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CF, Hopewell buy 146 acres near Calgary, plan 2.3M sq. ft. of industrial
CF, Hopewell buy 146 acres near Calgary, plan 2.3M sq. ft. ind.
A 146-acre parcel of industrial development land at the Rosemont Business Park just outside Calgary has been acquired by Cadillac Fairview and Hopewell Development, with plans to construct several buildings comprising 2.3 million square feet of gross leasable area.
Ontario to allow housing on 7,400 acres of Greenbelt lands
The Ontario government has backtracked on its promise not to touch the protected Greenbelt lands, announcing that it would open up 7,400 acres for new housing so developers can build 50,000 homes on that land.
Dream, Singapore's GIC to acquire Summit industrial for $5.9B
UPDATED: Dream Industrial REIT (DIR-UN-T) and Singapore-based investment manager GIC have formed a joint venture to acquire Summit Industrial Income REIT (SMU-UN-T) in an all-cash transaction that values the trust at approximately $5.9 billion.
Artis sells Minnesota industrial portfolio for $335M
Artis Real Estate Investment Trust (AX-UN-T) has closed the sale of 17 industrial properties in the Twin Cities area of Minnesota for a total of $335 million.
Ontario pushes Ottawa's urban boundary out further
The City of Ottawa’s new official plan has been approved by the provincial housing minister with changes including further expansion of urban boundary in Ottawa’s east, west, and south; and the removal of policies intended to protect existing rental housing.
Ontario orders Hamilton to expand its urban boundary
The provincial government is ordering Hamilton to expand its urban boundary by 2,200 hectares and is also removing the city's proposed 30-storey height limit on buildings and allowing taller buildings in community areas like Ancaster.
Future bright for Vancouver office, industrial sectors
Metro Vancouver cap rates are rising for the first time in nearly a decade, but the future looks firm for both office and industrial space thanks to a shortage of new product in the region, CBRE's Jason Kiselbach said.
Joyce's heirs fighting a $20M N.S. property tax assessment
Ron Joyce's heirs, the owners of Fox Harb'r Resort, say Nova Scotia's $19.9-million assessment used for property tax purposes is far too high given the resort's huge losses, which run into the millions every year.
Northwest Healthcare proposes two mixed-use towers
NorthWest Healthcare Properties REIT (NWH-UN-T) has proposed 36- and 31-storey mixed-use towers at 5 Fairview Mall Dr. in Toronto. The WZMH Architects-designed towers would contain 5,909 square feet of retail space and 117,144 square feet of office space.
Altree proposes 29-storey residential tower
Altree Developments seeks to replace five low-rise residential houses at 10 through 18 Zorra with a 29-storey residential building containing 341 units. The Graziani + Corazza Architects-designed building would include 11% studios, 39% one-bedrooms, 40% two-bedrooms and 10% three-bedrooms.
B.C.'s Adera spreads word about mass timber
The term “mass timber” might conjure up straight-grained lumber milled from gigantic old-growth Douglas fir and Western red cedars forests — the backbone of B.C.’s housing and forestry industry until quite recently. In fact, the opposite is true.
VM Hotel seeking extension for qualifying acquisition
VM Hotel Acquisition Corp. (VMH.U-T) announced it is seeking approval for an extension of the permitted timeline to consummate the qualifying acquisition from Nov. 30, 2022 to March 31, 2023.
U.S. CRE prices slide 13% from peak as rates jump
U.S. CRE prices have plunged 13% from a peak this year, the biggest drop since the global financial crisis, as rising interest rates cut into property values. Malls have taken the biggest hit, with prices sliding 23% from their peak.
Construction tech firm Faber building U.S. presence
In 2017, Vancouver natives Sebastian Jacob and John Reid founded Faber Technologies, connecting general contractors and subcontractors to non-unionized carpenters, labourers and other skilled trade workers. Two years later, they began their U.S. expansion in Texas.
Inovalis to redevelop Paris mixed-use property
Inovalis REIT (INO-UN-T) is advancing its plans to redevelop the 110,000-square-foot Arcueil property in Paris after received formal notice from Orange S.A. the sole tenant of the property, that it will not be renewing its lease.
EU wants Airbnb, rivals to share bookings data
Airbnb (ABNB-Q) and other short-term home rental companies will have to share data on the number of people using their platforms under proposed EU rules, the European Commission said on Monday, in a light-touch approach to regulating the sector.
Growing number of mortgages have 30-year-plus amortizations
A growing share of mortgage loans made by major Canadian banks have amortization periods of more than 30 years, a sign of the rising stress borrowers are under as interest rates soar.
Is this the end of Toronto’s condo mania?
In addition to the hefty hit of appraisals falling short, thousands of Toronto pre-construction buyers who bought during the pandemic are also now faced with ballooning mortgage rates, which have tripled in less than a year, real estate experts say.
Edmonton's homes market continues steady growth
Edmonton’s real estate may be cooling from its peak in the spring, but it will remain one of the strongest markets until the end of 2022, the recently released Royal LePage 2022 Market Survey Forecast projects.
Calgary housing market likely to hold up better than other cities
The outlook for Calgary’s resale real estate market is looking a little grim. Yet the grass is greener than in other major Canadian cities, the new Royal LePage House Price Survey suggests.
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