Major redevelopment at Hamilton’s St. Elizabeth Mills

RENX  Residential  •  Seniors Housing  •  Ontario

ZEST Communities is set to begin its ambitious redevelopment of The Village St. Elizabeth Mills, a Hamilton community for residents 55 and up. South Mountain (now ZEST) acquired the 114-acre property from St. Elizabeth Home Society in 2014.

Google in talks to lease new Toronto office space

Commercial  •  Bloomberg

Google is in talks to sign a lease at a new office development in downtown Toronto, according to a person familiar with the matter. The site, being built at 65 King St. East near Toronto’s financial district, is owned by Carttera.

CP opens new Vancouver Automotive Compound

Commercial  •  PR Newswire

Canadian Pacific (CP-T) is using its strategic land holdings to support sustainable, profitable growth and alleviate capacity and congestion issues for automakers shipping to and from Vancouver with the opening of its new Vancouver Automotive Compound.

Ice District parking stall sells for $45,000

Commercial  •  Edmonton Journal

A parking stall in the Ice District’s Ultima Tower has sold for $45,000, says real estate consultant Ryan Gillen. While pricey, it is not the most expensive stall in the building. In 2017, another stall was sold by the developer for $75,000.

Creditors pitch hotel on Regina’s Capital Pointe site

Commercial  •  Regina Leader Post

Creditors with millions sunk in Regina’s Capital Pointe are trying to save the site from backfill. Chris Nichilo, CEO of Magnetic Capital, leads a group which wants to take over the long-abandoned property and build a hotel and parkade.

Equiton fund acquires London apartment building

Residential  •  Equiton News Release

The Equiton Residential Income Fund has completed the purchase of a new 51-unit apartment building in London, Ont. Equiton purchased the property for $17 million. The acquisition enhances Equiton’s presence in Ontario, and demonstrates its access to investment opportunities.

The Saskatchewan Edge › Three ways to ensure you DON’T lease up a vacancy

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Calgary business owners plan to rally at City Hall

Commercial  •  Calgary Herald  •  Calgary Herald  •  CBC

Monday morning, small business owners in Calgary plan a city hall rally before an emergency council meeting over taxes. “Our message is that this is indeed a crisis and it’s one created by our city government,” says organizer Kelly Doody.

NCC to restart public consultations on LeBreton Flats

Commercial  •  Ottawa Business Journal

The National Capital Commission is seeking public input as it returns to square one on the redevelopment of LeBreton Flats. It will hold a public consultation June 18 to hear ideas for the swath of land west of Ottawa’s downtown.

BSR REIT announces Canadian dollar listing on TSE

Commercial  •  Canada Newswire

BSR REIT has announced a Canadian dollar listing of its units on the Toronto Stock Exchange (HOM.U). The REIT owns a portfolio of 47 multifamily garden-style residential properties aggregating 10,050 apartment units located across five U.S. states.

H&R REIT closes previously announced sale of The Atrium

Commercial  •  PR Newswire  •  RENX

H&R REIT (HR.UN-T) has closed the previously announced sale of The Atrium to KingSett Capital for $640 million.  The sale price equates to a 4.56% capitalization rate on the next twelve months forecasted property operating income.

Tricon and Starlight shareholders okay transaction

Commercial  •  PR Newswire  •  RENX

At a special meeting, Tricon Capital Group Inc. (TCN-T) shareholders and Starlight U.S. Multi-Family (No. 5) Core Fund (STUS-A-X) unitholders approved the $1.9B acquisition by Tricon of the fund’s 23 multi-family properties totalling 7,289 units, located primarily in the U.S. Sun Belt.

Redfin values a garage in major U.S. cities

Commercial  •  PR Newswire

Chicago homes with garages sell for 38% more than comparable homes without them, according to Redfin. This equates to an additional $46,745 on the sale price of a typical Chicago home. Nationwide, homes with garages sell for $23,211 more.

Complaints about smelly cannabis across Canada

Commercial  •  CBC

Cannabis production facilities have continued to pop up since the drug was legalized, but some neighbours aren’t pleased with the smell. Four facilities in Langley East in B.C. and two operations Pelham, Ont. have been generating complaints.

Halifax developers offer to relocate historical buildings

Commercial  •  The Chronicle Herald

Developers Dexel and Rovualis propose four towers of 30, 26, 20 and 16 storeys in a one-hectare block of Halifax property. To accommodate the multi-use development, the historical Cold Cure Institute building and McCoy Building would be moved a short distance.

New West development would feature rental, owner entrances

Commercial  •  Western Investor

Vancouver has been transformed by Chinese immigrants

Commercial  •  NPR

Vancouver is one of Canada’s most diverse cities and prides itself on its multiculturalism. Immigrants began arriving from China in the late 1800s when labourers helped build the trans-Canada railway. Now about 20% of Vancouver’s population is ethnic Chinese.

The high cost of building a box in Toronto

Commercial  •  Globe and Mail

Density, in the form of a cube. This idea drives a four-storey apartment building project designed to fit into in a postwar apartment neighbourhood in the German city of Bremen. Lin architects won a design competition in 2011 with the concept.

Canadian mortgage rates at lowest level in 2 years

Residential  •  CBC

Canadian homebuyers are being offered some of the lowest mortgage rates seen in years as lenders battle to drum up new business. Rates on a standard five-year fixed-rate mortgage have fallen to their lowest level in two years, according to Ratehub.ca.

Chartwell Group: Seniors’ group challenges rent increase

Commercial  •  La Presse

A dozen seniors from a Chartwell Group residence in Quebec City have refused a rent increase they deem unreasonable. Determined to conquer their fear of reprisals, they met with the Régie du logement, a rarity in the retirement sector.