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Recent Articles

Do investors, pension funds remain ‘bullish’ on Montréal? Yes

3 years ago

RENX   •   • 

It may not be long before multiresidential investors will again say “Montréal is on fire.” That was one conclusion from a session during the Quebec Apartment Investment Conference on whether major investors and pension funds remain bullish on the region.

RENX   •   • 

Equiton’s Residential Income Fund has made its first acquisition of what founder and CEO Jason Roque expects to be a busy 2021. The fund expanded into Hamilton with the purchase of two apartment buildings totalling 360 units for $54.3 million.

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PCI Developments and Low Tide Properties have acquired the former MEC headquarters office building in Vancouver’s False Creek Flats for $103 million. The four-storey, 120,000-square-foot complex at 1077 Great Northern Way was built in 2014 and most recently sold in 2018 to Crestpoint for $75,000,000.

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The British Columbia government has paid $75.5 million to buy three old hotel properties on the Downtown East Side of Vancouver, including an eye-popping $327,179 per room for the century-old, 128-room Patricia Hotel on East Hastings Street.

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Members of Beacon Hall Golf Club are fielding a new $260-million offer for their Toronto-area property from Toronto-based real estate private-equity fund Harlo Capital, the latest in a series of development proposals pitched at urban golf courses.

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Eight of Ontario’s most powerful land developers own thousands of acres of prime real estate near the proposed route of Highway 413. Four of the developers are connected to Doug Ford’s Progressive Conservative government through party officials and former Tory politicians.

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Halifax is running out of available land to meet development demand, says Stephen Adams, executive director of Urban Development Institute of Nova Scotia, adding the boom is mostly affecting residential properties.

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Some of the country’s brightest minds are leaving big-city labs in Toronto and Silicon Valley and travelling to the likes of Sydney, N.S., and Cape Breton to scale up cutting-edge biotechnology.

Hersh Condos

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Calgary-based Lawson Projects, formed in 1976, is thriving despite current problems in the development/construction industry caused by the pandemic. Today, Lawson Projects is partnering with Pursuit to bring a new hotel to Jasper –  78 Connaught Hotel.

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The construction sector emerged unscathed as Ontario Premier Doug Ford unveiled “emergency brake” shutdown measures due to a growing number of COVID-19 infections. “Construction activities or projects and supporting services, including demolition and land surveying, are allowed.”

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The City of Calgary has announced construction on the Green Line LRT project will be delayed until at least 2022. The first stage of the light-rail transit line was supposed to start construction this summer on the southeast section.

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Great Canadian Gaming Corp.’s (GC-T) proposed acquisition by a fund affiliated with Apollo Global Management (APO-N) moved a step closer to completion following approval by Investment Canada. The U.S. buyer received approval for the investment fund’s $45 per share takeover.

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Recent weeks have seen greater demand for flexible-workspace options in parts of the United States as a result of successful vaccination programs and early indications suggest the Canadian market will soon follow.

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“There is no clear answer right now. There are a lot more questions than there are answers,” Oxford Properties Group’s Dean Shapiro says. “(There is) hesitancy from people to make long-term commitments to space, unless they have to.”

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More retailers could end up in the coffers of their mall landlords if a bill introduced in the U.S. House of Representatives last month gains traction. Proposed changes to REIT rules are being backed by landlords and their industry groups.

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Industrial brokers across the U.S. are optimistic about the outlook for the sector, despite expectations supply will outpace demand for the next few years in most markets, according to Cushman & Wakefield’s 2021 industrial outlook report.

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The City of Edmonton is proposing to repeal 77 plans — including area structure plans, area redevelopment plans and neighbourhood structure plans — through a land development application. All repeals would be subject to city council’s approval.

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More than 200 New Westminster condominium owners will not be allowed to live in their strata unit and must instead rent it out, following a March 30 Supreme Court of British Columbia ruling that upheld a controversial city bylaw.

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Toronto’s red-hot housing market is giving Bay Street veteran David Rosenberg flashbacks to when the U.S. housing market entered a bubble that ended in disaster. Rosenberg, then at Merrill Lynch, warned clients and hedge-fund managers in 2006 of a doomsday scenario.

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A recent report warning Canada’s real estate market is overheating due to rising demand and prices may apply to major markets like Toronto and Vancouver, but that doesn’t mean it does for Calgary’s recovering market, says RE/MAX PRIME in Calgary

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