Broccolini builds major projects in Toronto, Montreal, Ottawa

RENX  Residential, Commercial  •  Condominiums, Office, Industrial, Retail  •  Greater Montreal, Toronto / GTA, Ottawa

While Broccolini is preparing to launch sales for LeftBank, its second condominium in Toronto’s River District, the company has other major projects at various stages in the GTA, Montreal and Ottawa.

Housing starts up 7% in August, highest since 2007

Residential  •  Globe and Mail  •  CBC  •  Ottawa Business Journal

National housing starts rose seven per cent in August compared with July, to a seasonally adjusted annual rate of 262,396, according to the CMHC. That was the highest level since September, 2007, and bucked the agency’s forecast for a precipitous drop this year.

Canadian CRE rents dip 3.1% in Q2: StatCan

RENX  Commercial  •  Office, Industrial, Retail  •  National

Commercial real estate rents across Canada have been on a downward trajectory for the first six months of 2020 as the economy absorbs the impacts of the COVID-19 pandemic, according to data released this morning by Statistics Canada (StatCan).

Vancouver airport to cancel $600M expansion project

Commercial  •  Vancouver Sun

The global collapse in air travel due to the COVID-19 pandemic has forced Vancouver International Airport to halt its capital expansion plans, including the termination of $525 million in work already underway, YVR announced Wednesday.

Brookfield, Simon to save J.C. Penney from bankruptcy

Commercial  •  Globe and Mail  •  CP Executive

J.C. Penney Co. Inc.’s landlords, mall owners Simon Property Group and Brookfield Property Partners have reached a tentative deal to rescue the beleaguered department store chain from bankruptcy, averting one of the most significant pandemic-related business collapses.

Petco owners weigh $6-billion sale or public offering

Commercial  •  Bloomberg

The owners of Petco Animal Supplies Inc. are exploring a sale or initial public offering that could value the retail chain at $6 billion, including debt. Petco operates more than 1,500 stores and was acquired by CVC and CPPIB for $4.6 billion in 2016.

Value: Weighed and Measured › We’ve adapted to much change in six months, we can adapt some more

John Clark: AACI, FRICS | Vice President, The Regional Group of Companies Inc.

Sobeys’ parent Empire sees profit surge

Commercial  •  Globe and Mail  •  RENX

Empire Company (EMP-A-T) is continuing to see profits surge, as the COVID-19 pandemic has led people to stay closer to home and cook for themselves more often. The company reported Thursday that net earnings grew 47 per cent to $191.9-million in Q1.

Bridgewater Phase I launches 72-acre Port Credit project

Commercial  •  Construct Connect

The Port Credit West Village Partners announced details and released drawings of Bridgewater Phase I, kicking off their new 72-acre community development. The site is located at Lakeshore Road West and Mississauga Road in southwest GTA.

Gairloch to launch Junction Point, sales centre opening

Residential  •  Urban Toronto

Gairloch Developments is gearing up for the launch of its latest offering, a mid-rise condo building named Junction Point, a wedge-shaped eight-storey building designed for its location on Dundas Street West at the eastern edge of The Junction neighbourhood.

Cherre and Spacelist form new data partnership

Commercial  •  PR Newswire

Cherre, a U.S. based real estate data management platform, announced a new data partnership with Spacelist, a commercial real estate listing platform in Canada. By joining Cherre’s growing partner network, mutual customers will be able to connect Spacelist’s real-time listings.

Groupe Dynamite, Garage get creditor protection

Commercial  •  Globe and Mail  •  La Presse

Montreal-based clothing retailers Groupe Dynamite and Garage have received creditor protection, in what is called a “corporate tsunami” resulting from the COVID-19 pandemic that continues to impact Canada’s retail sector. The company has more than 300 North American stores.

Roots sales down 38% compared with a year ago

Commercial  •  Toronto Star

Roots Corp. reported a $1.8-million loss in its latest quarter as its sales fell 38 per cent compared with a year ago due to the COVID-19 pandemic. Sales in its second-quarter totalled $38.2 million, down from $61.7 million a year ago.

Macerich has reopened its top NYC malls

Commercial  •  PR Newswire

Macerich announced 44 of its 47 major United States retail properties are now fully open for business. Its two New York City properties, Kings Plaza in Brooklyn and Queens Center in Queens, reopened on Sept. 9 to lines of waiting shoppers.

New York office glut signals downturn as COVID bites

Commercial  •  The Guardian

New York is facing a glut of workspace as fear of COVID-19 has reduced the daily usage of office buildings to almost nothing, a devastating sign for a city already reeling from the highest unemployment rate among large U.S. cities.

CPP, Greystar partnership invests in Brazilian housing

Commercial  •  Construct Canada

South Carolina-based Greystar Real Estate Partners is partnering with Canada Pension Plan (CPP) Investment Board and a Brazilian realty firm, Cyrela Brazil Realty, to develop multi-family rental housing in Sao Paulo, Brazil. CPP will hold the majority interest.

Montreal buys Park Ex building for social housing

Residential  •  Montreal Gazette

For the first time, the city’s Projet Montreal has used its new program intended to develop affordable housing. Projet Montreal acquired a vacant $6.5-million, six-storey building on Hutchison St. beside the Parc métro station to create 40 social housing units.

Home price increases: A temporary shock for Canadian buyers?

Residential  •  Mortgage Broker News

The Canadian real estate market is recovering much faster than anyone predicted. The average price of a Canadian resale home in June was $539,000, up 6.5 per cent year over year, according to the Canadian Real Estate Association.

The lure of small-town life becoming more appealing

Residential  •  Globe and Mail

The Gilbert family is still unpacking boxes from its relocation to a rural community in the B.C. Interior in mid-July. The move to a five-bedroom home, on a one-acre lot near 100 Mile House, is part of a growing urban exodus.

Opinion: Don’t tax homeowners’ equity

Residential  •  Financial Post

Elimination of the capital gains exemption on the sale of a principal residence is once again being floated as a panacea policy from Ottawa. It supposedly would lower the federal deficit, reduce inequalities, inhibit house-flipping, and limit overinvestment in real estate.