Graywood Developments LP and Phantom Developments have partnered to acquire 3201 Highway 7, a property slated for a major three-tower-plus-podium, mixed-use development at the Vaughan Metropolitan Centre. The development comprises two towers of 55 storeys and one of 26 storeys with approximately 1,730 residences.
The increasingly tight and expensive Greater Toronto Area industrial market continues to set new highs for rental rates and new lows for available space as the unrelenting demand for distribution and warehouse space continues.
Devastating damage to the 543-kilometre Highway 5, the Coquihalla, is among threats to the supply lines into Kelowna, which is on a $100 million-per-month construction pace this year. Kelowna building permit values hit a record $1.07 billion as of the end of October.
Real estate is Canada’s most highly indebted sector, accounting for 23.3% of gross debt and 31.3% of net debt, according to TD Economics. It has experienced one of the biggest increases in debt and has one of the lowest interest-coverage ratios.
Tonlu Properties has proposed buildings of 20, 24, 26, 29, 35 and 37 storeys, with 1,800-plus combined residential units, in the Jacob’s Terrace area of central Barrie. The buildings would include ground-floor commercial. Typhon Group is also proposing a 17-storey apartment building in the area.
The 25 York Street office complex in downtown Toronto, owned by Menkes Developments Ltd., has eclipsed its own BOMA BEST record. The building has been recertified at the Platinum level with a global record 99.2 per cent score.
The 30-year-old elevators at 201 Portage Ave. are undergoing a modernization, as downtown workers trickle back into Winnipeg’s tallest office building. Twelve elevators in the 420-foot tall, 33-storey building are being upgraded.
The town of Channel-Port aux Basques is cut off from the rest of Newfoundland and Labrador in both directions as heavy rain created road washouts five kilometres north and two kilometres south of the community Wednesday afternoon.
Cadillac Fairview announced T&T Supermarkets‘ newest location at CF Fairview Mall in Toronto will open in winter 2022. The new store will occupy over 36,000 square feet of the former Sears space on the ground level.
George Weston Ltd. (WN-T) reported a third-quarter profit attributable to common shareholders of $124 million, down from $303 million in the same quarter last year. The company owns large interests in Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust.
Quebec-based convenience store operator Alimentation Couche-Tard Inc. (ATD-A-T) is boosting its quarterly dividend by nearly 26 per cent, even as its net earnings decreased in its latest quarter despite higher revenues.
REIT third-quarter financial results
Hootsuite announced the upcoming opening of a new office in Atlanta. The Hootsuite Atlanta office is set to open on Feb. 1, 2022, in the WeWork Coda — a LEED Platinum office facility and centre of innovation in Midtown Atlanta’s Tech Square.
Workers will return to offices in great numbers in 2022 and 2023, provided the U.S. economy continues to improve, according to NAIOP Research Foundation, which predicts total net office absorption nationwide next year will be 53.5 million square feet with a quarterly average of 13.4 million square feet.
Best Buy Co Inc. (BBY-N) shares tumbled the most since the start of the pandemic after the electronics retailer said increased robberies by organized groups of thieves are adding to an array of profit pressures.
Developer Kaisa Thursday announced plans for paying back investors, temporarily alleviating concerns about a default as China’s property sector continues to face pressure. Kaisa’s Hong Kong-listed shares rose 20% in the market open, before paring some gains to close 13.86% higher.
Canada Mortgage and Housing Corporation (CMHC) chief economist Bob Dugan is concerned about speculative investing in residential real estate, saying it is contributing to the froth in the market and pushing home prices higher.
Tien Sher, developer of the 35-storey Flamingo condo tower in central Surrey, claims parents investing for their children were largely responsible for a $200 million buying blitz that saw all but 10 of the tower’s 375 condos sell out in 20 hours last weekend.
Canadian housing prices are set to surge again in the coming months as investors and first-time buyers scramble to buy before interest rates go up, ignoring Bank of Canada’s warning there is a high risk of a sudden price drop.
Tribe Property Technologies (TRBE-X) has partnered with Luxer One, a leading developer of smart locker technology to bring secure and versatile parcel storage to Tribe communities across Canada. Canadian retail e-commerce sales reached a record $3.9 billion in May 2020.