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Q1 2024 Canadian office snapshot: 'Green shoots' in the sector
Q1 2024 Canadian office snapshot: 'Green shoots' in sector
Major real estate data surveys are reporting mixed signals for the Canadian office sector in Q1 2024, with positive net absorption but a higher vacancy rate (18.4 per cent) nationwide led by upticks in both Toronto and Vancouver.
Industry Innovation Agenda seeks solutions to RE challenges
The Industry Innovation + Transformation Council, comprised of 12 Canadian real estate industry leaders convened by R-LABS, has issued what it calls its 2024 Industry Innovation Agenda (IIA) to address challenges facing the sector.
Industrial normalization brings new opportunities in West
Western Canada’s industrial markets faced slack times last year, but the year ahead promises fresh opportunities as demand normalizes and developers recalibrate supplies to meet demand.
Housing starts to decline for third straight year: CMHC
Canadian housing starts are expected to decline for a third straight year in 2024 as elevated borrowing costs make projects less attractive to homebuilders, the Canada Mortgage and Housing Corporation (CMHC) said on Thursday.
NexLiving shareholders OK Devcore assets acquisition
Halifax-based NexLiving Communities Inc. (NXLV-X) announced shareholders voted in favour of acquiring from Gatineau, Que.'s Devcore Group Inc. and related entities a portfolio of multifamily assets in eastern Ontario and Québec consisting of 16 properties and 991 units.
 | CDN Global 34.088 acres of vacant land for sale in OttawaUnveiling the investment potential of 3809 Borrisokane Road: A gateway to prosperity in Barrhaven, Ottawa. Sponsored by: CDN Global |
Demand for small-bay space fuelling Ottawa ind. market
Ottawa's industrial availability rate held firm at 2.6 per cent in the first three months of the year thanks to persistent demand for small- and medium-bay properties, CBRE said in its latest industrial market report issued this week.
Squamish LNG project awaiting approval for hotel
The Woodfibre LNG project at Howe Sound in the southwest of Squamish, already approved by the federal and provincial governments as well as the Squamish Nation, is awaiting municipal approval to moor a floating hotel at the site.
Toronto's crane count at lowest level since 2022
Rider Levett Bucknall's latest Crane Index shows Toronto lost 19 operating tower cranes between Q3 2023 and Q1 2024. It had 221 cranes at last count, however, outpacing 13 other major markets the firm tracks across the U.S. and Canada.
Saint-Gobain acquires Bailey Group of Cos.
French construction industry supplier Compagnie de Saint-Gobain SA is expanding into a Canadian market by acquiring Bailey Group of Cos., one of the country’s largest metal frame manufacturers for $880 million, its third major takeover in as many years.
B.C. targets ’profiteers’ with 20% flipping tax
B.C. has tabled legislation to enact a 20 per cent home flipping tax on those who sell their home within the first year of ownership. The province estimates the tax will apply to about 4,000 home sales a year.
Ford hints at Greenbelt flip-flop in new ad
Changing gears from ads attacking Liberal Leader Bonnie Crombie, Ontario Premier Doug Ford has a new TV spot acknowledging his flip-flop on the $8.28-billion Greenbelt land swap now under RCMP investigation.
Brivia resumes construction of Quebec resort project
Brivia Group announced the resumption of construction activities for its L'Hymne des Trembles project on Tremblant's Versant Soleil in Quebec. Phases 1 and 2 of the project consist of a combination of mountain homes, townhouses, and condominiums.
BC Tree Fruits sells site bought for cancelled packing house
The sale of a prime piece of farmland on the outskirts of Kelowna has ended BC Tree Fruits Co-operative’s plans for a state-of-the-art packing plant. The 87-acre site sold to a local grower for $9.85 million.
Mohawk acquires five-building CRE plaza in Chicago
Mohawk Asset Management Corp., a Toronto-based alternative asset management firm specializing in health-care real estate, announced the formation of Mohawk Chicago (Roosevelt) Opportunity Partners (V) LP and its purchase of a five-building mixed-use medical/professional and industrial plaza.
Lantower raises US$52M IPO, buys interest in 2 Fla. projects
Lantower Residential Real Estate Development Trust (No. 1) has raised its maximum offering size of US$52 million and completed its IPO. The trust indirectly acquired an approximate 70.9% interest in two Florida multifamily projects comprising 601 units.
Atlanta office market sees surge in activity
Companies in Atlanta leased more office space in Q1 2024 than at any point since 2021, says Savills. It was the busiest first quarter in five years, but the record amount of vacant space on the market continues to rise.
Amazon breaking leases to cut $1.3B in expenses
Amazon expects to save roughly $1.3 billion in the coming years by radically reducing office vacancies, according to a person familiar with the matter and an internal document obtained by Business Insider.
Commercial real estate a growing risk: Fitch
With global commercial real estate continuing to struggle, the risk of contagion is rising, as is the prospect of bank failures, says Fitch Ratings. Fitch said credit conditions for loans in the sector are expected to deteriorate through 2025.
BREIT paid out more than it generated in 2023
Blackstone Real Estate Income Trust paid out more than $2.8 billion in distributions during 2023, exceeding cash flows of $2.7 billion, according to its annual report. The fund’s performance was hit by investor requests for their money back.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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