The demand for new condos and rental housing has remained stable in Montreal despite the COVID-19 pandemic, three of its top developers say, but that picture could change if the unemployment rate remains high and immigration rates fall.
As pioneers of multifamily wood construction, Adera Development is more than just a B.C.-based builder. It’s also an innovator, creating a proprietary QuietHome system to dampen noise transfer in its developments, including Crest in North Vancouver and Duet in Coquitlam.
A residential tower planned for Confusion Corner would offer four floors of “robotic parking.” A numbered company registered to Winnipeg developer Felicia Bruni plans to build a 15-storey tower at the corner of Osborne Street and Jessie Avenue.
Canadian Apartment Properties Real Estate Investment Trust (CAR-UN-T) announced it will be included in the S&P/TSX 60 Composite Index effective June 22. “We are very proud to be included in this prestigious market index,” commented Mark Kenney, president and CEO.
SmartCentres REIT (SRU-UN-T) has proposed a Global Architect Inc.-designed 13-storey retirement residence that would also provide 75 to 100 healthcare-related jobs at 379 Wilson Ave. in the Clanton Park neighbourhood. The site, adjacent to a Highway 401 off-ramp, has been vacant since 2004.
A year ago, Syntronic Canada was celebrating its fifth anniversary in Ottawa, with grand plans for future growth. Today, the Canadian arm of the Sweden-based tech design house is in the process of shedding space at both Kanata locations.
Property owners can now apply for the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses directly through the Canada Mortgage and Housing Corporation website. The federal program opened for online applications on May 25, 2020.
The weekend storm that battered northeast Calgary likely damaged more homes than the 2013 flood, Mayor Naheed Nenshi said Monday. The city estimates tens of thousands of homes were affected and the damage total could reach $1 billion.
Queen’s Park wants municipalities in the Greater Toronto Area and beyond to designate enough land to accommodate all new development expected until 2051, a move welcomed by the building industry but that critics charge locks in decades of renewed suburban sprawl.
Toronto city councillors voted Monday to allow landlords to raise rents in units built with city land and other investments by two per cent above the provincial guideline as part of the Mayor John Tory’s affordable housing programs.
Ontario is allowing almost all regions to move forward to the next stage of the province’s restart phase on Friday, which allows restaurants, hair salons and malls to reopen, but Toronto is still excluded from the list.
REIT/REOC COVID-19 business updates
Brookfield Property Partners (BPY-UN-T), Simon Property Group Inc. – the two largest mall landlords – and Authentic Brands Group LLC are in talks to buy bankrupt department-store chain J.C. Penney Co., according to sources.
Iowa Public Employees Retirement System (IPERS) is in talks to hire Brookfield as its first infrastructure fund manager with a $300 million US commitment to the Brookfield Super-Core Infrastructure Partners fund.
McDonald’s Corp. (MCD-N) said Tuesday its global sales fell about 30% in the first two months of this quarter due to the COVID-19 pandemic even as it signalled a recovery in demand as it starts to reopen restaurants around the world.
A blockchain-style platform promises to double the speed of U.K. property sales, with Coadjute, the startup behind it, announcing a new deal for its widespread use.
A new analysis of the country’s stock of affordable housing suggests the Liberals’ decade-long strategy to provide more of it is starting in a deeper hole than previously thought, and may be further behind once the COVID-19 pandemic passes.
VIDEO: Phil Soper, CEO of Royal LePage, speaks with the Financial Post’s Larysa Harapyn about the CMHC’s new rules and their effect on first-time homeowners, as well as the effect of immigration restrictions on the market.
“Economic hardship is no doubt taking a toll on a number of current homeowners — including investors,” said RBC’s Robert Hogue. “Some of them could be running out of options . . . and may be compelled to sell their property.”