Axia Real Assets LP launches with CI Financial backing

RENX  Commercial  •  Industrial, Office, Retail, Homes, Investment  •  National, International

CI Financial Corp. and four longtime real estate executives – Greg Stevenson, Josh Varghese, Darrell Shipp and Kelsey Boland – have joined forces to create the Axia Real Assets LP investment management firm.

Montreal office sublet levels at 20-year high: JLL

Commercial  •  La Presse  •  RENX

The office market in the Montreal area is suffering from the pandemic and its condition continues to deteriorate. Sublet space across the region exceeds two million square feet, last seen 20 years ago, JLL said in a market survey.

Seven-phase plan to transform Richmond mall

Commercial  •  Globe and Mail

The transformation of Richmond’s 50-acre Lansdowne Centre mall is one of the largest redevelopment projects in Metro Vancouver’s history. Concert Properties, Polygon and Bosa are potential builders in a seven-phase plan to turn the mall inside-out, creating a high street.

Mantella sells GTA industrial complex to Triovest for $125M

RENX  Commercial  •  Industrial  •  Toronto / GTA

UPDATED WITH INTERVIEW: In one of the largest recent industrial transactions in Toronto, Triovest Realty Advisors Inc. has acquired an Iron Street logistics centre in the west end from Mantella Corporation. The $125 million transaction was brokered by Colliers.

‘Vacancy tax’ hits airspace over B.C. businesses

Commercial  •  Vancouver Sun

Dan Rodriguez recently learned he’ll need to cough up an extra $6,000 in taxes this year for the speculation and vacancy tax. Rodriguez isn’t on the hook because of any empty homes — he owes because of the air above his restaurant.

What’s behind suppliers’ mutiny against big grocers?

Commercial  •  Financial Post

An ongoing feud between Canada’s biggest supermarket chains and their suppliers erupted into public view during the pandemic, attracting the attention of legislators who are now contemplating new rules for the sector. Here are suppliers’ main complaints:

Sponsored by Yardi Reconsider how tech will enhance your property management edge

In an era characterized by uncertainty, Canadian businesses are discovering that advanced technology can be a source of stability. In fact, according to KMPG’s 2020 CEO Outlook, 92% of Canadian CEOs fast-tracked their transformation to meet COVID-19 challenges …

Warehouses, factories lead workplace COVID outbreaks

Commercial  •  Toronto Star  •  Toronto Star

According to data from Toronto Public Health, a full 68 per cent of all workplace COVID-19 outbreaks so far have taken place in offices, warehouses, construction sites and food processing plants — many of which have continued to operate throughout the pandemic.

Labour shortage slowing Quebec’s recovery: CFIB

Commercial  •  La Presse  •  CTV

The labour shortage remains a brake on Quebec’s economic development, according to a report Tuesday by the Canadian Federation of Independent Business (CFIB). The report indicates 67 per cent of small- and medium-sized enterprises in Quebec are facing such a shortage.

MNA calls for crackdown on Montreal’s CRE speculators

Commercial  •  Montreal Gazette

Ruba Ghazal, MNA for the Montreal riding of Mercier, is calling on the provincial government to act quickly along with the City of Montreal to protect commercial sectors from speculators.

Moment is ripe for Canadian tech: Communitech CEO

Commercial  •  Financial Post

Canada needs to foster companies that can compete on a global scale if it wants to build a sustainable technology ecosystem, according to Chris Albinson, the incoming CEO of Communitech, the Waterloo-based incubator with more than 1,600 member companies.

Sidewalk Labs ramps up patenting of technologies

Residential, Commercial  •  Financial Post (Sub. required)

In the year since Sidewalk Labs abandoned plans for a high-tech neighbourhood in Toronto, the Alphabet subsidiary has been busy pursuing patents for innovations conceived for the smart city. The New York-based company has published nine patent applications since May.

Monthly Greater Victoria sales top $1B for first time

Residential, Commercial  •  Victoria Times Colonist

The total sales value of residential properties, lots and acreages, and commercial properties sold in March through the Victoria Real Estate Board has leaped past the $1-billion mark for the first time, totalling $1.037 billion in value.

K2 Petroleum acquires Belleville’s 10 Acre Truck Stop

Commercial  •  Inquintenews

The 10 Acre Truck Stop in Belleville has a new owner. K2 Petroleum announced on Thursday it acquired one of Canada’s largest truck stops located off Highway 401 on exit 538 on Wallbridge Loyalist Road.

Marwest’s proposed qualifying transaction 2 Wpg. properties

Residential  •  Canada Newswire

Marwest Apartment REIT‘s (MAR-P-X) proposed qualifying transaction involves, among other things, the REIT’s indirect acquisition of two limited partnerships owning an aggregate of two multifamily residential properties comprising a total of 251 suites in Winnipeg.

Nicola Wealth acquires two Seattle industrial properties

Commercial  •  Globe Newswire  •  RENX

Vancouver-based Nicola Wealth Real Estate (NWRE) has acquired two properties in the Seattle market: SODO Urbanworks, 169,685 square feet of flex/industrial space on a 6.78-acre site; and Par Mac 200, a highly functional multi-tenant industrial property comprising 26,048 square feet on 1.79 acres.

Home prices, appraisals increasingly don’t match

Residential  •  Globe and Mail (Sub. required)

Home prices are running up so fast in some parts of Canada  valuations set by appraisers are not keeping pace, leaving a financing gap for buyers who are relying on mortgages to fund a large share of the purchase.

Millennial buyers tripped up by frantic Van. market

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

When the pandemic began and it looked like the economy would crumble, Vancouver’s Andrew Anderson wasn’t the only one thinking he might finally get into the housing market. “Everyone thought, ‘Oh, there’ll be all these foreclosures,’” says Anderson.

Record-high lumber prices add up to $30K to house cost

Residential  •  CBC

The cost of basic lumber like two-by-fours has doubled since 2018. “(That adds) tens of thousands of dollars depending on the size of your home,” said Kevin Lee, CEO of the Canadian Home Builders Association.

Home capital gains tax could do more harm than good

Residential  •  Financial Post

OPINION: Rapidly escalating housing prices have led to calls to reconsider the exemption of the capital gains tax (CGT) on the proceeds from principal residence sales in the belief it will slow or even reverse the current trend.