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Choice, Daniels to launch second GTA multifamily project
Choice, Daniels to build second GTA multifamily project
Choice Properties Real Estate Investment Trust (CHP-UN-T) and The Daniels Corporation plan a fall launch for Mount Pleasant Village, a master-planned community that will include one of the first new purpose-built rental apartment buildings in Brampton in the past 15 years.
Executive roundtable closes Land & Development conference
A panel of senior real estate executives shared insights about their companies and the state of the industry to conclude the 17th annual Land & Development Conference, which is based in Toronto but offers a national perspective.
$500M to be invested in Hamilton development
• Global News • CBC • CHCH
Hamilton’s city council has given formal approval for a partnership with the Hamilton Urban Precinct Entertainment Group which will spend more than $500 million on a mixed-use development, including an affordable housing project and a $50-million restoration of First Ontario Centre.
The Mason newest phase in Brightwater community
• Urban Toronto • RENX
The next phase has been announced at Brightwater, a 72-acre community being developed by Port Credit West Village Partners — a JV of DiamondCorp, Dream Unlimited, FRAM + Slokker and the Kilmer Group. The Mason will add another 160 condominium units including 16 townhomes.
Amazon office workers to return 3 days a week in Sept.
Amazon is calling its corporate employees back to the office for at least three days a week, starting the week of Sept. 7, relaxing its March guidance to office workers in which it described an office-centric culture.
RSM to open new Vancouver business hub
RSM Canada (RSM), a global provider of audit, tax and consulting services focused on the middle market, is expanding its presence in Western Canada by opening a new Vancouver office, bringing tailored solutions to the region’s rapidly expanding business community.
Grocery code of conduct must be regulated: Medline
Empire Company Ltd. CEO Michael Medline and Food, Health and Consumer Products Canada CEO Michael Graydon agree the newly announced Canadian Food Industry Collaborative Alliance‘s forthcoming industry code of practice needs to be government-run and government-enforced.
Canadian proptech ventures groomed for growth
Canadian proptech ventures are invited to apply to a new round of the REACH Canada scale-up program. This is the second year the U.S.’ National Association of Realtors will search the Canadian market for promising residential and CRE technologies.
BGO, Schulich establish CRE scholarship program
• Globe Newswire • RENX
BentallGreenOak and York University’s Schulich School of Business announced the establishment of a scholarship to enable pathways for black, Indigenous and female students to pursue a career in CRE. The Gary Whitelaw Strength in Diversity Award commits $250,000 over 10 years.
Roots narrows loss as pandemic fuels online sales
• Globe and Mail (Sub. required) • Canada Newswire • Toronto Star
Roots Corp. (ROOT-T) reported a narrower first-quarter net loss on Friday, as the company continues to cut costs and benefited from elevated e-commerce sales during the pandemic. The Toronto-based retailer reported its total sales rose 24.7 per cent year-over-year.
Nautilus Plus files for bankruptcy protection
Struggling with a heavy debt after 15 months of almost complete closure of its branches, Nautilus Plus is sheltering from its creditors. The company, which owns 33 fitness centres, will be bought by a group of investors led by CEO Martin Légaré.
Real estate podcasts
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Jonathan Gitlin, RioCan: Evolution of the office, Down to Business: Episode 105
Gary Whitelaw, BentallGreenOak: Attracting institutional capital, CRE Library: Episode 49
Hugh Kolias, yuhu: Technology in the multifamily asset class, REALtalk: Episode 24
Granite REIT closes on $316M equity offering
• Business Wire • RENX
Granite REIT (GRT-UN-T) announced it has closed its previously announced public offering of 3,979,000 stapled units, inclusive of 519,000 units issued pursuant to the exercise in full of the over-allotment option, at a price of $79.50 per unit for total gross proceeds of $316,330,500.
Brookfield acquires London office property for $1.1B
Funds managed by Brookfield Asset Management (BAM-A-T) this week completed a $1.1-billion Cdn deal for 30 Fenchurch Street, a 550,000-square-foot London office property. Brookfield has a number of projects in the capital and is one of the Canary Wharf Group owners.
NorthWest acquires Netherlands MOBs for $172M
• Canada Newswire • RENX
NorthWest Healthcare Properties REIT (NWH-UN-T) has purchased a campus of four medical office buildings in the Netherlands for approximately $172 million Cdn. The MOBs total approximately 410,000 square feet that are immediately adjacent to a leading Dutch hospital operator.
Padlock fund closes on U.K. self-storage property
Toronto-headquartered Padlock Partners UK Fund II announced it has successfully completed the acquisition of a self-storage property in Huntingdon, U.K., for an aggregate purchase price of approximately $8.8 million Cdn, which was satisfied with cash from the proceeds of the IPO.
Calgary’s cure may mean more condo market pain
• Globe and Mail (Sub. required)
Calgary’s plan to convert six million square feet of vacant office space into residential use over the next decade could adversely affect the downtown condo market, which after six years of oversupply had finally started to show signs of recovery.
Quebec unveils $60M affordable housing plan
Hounded by the opposition to recognize the housing crisis shaking many cities, Quebec’s Legault government tabled a $60-million action plan to support citizens who are still looking for housing to rent as July 1 approaches.
Household net worth advances on real estate gain
The net worth of Canadian households rose sharply in the first quarter, as the value of residential real estate accelerated by a record amount in the three-month period. According to Statistics Canada, households since the start of 2020 have added $2 trillion.
U.S. homeowners got $2 trillion richer in Q1
• CNBC
U.S. homeowners are getting richer and richer as prices keep soaring – and the numbers are staggering. Those with mortgages — about 62% of all properties — saw their equity jump by 20% year-over-year in the first quarter, according to CoreLogic.
New Orleans’ shotgun houses go a long way back
Shotgun homes, so named because, in theory, you could fire birdshot from the front door through the back door without hitting a wall, are plentiful in New Orleans, appearing in any neighbourhood developed before 1920.
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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