AHIP REIT sells ‘outlier’ hotel, continues its recovery

RENX  Commercial  •  Hotels and Resorts  •  International

The recent sale of one of its hotels in Tampa continues an ongoing repositioning of American Hotel Income Properties (AHIP) REIT’s portfolio, but also provides another benefit during this time of COVID-19.

MOD’s Toronto multifamily strategy continues at 55C condos

RENX  Residential  •  Condominiums, Apartments  •  Toronto / GTA

Gary Switzer founded MOD Developments in 2009 after 21 years at Great Gulf, where he started the company’s high-rise division before setting out on his own. So it’s no surprise his new company jumped right into high-rise construction, which continues today.

Terrace House stalled under insolvency protection

Commercial  •  Vancouver Sun

Pritzker prize-winning Japanese starchitect’s firm Shigeru Ban Architects is listed among the unsecured creditors for the mass-timber, luxury Terrace House residential project in Vancouver, as developer PortLiving struggles to recapitalize the project under court protection from bankruptcy.

Omicron pitches $26 million shipyard plan near Victoria

Commercial  •  Western Investor

Vancouver developer Omicron has submitted an application to Colwood city hall to build a $26-million office and warehouse complex for Victoria Shipyards in Allandale District. The 81,500-square-foot space would allow Seaspan Victoria Shipyards to amalgamate supply-chain operations on one site.

Minto plans nine-storey mixed-use building in Vanier

Commercial  •  Ottawa Business Journal

Ottawa builder Minto is proposing to construct a mixed-use development in the north end of Vanier. The U-shaped building at Beechwood Avenue and Barrette Street would feature 251 residential suites and about 6,000 square feet of retail space fronting on Beechwood.

CRE Matters › Top-6 ways the workplace is changing post-COVID-19: Part II

David Bowden: Vice Chairman, Head of Strategy and Consulting, Colliers Canada

Arlington Street weathers storms to build brighter future

Commercial  •  Calgary Herald

Heads down, working hard businesses such as Arlington Street continue to thrive by attracting good tenants to their properties. The Windsor, a mixed-use development in the heart of Britannia, is now 100 per cent leased after some significant ups and downs.

Sugar Wharf complex progresses on Toronto waterfront

Commercial  •  Urban Toronto

Last month, Menkes Developments topped off phase one of its office tower on the Toronto’s Waterfront LCBO lands.  There was also progress on 25-storey, 100 Queens Quay East office tower, and  Sugar Wharf Condos Phase 1 towers that will be 64 and 70 storeys.

Experts see possible spike in commercial loan defaults

Commercial  •  Globe and Mail

Experts are warning the biggest risk for a spike in defaults may not come from mortgages, but from a smaller number of loans to vulnerable businesses. About 76,000 business clients are still deferring payments on approximately $66 billion in commercial loans.

RBC Convention Centre has 75% decline in revenues

Commercial  •  Winnipeg Free Press  •  Montreal Gazette report about Palais des congrès

September is going to be busier than August at the RBC Convention Centre in Winnipeg but Drew Fisher, CEO said he is still projecting a devastating 75 per cent decline in revenue this year at massive three-storey facility.

Feds prequalify contractors for $1B Supreme Court reno

Commercial  •  Ottawa Business Journal

Another massive rehabilitation project in Ottawa’s parliamentary precinct is slowly getting underway as federal officials look to pre-qualifty four architectural and structural engineering firms to subsequently bid on the project as part of a $1-billion overhaul of the Supreme Court.

Hemisphere Cannabis Co. lays out plans for growth

Commercial  •  Canada Newswire

Aegis Brands, parent company to Second Cup and Bridgehead Coffee, has opened its second location of Hemisphere Cannabis Co. The new chain of recreational dispensaries plans to open in Ajax, Ottawa and other Toronto locations.

5G technology to revolutionize construction industry

Commercial  •  Construct Connect

5G wireless technology is changing the way we harness digital controls and devices in all sectors of the construction industry. “It’s the single biggest technology transformation in our lifetime,” says Paul Challoner, a VP at Ericsson, based in Plano, Texas.

Lightspeed POS Inc. began trading Friday on NYSE

Commercial  •  Globe and Mail  •  Financial Post  •  Les Affaires

Montreal based, Lightspeed POS Inc., which provides internet-based point-of-sale and payments products for retail, hospitality, and golf companies, said it had priced the offering of 10 million subordinate voting shares at US$30.50 a share, about CAD$40.16.

Amazon hiring 100,000 workers in Canada and U.S.

Commercial  •  Globe and Mail  •  RENX

Amazon.com is recruiting 100,000 more workers to keep pace with e-commerce demand that jumped during the pandemic. The world’s biggest online retailer said the positions are for full and part-time and will include roles at 100 new warehouse and operations sites.

Snowflake to raise $3.08B in largest U.S. IPO of 2020

Commercial  •  Globe and Mail

Cloud-based data warehouse firm Snowflake Inc. expects to raise about $3.08 billion in its IPO, in what could be the biggest U.S. listing so far in 2020. Its valuation has doubled from $12 billion in February after its last funding.

Mayors push plan to buy distressed properties for housing

Residential  •  Winnipeg Free Press  •  CTV News  •  Construct Connect

Details for a federal government program are being ironed out to help cities buy properties left vacant due to the pandemic. It’s intended to quickly create affordable housing and prevent homelessness during the winter, when temporary shelter measures expire.

Canadians’ household debt ratio drops to the lowest in a decade

Residential  •  Montreal Gazette

Canada’s household credit market debt dropped to 158.2 per cent of disposable income in Q2, from 175.4 per cent, StatCan said Friday. That’s due to an 11 per cent increase in disposable income, while the stock of credit market debt remained relatively unchanged.

B.C. amends law to raise transparency in condo insurance

Residential  •  Vancouver Sun

B.C. government regulatory changes will increase transparency in condo insurance premiums that have risen up to 40 per cent. Effective Nov. 1 insurers or agents must give 30 days’ notice if they intend not to renew a policy, or to make any changes.

Opinion: ‘Supply crisis’ in housing not backed up by the evidence

Residential  •  Globe and Mail

If you follow the housing debates in Toronto and Vancouver, you’ll have undoubtedly heard the claim that the affordability challenges are the result of supply problems. Common complaints include a lack of new housing, burdensome regulation and flawed zoning.