GWL Realty Advisors kicks apt. building into high gear

RENX  Residential  •  Apartments  •  National

Demand for new purpose-built rental apartments across Canada has galvanized GWL Realty Advisors into action. The company expects a half-dozen major projects in the ground this year and to build as many as 14 apartment developments during the next five years.

CRE tenants, landlords worry they could be sued

Commercial  •  Bisnow  •  CBC

Commercial property owners caught up in the international coronavirus pandemic fear the potential for lawsuits if a tenant or guest catches the virus on one of their sites.

Big six banks offering mortgage leniency

Residential  •  CBC  •  Global News  •  Canada Newswire

Canada’s biggest banks announced new measures to respond to the COVID-19 pandemic turmoil, potentially giving up to six months of payment deferral for mortgages, and other forms of financial relief.

Feds unveil $27 billion in emergency aid

Commercial  •  Globe and Mail

Prime Minister Justin Trudeau has unveiled a sweeping $27-billion emergency aid package that offers immediate and direct help to Canadians and businesses, plus $55 billion in tax deferrals, to help them survive the severe economic downturn caused by the coronavirus pandemic.

Canada on the brink of recession: Conference Board

Commercial  •  Globe Newswire

The Conference Board of Canada’s Canadian Outlook Executive Summary – Spring 2020 indicates the Canadian economy, previously on precarious footing, is now on the brink of recession due to COVID-19, the rail blockades and a collapse in oil prices.

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Coronavirus puts takeover deals in jeopardy

Commercial  •  Globe and Mail (Sub. required)

Cineplex Inc. (CGX-T) and Cineworld Group PLC stock tumbled on Tuesday as the companies’ $2.8-billion merger deal got caught up in worry over whether acquisitions in all sectors can be completed as markets gyrate due to the global coronavirus pandemic.

‘Material uncertainty’ suspends trading of U.K. funds

Commercial  •  IPE Real Assets

Open-ended U.K. property funds have suspended trading and more could follow ahead of an end-of-March deadline for underlying asset valuations due to uncertainty around real estate valuations. The M&G Property Portfolio was already suspended in December.

Vail Resorts shuttering sites for 2019-’20 ski season

Commercial  •  Canada Newswire

Vail Resorts announced all of its North American resorts and retail stores will remain closed for the 2019-’20 winter ski season. The company will consider reopening B.C.’s Whistler Blackcomb in late April/early May, dependent on COVID-19 as well as weather conditions.

Restaurateurs look into the abyss

Commercial  •  Financial Post  •  CBC  •  Business In Vancouver

Greg Annesley was sitting at a table in his seafood restaurant in Belleville, Ont., watching on TV as Ontario Premier Doug Ford ordered all restaurants and bars in the province to close. The staff looked over at their boss.

Retailers shutter doors amid coronavirus outbreak

Commercial  •  Toronto Star  •  Canada Newswire  •  Business In Vancouver

A slew of store closures were announced by retailers Tuesday as politicians and health authorities urged Canadians to avoid unnecessary outings in order to slow the spread of novel coronavirus.

Coronavirus wreaks havoc on retail supply chains

Commercial  •  CNBC  •  Canadian Grocer  •  Saskatoon StarPhoenix

At first, U.S. retailers were most concerned about manufacturing facilities being disrupted by COVID-19 in China, where the virus originated. Now, in the midst of a global pandemic, this is a much bigger issue than China.

Alberta to sell native grassland

Commercial  •  CBC

The Alberta government is looking to auction off a 65-hectare plot of native prairie despite recent promises no Crown land would be sold. The land east of Taber is to be auctioned off March 31 with a starting bid of $440,000.

Gov’ts could ease industrial sector stress: Nicola

Commercial  •  Western Investor

OPINION: Simply put, the current state of the industrial market is stressed; with a lack of supply, inflated rents and challenges slowing new developments, industrial property users are fighting an uphill battle. The national industrial vacancy rate is 2.9 per cent.

U.S. CRE market going to ‘blow up’: Icahn

Commercial  •  CNBC

Billionaire investor Carl Icahn told CNBC he expects the U.S. commercial real estate market will crumble, much like the broader housing market collapse of 2008. “You’re going to have this blow up, too, and nobody’s even looking at it,” Icahn said.

Coronavirus threatens U.S. industrial returns

Commercial  •  Pensions & Investments

Industrial properties have been a top-performing real estate sector, but COVID-19 could cut into returns, according to a recent presentation to CalSTRS officials. U.S. warehouses earned 13.4% in 2019, the only sector to produce double-digit returns in the NCREIF Property index.

‘Unprecedented paralysis’ to curtail B.C. sales: BCREA

Residential  •  Western Investor

Interest-rate drops usually fuel sales, but this time they will be more than offset by the “unprecedented paralysis of economic and social activity” during the COVID-19 pandemic, causing B.C. homes sales to drop, the B.C. Real Estate Association predicts.

Vancouver brokers cancelling open houses

Residential  •  Daily Hive

Major Metro Vancouver personal real estate brokerages are curtailing their open houses due to the COVID-19 pandemic, moving more of their business online over at least the interim. RE/MAX has urged its agents to limit contact with the general public.

As new condos spring up, T.O. rental units left behind

Residential  •  Globe and Mail (Sub. required)

Over the course of a decade, Toronto has required any apartments demolished through redevelopment be replaced with rental units. However, a recent listing for sale of some supposedly protected apartments raises questions about how closely these agreements are monitored.

Prefab components catching developers’ attention

Residential  •  Daily Commercial News  •  PR Newswire

Modular and prefabricated component designs are catching the attention of more residential developers in Toronto — particularly for five- to 15-storey projects because a shortage of available trades that do conventional construction in concrete can leave developers waiting up to 18 months.