Canada’s industrial real estate market was performing well for owners and managers before COVID-19 hit, and it’s been cranked up to another level since the onset of the pandemic.
St. John’s-based KMK Capital Inc. and an unnamed partner have acquired the 142,000-square-foot former Costco building, along with the 120,000-square-foot former Target/Zellers next door in East End St. John’s. KMK CEO Justin Ladha said plans for the buildings are confidential.
Senior Economist, CBoC
PROREIT (PRV-UN-T) and Crestpoint Real Estate Investments Ltd. have created a joint venture involving $455 million of mainly industrial properties, including a $228 million portfolio which they are acquiring in the Halifax Burnside Industrial Park.
Montreal’s Maestria Condominiums‘ 58- and 61-storey mixed-use towers will be among the largest twin buildings in North America when completed in fall 2024. The $750-million project includes 45,000 square feet of commercial and retail space, serving its 1,000 condos and 700 rental apartments.
Colliers’ Tech Advisory agents span across the country working on aligning workspace solutions to business strategies at all stages of growth, from the start-up stage through to Fortune 500 tech giants. Montreal is seeing a boom in this growth.
A three-tower community will take shape near the St. Clair West subway station. Forêt, the latest project by Canderel, will be the largest mixed-use project to rise in Forest Hill with suites ranging from studios to three-bedrooms and ground-floor retail.
A proposal by FCHT Holdings (Ontario) Corp., to build 14- and 19-storey mixed-use buildings near the Oakville GO station has been approved by the town’s Planning and Development Council. The buildings will total 317 residential units and 10,300 square feet of commercial space.
In Scarborough, 2872136 Ontario Inc. plans to redevelop 2823 Eglinton Ave. E. with a 13-storey mixed-use with 9,900 square feet of ground-floor retail. The IBI Group-designed building would contain 169 purpose-built rental units – five two-storey townhomes, 86 one-bedrooms, 64 two-bedrooms and 19 three-bedrooms.
Edenshaw Developments’ Alba Condos broke ground Thursday at 1 Fairview Rd. E, in Mississauga. The 32-storey, 418-unit, CORE Architects–designed tower, which officially launched in June 2021, integrates a geothermal heating and cooling system.
Commercial rent prices are rising and many small businesses are finding it hard to keep up. In Vancouver, the average asking net rent was up 27 per cent year-over-year in the first quarter of 2022, according to Colliers.
Agropur announced an investment of $34 million for its ice cream and frozen novelties plant in Truro, N.S. The investment will be used to redefine the space within the plant and will support the development of several business opportunities for Agropur.
Amazon is poised to dethrone Walmart as the U.S.’ largest retailer. Supermarket News reported Amazon will add $294 billion in U.S. sales by 2026 and its market share will increase to almost 15 per cent while Walmart’s will decrease from 13.2 to 12.7 per cent.
PSP Investments and Citri&Co, an integrated fresh fruit company, and a Miura Partners portfolio company, have formed a long-term strategic alliance to acquire and manage agricultural land in Europe. PSP’s farmland will be primarily comprised of Spanish citrus fields.
World equities are in a bear market. An asset that should come under scrutiny is real estate, whose life blood is credit. For a double whammy of higher rates and the lasting effects of the pandemic, look to office property.
Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions.
New research by the Bank of Canada shows house prices in Canada’s suburbs grew faster than in downtown areas during the pandemic as remote work spurred a preference for bigger homes. As a result, the housing price gap shrank considerably.
As the real estate sector cools, the cost of owning or renting is climbing rapidly in the consumer price index, Statistics Canada’s go-to measure of inflation. The cost of shelter rose 7.4 per cent in April, the largest annual gain since 1983.
When the Protestant, straight-laced Toronto of the 1910s banned apartments in much of the city, housing shortages and soaring prices soon followed. What happened next still has consequences in the red-hot market of today.
While most of Canada saw a decline in house sales last month, Winnipeg recorded its second-best May on record. The Winnipeg Regional Real Estate Board recorded 1,723 house sales in May, up four per cent over the five-year average.