Greater Toronto Toronto Area condominium prices nosedived as listings spiked in the second quarter, says a new Toronto Regional Real Estate Board report. Condo sales fell 19.8% to 5,474 in the second quarter of 2024 from 6,824 a year earlier. However, new listings soared 36.5% year-over-year to 16,197 as existing inventory remained elevated. TRREB attributed …
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Canada’s multi-family real estate market is in a slow transition, says a new Yardi report. According to the Toronto-based real estate data analytics firm, the apartment market experienced a slight cooling despite strong demand during the second quarter. “Fundamental metrics such as rent growth and vacancy have moderated from peak levels but remain robust by …
Ottawa lease rates remained high in the second quarter of 2024 as vacancy remained tight, according to a new Avison Young report. Long-term tenants are seeing dramatic rent increases, sometimes as much as 100%, while trying to renew five- and 10-year leases. “This is a significant hike considering rent increases have historically been in the …
The City of Calgary is selling mixed-use and multi-family development land parcels in the Midfield Heights area. The parcels previously comprised a 24-acre mobile home park that was vacated in 2018. The last residents were evicted following a legal battle, according to multiple published reports. The site is located at 16th Avenue N.E. and Moncton …
Cedar Coast and Orion Construction have broken ground on a new 400,000-square-foot industrial park in the Vancouver suburb of Mission, B.C. Cade Barr Business Park is Mission’s all-time largest industrial project, the companies said. The four-building project also expands Mission’s light-industrial real estate base by more than 25% and is the first new employment land …
Ventus Therapeutics has opened a new biopharmaceutical laboratory and office facility in the Montreal suburb of Saint-Laurent, Que. The new 24,000-square-foot state-of-the-art facility more than doubles Ventus’ lab and office space in Montreal and allows the company to strategically expand its research and development capacity, said the Waltham, Mass.-based company in a news release. The …
Keurig Dr Pepper Canada has leased a 100,000-square-foot space in XTL Transport’s new distribution centre in Balzac, Alta., just outside of Calgary’s northeastern city limits. KDP Canada is the trade name for Keurig’s Canadian subsidiary. The distribution centre is the beverage company’s first in Western Canada. XTL’s 474,000-sf facility includes 40-foot clear ceiling heights, 16,000 …
Crestpoint Real Estate Investments and Anthem Properties have acquired a downtown Vancouver multi-family rental-apartment development site for an undisclosed price. The property is located on a 0.4 acre site on the southwest corner of Thurlow and Burnaby streets. Plans call for a 32-storey concrete purpose-built apartment building comprised of 300 units, including one-, two- and …
The Rose Corporation has purchased a 27.3-acre former General Electric manufacturing and office site in Oakville, Ont., for $45 million. Rose appears likely to convert the suburban Toronto property into multi-family housing while also providing mixed-use components. But the company indicated that it has not formalized its plans. “Our team is looking forward to engaging …
Caisse de dépôt et placement du Québec (CDPQ) has agreed to sell $700 million Couche-Tard shares back to the convenience-store giant. Montreal-based CDPQ has also agreed to invest $103 million in Vantage Data Centers’ Quebec City campus. In a joint-news release, Laval, Que.-based Couche-Tard and CDPQ said their deal is being made in connection with the …
Ontario Real Estate Association CEO Tim Hudak announced his resignation Wednesday. Hudak will leave his post on August 2. OREA has not indicated whether it will appoint an interim CEO or a permanent replacement. The outgoing CEO said he notified OREA earlier this year of his intention to leave the organization this summer. He did …
The Bank of Canada’s new overnight interest-rate cut shows that the commercial real estate market gain in the long term, say industry leaders. But Wednesday’s reduction likely means that the sector will continue to feel the pain of higher interest rates for at least a little while. “Rate cuts from the Bank of Canada are important signals to the …
The Calgary Flames’ owner has unveiled the design for the National Hockey League team’s new arena, and broken ground on the $800-million project. The future arena is officially known as Scotia Place and will feature a textured flame motif emulating a fire, lighting up at night. Calgary Sports and Entertainment Corporation, the club’s owner, is …
Bird Construction has agreed to buy Jacob Bros. Construction for $135 million, the companies announced. Surrey, B.C.-based Jacob Bros. is a privately-owned civil infrastructure construction business with self-perform capability. The company serves public and private clients across the region with a workforce of over 350 salaried, hourly and craft personnel. Jacob Bros also provides expertise …
Brookfield is investing an undisclosed amount in Empira’s large-scale multi-family real estate development project in Cologne, Germany. The build-to-rent development project involves the conversion of a former office property. The site is owned by Empira-managed funds. Brookfield is investing through its real estate solutions group. “We are proud to have partnered with Brookfield on a …
Greater Montreal Area industrial average asking rents dropped to 2022 levels during the second quarter, says a new Avison Young report. Landlords requested $15.70 per square foot on average, down from $16.80 at mid-year 2022. The reduction comes as Avison Young projects a possible shortage of industrial space in 2026 unless new projects are launched …
A Farm Boy grocery store has opened within the new 72-acre Brightwater community in the Port Credit area of Mississauga, Ont. Brightwater is being developed by Port Credit Village West Partners. Located at 175 Lakeshore Drive West, the new Farm Boy is the chain’s first Mississauga store. “We’re delighted to bring such a beloved grocery …
Fairfax Holdings has agreed to acquire mattress retailer Sleep Country for $1.7 billion. Toronto-based Fairfax is slated to complete the purchase through a new wholly-owned subsidiary via a plan of arrangement under the Canada Business Corporations Act. Brampton, Ont.-based Sleep Country has 307 corporate-owned stores and 18 warehouses across Canada. The company operates under the banners; …
Greater Toronto Area office absorption remained positive during the second quarter despite vacancy and availability increases, says a new Avison Young report. But absorption was “meagre,” comprising less than 15,000 square feet. Trophy-class and class A absorption gains were nearly offset by declines in B and C class decreases. The B and C class absorption …
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