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Leyad acquires The Bay Centre in Victoria from Manulife

2 days ago

Leyad acquires The Bay Centre in Victoria from Manulife

Leyad has acquired The Bay Centre, a 420,000-square-foot mixed-use commercial property in the heart of downtown Victoria, from Manulife in an off-market deal for an undisclosed price.

Falling B.C. rents don’t equal good housing policy

GUEST SUBMISSION: "B.C. leads the country in rent decreases," Minister of Housing Christine Boyle’s office declared again this month. "We continue to see the effects of our efforts to build a historic amount of affordable housing."

Tales from the frontlines of Toronto's condopocalypse

Four years in, owners, investors and developers have lost fortunes in what may be one of the longest condo corrections on record — and market bottom is still nowhere in sight. Here are some of their stories.

Royal Bank Plaza put on path to net-zero by 2040

RBC (RY-T) and Pontegadea have committed to put RBC’s Toronto headquarters at Royal Bank Plaza on the path to net-zero by 2040, addressing the carbon emissions from the bank’s third-largest commercial office space.

RTO benefits Montreal offices with RESO connections

Avison Young examined the available space in office towers connected to RESO, the official name of Montreal's vast underground pedestrian network, and found the availability rate in connected buildings has declined steadily as more employers brought workers back to offices.

Something's brewing at Vancouver's old Molson site

When Concord Pacific purchased Vancouver's old Molson brewery site in 2016 for about $185 million, then-councillor Raymond Louie predicted a long path to mixed-use redevelopment. A decade later, the project is approaching a key milestone.

Van. developer embraces office-to-hotel conversions

There’s been a lot of talk about converting office buildings to residential or hotel space, but not much action. Reliance Properties is actually doing it, as the Vancouver company recently announced plans to convert two office buildings to hotels.

OSFI cuts bank capital requirements to boost lending

Canada’s financial regulator is lowering capital requirements for the largest banks for the first time in three years, it was announced on Friday, giving them the flexibility to lend more to support a push for defense spending, infrastructure and AI.

Expanded HST rebate launches for new homes in Ontario

Ontario’s expanded HST rebate program will officially launch Monday, following a three-month delay that was causing increasing concern among some leaders in the homebuilding industry. The program will build on a suite of measures designed to improve housing affordability.

More infill towers proposed at Mississauga site

A new proposal has been submitted to the City of Mississauga for a site in the Rockwood Village neighbourhood, transforming what was once planned as a two-tower condominium infill development into a six-tower residential community, by developer Lormel Homes.

Brad Lamb pivots from condos to PBRs as market freezes

Brad Lamb, founder of Brad J. Lamb Realty Inc. and Lamb Development Corp., is steering his company toward purpose-built rental apartments, a shift driven by Toronto’s condo market that has effectively stopped producing new supply.

Firm Capital clears competition review for $218M deal

Firm Capital Property Trust has cleared the Competition Bureau of Canada’s review for its $218 million acquisition of a 10-property manufactured housing portfolio in Alberta and Saskatchewan. The deal is a joint venture with SunPark Communities.

Bell and Cohere team up to bolster AI infrastructure

Bell Canada parent BCE Inc. is expanding its Merritt, B.C., data centre in collaboration with Toronto-based Cohere Inc., as Canada aims to reduce reliance on U.S. artificial intelligence infrastructure. Construction is underway.

Groupe Touchette doubles down on CentrePort presence

In early 2020, Groupe Touchette — the largest tire distributor in the country — opened a 100,000-sq.-ft. warehouse in CentrePort Canada near Winnipeg. Four years later, the company unveiled plans for a second distribution centre beside the first, now completed.

Morgan Stanley plans $1.3B tower for Dallas expansion

Morgan Stanley is weighing a US$1.3 billion office tower in Dallas, the latest Wall Street giant to bet on Texas as a financial hub. If built, the bank would consolidate several businesses into a 709,000-sq.-ft. skyscraper.

Hilton Hotel owners behind on billions in loans

A substantial portion of the troubled Hilton debt can be traced to a handful of large hotels in struggling downtowns. Two hotels in San Francisco account for US$725M of the delinquent balance alone.

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