Proptech firm Lane secures $10M in funds, new partners

RENX  Commercial  •  Office, Technology  •  National, International

Lane has made major inroads in the commercial real estate industry since launching its workplace experience platform in 2014. The Toronto-based proptech firm has raised millions in funding to expand; Lane’s technology currently services over 250 million square feet of buildings.

Dream Industrial buys 4 properties in Montreal, Europe

RENX  Commercial  •  Industrial  •  International, Greater Montreal

Dream Industrial REIT (DIR-UN-T) will acquire two industrial properties in Germany and is in exclusive negotiations to buy assets in Netherlands and in Montreal. The two German properties will cost $56 million, the Netherlands and Montreal properties $52 million.

Firms leasing more space as workers return: Brookfield

Commercial  •  Financial Post  •  CP Executive

Brookfield Asset Management Inc. (BAM-A-T), one of the world’s largest real estate investors, is seeing higher demand for office space as workers return to socially distanced buildings, CEO Bruce Flatt said at the Bloomberg Invest Global virtual conference on Wednesday.

Office vacancy rates climb, rents fall in T.O., Vancouver

Commercial  •  Globe and Mail (Sub. required)  •  RENX  •  RENX

Office vacancy rates in Toronto and Vancouver climbed and rent prices declined during the first few months of COVID-19 as businesses tried to sublease space and conserve cash in the possible first signs of weakness in the country’s hottest markets.

Edmonton removes minimum parking requirements

Residential, Commercial  •  Global News

Beginning on July 2, Edmonton developers, homeowners and businesses will be able to decide how much on-site parking to provide on their properties, rather than being required to provide a certain number of stalls as was the previous policy.

Quebec City terminal would boost Canada: Director

Commercial  •  Toronto Star  •  Canada Newswire

Don Krusel, executive director of a project to build a $775-million container terminal in Quebec City, says the port expansion will help Canada claw back business from U.S. harbours.

Guildford, IBI proposes mixed-use tower in Surrey

Residential, Commercial  •  Daily Hive

Guildford Brook Estates and architectural firm IBI Group have submitted a rezoning and development permit application to the City of Surrey to redevelop a city centre site into a 46-storey, mixed-use tower with a five-storey podium and 415 units.

Element Toronto Airport hotel opens

Commercial  •  Green Lodging News

The 144-room Element Toronto Airport has opened across the street from the Toronto Pearson International Airport’s Terminal 3. Located at 6257 Airport Road, the extended-stay hotel is operated as a Marriott franchise and is owned and managed by Easton’s Group of Hotels.

Hotels rethink the rituals of hospitality as they reopen

Commercial  •  Financial Post

There is no better experience in the hospitality sector than opening a hotel, Fairmont Chateau Lake Louise general manager Gregor Resch says. It’s like opening a show on Broadway.

Health retailer GNC to shutter 29 Canadian stores

Commercial  •  CTV  •  Yahoo Finance

Health and nutrition retailer GNC has filed for bankruptcy in the U.S. and says it will close at least 29 stores in Canada as part of restructuring. The company will also attempt to get a Canadian court to recognize the proceeding.

Pandemic hits Aéroports de Montréal hard

Commercial  •  Montreal Gazette  •  La Presse  •  Montreal Gazette

COVID-19 has hit the civil aviation industry hard and with no real revenues coming in, Aéroports de Montréal says it won’t be able to contribute its part of the REM line as its forecasts do not see things improving soon.

REIT/REOC COVID-19 business updates

Commercial  • 

Slate Retail REIT, (SRT-U-T), Business Wire

Sun Residential REIT, (SRES-X), Newsfile

Black RE executives seek lasting change in diversity

Commercial  •  Financial Post

Black real estate executives, sharing their experiences of systemic racism, said Tuesday they’re seeking lasting change from the current spotlight on inequality in the U.S. “I hope deeply it’s a movement (and not a moment),”  said Goldman Sachs’ Margaret Anadu.

Illinois Teachers adds Brookfield to infra lineup

Commercial  •  IPE Real Assets

Teachers’ Retirement System of the State of Illinois has added Brookfield Asset Management to its infrastructure manager lineup with a $250 million US commitment to Brookfield Infrastructure Fund IV-B, the global infrastructure fund which raised $20 billion in February.

CRE risks pressure smaller U.S. banks: Fitch

Commercial  •  Fitch Ratings

The Ratings and Rating Outlooks for U.S. banks reflect asset quality deterioration and rising defaults for loans, with most downside risk for smaller and/or concentrated banks in CRE. Fitch views hospitality, retail and construction lending as most affected by COVID-19.

Venture capital funding of proptech has plummeted

Commercial  •  National Real Estate Investor

Venture capital funding of U.S. proptech companies dropped by 69 percent in the first quarter of 2020 compared to a year earlier. However, the drop may prove to be a hiccup, rather than an enduring trend.

Committee calls for Quebec registry, rent control

Residential  •  Montreal Gazette  •  Les Affaires

After examining 61,000 “for rent” notices, the Regroupement des comités logement et associations de locataires renters’ rights committee is demanding that the Quebec government create a registry documenting rental prices and enforce rent control.

Vancouver condo rentals ride out pandemic

Residential  •  Business In Vancouver

Metro Vancouver’s condominium rental market – which involves approximately 69,000 units owned by investors, according to Canada Mortgage and Housing Corp.(CMHC) – is riding out the pandemic well, but tenants are increasing taking over the driver’s seat.

GTA new home sales down 81% YOY in May

Residential  •  Globe Newswire  •  Toronto Star

With 866 new homes sold, it was the lowest May for total new GTA home sales since Altus Group, BILD’s official source, started tracking in 2000. May’s new home sales were down 81 per cent year-over-year and 76 per cent below the 10-year average.

Real estate markets still a long way from normal

Residential  •  Financial Post

Canada’s most expensive cities may be on the brink of fully reopening, but when it comes to their residential markets, things are a long way from normal. June is behaving more like the traditional spring market in April and May.