Carttera buys prime Montreal development site

RENX  Residential  •  Condominiums, Land  •  Greater Montreal

Carttera has acquired a prime downtown Montreal site at 1455 De La Montagne St. which will mark its third development on the thoroughfare. “We think it’s probably one of the best . . . locations in the whole city,” said founding partner Jim Tadeson.

Oxford named Global Real Estate Investor of the Year

Commercial  •  IPE Real Assets

Oxford Properties won the top award at the IPE Real Estate Global Conference & Awards 2020 – Global Real Estate Investor of the Year. Oxford, CPP Investments and Ivanhoé Cambridge also won silver themed awards for investments.

Calgary may relax rules for flight path properties

Residential, Commercial  •  CBC

Restrictions limiting the types of development on nearly 23,000 Calgary properties could soon be relaxed. Since 1979, the Airport Vicinity Protection Area (AVPA) has dictated what can and cannot be built in communities under flight paths to and from the Calgary airport.

Gender wage gap much worse than in 2015: CREW

Commercial  •  Bisnow

The CRE wage gap has widened over the past five years, leaving women at all levels underpaid, underrepresented and increasingly unsatisfied with their careers in 2020, according to a new benchmark study report by Commercial Real Estate Women Network.

Construction on $2.8B Broadway SkyTrain to begin in fall

Commercial  •  Daily Hive  •  CTV  •  CBC

B.C. Premier John Horgan announced construction on the SkyTrain Millennium Line Broadway Extension to Arbutus Street is on schedule to begin this fall. The provincial government will contribute $1.8 billion, Ottawa $888 million and the City of Vancouver $100 million of city-owned land.

CIBC SQUARE’s south tower approaching final form

Commercial  •  Urban Toronto

Over three years ago, a surface parking lot southeast of Union Station began its transformation into the first of two towers. The 49-storey south tower of Ivanhoé Cambridge and Hines‘ CIBC SQUARE office complex now stands at its full height.

PJ Condos tops out 48-storey Toronto condo

Residential  •  Urban Toronto

Pinnacle International’s PJ Condos, named for its location at Pearl and John Streets, has topped out. The mechanical penthouse level has taken shape, bringing the 48-storey, Hariri Pontarini Architects and Turner Fleischer Architects-designed  tower to its final height.

Untitled Toronto advances with new planning submission

Residential  •  Urban Toronto  •  RENX

Untitled Toronto at 100 Broadway Ave. is closer to its final form. Recording artist Pharrell Williams is working with architects IBI Group and interior designers U31, on the proposed Midtown residential complex from developers Reserve Properties and Westdale Properties.

Google proposes new town-like tech hub

Residential, Commercial  •  CNBC

Alphabet company Google has proposed a new tech campus in its historic home city of Mountain View, with plans to remodel 40 acres into a mixed-use centre that includes housing, retail and community gathering spaces in a town-like tech campus.

Restaurateur opens fourth Montreal location

Commercial  •  Montreal Gazette

In spite of dire predictions up to 60 per cent of Canadian restaurants could go belly-up because of COVID-19, Ted Dranias just opened his fourth Montreal eatery this week in Little Italy and will be launching a takeout counter in November. 

Away opens first Canadian store in Yorkdale

Commercial  •  Retail Insider

Popular New York City-based travel and lifestyle brand Away — known particularly for its innovative luggage — has opened its first standalone store in Canada at Toronto’s Yorkdale Shopping Centre. The direct-to-consumer brand is likely to open more stores in Canada.

REIT business updates

Commercial  •  RENX

Artis REIT, (AX-UN-T), Canada Newswire

Summit Industrial Income REIT, (SMU-UN-T), Canada Newswire

CPP extends GLP partnership through income fund

Commercial  •  Canada Newswire

CPP Investments will commit $307 million to the launch of the GLP Japan Income Fund, the largest private open-ended logistics fund in Japan. GLP JIF consists of some of Japan’s best logistics assets, including six LEED Gold and Platinum certified projects.

Investors expect Asia-Pacific to lead global recovery

Commercial  •  IPE Real Assets  •  IPE Real Assets  •  IPE Real Assets

Asia-Pacific, led by China, is likely to lead the global economic recovery and real estate capital flows in a post-pandemic environment, delegates were told at the first-ever online IPE Real Estate Global Conference & Awards 2020.

Colliers International expands to Nashville

Commercial  •  Globe Newswire  •  Globe Newswire

Leading global commercial real estate services and investment management firm, Colliers International Group Inc. (CIGI-T) announced the acquisition of Colliers International Nashville, LLC, which was previously an affiliate operation.

Hilton Times Square closing permanently

Commercial  •  Commercial Observer

The 44-storey Hilton Times Square in the heart of Manhattan is closing by Oct. 14, according to owners, Sunstone Hotel Investors. The 478-room hotel, located at 234 West 42nd Street, has been closed since the pandemic-induced shutdowns began in March.

B.C. caps rent increase at 1.4% for 2021

Residential  •  Daily Hive  •  Business In Vancouver

B.C. has announced it’s raising the allowable increase in rental prices for 2021 by 1.4%. According to the province, by the end of July, the 12-month average increase in inflation was 1.4% in B.C., while in 2019 there was 2.3% average change in the province.

B.C. gets only 0.5 % of federal housing program funds

Residential  •  Vancouver Sun

Of the first $1.47 billion of the National Housing Co-Investment Fund as of January, only $7.3 million — about 0.5 per cent — was for projects in B.C. Ontario got 94 per cent of the funding, or $1.39 billion, most of which went to Toronto.

Montreal sales and prices set new records

Residential  •  Globe Newswire  •  Globe Newswire

In total, 4,878 Montreal Census Metropolitan Area (CMA), residential sales transactions were concluded in August, representing a 39 per cent year-over-year increase and the highest number of transactions recorded for the month since the Centris system began compiling market data in 2000.

Hamilton-Burlington market cools off slightly: RAHB

Residential  •  Global News

The Realtors Association of Hamilton-Burlington (RAHB) is reporting that Hamilton’s red hot real estate sector cooled off slightly in August. In its August 2020 report, the RAHB says 1,272 homes were sold last month, a 21 per cent decline compared to July.