Gupta Group has cleared a legal hurdle that will likely allow it to resell condos on the same site as the Icona development — which it cancelled last September, crushing the dreams of hundreds of homebuyers.
UPDATED with new quotes, background: One of the most distinctive multi-residential rental properties in the GTA has been sold. H. Kassinger Construction, which built Rossland Park over 50 years ago, sold it to Q Management LP for $220 million.
RioCan REIT will pay KingSett Capital $331 million to buy out its non-managing, 50 per cent interest in the Yonge Sheppard Centre in Toronto, the trust announced Thursday. As part of the transaction, KingSett will invest $100 million in RioCan.
Many forces that can delay or increase costs of new construction in Toronto are well known – planning approvals, rising material and labour costs, public opposition, financial struggles – but another problem has been bubbling up for a few years: water.
On-site energy management company Legend Power Systems is approaching a milestone of 300 sales of its SmartGATE systems to customers which include retailers, institutions, commercial and multi-family property owners. Legend recently sold three SmartGATE systems to an Ontario apartment building owner.
A RE/MAX survey conducted by Leger finds the majority of millennials (56 per cent) are in the market to purchase a recreational property. This is up 14 per cent from 2018, when just 42 per cent of millennials were considering buying recreational property.
Recreational property in Canada saw healthy price gains leading up to the 2019 spring market, rising 54.7 per cent to $411,471 compared to 2018. Royal LePage forecasts another year of solid gains as high demand in Ontario and Quebec puts upward pressure on prices.
InterRent REIT (IIP.UN-TSX) has entered into an unconditional agreement to acquire a mixed-use property in Montreal, Quebec. The landmark twenty-six-story concrete highrise, known as Hampstead Towers, is located at 5465 Queen Mary Road in Montreal’s sought-after Hampstead neighbourhood.
The Selection Group and Montoni consortium has an agreement between the Ville de Montréal, the SHDM and Molson Coors brewery setting out conditions to transfer part of the brewery site on Notre-Dame Street, to create a community park.
Dormez-vous, Quebec’s largest mattress retailer and the province’s division of Sleep Country Canada, has announced the opening of its 60th store in the province. Marking the moment is the opening of the company’s first location in Rimouski.
Empire Company announced six additional FreshCo store investments in B.C. following the opening of five other FreshCos in B.C. and Manitoba. It is converting approximately 25% of its underperforming Safeway and Sobeys locations to FreshCo.
The newly approved Concord Pacific Metrotown development will feature a 65-storey tower. The tallest of the three towers to be built on the old Sears site in Burnaby’s Metrotown will be the region’s highest, eclipsing Burnaby’s 64-storey Two Gilmore Place.
City council will hear public input on three proposals that, if built, would bring seven towers and 2,000 new units to central Edmonton. Two buildings were approved by the city’s planning department and one turned down over parking concerns.
Temple Hotels (TPH-TSX) has completed its rights offering in each of the provinces and territories of Canada. Upon closing, Temple issued 25,022,329 common shares of Temple at a price of $1.50 per for aggregate gross proceeds of $37,533,494.
Barry Sternlicht, chairman and CEO of Starwood Capital Group has announced his newest brand venture Treehouse Hotels which he describes as “the little brother of the 1.” Treehouse is less serious, more torn jeans and t-shirts and infinitely accessible.
Oxford Properties is reaping more rewards from the sell-down of property assets it inherited from a takeover of the $3.6B Investa Office Fund in 2018. Last week the company sold two properties in Brisbane’s CBD for about $225M to Anton Capital.
Bank of Canada is discussing ways to encourage a more robust market for residential mortgage-backed securities with potential investors. So far about $1.5B of Canadian uninsured mortgages are pooled in RMBS deals, about 0.1 per cent of the country’s mortgage debt.
Quebec will impose new requirements on homeowners who lease on sites such as AirBnb. This fall, they will have to declare their activities and, in some cases, collect taxes. The legislation creates a category of tourist accommodation – the “principal residence”.
Beverly and Mike Paasila got an unpleasant shock when a building inspector determined their flood-damaged home was illegal because it had been converted from a cottage to a year-round residence without the proper permits, and wasn’t up to code.
The organizer of a lavish mansion party in Anmore, which featured helicopters and bikini-clad social media influencers, says B.C. can expect “bigger, better and badder” publicity stunts in future, despite objections from some officials.