PROREIT reports its best year, preps for new challenges

RENX  Commercial  •  Office, Industrial, Investment, Retail  •  National

PROREIT (PRV-UN-T) had its best year financially and operationally in 2019, and president/CEO Jim Beckerleg is confident it’s in a good position to deal with COVID-19 fallout. “We believe we have the strength and resilience to manage through this turbulent time.”

Landlords push back against big firms’ relief requests

Commercial  •  Globe and Mail  •  Financial Post  •  CBC

Commercial property landlords are balking at requests for rent relief from big companies, saying they need to focus on helping vulnerable smaller tenants such as independent restaurants, clothing stores and barbershops that may not survive huge COVID-19 losses.

Van. Convention Centre to become temporary hospital

Commercial  •  Daily Hive  •  Globe and Mail

The B.C. government has confirmed Vancouver Convention Centre will become a temporary hospital during the COVID-19 pandemic. It will have an initial capacity of about 270 beds for non-coronavirus and less acute in-patient care, including those recovering from surgeries.

Three Cresford T.O. condo projects in receivership

Residential  •  Toronto Star

Three large luxury downtown Toronto condo projects by developer Cresford Developments have been placed under court-ordered receivership following a claim by creditors that the company failed to pay construction trades and hid its precarious financial standing from investors.

‘Perfect tsunami’ plagues B.C. condos

Residential  •  CBC

COVID-19 is complicating B.C. condo life, just as a second wave of soaring insurance premium hikes is about to kick in. “It is sort of a perfect tsunami of problems all coming at once,” said Bayside Property Service’s‘ Allen Regan.

Hamilton condo building sale delayed by restrictions

Residential  •  Globe and Mail

A controversial proposal to sell an entire Hamilton condominium building has been delayed amid concerns that a meeting of the owners to settle the matter would have violated provincial social isolation orders.

Sponsored by Chicago Title Extended protection from Chicago Title during the COVID-19 crisis

Chicago Title is helping protect real estate transactions and law firms in these challenging times of COVID-19. The complete title insurance policies, ID Verification Service, Tax Verification, extended Gap Coverage, and Transaction Protection Endorsement are some ways we protect  . . .

Dollarama sees sales surge on stockpiling

Commercial  •  Reuters  •  Canada Newswire

Canadian dollar-store operator Dollarama Inc., (DOL-T) said it had seen a surge in current-quarter sales as consumers stocked up on everyday essentials fearing lockdowns due to the coronavirus pandemic, but suspended its current fiscal-year forecast.

Cdn. transit agencies seek more than $1B

Commercial  •  Globe and Mail  •  Toronto Star

Canadian transit agencies are seeking immediate access to more than $1 billion in emergency federal funding and another $400-million per month to cover fare-box losses as long as the coronavirus pandemic continues to devastate ridership.

Feds waive rents for airport authorities

Commercial  •  CTV  •  Ottawa Business Journal

The federal government is waiving rent payments from March to December for 21 airport authorities, money that’s usually deposited directly into the pocket of the federal government each month. The government has also pledged to provide “comparable treatment” for PortsToronto.

CAPREIT chairman cashes out nearly $5 million

Commercial  •  Globe and Mail (Sub. required)

Between March 19 and March 24, CAPREIT (CAR-UN-T) founder, former CEO, and chairman of the board of trustees Michael Stein sold 120,000 units at an average price per unit of approximately $41.39. Proceeds from the sales exceeded $4.9 million.

REIT/REOC COVID-19 business updates

Commercial  • 

BTB REIT, (BTB-UN-T), Canada Newswire

CIBT Education Group Inc., (MBA-T), Globe Newswire

Timbercreek Financial, (TF-T), Timbercreek Financial media release

Ivanhoé temporarily shuts Outlet Collection Winnipeg

Commercial  •  Ivanhoé Cambridge media release

In light of the latest developments and directives issued by the government of Manitoba, Ivanhoé Cambridge will temporarily close Outlet Collection Winnipeg until April 14, 2020, except for access to essential services which will be maintained.

Simon Property furloughs 30% of workforce

Commercial  •  CNBC

The biggest U.S. mall owner, Simon Property Group (SPG-N), has furloughed about 30 per cent of its workforce as the company copes with all of its properties being temporarily shut because of the coronavirus pandemic. Simon also permanently laid off some employees.

U.S. CRE capital values to fall by 9%: Capital Economics

Commercial  •  IPE Real Assets

The spread of COVID-19 across the U.S. will be reflected in rising vacancy across all four major real estate sectors, says Capital Economics, which predicts capital values will fall nine per cent this year.

U.K. real estate fund freeze hits $25 billion

Commercial  •  Pensions & Investments

The lockdown of U.K. real estate funds has now put about $25 billion US out of investors’ reach as the coronavirus pandemic batters the economy and makes valuation of assets nearly impossible.

Ontario landlords can still threaten tenants with evictions

Residential  •  Toronto Star

Landlords can still threaten tenants with eviction during the COVID-19 crisis, which has caused unprecedented job losses, according to a newly posted direction from the Ontario government. Premier Doug Ford promised no tenants would lose their homes during the outbreak.

Investors seek shelter in Vancouver multifamily

Residential  •  Business In Vancouver

Metro Vancouver’s multifamily rental apartment market should ride out the COVID-19 crisis better than most of a commercial real estate industry that is bracing for unprecedented disruptions over the next few weeks or months, analysts say.

Feds eye low-interest lines of credit for households

Residential  •  Toronto Star

Canadians may soon to be able to tap into low-interest lines of credit backed by the federal government. PM Justin Trudeau suggested Tuesday help was on the way for Canadians who may have to take out loans to pay bills.

Canada’s housing markets to ‘slow to a crawl’: RBC

Residential  •  Bloomberg

Canada’s housing market could see a significant pullback because of the COVID-19 pandemic, but could rebound next year, a report by RBC analyst Robert Hogue says. This year’s home resales could dive by 30 per cent to a 20-year low.