Centuries-old Grosvenor deepens West Coast roots

RENX  Residential, Commercial  •  Condominiums, Industrial  •  Metro Vancouver, Calgary

Grosvenor Group’s history in North America is rooted in Vancouver. So is its future. The 342-year-old U.K.-based developer and operator’s first development outside of the U.K. was an industrial project on Annacis Island near Vancouver in the early 1950s.

Metrolinx to charge for GO station parking spots

Commercial  •  Globe and Mail

Metrolinx is pursuing a massive shift to paid parking at its GO commuter rail stations, internal documents show, with plans for the “forced conversion” of 10s of thousands of free spots over the next few years.

Toronto smart-city deadline looms

Residential, Commercial  •  Globe and Mail (Sub. required)  •  Financial Post  •  RENX

Waterfront Toronto chair Stephen Diamond is still expressing caution about proceeding with a Google-affiliated smart-city community on the edge of Lake Ontario, even as he appeared at an event on Monday to promote the project.

Open-end funds held $143.1B at end of 2018

Commercial  •  REMI Network

REALPAC’s inaugural open-end fund survey show 15 funds, under the auspices of 13 organizations, collectively held more than $143.1 billion in assets under management at the end of 2018, compared to a market cap of $112.7 billion for TSX-listed real estate companies.

HBC names new president of Canadian business

Commercial  •  CBC  •  Globe and Mail (Sub. required)  •  CTV

Hudson’s Bay Co. (HBC-T) has announced a new president to lead its namesake department store business in Canada. Iain Nairn, most recently chief executive of Swedish stationery and gift retailer Kikki.K, will oversee the 89 Hudson’s Bay stores.

The Apartments Broker › Apartment building owners: Don’t overlook these NOI killers

Ramona Ursu: Partner and Broker at Baron Realty

Ottawa planners recommend council reject hotel

Commercial  •  Ottawa Citizen  •  CTV

Ottawa city planners have sent a rare refusal recommendation to council’s planning committee, arguing Bayview Ottawa Holdings‘ proposed 17-storey hotel wouldn’t be compatible with an area of the ByWard Market.

Novatech plans 17-storey addition for heritage house

Residential  •  Ottawa Business Journal

Novatech is seeking planning committee’s approval to build a 17-storey, 85-unit tower on the edge of Ottawa’s downtown core as an addition to an existing heritage building – the 117-year-old Alexander Fleck House at the corner of Bronson and Laurier Avenues.

Tri-Cities wrestle with surging real estate demand

Residential, Commercial  •  Western Investor

The Tri-Cities is a potential real estate powerhouse. The region offers waterfront, railway and freeway access, the eastern terminus of the SkyTrain network, one of the largest shopping malls in B.C. and perhaps the most challenging industrial real estate in B.C.

Commissioner to probe Regina’s GTH sublease deal

Commercial  •  Regina Leader-Post  •  CBC

Saskatchewan’s conflict of interest commissioner is investigating a leasing arrangement between Regina’s beleaguered inland port Global Transportation Hub (GTH) and a company co-owned by a cabinet minister’s son.

Edmonton casino making way for parking lot

Commercial  •  CBC

Luck has finally run out for the old Baccarat Casino building in downtown Edmonton, as there are good odds the building will be demolished this month. The land is expected to be turned into a temporary parking lot.

Winnipeg’s Polish hall on market for $1.4M

Commercial  •  Winnipeg Free Press

A Winnipeg bowling alley, a bar and a banquet hall is for sale at $1.4 million. The former 20,000-square-foot home of the Polish Fraternal Aid Society of St. John Cantius is for sale for the second time in four years.

Calgary releases agreements for arena deal

Commercial  •  Calgary Herald

Calgary city hall has unveiled the official agreements for a new arena, offering the first public look at some of the details of the deal. The terms see Calgary Sports and Entertainment Corp. pay for the $550-million building’s insurance premiums.

Starlight closes on $318M multifamily sale

Residential  •  Canada Newswire  •  RENX

Starlight U.S. Multi-Family (No. 1) Value-Add Fund (SUVA.A-X) announced the completion of the sale of the three multifamily properties to Clearwater U.S. Multi-Family (No. 2) Holding LP formed by the Public Sector Pension Investment Board and fund CEO Daniel Drimmer.

Diamond Resorts expands to New York City

Commercial  •  PR Newswire

Diamond Resorts, a global leader in the hospitality, vacation ownership and entertainment industries with 33 Canadian locations, announced it is launching in New York City through a partnership with Highgate.

MGP, BREIT acquire MGM portfolio for $4.6B

Commercial  •  PR Newswire  •  PR Newswire  •  IPE Real Assets

MGM Growth Properties LLC (MGP) (MGP-N) and Blackstone Real Estate Income Trust, Inc. (BREIT) formed a new joint venture to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion.

Reverse mortgage business booming in Canada

Residential  •  Financial Post  •  Canada Newswire

Canada’s largest reverse mortgage lender posted record originations last year, with factors such as disappearing workplace pensions and stringent stress tests for borrowing pushing seniors to tap home equity in order to pay debts and fund their retirement.

Ottawa rentals market not about to cool off

Residential  •  Ottawa Business Journal

After more than 30 years, Cuckoo Kochar doesn’t get fazed by much. However, even the founder of Phoenix Homes is raising his eyebrows at the dramatic spike in apartment rents in the National Capital Region over the past couple of years.

Saint-Jean-sur-Richelieu: No sales to Jews

Residential  •  La Presse

Prohibited from selling or renting to “Jewish people.” A permanent condition of sale imposed in the 1950s and ’60s still haunts hundreds of houses in a district of Saint-Jean-sur-Richelieu, where the ban survives on paper.

Designing Canada: Residential projects of the year

Residential  •  Globe and Mail

The projects that made the cut for Designing Canada, in partnership with EQ3, highlight the projects of the year in residential architecture, interiors and housewares.