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Recent Articles

Graywood buys lucrative downtown T.O. development site

3 years ago

RENX   •   • 

Graywood Developments has closed its ninth private real estate development fund and acquired a downtown Toronto property where it plans to build a residential high-rise. Couche-Tard sold the site for $73 million after acquiring it in 2016 for $4 million.

RENX   •   • 

Longstanding relationships with a local broker and a development partner have made it possible for Vancouver’s Denciti Development Corp. to find a prime building site in Langley, and to quickly move ahead with a much-needed strata industrial development.

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The Jim Pattison Group has reportedly acquired a high-profile property across from Mayfair Shopping Centre. The lot is the last piece of a puzzle for the billionaire businessman, who now owns an entire Victoria block considered prime for residential development.

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Beyond achieving the alphabet soup of environmental and health certifications, building owners and managers have to build sustainability into their day-to-day checklists and activities, sustainability experts said during a BOMEX Virtual 2020 panel discussion.

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During Q3 2020, the multi-suite residential and industrial sectors remained resilient, according to Morguard Corp.’s (MRC-T) latest Canadian Economic Outlook and Market Fundamentals Report. Meanwhile, the office and retail segments witnessed increased vacancy levels in most Canadian cities.

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On an unseasonably warm October afternoon, the Horseshoe Tavern on Toronto’s Queen Street West was eerily quiet. A few diners sat on its makeshift sidewalk patio. Since mid-March, the 73-year-old music venue has either been closed or empty.

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CF Rideau Centre‘s Brian O’Hoski is hoping an uptick in “purpose-driven” shopping trips can prevent 2020 from being a blue Christmas. “It’s more purposeful shopping trips as opposed to all the office workers and government workers coming downtown,” O’Hoski says.

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Montreal-based real estate giant Ivanhoé Cambridge  has laid off about 50 employees as it continues efforts to turn around the performance of its shopping centres. Twenty-four of Ivanhoe Cambridge’s 44 shopping centres are located in Canada.

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Thanks to changing shopping habits, Hudson’s Bay Co. has revealed plans for an ambitious digital strategy that will allow third-party sellers to join its online platform and could more than double the company’s digital business within two to three years.

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Kraft Heinz Canada announced a US$17.6-million expansion of its Mount Royal, Que., facility to pumpout the equivalent of 13 million one-litre bottles each year starting in 2021. The Quebec government on Tuesday morning announced it will loan $2 million of the total.

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Catherine McKenna, Canada’s minister of infrastructure and communities, has committed to developing a national infrastructure assessment initiative to identify long-term infrastructure needs and priorities.

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In its latest Provincial Economic Outlook, The Conference Board of Canada forecasts for most Canadian provinces, economic activity is not expected to return to pre-COVID-19 levels until the second half of 2021.

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Peter Cardew took pride in designing “ordinary buildings” – whether an office tower, school, sawmill or house – with an inventive brilliance that often redefined their generic paradigms. The Vancouver-based architect was famous among his peers, though less well-known to the public.

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Manhattan’s biggest office realtor SL Green has taken out a $1.25 billion construction loan for its much-heralded renovation of One Madison, representing a statement of confidence on the part of both SL Green and its creditors NYC businesses will soon rebound.

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Demand for hotel guestrooms was down by 36.8 per cent year-over-year nationwide in Q3, while hotel occupancy decreased by 37.9 per cent, according to a new CBRE report. The average daily rate fell by 26.6 per cent year-over-year, while RevPAR tumbled 54.4 per cent.

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Investors in two real estate funds run by Bank of Ireland Group Plc’s New Ireland unit will no longer face a six-month wait to withdraw their money, as the company dropped a measure introduced as the pandemic took hold.

Hersh Condos

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Intracorp has reworked an upcoming project on Victoria Drive near the Commercial-Broadway SkyTrain station from 50/50 rental/strata to 100 per cent rental. The developer originally applied to rezone the site in 2017, proposing a 10-storey building with 145 units.

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As COVID-19 worsened in October, the housing market put on a display of double-digit price increases in cities across the country. Average resale prices in Chilliwack, B.C., jumped by $110,409 to $616,857 year-over-year. Hamilton prices soared $103,600 to $727,100 and Sherbrooke prices rose $88,110 to $336,613.

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Canadian home prices rose 1.3% in October from September, the strongest gain for an October in the index’s 22 years, led by robust growth in the regions of Ottawa-Gatineau and Hamilton, the Teranet-National Bank Composite House Price Index showed on Wednesday.

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While the Barrie area is a mecca for those racing out of Toronto looking for a quieter place to live, the small city also checks off all the boxes for those who want to park their real estate investment.

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