Large swathes of waterfront in mature metropolitan areas rarely become available for redevelopment anywhere in Canada. For Kilmer Group, however, this “once in a lifetime opportunity” has now happened twice, both in the Greater Toronto Area.
Alternative arrangements have been made to sell a Port McNicoll, Ont., development site after a previous deal fell through. A securities filing says Skyline Investments Inc. has a tentative deal with a local developer for the 850-acre property.
KingSett Capital has submitted applications for a 59-storey mostly residential tower to rise on an assembled site of 510 through 528 Yonge St. The Quadrangle-designed tower would join a roster of buildings redefining the stretch of Yonge between College and Bloor.
Eleven new developments along Calgary’s farthest-flung edges will have to wait after city councillors voted not to let them proceed this year. In 2018, council approved 14 new suburban developments and councillors heard public pushback against approving even more this year.
Genworth MI Canada Inc. (Sagen MI Canada), says it has gained market share “probably in the high 30s (per cent)” following CMHC’s decision to tweak its underwriting policies, setting off alarm bells at the Crown corporation.
The public will need to wait a few more months to find out what happened with the sale of the Little Mountain lands in Vancouver. Developer Holborn Properties is headed to B.C. Supreme Court to fight the release of details.
While B.C. CRE owners are suffering with low demand for tenants, property values and sales have stayed strong. On the residential side, tenants are poised to continue enjoying a rent freeze, while investor landlords are frustrated with eroding cash flow.
Aritzia, the fourth-largest Canadian-owned women’s apparel retailer, has a better chance than most of coming out strong post-pandemic. A key reason is that president/COO Jennifer Wong led many of the essential initiatives so crucial at the start of the crisis.
In this challenging year, independent grocers have been tested again and again and more often than not they’ve risen to the challenge. This doesn’t surprise Ron Welke, chair of Canadian Federation of Independent Grocers.
RBC Global Asset Management announced the second closing of the RBC Canadian Core Real Estate Fund, which attracted $805 million in equity commitments from Canadian institutional and individual investors, exceeding targets. The fund was created in partnership with BCI and QuadReal.
Fiera Capital Corporation (FSZ-T), a leading independent asset management firm, reported its preliminary estimate of assets under management of approximately $177.7 billion as of Sept. 30, a $6.7 billion increase, or 3.9 per cent over its previous quarter.
REIT third-quarter financial results
Toronto-based FirstService Corp. (FSV-T) has posted robust profits during COVID-19, but does its recent rally have staying power? The stock slumped about 34 per cent in February and March, but has rebounded more than 80 per cent since.
British oil major is close to selling its central London headquarters for about $428 million Cdn as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday.
Strategic Storage Growth Trust II, a private REIT sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a newly constructed, 950-unit self-storage facility in Las Vegas. The facility is composed of approximately 99,300 square feet of rental space.
Profits at the IKEA furniture brand’s owner grew in the 12 months through August as shoppers, kept at home by the pandemic, spent money saved by not going on holiday on furnishing. September and October sales rose.
The recent acceleration in rising Montreal home prices has real estate brokers making comparisons to Toronto and Vancouver. While prices are still not at the same heights, buyers and sellers are taking advantage of Toronto-style tactics to stoke bidding wars.
The Fonds immobilier de solidarité FTQ is teaming up with developers Luc Desmarteau and Jean Beaulieu on a residential project in the City of Mont-Tremblant. The three-storey Le Boisé du Ruisseau Clair will offer 18 condominium units and 23 underground parking spaces.
Condominiums in Toronto’s central 416 area code were the only segment of its housing market to register a decline in the number of sales in October, falling 8.5 per cent year-over-year, according to data from the Toronto Regional Real Estate Board.
Class-A apartments in large downtown centres are feeling the strain from COVID-19 more than their class-B and class-C counterparts. “Multifamily has faired better than we all expected through this (pandemic), certainly compared to previous recessions,” observed CBRE’s Jeanette Rice.