Developer Rachel Julien is planning to spend $350 million to build a 1,008-unit residential project in Montreal near the Olympic Stadium. Called Canoë, the project in the Hochelaga-Maisonneuve neighbourhood will also include up to 80,000 square feet of retail.
Canada’s real estate professionals are significantly more optimistic about the 2021 prospects for the sector than their American counterparts, according to PwC real estate research director Andy Warren and the firm’s Emerging Trends in Real Estate report.
While companies such as Chartwell or Revera have dominated the private sector of long-term care in Ontario, a new type of ownership has emerged: private companies, like Arch Corp., that buy homes and hire outside management firms to provide care.
Morguard REIT, SmartCentres REIT (SRU-UN-T), First Capital REIT and Desjardins Financial are among additional landlords in Canada suing Hudson’s Bay Co. for not paying rent since the coronavirus pandemic started, increasing pressure on the struggling retailer.
Loblaw Companies Ltd. (L-T) has continued to benefit from higher grocery sales during the COVID-19 pandemic as restrictions on restaurant dining continue. The Toronto-based retailer reported on Thursday that its revenue grew 6.9 per cent in the third quarter, to $15.7 billion.
BTB REIT (BTB-UN-T) announced the acquisition of an industrial property located at 2005 le Chatelier Street, in Laval, Qué., for $8.1 million. The property’s 34,200 square feet of space is entirely leased to Kolostat, an industry leader in HVAC mechanical solutions.
Emergia announced two JV transactions have been agreed to or completed. One transaction involves a multiresidential apartment building in Dorval. In the other, Emergia disposed of a Gatineau property. The transactions result in a total disposal of assets of $17.1 million.
UPS Canada‘s largest package sorting and delivery facility up and running in Caledon, Ont. The 850,000-square-foot facility, part of a $500-million Canada investment plan announced in 2018, features advanced scanning and sortation technology.
Toronto is a city of soon-to-be skyscrapers. There are 120 active tower cranes in the downtown core alone which will be replaced by some of the tallest condos in Canada. Here are some new skyscrapers about to transform the Toronto skyline:
The accompanying tables show the top 10 major upcoming private and government office building construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.
Cineplex Inc. (CGX-T) has reported an 85 per cent decline in revenues, and a $121.2 million net loss in its third quarter, as restrictions on public gatherings continued to have a significant impact on the movie theatre industry.
Starlight U.S. Multi-Family (No. 1) Core Plus Fund (SCPO-UN-X) announced it has entered into an agreement to acquire The Bluffs at Highlands Ranch, a 340-suite, class-A, garden-style, core-plus multifamily property in the Metropolitan Area of Denver, for $108.5 million US.
QuadReal and Valor Real Estate Partners’ newly formed European urban logistics investment venture has acquired a six-unit asset in London as its first asset. The 144,000-square-foot New England Industrial Estate in Barking is reportedly worth $71 million Cdn.
Walmart Inc. (WMT-N) is selling a majority stake in Japanese supermarket chain Seiyu to investment firm (KKR-N) and e-commerce company Rakuten for over $1 billion, after years of struggling to make money amid stiff competition.
The latest month’s volume of U.S. construction starts, excluding residential work, was $25.9 billion, nearly a match (-0.4%) for prior-month September’s $26.0 billion (originally reported as $24.3 billion). October’s year-to-date figure, however, were down 27.8 per cent compared to the first 10 months of last year.
The mixed-income, master-planned revitalization of Toronto’s 18-acre Alexandra Park community is perfectly characterized by a two-tower complex designed by CS&P Architects and SvN that will comprise Tridel‘s MRKT condominium tower, a nod to the adjacent Kensington Market neighbourhood.
The listing price of a one-bedroom apartment in Toronto dropped 17 per cent year-over-year in October and the market, which has been declining all year, may not yet have bottomed out, says Bullpen Consulting researcher and author Ben Myers.
B.C. announced it has extended the freeze on rent increases until July 10, under the powers of the Emergency Program Act and COVID-19 Related Measures Act. Increases set for Dec. 1 are cancelled along with all pending increases through to July.
The Canadian Real Estate Association says home sales in October fell back from the all-time record high for monthly sales set in September. October sales were down 0.7 per cent from September, but were still up 32.1 per cent year-over-year.