CAPREIT makes $244M repositioning of Ont. portfolio

RENX  Residential  •  Apartments  •  Ontario, Toronto / GTA, Ottawa

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has repositioned its Ontario portfolio by selling four properties – two in Scarborough and two in Ottawa – and acquiring one in Kanata.

Vancouver council OKs contentious Broadway Plan

Residential, Commercial  •  Vancouver Sun  •  CBC  •  RENX

Vancouver council approved the controversial Broadway Plan late Wednesday night. The plan contemplates the next 30 years for an area of almost 500 city blocks along the Broadway subway line, expecting the population to increase from about 78,000 residents to as many as 128,000.

Plaza Pointe-Claire tentatively sold to Sotramont

Commercial  •  Montreal Gazette

Plaza Pointe-Claire could soon have new owners. Montreal-headquartered developer Sotramont is one of the potential new buyers of the mall, which opened in 1958 as the Pointe-Claire Shopping Centre on St-Jean Boulevard, near Highway 20. Plaza Pointe-Claire has been for sale since 2020.

Artis, Sandpiper up stake in Dream Office to 14.32%

Commercial  •  Canada Newswire  •  RENX  •  RENX

Artis Real Estate Investment Trust has increased its position, together with partnerships managed by Sandpiper Group, in Dream Office REIT  (D-UN-T) to 14.32 per cent. The Series A units were acquired for investment purposes.

Office construction slips as costs rise: Colliers

Commercial  •  Toronto Storeys  •  Western Investor

The construction of office space is declining in Canada amidst runaway inflation increasing construction costs. Colliers Canada says although under-construction offices is still robust at more than 15.7 million square feet, that number is down from its earlier peak.

CRE industry must adapt to new reality: EY

Commercial  •  Canada Newswire

Canada’s commercial real estate sector is poised to bridge from pandemic reality to our next normal. To make the most of this next phase, organizations will need to tie strategic direction into the needs of Canadians more closely than ever.

Sponsored by PROPetual REIT PROPetual REIT: Land development opportunities for all

PROPetual REIT is a private real estate investment trust that provides accredited and retail investors alike with the opportunity to create wealth through land development investment opportunities within Metro Vancouver, British Columbia.

Colliers decarbonizes buildings with data, technology

Residential, Commercial  •  Sustainable Biz Canada

Colliers, one of the world’s leading institutional investment and property management firms, is actively engaged in transforming its properties into lean, green, low-emission machines for living and working.

686-unit Penticton development gets zoning approval

Residential  •  Summerland Review  •  Penticton Herald

One of the largest developments in Penticton’s recent history has cleared its first major hurdle. Wiltse Holdings’ North Wiltse Block, which proposes 686 residential units – 183 single-family homes, 28 duplexes and 475 apartments – to be built over coming years, received council approval for rezoning.

Surrey field could be paved over for warehouses

Commercial  •  Vancouver Sun

In a statement the City of Surrey said: “The city’s Campbell Height Local Area Plan identified these lands as potential opportunities for (a) business park in an effort to address the increasing demand and limited supply of employment lands . . .”

The Saskatchewan Edge › Value of Saskatchewan farmland continues to rise

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Large shareholder invests $5.3M in Slate Office

Commercial  •  Globe and Mail (Sub. required)  •  Canada Newswire  •  Globe and Mail (Sub. required)

Between June 7-16, Sime Armoyan, with an ownership position exceeding 10 per cent, invested over $5.3 million in units of Slate Office REIT (SOT-UN-T). She acquired 1,130,700 units at an average cost per unit of approximately $4.73, increasing her holdings to 9,454,900 units.

ANALYSIS: Amazon has a problem. It’s too big

Commercial  •  Toronto Star

A $608-billion Amazon (2021 sales) that seemed destined to dominate global retailing is now in urgent need of a turnaround. Amazon massively overexpanded during the pandemic only to find post-pandemic consumer demand now falls far short of its vastly bigger capacity.

Brookfield signs 144K-sq.-ft. tenant at NYC office tower

Commercial  •  Commercial Property Executive  •  Bisnow

Clifford Chance has signed a lease for 144,000 square feet at Brookfield Properties’ Two Manhattan West in New York City. The international law firm will occupy Floors 39 through 42 at the 58-storey, 1.9 million-square-foot office skyscraper that topped out in January.

U.S. life sciences real estate demand set to drop

Commercial  •  Bisnow

Of the 29.1 million square feet of U.S. lab space expected to be under construction in the next two years, 26.2 million square feet is being built speculatively, according to CBRE. Just 26 per cent of that space is pre-leased.

Rexford acquires six industrial properties for $218M

Commercial  •  PR Newswire

Rexford Industrial Realty, Inc. (REXR-N), a REIT focused on creating value by investing in and operating industrial properties located throughout infill Southern California, announced the acquisition of six industrial properties for an aggregate purchase price of $218.4 million.

Over 22 million units needed by 2030: CMHC

Residential  •  Bloomberg  •  Financial Post  •  Canada Newswire

A new report from the Canada Mortgage and Housing Corp. says Canada’s housing stock would need to climb to 22 million-plus units by 2030 to achieve affordability for everyone. The CMHC notes two-thirds of the supply gap is in Ontario and B.C.

Supertall towers: New heights in repair bills

Residential  •  Globe and Mail (Sub. required)

Normal-sized condominium buildings come with a host of well-known upkeep and maintenance challenges as they age, but a relatively new form of supertall towers pose entirely new categories of risk precisely because so little is actually known about them.

B.C. considers capping rents

Residential  •  Daily Hive  •  CHEK News  •  Vancouver Sun

B.C .may intervene to cap rent increases, as record-high inflation threatens to “shock” renters with the largest hikes seen in at least two decades.

Average Calgary rent jumps 21% year-over-year

Residential  •  Calgary Herald

According to a report by Rentals.ca, rent in Calgary jumped 21 per cent year-over-year in May and up 6.1 per cent month-over-month. The increase in rent far outpaced the national average of 10.5 per cent year-over-year.