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Broccolini submits concept for Ottawa industrial build
Broccolini submits concept for Ottawa industrial build
Montreal-based developer Broccolini has submitted a concept plan to the City of Ottawa to allow it to build a light industrial property up to 700,000 square feet and up to 98.5 feet high, in the city’s rural southwest.
GWLRA building its first Montreal development
GWL Realty Advisors has begun construction of two downtown apartment towers with 820 units, the company’s first development project in Montreal. The 36- and 45-storey towers, will be next to SNC Lavalin’s head office at 455 René Lévesque Blvd. W.
HEC Montréal breaks ground on downtown building
HEC Montréal broke ground on its new building in the business district Thursday. The total cost of the project will be $235.2 million and has been registered with the Canada Green Building Council, where it is aiming for LEED Gold certification.
Google snubs WeWork; signs T.O. lease with IWG
• Toronto Star • RENX • Bloomberg
Google has walked away from a potential Toronto lease with WeWork after months of negotiations, agreeing to take space from rival co-working firm IWG Plc instead, according to sources. Google signed a multi-year deal for about 24,000 square feet.
Are rents hitting a ceiling at $2,515 in Toronto?
Toronto-area rents may be hitting a ceiling at about $2,515 a month, according to Urbanation research. The rapid rise in rents that saw prices increase 30 per cent over the last few years has moderated somewhat.
Canadian CFOs discuss their investing strategy
VIDEO: QuadReal CFO Tamara Lawson; SmartCentres REIT CFO Peter Sweeney; Allied Properties REIT CFO Cecilia Williams; and Oxford Properties Group CFO Allison Wolfe discuss their real estate and economic view with Natalie Wong at the Bloomberg Canadian Fixed Income Conference.
First Nations call the shots in RE negotiations
• Western Investor • CBC • CBC
It seems today’s First Nations are masters of real estate negotiation, at least in Metro Vancouver, where they now hold some of the most prized residential and commercial land and are being paid millions annually for a vacant waterfront site.
Stakeholders lament Tories’ planned infrastructure delay
Construction stakeholders have reacted with dismay to the late-campaign revelation by the federal Conservative Party it would delay billions in infrastructure spending to achieve a balanced budget, with commentators warning the backslide could hurt the economy and create investor uncertainty.
Montreal awards urgent contract to repair water main
• Montreal Gazette • CBC
It supplies water to 1.2 million residents and five hospitals, and it’s crumbling. One of the city’s largest water mains is being replaced in a rather dramatic way, with the city calling it an urgent repair job.
Centre for Innovation, Technology and Entrepreneurship opens
The $100-million Centre for Innovation, Technology and Entrepreneurship (CITE), a hub for innovation and entrepreneurship, has officially opened its doors at Seneca’s Newnham Campus in Toronto. The project was designed by Perkins and Will.
Advocate slams ‘outrageous’ Tarion executive salaries
• CBC
A homebuyer advocacy group is calling on the provincial government to cap salaries for Tarion executives. Tarion was created by the provincial government in 1976 to provide warranties, create rules, regulate builders and even mediate problems between buyers and developers.
Tim Hortons parent CEO earns $250M over nine years
• Globe and Mail (Sub. required)
For years after the corporate roll-up that created Restaurant Brands International Inc. (QSR-T), the company fought accusations it was nickel-and-diming the franchisees at Tim Hortons. As it turns out, many nickels and dimes went to CEO Daniel Schwartz.
Top 10 upcoming Ontario and Quebec projects
The accompanying tables show the top 10 major upcoming Ontario and Quebec construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.
Seattle shows dark side of tech industry boom
The first thing Chris Caculitan mentions, when asked how the Emerald City has changed in the years since he grew up here, is the tech companies. Media refer to Seattle’s recent tech-fuelled economic boom as the “second gold rush.”
Barneys enters deal to sell assets for $271.4M
• Reuters
U.S. luxury department-store chain Barneys New York Inc. has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc. The price is estimated to be about $271.4 million in cash.
German banks cool on U.K. office lending
German banks’ share of the U.K. commercial real estate lending market shrank in the first half of 2019 as Brexit uncertainty took its toll. German lenders accounted for eight per cent of new loans, down four per cent year-over-year.
Home sales post highest YOY gain in nearly three years
• PR Newswire • Reuters
While signaling the end of 2019’s peak selling season, September home sales rose 8.1 per cent year-over-year – the largest YOY increase since November 2016. Home purchases increased in 47 of the report’s 54 markets, forcing already tight inventory totals to drop 6.1% YOY.
The state of 31 Canadian housing markets
• Globe and Mail (Sub. required) • Business In Vancouver
Sellers are holding the upper hand in many cities as Canada’s housing markets continue to rebound. Home sales rose 15.5 per cent in September from a year earlier, and 0.6 per cent from August.
Edmonton co-housing co-operative breaks ground
• Edmonton Journal • CTV
A co-housing co-operative that is years in the making broke ground in Edmonton on Wednesday. The new 26-unit, family-friendly building dubbed Urban Green aims to focus on community and environmental sustainability and will be located in Old Strathcona.
U.S. housing inventory falls to new lows
• PR Newswire • La Presse • PR Newswire
The gains from a modest buildup of inventory earlier this year were more than erased during the 2019 home shopping season, according to the September Zillow Real Estate Market Report. Inventory grew year-over-year in each month between September 2018 and February 2019.
RENX in Review: Our Top Stories This Week
Most Viewed: Greater Toronto office market offers Q3 surprises: AY
Editor’s Pick: Mainstreet’s new multires strategy reaps top returns
Multires acquisition: Minto to pay $288M for Montreal apartment portfolio
Office leasing: Purdy’s Wharf re-enters crowded Halifax office leasing market
ICYMI last week: Summit to buy $588M Alberta industrial portfolio
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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