So-called “rental condos” are the way to go in the Quebec City area according to André Pelchat, president and founder of Immostar, one of the provincial capital’s major residential developers.
Nine property owners have submitted an application to amend the community plan for the 20-acre neighbourhood adjacent to Port Moody’s Moody Centre SkyTrain station. The project would include up to 4,135 new homes as well as commercial and office components.
Surrey council has approved more than $692 million worth of development projects covering high-rise residential towers, rental apartments, townhouses and industrial warehouses. “It’s clear that there is no shortage of confidence in developing and building in Surrey,” Mayor Doug McCallum said.
Just a week after reiterating it’s in the market for acquisitions, Choice Properties REIT (CHP-UN-T) will spend $206 million to acquire two Toronto office and retail properties from Wittington Properties Ltd.; the Weston Centre and the West Block.
Concord Pacific is planning a 42-storey tower in Burnaby’s Central Park neighbourhood. The IBI Group-designed tower will be accompanied by a six-storey, non-market rental apartment building. The tower will contain 314 market residential units, and 52 non-market rental units in the low-rise.
Qualex-Landmark is planning a 31-storey high-rise and a five-storey, non-market rental apartment building in Burnaby. The tower will include 247 strata units, and the low-rise will include 32 non-market rental units. The non-market housing component will be operated by the YWCA.
The latest phase of Concert Properties‘ project in The Kip District community calls for one condominium and one rental building rising atop a shared underground garage, with combined total gross floor area of 608,000 square feet and 792 residential units.
Workers are repairing the old brick smokestack rising out of the historic Powerhouse building near Rock Bay in Victoria. Developer Chris Le Fevre is also working on his new Ironworks development, with 85 condominiums plus commercial space.
The Canadian Federation of Independent Business is calling for changes to the Canada Emergency Commercial Rent Assistance (CECRA) program, which it says is leaving many small businesses out thanks to its reliance on landlord participation and high criteria for eligibility.
SURVEY: Fully 61 per cent of the 580 restaurateurs responding to a survey by the Association Restauration Québec (ARQ) in early July said they would be unable to carry on for longer than six months under current government-mandated conditions imposed by COVID-19.
REIT second-quarter financial results
REIT/REOC business updates
Product manufacturers, food suppliers and packaged goods companies are concerned fee increases from retailers could be on the way after Walmart Canada (WMT-N) announced new fees to help offset $3.5 billion in planned investments in its stores and e-commerce network.
Amazon (AMZN-Q) is expanding its online grocery service in a major offensive aimed at winning more customers in the fiercely competitive U.K. grocery market. Amazon will increase capacity into more homes and offer free delivery to Prime members from Tuesday.
Starbucks Corp.’s (SBUX-Q) business is “steadily recovering” worldwide as most of the coffee chain’s stores have reopened with the easing of coronavirus-led restrictions, it said on Tuesday. Shares of the Seattle-based company rose about 6.5 per cent in extended trading.
McDonald’s Corp. (MCD-N) on Tuesday reported a bigger-than-expected drop in global same-store sales as the burger chain’s restaurants across the world were shut because of the COVID-19 pandemic, limiting operations to only drive-thru and delivery.
PODCAST: The Financial Post’s Larysa Harapyn speaks with Phil Soper of Royal LePage, and Don Kottick of Sotheby’s Canada, about the real estate forecast for Canada, and whether it’s realistic considering the continuing economic slowdown caused by the pandemic.
After months of missed rent payments from his tenants, Prince George landlord John Stiles is feeling the pinch, dipping into his line of credit to pay the mortgage, taxes and utilities of rental property he and his business partner own.
Quebec City saw the biggest growth of any Canadian city with June residential real-estate sales up by 46.9 per cent to 924 dwellings from 629 in June 2019, according to data from the Canadian Real Estate Association (CREA).
New Brunswick’s real estate sales in June were the highest in the province’s history. According to the New Brunswick Real Estate Association, 1,230 units were sold in June, up nearly 25 per cent year-over-year. The average price was up 14 per cent to $199,327.