Oxford Properties Group is planning to sell half of its ownership in the Fairmont Banff Springs, Fairmont Chateau Lake Louise, Fairmont Chateau Whistler and Fairmont Jasper Park Lodge. Oxford is seeking more than $1 billion for a 50 per cent stake.
Allied Properties REIT (AP.UN-T) is acquiring properties in Toronto, Calgary and Vancouver for $94 million. The properties are: 50 per cent interest in the Sherwin Block at 738 11th Avenue SW, in Calgary; 2233 Columbia and 1050 Homer in Vancouver; ancillary Toronto residential properties.
The former Eastern Ontario company town of Batawa has long presented a fascinating story, but development is introducing new vitality. The town emerged along the Trent River when Thomas Bata built a shoe factory and housing in the 1940s.
Investment property sales (based on sales valued at $1M or more) across Canada decreased from $56.9B to $54.3B year-over-year in 2018. The decrease was the result of declines in Toronto and Vancouver; Montreal investment volume increased by 18% to $6.5B.
A new mixed-use plan has been tabled to replace Toronto’s RioCan Hall and the Scotiabank Theatre. RioCan REIT (REI-UN-T) looks to redevelop the site with a complex containing two residential towers, two levels of retail, seven levels of office space.
A stretch of buildings along East Hastings could come down to make way for a three-building development. Onni Group’s rezoning application for the project proposes two 11-storey market condo buildings, one eight-storey social housing building and ground-level commercial space.
Managing Partner and Senior Sales Associate , ICR Commercial Real Estate
This year will present some challenges to Western investors, especially after the record-breaking performance experienced in the previous two years. However, unlike previous downturns, we expect the 2019 moderation to be short and shallow.
Walmart Canada announced today plans to invest over $200 million in its store network, with a focus on refurbishing and refreshing 31 stores across the country over the next year. Approximately 3,250 construction jobs will be created to support these upgrades.
The City of Montreal will be investing $1.7 billion to upgrade the métro system and make it more accessible. The city said roughly $1.3 billion will go toward “modernizing and upgrading” fixed infrastructure and equipment and improving reliability.
In March, Mississauga developer Tribal Partners paid Cominar REIT (CUF-UN-T) $26 million for a building considered empty, but strategically located adjacent to the Metropolitan Highway at Pointe-Claire. The transaction represented a price of $29.23 per square foot.
Greybrook Realty Partners announced the closing of an equity investment of $8,845,000 to acquire and oversee the development of a prime parcel of land in Kitchener, Ont. The firm intends to develop the land into a low-rise residential community of 250 homes.
Cominar REIT (CUF-UN-T) has partnered with Storefront, the world’s largest marketplace of short-term retail spaces, to promote its pop-up stores in five Quebec shopping centres: Rockland, Montréal; Gare Centrale, Montréal; Alexis Nihon, Montréal; Centropolis, Laval; Mail Champlain, Brossard.
Through April 29, Choice Properties REIT (CHP.UN-T) posted a year-to-date total return of 21.2 per cent, easily topping the 17 per cent total return of the S&P/TSX Composite Index. While such scorching gains won’t continue, Choice remains an attractive pick for long-term investors.
REIT first-quarter financial results:
REOC financial results
Despite a provincial law intended to limit and control online short-term housing rentals, Airbnb is thriving in Quebec. Of the 10 neighbourhoods with the highest concentration of Airbnb listings in Canada, five are in Montreal.
I’ve already written about Toronto’s challenge of building more affordable housing numerous times this year. Now it’s come to my attention that the provincial government could be doing more to speed up the development of affordable housing.
The GTA’s hot condo market is seeing a moderation in prices, with pre-construction sales volumes hitting a six-year low in Q1 2019, even though cranes from a record number of buildings continue to dot the skyline.
Wastell Homes, a London, Ont.,-based, award-winning lifestyle builder is unveiling Kokomo Beach Club — a resort-style community with 500 homes: 150 single-detached homes, and four low-rise condominium buildings with 350 units. The condos range from 800 to 1,300 square feet.