Allied wraps up year with six ‘strategic’ office acquisitions

RENX  Commercial  •  Office  •  National  •  December 31, 2018

Allied Properties Real Estate Investment Trust completed a very successful 2018 with the acquisition of six strategic in-fill properties for $125 million at the end of the year – three in Vancouver and one each in Toronto, Calgary and Montreal.

Sonshine places bets on building more rental housing

Commercial  •  CBC  •  RENX

For the past 25 years, Edward Sonshine has been known as Canada’s shopping mall king. Now, the chief executive of RioCan REIT wants to be known for something else too: housing. “It’s not me that changes,” Sonshine said.

Landlords start pushing back against WeWork

Commercial  •  Chicago Tribune  •  CP Executive

WeWork Cos. is increasingly stepping on the turf of landlords and real estate brokers — and the industry is pushing back. The office-sharing giant is getting a greater portion of its business from the large companies property owners usually court.

Foreign CRE investment in Canada dips; domestic capital fills gap

RENX  Commercial  •  Investment  •  National  •  December 31, 2018

Domestic capital is moving into Canada’s commercial property investment market to fill the gap left by foreign investors, CBRE’s Q3 2018 investment figures show. “That (foreign) capital did in fact significantly soften and the domestic capital came in to fill the gap,” said Tony Quattrin.

RENX Top 30 real estate stories of 2018

Commercial  •  RENX  •  RENX

As we prepare to say good-bye to 2018, it’s time to look back on another extremely busy year in Canadian real estate. That means it’s time for the RENX Top 30 real estate stories of 2018 newsletter.

Calgary downtown is set to relaunch

Commercial  •  Calgary Herald  •  Calgary Herald

It’s hard to say how Calgary fell so far behind Edmonton in downtown revival and major amenities. The trend just sort of crept up over the past half-dozen years, as Edmonton got a provincial art gallery and much else.

Height restrictions helped shape Montreal’s skyline

Commercial  •  CBC

In Montreal, before the development boom which saw skyscrapers and residential towers sprout up in the downtown core, the tallest buildings were churches. Notre-Dame Basilica was the tallest point on the horizon — the tallest man-made structure at least.

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Hedge fund makes last-minute $4.4B bid to save Sears

Commercial  •  CTV  •  Windsor Star

A hedge fund run by Sears (SHLDW-Q) chairman Eddie Lampert said it submitted a last-minute bid Friday to keep the struggling retailer from being liquidated. The bid, valued at $4.4 billion US, still needs to be approved.

First private licensed cannabis store to open in Vancouver

Commercial  •  CBC  •  Global News

The Evergreen Cannabis Society is set to become the first licensed private cannabis retailer in Vancouver under B.C.’s new provincial cannabis laws. The retail cannabis store has operated as a medical marijuana dispensary for the past three years.

Canada Goose opens Beijing store following delay

Commercial  •  CTV  •  Reuters

Canada Goose says its new store in Beijing has opened. The Toronto-based luxury parka maker has said the delay was due to ongoing construction. The delay came in the midst of growing tensions between China and Canada.

Amazon plans to open more Whole Foods stores

Commercial  •  Business Insider  •  Forbes

Amazon rose more than two per cent early Monday, to more than $1,509 a share, after a report it planned more Whole Foods locations across the U.S. The push would place more customers within range of Amazon’s two-hour delivery service.

Skinny Toronto house stalls on market

Residential  •  CBC  •  Toronto Star

A house in Toronto’s east end that first ruffled feathers with its one-of-a-kind design has caught attention once again — this time for its sky-high price tag. The narrow four-storey Riverdale house can be yours for a cool $3 million.

Vancouver duplexes will remain an option

Residential  •  Vancouver Courier

Vancouver city council won’t attempt to repeal the previous Vision-led council’s controversial 7-4 decision last September to permit duplexes in most single-family neighbourhoods. Council decided duplexes will remain an option on a trial basis.

Why buy a home in Montreal?

Residential  •  Montreal Gazette

Winnipeg immune to house cost ‘crisis’

Residential  •  Winnipeg Free Press

Home ownership costs remain well under control in Winnipeg, but according to RBC’s Housing Trends and Affordability index for the third quarter, housing affordability deteriorated to its worst level in Canada since 1990.

Latest LeBreton setback could mean second chance for Sens owner

Commercial  •  CBC

Devcore president Jean-Pierre Poulin, one of the principals behind DCDLS, the runner-up partnership seeking to develop LeBreton Flats, says his plans for the site include the Ottawa Senators and owner Eugene Melnyk.

Architect of Montreal Métro stations dead at 83

Commercial  •  CBC  •  Montreal Gazette

Jean Dumontier, an instrumental architect of the Montreal Métro, has died. He passed away from cancer on Dec. 27 at the age of 83. During his career, he designed the Longueuil and Île Sainte-Hélène (now Jean-Drapeau) Métro stations.

China still has a treasure chest of overseas RE to sell

Commercial  •  Bloomberg

China’s biggest-ever overseas property buying spree reversed course in dramatic fashion in 2018. But even after the record unwinding, many lucrative real estate assets remain in Chinese hands. They include New York’s famed Waldorf Astoria Hotel.