BentallGreenOak buys Montreal apartment complex

RENX  Residential  •  Apartments  •  Greater Montreal

BentallGreenOak has enhanced its position in Montreal through the acquisition of Appartements-Boutique on behalf of Sun Life Assurance Company of Canada. The purpose-built rental apartments at 681-733 William St. include 243 residential units across two buildings, plus lower-level retail and commercial space.

Toronto’s The Permanent case study in repositioning

RENX  Commercial  •  Office  •  Toronto / GTA

The Permanent is going through a major overhaul to reposition it in Toronto’s booming office market, and other aging towers are expected to follow. An expert panel in Toronto discussed the challenges and opportunities in converting class-B buildings to class-A.

Vancouver to expropriate Sahota hotels for $1 each

Commercial  •  Globe and Mail  •  Vancouver Sun

Vancouver City Council on Wednesday voted unanimously to expropriate two derelict buildings on the Downtown Eastside for $1 each, heeding a city staff report that concluded it would cost millions to renovate the properties.

Bell Centre valuation drops by $109M

Commercial  •  Montreal Gazette

As Montreal real estate prices skyrocketi, the value of the Bell Centre has shrunk by more than $100 million in six years. Montreal values the home of the Canadiens at $167.1 million, a 13 per cent decline from the previous assessment.

Squamish Nation aims to build 1,000 units of housing

Residential  •  Business In Vancouver  •  Vancouver Sun

The Squamish Nation council has formed a non-profit housing society with a mandate to build below-market rental units on undeveloped reserve lands for members currently caught in Greater Vancouver’s housing affordability crisis.

Revitalization project in works for Golden Mile

Residential, Commercial  •  Toronto Star  •  Canada Newswire

There are currently nine redevelopment proposals for Scarborough’s rundown Golden Mile, including the Eglinton Square and Golden Mile shopping centres, representing more than 22,000 rental and condo units. Ultimately, the city envisions 24,000 housing units.

$777M Ontario transmission line project underway

Commercial  •  Daily Commercial News

Right-of-way clearing and access road construction has started for a $777-million, 450-kilometre transmission line along the Lake Superior shoreline from Thunder Bay to Wawa in Northwestern Ontario. The infrastructure venture is deemed vital to growth in the region.

Alberta opts for P3 model for new Edmonton schools

Commercial  •  CBC  •  Global News

Two new kindergarten to Grade 9 schools promised for Edmonton will be built under a public-private partnership model. Alberta’s Infrastructure Minister Prasad Panda said the P3 approach appears to be a suitable business case for at least five schools.

Audit finds $80M in alleged improper supplier payments

Commercial  •  Globe and Mail (Sub. required)

Executives with one of Ontario’s largest builders of public-sector projects participated in a scheme in which the company paid $80 million in suspicious invoices to suppliers who channeled some of the money back to company insiders, auditors allege.

Cricket opens 10th Canadian location in Saskatoon

Commercial  •  Globe Newswire

Cricket Property Management (Cricket) is further expanding its reach across Canada with the addition of a new franchise location in Saskatoon. Cricket has plans to open additional franchise offices in Saskatchewan as part of the company’s national growth strategy.

IKEA plans to open small stores in Toronto core

Commercial  •  Global News  •  Canada Newswire  •  Financial Post

IKEA Canada plans to open its first smaller, downtown store format in the country in Toronto within the next two years. The focus on the new formats comes as urban consumers demand spaces closer to them.

Indigo reports $20.5M Q2 loss and revenue drop

Commercial  •  Winnipeg Free Press  •  Canada Newswire

Indigo Books & Music Inc. (IDG-T) reported a net loss of $20.5 million for its most recent quarter as revenue declined year-over-year. The book retailer says its loss of 74 cents per common share compared to a net loss of $19.1 million year-over-year.

Is Lowe’s repeating Target’s mistakes in Canada?

Commercial  •  Globe and Mail (Sub. required)

OPINION: Almost four years after Lowe’s Cos. (LOW-N) swallowed Quebec-based Rona Inc., the dust has yet to settle on the $3.2-billion deal that rocked the province’s hardware retailing sector and led to calls for new measures to block foreign takeovers.

Walgreens explores taking drug store chain private

Commercial  •  Reuters

Walgreens Boots Alliance Inc. (WBA-Q) has been exploring whether to go private following private equity interest in the U.S. drug store chain, which has a market value of more than $55 billion, according to sources.

REIT third-quarter financial results

Commercial  • 

Choice Properties REIT, (CHP-UN-T), Canada Newswire 

Crombie REIT, (CRR-UN-T), Canada Newswire

Dream Global REIT, (DRG-UN-T), Globe Newswire

Partners REIT, (PAR-UN-T), Globe Newswire

True North Commercial REIT, (TNT-UN-T), Canada Newswire

REOC third-quarter financial results

Commercial  • 

Brookfield Infrastructure, (BIP-UN-T), Globe Newswire

Dream Alternatives, (DRA-UN-T), Globe Newswire

Genesis Land Development Corp. (GDC-T), Canada Newswire

Melcor Developments Ltd., (MRD-T), Globe Newswire

Morguard Corporation, (MRC-T), Canada Newswire

Tricon Capital Group Inc., (TCN-T), Canada Newswire

Stress tests boosted Canada’s financial stability: CMHC

Residential  •  Bloomberg  •  Globe and Mail (Sub. required)  •  Toronto Star

Tighter mortgage regulations are making Canada’s housing market less risky, according to the Canadian Mortgage and Housing Corp. Default rates remain low and growth in the residential-mortgage market has slowed, likely due to the stress tests, the CMHC said.

Ottawa’s Airbnb rules would limit rentals to primary homes

Residential  •  CBC  •  Ottawa Business Journal  •  CBC

The City of Ottawa wants to restrict Airbnb and other short-term property rentals to primary residences, a constraint that’s already been imposed — and swiftly challenged — in Toronto.

Buyers set sights on uber-luxe GTA real estate

Residential  •  Canada Newswire  •  Globe and Mail (Sub. required)

After a soft start to the year, sales of uber-luxury properties are on the upswing in the GTA, surpassing 2018 trough levels. Year-to-date sales of freehold and condominium properties priced in excess of $5 million topped 100 units between January and Oct. 31.

Mayor’s Urban Design Awards honour Calgary’s best

Residential, Commercial  •  Calgary Herald

An innovative infill community in West Calgary and an upscale townhome development in University District were winners at this year’s Mayor’s Urban Design Awards. The biennial honours recognize the standout work of designers, architects and artists in Calgary.