Challenges and opportunities for smaller cap REITs

RENX  Commercial  •  Office, Industrial, Investment, Retail  •  National

Canadian real estate investment trusts with market caps under $1 billion have been among the top performing REITs over the past five years. While almost all REITs unit prices have dropped due to COVID-19, smaller trusts are holding their own.

Winnipeg’s SkyCity site up for sale

Residential  •  CBC

Downtown Winnipeg’s troubled $200-million, 45-storey SkyCity project was supposed to be built by 2019 but it never broke ground. FAAN Mortgage Administrators, the trustee for SkyCity investors, recently announced the site is for sale, with no list price.

HBC closing downtown Winnipeg store in February

Commercial  •  Winnipeg Free Press  •  CBC

The Bay downtown is closing its doors. In February, just six years shy of its 100th anniversary on Winnipeg’s Portage Avenue, the mammoth icon of a bygone era of downtown department store shopping will be shutting down for good.

Imagine 4D seeks multires developer for immersive 3D project

RENX  Residential  •  Technology, Homes  •  National

A Montreal technology firm that makes immersive, headset-free 3D environments wants to team up with a residential real estate developer which will be marketing a new project in Canada during 2021.

Ottawa spending another $600M on business relief

Commercial  •  CBC  •  Global News  •  Canada Newswire

The federal government is giving $600 million to help small- and medium-sized businesses deal with possible lockdowns during a second wave of the COVID-19 pandemic. The funding will be added to the $962 million invested in the Regional Relief and Recovery Fund.

Infrastructure Bank to name Cory CEO: Sources

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

The federal Liberals are expected to name Ehren Cory as the CEO of the Canada Infrastructure Bank, according to government sources, tapping the veteran Ontario CEO as leader of the three-year-old Crown corporation. Cory is currently CEO of Infrastructure Ontario.

The Saskatchewan Edge › The line is drawn between easements and encroachments

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Triage proposes nine-storey mixed-use building

Residential, Commercial  •  Urban Toronto

Triage Development has proposed a nine-storey mixed-use building at 2674 through 2704 Yonge. 1 Alexandra, designed by Studio JCI, would feature retail at ground level, and residential suites. A total of 127 units are proposed, including 96 new residential units.

Will corporate headquarters survive COVID?

Commercial  •  Globe and Mail  •  Ottawa Business Journal

OPINION: Office tenants across Canada are looking to downsize, which begs the question: Are large corporate headquarters dead? And, if not, what purpose do they serve and how will they adjust going forward?

Judge approves MEC private equity deal

Commercial  •  CBC

The sale of Mountain Equipment Co-op will go ahead after the Supreme Court of British Columbia decided to approve the sale of the retailer’s assets. Save MEC was attempting to to prevent its sale to Kingswood Capital Management.

Indigo partners with Instacart for same-day delivery

Commercial  •  Canada Newswire

Indigo Books & Music Inc. (IDG-T) announced a partnership with Instacart to provide same-day delivery to Canadian customers. Indigo will be the first Canadian book, gift and specialty toy retailer on Instacart as customers look for additional shopping options.

For Cineplex, the show must go on

Commercial  •  Globe and Mail (Sub. required)

Just about every reason to invest in Cineplex Inc. (CGX-T) over the past three years has gone horribly wrong. Perhaps simply betting that the pandemic will eventually recede is the only remaining reason.

Cineworld to close all U.S., U.K. and Irish screens

Commercial  •  CBC  •  Financial Post

Cineworld (CNNWF), the world’s second-biggest cinema operator, will close all its screens in the United States, Britain and Ireland this week after studios pulled major releases such as the latest James Bond film, a source said.

U.S. proptech funding may see big dip in 2020

Residential, Commercial  •  Housing Wire  •  Property Wire

A Deloitte Center for Financial Services report predicts 2020 proptech funding could fall as low as $7.3 billion, depending on the speed of the U.S. recovery from the coronavirus pandemic. Last year, the sector raised a record-setting $15.5 billion.

Most costly skyscraper deal turns sour

Commercial  •  Arkansas Online

A group of investors paid $5.2 billion for Li Ka-shing’s stake in Hong Kong’s The Center, making it the world’s most expensive skyscraper. After initially making quick profits, the owners have seen vacancies surge, rents drop and dealmaking dry up.

REIT business updates

Commercial  • 

Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

Airbnb aims to raise $3 billion in IPO: Sources

Residential  •  Reuters  •  Winnipeg Free Press

Home rental company Airbnb Inc is aiming to raise around $3 billion in its upcoming initial public offering, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry, sources said on Friday.

Vancouver’s ‘missing middle’ remains a muddle

Residential  •  Globe and Mail  •  Vancouver Sun  •  CBC

OPINION: Vancouver housing was the pressing issue in 2018. Previous municipal and provincial governments had watched housing prices explode, with little action taken until 2016. By that point, home prices in the region had doubled in the span of a decade.

Home prices to rise 12% by the end of 2022: Capital

Residential  •  Financial Post

Canada’s housing market has been defying gravity lately, and there have been warnings of a reckoning to come. However, while some see double-digit declines ahead, Capital Economics believes home prices will rise 12 per cent by the end of 2022.

Halifax a top Canadian market to watch

Residential  •  RE/MAX blog

Before COVID-19, analysts and investors were keeping a keen eye upon trends emerging within key Canadian real estate markets, including Halifax.. Halifax has been a fascinating city to watch, particularly after the approval of the Centre Plan in 2017.

Construction underway on Victoria’s The Wedge

Residential, Real Estate  •  Canada Newswire

The Wedge, a sustainable new residential tower by Cox Developments in Victoria, has commenced construction. The announcement comes after the $50-million development’s recent Gold Nugget Grand Award win as the Best On-The-Boards Multifamily Community.