avenue following one-sided commentary from the public. Chard Development‘s proposal includes a 23-storey, 166-unit skyscraper including a commercial podium at 1441 St. Georges Ave. The tower would be built west of the Royal George, an 80-unit, 16-storey rental building that would be reconfigured to add nine units.

Business In Vancouver

Anvil Centre lands first tenant as New West heats up

Three years after it was sold by the city to a group of investors led by Vancouver’s Joe Segal and Suki Sekhorn, the eight-storey Anvil Centre office tower in downtown New Westminster has its first tenant. Evolution Gaming is taking one floor of the tower to house a 16,000-square-foot studio that will eventually create 170 jobs.

Western Investor

Where could Metro Vancouver put Amazon HQ?

With Vancouver’s leaders vying — like their counterparts in more than 100 other North American cities — to become the home of a new Amazon headquarters, it raises the question of where in Metro could the world’s largest online retailer set up shop? Amazon released a request for proposals earlier this month, in which the Seattle-based marketing giant outlined what they’re looking for in a second home.

Vancouver Sun – Ottawa Business Journal – GlobeSt.com – New York Post

Victoria hoteliers cheer clampdown on short-term rentals

Victoria’s hoteliers are applauding the City of Victoria’s new rules for short-term rental units, which will affect suite owners who have been renting out their units through online platforms such as Airbnb and treating them like businesses. At the same time, there is some concern in the development community the new regulations could have an effect on new condo projects.

Victoria Times Colonist – Victoria Times Colonist

Mohawk Medical Properties buys Syracuse MOB

Mohawk Medical Properties REIT announced it has acquired the Medical Centre West, a premier, full service, medical office building in Syracuse. This acquisition continues the private REIT’s cross-border strategy of investing in economically insulated commercial real estate with cash flow stability and growth potential. Medical Center West is a 90,000 square foot facility occupied by 100% medical tenancies with over 50 physicians. 

Canada Newswire

Granite CEO Forsayeth to retire Sept. 30, 2018

Granite Real Estate Investment Trust announced today Michael Forsayeth, CEO, has decided to retire from Granite effective Sept. 30, 2018. Forsayeth will remain in his role as CEO until such time as a successor is appointed and will remain with Granite through to Sept. 30, 2018 to ensure a smooth transition. 

Canada Newswire

The events that took Home Capital to the brink

More than two weeks before the public would get the first inkling of problems at Home Capital Group Inc., the alternative mortgage lender found itself under heightened scrutiny — and not for the first time — from Canada’s top banking regulator. In a letter dated June 23, 2015, the Office of the Superintendent of Financial Institutions detailed the concerns were building around the company.

Financial Post

	U.S. hurricanes’ impact on real estate
	The following section of the RENX newsletter is dedicated to news about Hurricanes Harvey and Irma in the U.S. and its impact on real estate.

 

Fewer than 100 of Tricon’s homes seriously damaged

Tricon Capital Group Inc. (TCN-T), a principal investor and asset manager focused on the residential real estate industry, announced that based on the assessments completed to date, fewer than 100 homes (out of Tricon American Homes’ total of approximately 8,200 homes) in Houston, Florida and Atlanta have experienced meaningful damage as a result of Hurricanes Harvey and Irma.

Canada Newswire – CBC

Calgary’s office vacancies have stabilized: Survey

Calgary’s downtown office real estate market is stabilizing after a rocky few years with neither deterioration nor growth expected over the next 12 months, according to a survey of more than 150 real estate advisors conducted by Colliers International. The static nature of Calgary’s downtown market was highlighted in a report by Colliers Canada director of market intelligence Craig Hennigar.

Calgary Herald

Saskatoon group pushing for downtown stadium

Joe Belan is pitching a big idea: Replace the city yards in Saskatoon’s north downtown with a multi-purpose, domed modular stadium. The proposed $20-million facility, with expandable seating capacity of 8,200, would host a professional soccer team plus concerts and a variety of other sport and cultural events. Belan says it would draw development around it.

Saskatoon StarPhoenix – Saskatoon StarPhoenix

Facebook signs San Fran’s largest office lease since 2014

Facebook, Inc. has leased all 436,000 square feet of office space at developer Jay Paul’s 181 Fremont St., a 70-storey office tower under construction in downtown San Francisco.  The social media giant leased the space for about $80 per square foot and will occupy the entire office portion of the 802-foot-tall building, located less than a block from Salesforce Tower, the city’s tallest skyscraper. 

CoStar Group

WeWork competitors form alliance

Flexible office startups Knotel and Grind formed an alliance as they try to take on WeWork. Grind will now refer larger firms and members that want to move out of its spaces to Knotel, which caters to companies in search of a serviced office on a flexible lease. In return, Knotel will refer freelancers and smaller firms, which it generally doesn’t cater to, to Grind.

The Real Deal

Market Trends and Research

Old and new Hamilton are converging

Hamilton is a city in transition — seemingly on the edge of a new identity. Look around, and you’ll see development almost everywhere, with new buildings, condos, and projects dotting its landscape, and plans for more coming. But Hamilton’s rich history is also undeniable, as the soul of the city was forged in local steel for decades.

CBC

Real Estate Companies

	RENX 2018 media kit now available
	A blended ad program, take-over advertising, writing services and a second weekly edition of Property Biz Canada in 2018. Advertising that reaches thousands of professionals in the commercial real estate industry every business day. Contact sales@renx.ca, 1-855-569-6300

 

Real Estate Investment Trusts

Cromwell abandons European REIT listing in Singapore

Cromwell Property Group has abandoned the flotation of a portfolio of European real estate assets on the Singapore stock exchange because of a lack of investor support. The Australia-headquartered company had hoped to raise up to $2.08 billion Cdn floating Cromwell European REIT (CEREIT), but pulled the initial public offering after failing to fill its book with institutional subscriptions.

IPE Real Estate

U.S. REITs gear up to buy

Many fund managers are fearful about the Federal Reserve shedding its massive $1.78-trillion mortgage bond portfolio, a step it plans to start next month. Some investors say it’s time to get greedy. U.S. REITs have been raising cash at their fastest pace since 2013, giving them enough new capacity to buy more than $30 billion of the securities, according to data compiled by Bloomberg.

Bloomberg

Retail

Walmart wants to send people to stock your fridge

Delivery workers who drop off Walmart groceries may soon also bring them into your kitchen and unload them into your refrigerator, even if you’re not home. The world’s largest retailer announced Friday is testing a delivery program in Silicon Valley that would allow customers to use smart-home technology to remotely open the door for delivery workers and watch a livestream of the delivery.

Financial Post

Ikea readies its first East Coast store

Ikea is getting ready to officially open its first Atlantic Canadian store this week as thousands from across the region are expected to descend upon the popular Swedish furniture chain’s new Halifax-area location. The store in the Dartmouth Crossing retail district — the size of four football fields — features a bright, streamlined showroom with rooms that were furnished based on the needs of local residents.

Winnipeg Free Press

Toys “R” Us versus Amazon: No contest

Toys “R” Us chief executive Dave Brandon says the chain’s bankruptcy filing marks “the dawn of a new era” that will free it from crushing debts. Unfortunately, debt is a symptom of much deeper woes for Toys “R” Us and other traditional retailers. It’s a new era all right. But probably not the one Brandon envisions. The industry is grappling with, among other factors, the relentless onslaught of Amazon and Alibaba.

Globe and Mail

Restaurants and Eateries

IHOP lands in Winnipeg, plans additional locations

One of the world’s best-known breakfast chains — International House of Pancakes, IHOP for short, has finally arrived in Winnipeg. The first of what could be at least four IHOP outlets was to open at 8 a.m. today in the Seasons/Outlet Collection Winnipeg mixed-use development, which is located on the northwest corner of Kenaston Boulevard and Sterling Lyon Parkway.

Winnipeg Free Press

New Development

Vaccine manufacturing coming to Cambridge

A new 32,000-square-foot vaccine manufacturing facility will open in Cambridge next summer, where Gallant Custom Laboratories will produce vaccines for animals. The space is located about five minutes away from the company’s current location and right off the 401. The facility will need to retrofit the space so it’s clean enough for vaccine production.

CBC

Sports Venues

Nashville Predators’ part-owner on Calgary’s arena war

Brett Wilson is a Calgary-based businessman, investment banker and charity fundraiser. He’s also part owner of the NHL’s Nashville Predators, which makes him a unique observer of the Calgary Flames’ highly charged talks with city officials about a new arena.

Globe and Mail – CBC

Infrastructure

No time for cold feet on the west-end LRT: Opinion

Please tell me we’re not about to relitigate the west LRT line. Edmonton, why do we chew our public policy cud this way, regurgitating old political arguments that should long have been settled? With just months to go before the West Valley LRT line is put out to tender, a bunch of Ward 5 city council candidates have declared their opposition to its construction.

Edmonton Journal

Human Resources

Taylor takes over as managing director at C&W’s Calgary office

Tracy Taylor has been appointed managing director of Cushman & Wakefield’s Calgary office. Following in her father Larry’s footsteps into the real estate industry, Taylor began her career in 1995 with a regional manufacturing company before joining CBRE where she began as an assistant to the project team awarded the Shepard Business Park development.

Calgary Herald

Other

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