New economic reality impacts land availability, value, financing

RENX  Residential, Commercial  •  Industrial, Office, Apartments, Condominiums, Land  •  National

Continuing high demand for developable land and a rapidly changing financial landscape are already being felt, according to commercial real estate experts who gathered at the June 7 Land & Development conference at the Metro Toronto Convention Centre.

Most REITs won’t feel rate hike impact until 2025: CIBC

Residential, Commercial  •  Bloomberg

Canadian REITs appear to be well-positioned to handle rising rates because of how they typically structure their debt, meaning many will be partially protected from the impact of interest rate changes until 2025-’26, according a report from CIBC Capital Markets.

Hive office building opens in downtown Kamloops

Commercial  •  Kamloops This Week

The first of three office buildings comprising The Hive opened Thursday in downtown Kamloops. The building by A&T Project Developments and Invictus Properties, six storeys and 60,000 square feet, represents the first class-A commercial building in the region in nearly 20 years.

St. Albert committee backs industrial development

Commercial  •  Western Investor

A committee of St. Albert, Alta., city council is recommending land near Big Lake remain open for industrial development despite the concerns of conservationists. The 617-acre site is part of the proposed Lakeview Business District.

BTB acquires Montreal industrial property for $15M

Commercial  •  Canada Newswire  •  RENX

BTB Real Estate Investment Trust (BTB-UN-T) has acquired a fully leased 67,162-square-foot class-A industrial property in the Greater Montreal suburb of Vaudreuil-Dorion for $15 million. The REIT also announced the sale of a property located in Magog, Qué., for $1.8 million.

Mtl.-area golf courses protected from development

Commercial  •  Montreal Gazette

A new bylaw protecting golf courses in the Greater Montreal region from real estate development was announced Thursday in the latest bid to protect vulnerable green spaces in urban environments in and around the city.

Toronto developments in the past few months

Residential, Commercial  •  Urban Toronto

A roundup of projects that have recently opened or begun occupying in and around the Greater Toronto Area.

Canadian Tire marks 100 years of retail triumph

Commercial  •  Financial Post

Since Canadian Tire (CTC-A-T) was founded in Toronto by brothers A.J. and J.W. Billes in September 1922, the iconic Canadian retailer has survived depression, a world war, 20 per cent inflation, management successions and ownership crises, market meltdowns and the COVID-19 pandemic.

Walmart unveils state-of-the-art fulfilment centre

Commercial  •  Canadian Grocer  •  Retail Insider  •  Victoria Times Colonist

Walmart Canada (WMT-N) has repurposed space inside its sprawling Scarborough West Supercentre in suburban Toronto to accommodate a new, 20,000-square-foot state-of-the-art fulfilment centre.

Provigo debuts new concept at Kirkland store

Commercial  •  Canadian Grocer

Provigo has launched a new concept for its Provigo Le Marché banner, with a more-than-$5.6 million investment to remodel its existing store in Kirkland on the West Island of Montreal.

Real estate podcasts

Residential, Commercial  • 

Paul Chaput, Institutional Property Advisors: Western Canada apartment sector, CRE Podcast

Lisa Kirsch, Landis: People must be able to decide how, where to work, Tenant Experience Network

Mickel Maalouf, Huntsman Building Solutions: Environmental product declarations and construction, The Construction Record

Latest Sustainable Biz Canada headlines

Residential, Commercial  • 

Carbon Engineering, 1PointFive to build 70 DAC plants
The EV Plug-In: Stellantis to build 800-km range EV in Windsor
The ESG Report: EPCOR highlights net-zero commitments

Ivanhoé-backed PLP closes second U.K. logistics fund

Commercial  •  Bourse Direct  •  IPE Real Assets  •  RENX

Ivanhoé Cambridge‘s London-based partner PLP announced today the closing of its second investment vehicle dedicated to the development of a portfolio of logistics assets in the United Kingdom, called UKLV2. The fund has an investment capacity of over $1.2 billion Cdn.

CIBC leans on U.S. commercial banking, wealth

Commercial  •  Financial Post

Canadian Imperial Bank of Commerce expects its U.S. commercial-banking and wealth-management business to provide the fastest sales growth – 10 to 13 per cent – over the next three years, according to an investor-day presentation Thursday.

Publicly traded U.S. REITs weather repricing period

Residential, Commercial  •  Wealth Management  •  Commercial Property Executive

U.S. REIT share prices have fallen as the broader stock market prices in interest rate hikes and the potential of a recession. However, REIT executives remain confident in how their balance sheets are positioned for any coming turbulence.

C&W must comply with New York AG’s Trump probe

Residential, Commercial  •  Financial Post

Real estate company Cushman & Wakefield PLC must comply with subpoenas from New York state Attorney General Letitia James as part of her civil investigation into former U.S. President Donald Trump, an appeals court ruled on Thursday.

Feds to spend $8.9B on increased support for renters

Residential  •  Toronto Star  •  REMI Network

The federal government will spend $8.9 billion on increased support for renters, seniors and low-income workers to combat inflation, Finance Minister Chrystia Freeland says.

Vancouver one-bedroom rents up 19% Y-O-Y: Report

Residential  •  Business In Vancouver

Vancouver continues to see the highest rental prices in Canada, for both one- and two-bedroom units. The average cost of a one-bedroom apartment in May was $2,377, a 1.8 per cent month-over-month increase and a 19.1 per cent year-over-year increase, according to Rentals.ca.

Mississauga condo prices up 32.3% year-over-year

Residential  •  Insauga

The May benchmark apartment price was $762,500, an increase of 32.3 per cent year-over-year, according to the Mississauga Real Estate Board. The increase is double that of single-family homes, which were at $1,593,400, a gain of 15.7 per cent on a year-over-year basis.

B.C. to fortify RE market against money laundering

Residential  •  Globe and Mail  •  Toronto Star  •  British Columbia Real Estate Association media release

British Columbia’s Attorney-General says the provincial government will move forward on implementing an inquiry’s recommendations to fortify the province’s real estate market against money laundering, but did not commit to B.C. setting up its own financial intelligence agency.