Sales of condos at downtown Montreal’s two tallest new condominium projects have been strong in the last few months and people’s interest in living in the core is returning, their developers say. “We feel there’s traction in the market …”
Fronsac REIT (FRO-UN-X) has acquired a 50% interest in a service station/fast food combo in Pictou, N.S., for $2,875,000 and three freestanding Food Basics grocery stores in Hamilton, Keswick and Dunnville, Ont., for $8,090,000. It will also acquire land in Terrebonne, Que.
If the planned sale of the 139-year-old Weston Foods bakery business goes through, will there be any reason for George Weston Ltd. (WN-T) – the holding company controlled by Canada’s Weston family – to exist, analysts have been asking.
WPT Industrial REIT (WIR-U-T) is selling a minority interest in a $370 million (all figures US) industrial portfolio to the Investment Management Corporation of Ontario (IMCO) to create a joint venture focused on the American industrial sector.
Purolator plans to move 72,000 packages an hour through its new $330-million national super-hub in Etobicoke on more than 4.5 kilometres of conveyor belts. Senior director of strategic operations Roger Alouche says the new plant should open in the fall.
Popular social news and discussion website Reddit Inc. is the latest major digital company to set up an office in Toronto, where it hopes to build out sales, engineering and community teams for Canada, its third-largest market.
Lori Sartor and Eric Haslett
Distrikt Developments‘ Marcus Boekelman has proposed building heights of more than 40 storeys near the Oakville GO Station rather than the current maximum of 20. “This is not a residential neighbourhood. This is meant to be an urban growth area . . .” Boekelman said.
Officials say that following a review of Alberta’s Rent Supplement Program, they will be adding a long-term benefit – Rent Assistance Benefit – and a new temporary benefit – the Temporary Rent Assistance Benefit to help working Albertans during the pandemic.
The impact of the traffic interruption on the Suez Canal due to a since dislodged cargo ship is being felt as far away as Quebec, where it will cause delays in commercial activities, says Port of Montreal‘s Melanie Nadeau.
The accompanying table records the 10 largest construction project starts in Canada in February 2021. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada.
REIT fourth-quarter financial results
More than one-in-five company executives expect a reduction in office space in the coming year, according to the American Institute of CPAs survey. The survey polled 693 CFOs, controllers, and other senior-level CPAs and management accountants.
U.S. investors with a record hoard of money to finance distressed CRE are finding there’s nowhere to spend it. The massive wave of defaults expected after COVID-19 shuttered offices, hotels and stores last year has so far failed to materialize.
Casino giant Caesars Entertainment Inc. is pegging its losses due to the coronavirus pandemic in 2020 at more than $2 billion, and is suing a long list of insurance carriers it accuses of balking at paying its business interruption costs.
Toronto-headquartered Medical Facilities Corp. (DR-T), which owns a diverse portfolio of U.S. surgical facilities, announced Arkansas Surgical Hospital is undertaking a 4,590-square-foot expansion project to add two operating rooms and three new recovery beds in its post-anesthesia care unit.
For Canadian homeowners, home renovations and repairs are more popular than ever. In a recent survey by HomeStars, almost three quarters (74 per cent) of Canadian homeowners indicated they are planning to improve their homes in 2021.
RE/MAX’s Christopher Alexander believes housing price growth is likely to ease in 2021. “It’s very, very difficult to sustain price gains over 10% year-over-year for an extended period of time. Growth will probably come back down into the single digits this year.”
OPINION: The conditions of the government’s First-Time Home Buyers Incentive (the total value of the mortgage cannot exceed $480,000 for now) renders it of little use to those hoping to buy in the most expensive markets.
OPINION: Rather than hurt existing homeowners and current homebuyers with knee-jerk regulations such as eliminating the exemption on proceeds from the sale of a principal residence, the three tiers of government should collaborate to address the chronic undersupply of housing.