Preparing apt. portfolios, projects for recession

RENX  Residential  •  Apartments  •  National

Their peers might be “envious of apartment owners” because they’re well-positioned to ride out a recession, but SVN Rock Advisors Inc., CEO Derek Lobo says they need to be prepared for potential issues to get through tough times.

Brookfield CEO sees meltdown as manageable

Commercial  •  Toronto Star  •  Globe Newswire

Bruce Flatt, CEO of Brookfield Asset Management, (BAM-A-T), said stock market volatility created by the coronavirus pandemic is more controllable than previous meltdowns. “For us, compared to the direct hit we took on 9/11, this uncertainty and volatility feels manageable,” he said.

Ivanhoé shuttering Québec malls until May 1

Commercial  •  Canada Newswire  •  CBC

In light of the latest developments and directives issued by the government of Québec, Ivanhoé Cambridge will close all shopping centres in Québec to the public until May 1. Essential services will be maintained.

Metalworks continues evolution of Fusion Homes

RENX  Residential  •  Condominiums, Homes  •  Ontario

Lee Piccoli founded Fusion Homes in the Southwestern Ontario city of Guelph in 1999, when he was just 24. The company has since grown into a prominent developer of low-, mid- and high-rise residences in Southwestern Ontario, taking on increasingly extensive projects.

Northview’s 30-day go-shop period expires

Residential  •  Globe Newswire  •  RENX

Northview Apartment REIT (NVU-UN-T) today announced the expiration of the 30-day go-shop period among the REIT, affiliates of Starlight Group Property Holdings and KingSett Capital pursuant to which the purchasers will acquire Northview.

Chateau Laurier closes doors for first time

Commercial  •  CTV  •  Ottawa Citizen  •  CBC

The Fairmont Chateau Laurier has closed its doors for the first time in its 108-year history because of the COVID-19 pandemic. On Saturday, the last guests exited. The hotel will be shut down for at least a couple of weeks.

First Capital supporting small businesses

Commercial  •  Canada Newswire  •  RENX

First Capital REIT (FCR-UN-T) announced today the introduction of the FCR Small Business Support Program, a $30-million program to bring immediate relief to small business owners in the company’s portfolio.

Restaurants Canada calls for a ban on evictions

Commercial  •  Globe Newswire  •  Toronto Star  •  Toronto Star

Restaurants Canada is calling on all provincial governments to take evictions and property seizures off the table until solutions are developed to help businesses impacted by COVID-19 meet rent obligations. For most foodservice operators, the biggest fixed cost is rent.

Coronavirus could hit 2 million Canadian jobs: RBC

Commercial  •  Financial Post  •  Globe Newswire  •  Globe and Mail

No part of the economy is spared from the coronavirus, but the pandemic is going to hit hardest Canada’s roughly two million workers who do not enjoy permanent work arrangements, according to Andrew Agopsowicz, senior economist at RBC Economics.

Construction unions raise spectre of shutdown

Commercial  •  Globe and Mail  •  Canada Newswire  •  Business In Vancouver

Labour leaders, including the Laborers’ International Union of North America, are urging the federal and provincial governments to take immediate steps to protect the health and safety of construction workers and the public during the novel coronavirus pandemic.

Grocery chains go on hiring spree

Commercial  •  Globe and Mail  •  Globe Newswire

Grocery stores are stepping up their efforts to hire temporary workers to cope with a surge in demand on store services. This week, Loblaw Cos. Ltd. set up a new website, loblawjobs.ca, specifically dedicated to recruiting temporary employees.

COVID-19 retail updates

Commercial  • 

Dollarama Inc., (DOL-T), Canada Newswire

Hennes & Mauritz AB, Toronto Star

Loblaw (L-T), Metro (MRU-T), Globe and Mail

McDonald’s Canada, (MCD-N), Globe and Mail

Sleep Country Canada Holdings Inc., (ZZZ-T), Canada Newswire

The case for cladding leaky old high-rises

Residential  •  Corporate Knights

When Toronto council recently upgraded its climate change plan, one of its 2050 goals was cutting emissions by 40 per cent for every building. For older brick homes and Toronto’s far-flung portfolio of 1960s-vintage high-rise apartments, owners and landlords face a challenge.

Starlight to acquire Austin, Raleigh apt. complexes

Residential  •  Canada Newswire

Starlight U.S. Multi-Family (No. 1) Core Plus Fund (SCPO-UN-X) has entered into agreements to acquire a 320-unit, core-plus multifamily property in Austin, Texas, and a 288-unit, core-plus multifamily property in Raleigh, N.C., for US$110 million.

WeWork prepares for fight against SoftBank

Commercial  •  Reuters

The special committee of WeWork’s board is preparing for a fight against Japan’s SoftBank Group Corp saying SoftBank should complete its tender offer promised to the office sharing company’s employees and shareholders.

China’s relaxed land rules could speed up urbanisation

Residential, Commercial  •  South China Morning Post

China has made a significant tweak in its rigid land management system that could accelerate urbanisation, especially in large cities and affluent coastal areas, that could spur urban development in a bid to keep growth on track amid the Coronavirus.

Open houses going extinct

Residential  •  Reuters  •  Canada Newswire  •  CBC

Realtors across Canada are kicking off the busy spring selling season with the unprecedented step of cancelling open houses, moves that could contribute to slower-than-forecast sales in the country’s biggest housing markets this year.

Interest rates on new mortgages increasing

Residential  •  Western Investor  •  Toronto Star

Despite the Bank of Canada dropping its overnight rate by a full percentage point this month, advertised interest rates for new mortgage applications have been climbing significantly over the past few days.

Liberty Village condo board defers maintenance fees

Residential  •  Toronto Star

Toy Factory Lofts, a Liberty Village condo, is giving its residents a little breathing room at an economically uncertain time, offering them the option of deferring their April maintenance fees.

Fannie Mae offers assistance to homeowners

Residential  •  PR Newswire  •  Globe Newswire

Under Fannie Mae‘s (FNMA) guidelines for single-family mortgages, U.S. homeowners who are adversely impacted by COVID-19 may request mortgage assistance by contacting their mortgage servicer. Also, foreclosure sales and evictions of borrowers are suspended for 60 days.