Development in Kelowna setting all-time records

RENX  Commercial  •  Condominiums, Office  •  British Columbia

Kelowna has set a record for approved building permits for a single quarter, issuing $333 million worth in Q1 2019. Among the city’s largest projects are the One Water Street condos and the Landmark 7 office tower.

Labour discontent hits Toronto condo construction

Residential  •  Globe and Mail (Sub. required)

As the Toronto development industry continues to roar through one of the hottest building booms in decades you might not even know that one of the largest construction labour disruptions in 30 years is happening right now in Ontario.

Toronto’s five largest new office buildings

Commercial  •  Vancouver Sun

Compared to their North American office market peers such as San Francisco, Boston, Miami and Washington D.C., developers in Toronto are building far more office space these days, but they’re also facing incredibly high demand for that space.

Office space in spotlight at Toronto Land & Development forum

RENX  Commercial  •  Office  •  National

CoStar Group’s Roelof van Dijk delivered a positive outlook to office development panelists at the Toronto Land & Development conference: “Fundamentals across the country are exceptionally strong,” he said. Almost all markets outside of Alberta have seen vacancies drop.

Legions, developers team up on mixed-use projects

Residential, Commercial  •  Business In Vancouver

As D-Day ceremonies captured attention June 6, veteran members at two of the 28 Royal Canadian Legion branches in Metro Vancouver were celebrating joint venture real estate deals that will improve facilities and provide a mix of affordable and market housing.

Housing supply imbalance opens up investment opportunities

Greg Placidi: Chief Investment Officer & Portfolio Manager, Equiton Capital

Ottawa approves two 27-storey towers, nine-storey podium

Residential, Commercial  •  Ottawa Business Journal

Claridge Homes’ two 27-storey apartment towers and a nine-storey commercial-use podium set to rise above the Lyon light-rail transit station will include 300 units of affordable housing, Ottawa city council heard Wednesday.

LRT plans lift some Ottawa real estate prices

Residential  •  Ottawa Citizen

Eleven of the hottest real estate districts in Ottawa last month tended to include portions along the proposed light rail transit line — most notably in the stretch that runs from Tunney’s Pasture to Lincoln Fields station.

Stakeholders ponder future of LeBreton, ByWard Market

Residential, Commercial  •  Ottawa Business Journal

New National Capital Commission CEO Tobi Nussbaum  said Wednesday the federal Crown corporation that owns LeBreton Flats remains open to proposals for a “major events centre” at the undeveloped swath of land just west of Downtown Ottawa.

Blood Tribe wins massive Alberta land claim battle

Residential, Commercial  •  CBC  •  Calgary Herald

Southern Alberta’s Blood Tribe, the country’s largest reserve, has won part of its 40-year land claim battle against the federal government. On Wednesday, a Federal Court judge found Canada shortchanged the band when the boundaries were drawn in 1877’s Treaty 7.

Kitchener home to medical technology hub

Commercial  •  Canada Newswire  •  Waterloo Region Record  •  Kitchener Today

Intellijoint Surgical leads the creation of Canada’s first industry-led hub – MIX (Medical Innovation Xchange), which  will occupy 30,000 square feet of the west side of the building at 809 Wellington St. N. in Kitchener.

Automotive Properties acquires four dealership properties

Commercial  •  Canada Newswire  •  Canada Newswire  •  RENX

Automotive Properties REIT (APR-UN-T) is purchasing a portfolio of three automotive dealership properties from AutoCanada Inc. (ACQ-T) for $30.4 million. It has also entered into a non-binding letter of intent to acquire the Audi Queensway automotive dealership property for $36.5 million.

Amalgamated port for Oshawa, Hamilton a reality

Commercial  •  Oshawa Express

Effective June 18, Oshawa’s port authority will no longer stand on its own. Last week, Minister of Transport Marc Garneau announced the merger of the Oshawa and Hamilton port authorities was moving on.

Cadillac Fairview, Lincoln form strategic U.S. partnership

Residential  •  Globe Newswire

Cadillac Fairview closed on a strategic partnership with Lincoln Property Company’s multi-family division on May 31. The partnership will focus on the continued growth of multifamily property management operations and investment activities across the United States.

Abu Dhabi sovereign fund buys NYC office block

Commercial  •  Reuters

Abu Dhabi Investment Authority (ADIA) said Wednesday it had bought a 25 per cent stake in 330 Madison Avenue from Vornado Realty Trust (VNO-M-N), gaining full ownership of the office block. Vornado valued its interest at $900 million US.

The 25 most expensive global office markets

Commercial  •  National Real Estate Investor

Global office occupancy costs rose 3.6 percent year-over-year in the first quarter, according to the latest data from CBRE. Prime office occupancy costs in Hong Kong (Central) were up 5.0 per cent year-over-year, further cementing its place as the most expensive market.

Canada’s housing markets rife with shadowy buyers

Residential  •  Maclean’s  •  Toronto Star

On paper, Peter Zhang and his wife, Judy Wang, were models for the type of newcomers Canada wanted to attract with its immigrant investor program. The program’s aim was to lure the world’s wealthywith the promise of a passport.

Immigrants less likely to own single-detached: StatsCan

Residential  •  CBC  •  Western Investor

Immigrants own proportionally fewer single-detached homes than Canadian-born residents, a new Statistics Canada study has found, but in Vancouver, the ones they do own likely come with a higher sticker price.

Ottawa owners demand to be kept off heritage list

Residential  •  CBC

Some two dozen residents turned up at Ottawa City Hall on Tuesday to demand their properties not be added to the city’s heritage register. The city’s built heritage subcommittee was considering adding 2,345 more properties to the register.

Seniors face rent hikes despite rise in units

Residential  •  Business In Vancouver

Higher vacancies aren’t translating into lower rents for seniors, according to a new Canada Mortgage and Housing Corp. (CMHC) report. The vacancy rate for independent-living units stood at 4.2 per cent in 2019 on an inventory of 31,779 units.