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End of an era: Sonshine’s final results call as RioCan CEO
End of an era: Sonshine’s final results call as RioCan CEO
Ed Sonshine took part in his final quarterly results conference call as chief executive officer of RioCan REIT on Feb. 11, as he’ll pass that title to president and chief operating officer Jonathan Gitlin and become non-executive board chairman on April 1.
Dream Industrial buys Montreal logistics property
Dream Industrial REIT (DIR-UN-T) has acquired a prime logistics property with expansion potential in the Montreal suburb of Vaudreuil-Dorion from Vista Properties and Groupe Quint for $114 million. CBRE brokered the transaction.
Surrey office market tightest in Metro Vancouver: AY
The office vacancy rate in Surrey has fallen to 4.8 per cent, the tightest in a decade and the lowest vacancy rate in Metro Vancouver. The largest suburban city is the No. 1 office market by nearly any metric, notes Avison Young.
Deloitte sells its regional offices to MNP
Deloitte and MNP, two of Canada’s largest professional services firms, announced MNP will acquire a subset of Deloitte’s Canadian business, which includes close to 25 offices, partners and 900 team members, on or about March 1.
Council green-lights Algonquins’ Ottawa suburb
• CBC • Ottawa Citizen
Ottawa city council has approved the Algonquins of Ontario’s Tewin suburb in the rural south-east, shooting down a motion to give city staff more time to analyze the proposal and consult with all Indigenous groups.
NCC proposes embassies on Ottawa green space
Ottawa’s National Capital Commission is asking city council to rezone a 3.7-hectare parcel of land so that it can build six embassies and accompanying parking space. Residents say the development will block their access to the city’s light rail network.
Vancouver’s Chinatown battered by crime, COVID-19
• CBC
In Vancouver’s Chinatown, there are almost as many wooden boards covering windows as there are neon “open” signs. There’s a retail vacancy rate of more than 17 per cent in Chinatown and the pandemic has only exacerbated the situation.
Minutes detail window failures at Van.’s Shangri-la
Questions are being raised after condo strata minutes detailing serious concerns about windows possibly shattering were amended with a more muted version at the Shangri-La, Vancouver’s tallest tower, which is known for its floor-to-ceiling views.
Sun Life to reduce real estate footprint in Canada, U.S.
• Nasdaq • Globe and Mail (Sub. required) • Canada Newswire
Sun Life Financial (SLF-T) has begun reducing its real estate footprint across Canada and the U.S., vacating and reconfiguring its existing workplaces, it said Thursday. Canada’s No. 2 life insurer expects to take a charge of $40 million to $60 million in Q1 2021.
TTC board approves plan to close Rapid Transit line
• Globe and Mail (Sub. required)
The board of Toronto’s transit agency has approved a plan to stop running an east-end train line in 2023, putting its passengers onto buses for at least seven years as they wait for the Scarborough subway extension to be built.
Fredericton CRE remains stable despite pandemic
• Huddle
Recent numbers from Turner Drake show that while Fredericton’s CRE vacancy has increased, so has demand for office and industrial space, leading to a 3.2 percentage point increase in the vacancy rate year-over-year in Q4 2020, settling at 9.74 per cent.
REOC financial results
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Brookfield Asset Management, (BAM-A-T), Globe Newswire
Mainstreet Equity Corp., (MEQ-T), Canada Newswire
Tim Hortons sales sink 11%; RBI misses estimates
• Toronto Star • Canada Newswire • Financial Post
Sales at Tim Hortons in 2020 sank by more than US$1.2 billion year-over-year, according to a year-end report Thursday which noted parent Restaurant Brands International Inc. (QSR-T) posted quarterly profit below Wall Street estimates.
Brookfield worth 40% more than current price: Flatt
Brookfield Asset Management (BAM-A-T) ended 2020 with a record quarter and $602 billion in assets under management, but CEO Bruce Flatt believes its shares are undervalued at $41.02 on Wednesday. He believes the true value of the company is closer to $57 a share.
Fed eyes trouble in U.S. CRE, corporate debt
• Reuters
The U.S. Federal Reserve unveiled the hypothetical recession it plans to test large banks against in its 2021 stress tests, which includes “substantial stress” in the commercial real estate and corporate debt markets.
NYC hotels seek relief from tax bill penalties
A trade group that represents brands such as Marriott, Hilton and Sheraton as well as smaller boutique hotels is asking New York City to forgive or reduce interest charges, much as it has done with other commercial properties.
ULI webinar examines black displacement issues
The Urban Land Institute’s Toronto chapter kicked off Black History Month with a powerful call for justice, a webinar featuring activists representing black communities in Halifax, Toronto and Vancouver that have been victims of historical injustices or thoughtless urban renewal.
Housing love affair continues during a pandemic
The Canadian love affair with homeownership continues despite the pandemic-mandated lockdown in many parts of the country, with year-over-year sales volume and housing prices in the Greater Toronto Area rising 50 per cent and 15.5 per cent, respectively, in January.
COVID-19 prompts a spike in N.S. home prices
• Reuters
Success in controlling COVID-19 on Canada’s East Coast has led to a spike in housing prices in the traditionally poor region, renters and economists say, as remote workers from big cities come seeking properties with fresh air and more space.
Neighbourhood experiment for Ottawa’s intensification vision
Ottawa’s planning committee on Thursday unanimously voted in favour of a new zoning bylaw for parts of the low-rise Westboro neighbourhood, ruling it is ripe for low-level intensification.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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