Squamish Nation votes for $3B housing project

Residential  •  CBC  •  Toronto Star

The Squamish Nation voted Tuesday night to proceed with the $3-billion Sen̓áḵw housing development project on Kitsilano reserve land in Vancouver, making it one of the biggest housing projects led by a First Nation in Canada.

Tricon American Homes JV buys 708 Nashville rentals

RENX  Residential  •  Apartments, Homes  •  International

Toronto-based Tricon Capital Group (TCN-T) has purchased 708 rental homes in Nashville via its Tricon American Homes JV1 joint venture for $278 million Cdn. Tricon and its funds have invested almost $2.2 billion in U.S. residential properties during 2019.

Mainstreet Equity’s shares are up 70% this year

Commercial  •  Financial Post

At a time when the capital markets are skittish about Alberta’s energy sector, Calgary-based Mainstreet Equity Corp., (MEQ-T) has seen its shares rise by more than 73 per cent year-to-date making it, by far, the best-performing Canadian real estate stock in 2019.

CAPREIT acquires 1,503 apts., doubles Halifax portfolio

RENX  Residential  •  Apartments  •  Atlantic Canada

CAPREIT (CAR-UN-T) has doubled its presence in Halifax in one transaction, announcing an agreement to acquire 1,503 apartments in eight properties for $391 million. The majority of the portfolio is along Brunswick Street, where CAPREIT is acquiring five properties with about 800 units.

Amazon’s lease slashes Van. office vacancy rate

Commercial  •  Vancouver Sun

Amazon’s lease of the entire former Canada Post building in downtown Vancouver is large enough to reduce the city’s projected office vacancy by two per cent, commercial property insiders say.

Winnipeg losing $250K a year on old post office tower

Commercial  •  CBC

The City of Winnipeg is still losing about $250,000 a year operating the office tower attached to its downtown police headquarters — a 10-storey tower that remains mostly empty a decade after its purchase. There are six commercial tenants in the building.

Sponsored by Yardi Search marketing: 5 ways to win

Shifting online consumer behaviors have significantly impacted marketing budgets in recent years. Not long ago, property management companies would allocate most, if not all, of their digital marketing spend to internet listing services (ILSs) …

kevric proposes two rental towers for Scarborough

Residential, Commercial  •  Urban Toronto

kevric recently submitted plans for a pair of rental towers totalling 38 storeys (381 feet) and 44 storeys (439 feet), rising from a shared four-storey podium containing 8,800 square feet of retail space across from Scarborough Town Centre.

Halifax council agrees to spend $20M on CFL stadium

Commercial  •  Global News  •  CBC  •  Halifax ChronicleHerald

Halifax Regional Council has voted to provide a one time payment of $20-million to help build a CFL stadium in the city. Council voted in support of a proposal by Schooner Sports and Entertainment to build a $110-million, 24,000-seat stadium.

$2.8-million offer made for Regina site

Commercial  •  CBC

The Merchant Law Group has filed an offer $500,000 higher than the asking price for a downtown Regina site. The $2.8-million offer was made by Smith Street Lands, owned by Bison Properties, Victoria Acres Development Corporation and a numbered company.

Pendennis Hotel set to reopen in summer

Commercial  •  Edmonton Journal  •  CBC

After years of stalls, difficulties and setbacks, Edmonton’s Pendennis Hotel redevelopment is about to reach a new milestone as Pendennis Developments Limited aim to have new tenants settled in by next summer.

Montreal seeks to solve empty storefront problem

Commercial  •  Montreal Gazette

Montreal began the process of trying to solve its empty storefront problem Tuesday night with a 75-minute public consultation that was heavy on numbers and light on immediate solutions. Vacancy rates in Montreal retail hover around the 15 per cent mark.

FCR receives shareholder OK for REIT conversion

Commercial  •  Canada Newswire  •  RENX

First Capital Realty (FCR-T) announced the conversion of the company into First Capital REIT received overwhelming approval of over 98% of the votes the special meeting of the company’s shareholders. The arrangement is expected to be completed on Dec. 30, 2019.

Partners takeover by McCowan approved

Commercial  •  Globe Newswire  •  RENX

Partners REIT (PAR-UN-T) announced it has obtained a final order of the Ontario Superior Court of Justice approving the statutory plan of arrangement pursuant to which McCowan and Associates Ltd. will acquire all of the outstanding units of the REIT.

HBC investor to vote against take-private deal

Commercial  •  Reuters  •  Winnipeg Free Press  •  Toronto Star

Hudson’s Bay Co (HBC-T) investor Ortelius Advisors LP said it will vote against the $1.9 billion take-private deal because of what the hedge fund views as lapses in the sales process. The vote by minority shareholders is set for Dec. 17.

NorthWest buys three European properties for $68.5M

Commercial  •  Globe Newswire  •  RENX

NorthWest Healthcare Properties REIT (NWH-UN-T) announced it is expanding its European platform through the acquisition of three properties (two clinics in Germany and one medical office building in the Netherlands) for a combined purchase price of approximately $68.5 million.

B.C. speculation tax to rise to two per cent

Residential  •  Business In Vancouver  •  CBC

B.C.’s speculation tax will rise from 0.5 to two per cent for land owned before Dec. 31, the Ministry of Finance said Tuesday. In addition, an exemption for vacant land will end Dec. 31, 2019.

B.C. set for Van. tax evasion crackdown

Residential  •  Globe and Mail (Sub. required)

Government policies aimed at reducing speculation in Vancouver’s property market have worked to curb foreign buying and speculative demand. That was merely part one, says high-profile immigration lawyer and analyst, Richard Kurland, who’s been studying the impact of those policies.

North Vancouver hostel owner ordered to sell

Residential  •  Global News

The owner of an illegal hostel operated out of a North Vancouver townhouse has been ordered to sell the property unless she can come up with more than $140,000 in cash.

Reverse mortgages are getting cheaper

Residential  •  Globe and Mail

Reverse mortgages are booming with 20 per cent annual growth. The No. 1 knock on them: The rates are too high. Now, at long last, competition is paying off. Equitable Bank has dropped its pants on interest rates.