MSCI/REALPAC property index shows 7.9% return in 2018

RENX  Commercial  •  Investment  •  National

“We’re a major player in the global markets and we punch way above our weight in terms of global investments,” REALPAC CEO Michael Brooks said of Canada’s CRE market, during the presentation of the MSCI/REALPAC Canada Annual Property Index.

Edmonton’s NAIT to double in size

Commercial  •  Edmonton Journal

The Northern Alberta Institute of Technology’s main campus will nearly double in size after buying 13 hectares of land from the City of Edmonton, becoming the “anchor tenant” for the green development on the site of the former municipal airport.

Granite’s industrial buy has ‘significant’ growth potential

RENX  Commercial  •  Industrial  •  International

Granite REIT (GRT-UN-T) is acquiring three large U.S. logistics and industrial properties, which include significant future development potential, for about $227 million Cdn. The portfolio encompasses approximately 1.7 million square feet of leasable area in the Dallas and Louisville markets.

Brigil to bring new life to Village Place Cartier

Commercial  •  CBC

Gatineau’s Village Place Cartier shopping centre and parking lot will get a breath of new life in the coming years. Redevelopment work could start in early spring and would hopefully be done by July 2020, Brigil president Gilles Desjardins said.

$1B from province for Ottawa’s LRT phase 2 in question

Commercial  •  CBC

Less than three weeks before city council is set to award its largest single contract ever, Ottawa officials still don’t know if the provincial government will ante up its third of the bill for the $3-billion LRT expansion.

Student housing thrives in competitive Ottawa market

Residential  •  Fulcrum

A slew of luxury student residence buildings has opened in Ottawa, prompting questions about the growing student housing market. The booming industry saw another bump with the opening of the University of Ottawa-affiliated Annex residence in September.

Sponsored by CMHC Be a part of Canada’s next generation of affordable rental housing

The rental market is an important housing option for approximately 30 per cent of Canadians including middle class families, young adults, seniors and new immigrants. Currently, around 1.7 million Canadian families don’t have a home that meets basic needs…

Morneau considers return to 30-year insured mortgages

Residential  •  Globe and Mail

The federal government appears to be considering a budget announcement that would allow first-time homebuyers to obtain 30-year insured mortgages, up from the 25-year limit now, according to the Canadian Home Builders’ Association.

Olympic Stadium roof replacement delayed until 2024

Commercial  •  CBC

The completion date for the Olympic Stadium’s planned $250-million roof replacement is being pushed back a year, officials say, to make sure they get it right this time. Montreal will play host to some of the 2026 World Cup matches.

Toronto’s first brick-and-mortar pot shop to open in Yorkville

Commercial  •  CBC  •  CityNews

It looks like Toronto’s first brick-and-mortar cannabis retail store will be located in Yorkville. An application has been filed to open a store in the heart of the upscale neighbourhood known mostly for its luxury retailers and swanky restaurants.

Shiny skylines could pose a hazard to nearby objects

Commercial  •  ConstructConnect

Some of those shiny new towers that make for a striking skyline are proving to be a nuisance — even leading to safety concerns — due to the light they reflect onto neighbouring buildings, vehicles and people.

REOC Financial Reports

Commercial  • 

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

Brookfield Property Partners, (BPY-UN-T),  Globe Newswire

Sumitomo acquires Minneapolis’ SPS Tower for $144M

Commercial  •  Minneapolis Star Tribune  •  PR Newswire

The SPS Tower in downtown Minneapolis has sold for $144 million to Sumitomo Corporation of Americas, the U.S. subsidiary of Japan-based trading giant, Sumitomo. SPS Tower was sold by California State Teachers Retirement System (CalSTRS) for about $220 per square foot.

U.S. specialty, casino REITs raise most capital

Commercial  •  CP Executive

As of Monday, publicly traded U.S.equity REITs raised approximately $4.87 billion through capital offerings. Senior debt offerings accounted for 88 per cent of total capital raised, amounting to $4.30 billion, followed by common equity which totalled $0.57 billion.

London office deals are outpacing Manhattan’s

Commercial  •  Bloomberg

London accumulated $21 billion US of investment in commercial real estate sales last year, beating out Manhattan for the top spot globally despite mounting anxiety about Brexit.

Global CRE investment enjoys best year since 2007

Commercial  •  World Property Journal

Global real estate consultant JLL is reporting this week that despite rising global uncertainty impacting Q4 investment, 2018 was the best year since 2007 for global commercial real estate markets, with volumes hitting $733 billion US.

Vancouver mayor considering increasing empty homes tax

Residential  •  CityNews  •  Vancouver Province  •  Vancouver Sun

Vancouver Mayor Kennedy Stewart is suggesting the one per cent empty homes tax might need to go up as the push continues to boost rental stock in a low-vacancy city.

Vancouver council to decide on three development projects

Residential, Commercial  •  Vancouver Courier

Three rezoning applications in Vancouver neighbourhoods including Kitsilano, Grandview-Woodland and Marpole go to public hearing Feb. 12. The projects include two mixed-use rental buildings and a two-building development of market residential units.

Amid housing crunch, Toronto prepares 10-year plan

Residential  •  CBC  •  Financial Post

Toronto is grappling with a housing crunch that will likely get worse if there’s not enough government action, thanks to low rates of social housing and purpose-built rental construction coupled with rising population growth, according to a new report.

U.S. apartment rent up 4.2% year-over-year

Residential  •  PR Newswire

Against a backdrop of increasing demand for affordable housing and home ownership rates leveling off, Apartment Guide announces the release of its 2019 Rent Report, showing average rent prices across the country began the year 4.2% higher than at the start of 2018.