Real estate has been a passion for Darin Rayburn from the moment he accepted his first industry job three decades ago. As he exits his roles with Melcor Developments and REIT, Rayburn intends to remain involved in his ‘retirement’ years.
Private credit is the new fixed income for institutional investors, according to CEO Bruce Flatt, who says Brookfield Asset Management (BAM-A-T) will build its lending business as part of its goal to double in size over the next five years.
Cadillac Fairview and co-sponsor Lincoln Property Company have grown their U.S. multifamily fund from $800 million to $1.8 billion in equity. Lincoln Residential, Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO) contributed to the $1-billion expansion.
Collecdev hopes to redefine Toronto’s 2450 Victoria Park site with futuristic mixed-use gh3-designed buildings of 28, 24, 20 and 11 storeys, respectively. In all, there would be 925 condo units, 104 rentals and more than 5,000 square feet of office space.
Dream Unlimited and Great Gulf have proposed a five-building mixed-use redevelopment at 351-369 Lake Shore Blvd. E. in Toronto’s Lower Don Lands area. The Schmidt Hammer Lassen-designed complex would include buildings of 42 and 49 storeys.
A new report from Avison Young shows Edmontonians appear ready to return to the office after nearly two years of the COVID-19 pandemic. Its third-quarter 2021 office market report found 35 per cent of the pre-pandemic workforce is returning to the office.
Shoppers can still expect to see the usual Black Friday and Cyber Monday sales – which have been creeping earlier in the season for years – but some retailers have been signalling the sales will not be the same this year.
High street has taken on a new meaning in Toronto, where pot shops are filling up storefronts other retailers left behind. Now, the problem may be oversupply. Just over 320 cannabis dispensaries have opened in Toronto since January 2020, says Colliers International.
In August, CREB reported a vacancy rate of 16 per cent for retail storefronts in downtown Calgary. “We’re worried about having these dead areas,” says Thom Mahler, manager of urban initiatives at the City of Calgary.
REOC third-quarter financial results
Brookfield Asset Management, (BAM-A-T), Globe Newswire
Chartwell Retirement Residences, (CSH-UN-T), Canada Newswire
Firm Capital Property Trust, (FCD-UN-X), Globe Newswire
Invesque Inc., (IVQ-U-T), Canada Newswire
Melcor Developments Ltd., (MRD-T), Globe Newswire
Park Lawn Corp., (PLC-T), Canada Newswire
Sienna Senior Living Inc., (SIA-T), Globe Newswire
REIT third-quarter financial results
The LexisNexis Risk Solutions True Cost Of Fraud Study for Ecommerce and Retail 2021 U.S. & Canada Edition notes the increased digitization of retail operations and escalating numbers of digital transactions have increased retailers’ vulnerabilities to cyber fraud and associated costs.
Flagship Communities REIT (MHC-U-T) has waived conditions on the acquisitions of three manufactured housing communities in Lexington, Ky., Bryant, Ark., and Bald Knob, Ark., from two separate groups. They comprise 957 lots, for an aggregate purchase price of approximately US$56.8 million.
Calgary-based Parkland Corporation (PKI-T) has entered into an agreement to acquire substantially all of the Pacific Northwest assets of Lynch Oil, including five large-format convenience stores and forecourts, two travel centres, two stand-alone car washes and a rail storage terminal.
Cash-strapped developer China Evergrande Group once again averted a destabilizing default with a last-minute bond payment but the reprieve did little to alleviate strains in the country’s wider property sector.
Canada’s rate of housing prices increase is far more than any other developed market in the world and has given rise to a new economic term to describe the market: ‘shelter inflation.’
The property transfer fees to change ownership on B.C. titles are going up 600 per cent because Canadian legal software company Dye and Durham is cornering the market on the conveyance software, and buying up competitors comes with a price.
EDITORIAL: In its 2018 budget, the New Democratic government promised to shine a light on hidden ownership of housing in Metro Vancouver, but 2½ years later, B.C.’s Land Owner Transparency Registry is still not fully up and running.
A new report from Zoocasa notes the five Ontario cities with the lowest property tax rates in 2021 were all located within the GTA. Toronto had the lowest property tax rate in 2021 at 0.61 per cent, followed by Markham at 0.63 per cent.