Search

(Bloomberg) -- The average price of a Toronto home dipped in March as the market cools from the historic pace of sales set last year. "We need adequate housing supply and choice", Kevin Crigger, the Toronto real estate board's president, said in the statement. [Extracted from the article]

(Bloomberg) -- The average price of a Toronto home dipped in March as a slight cooling of activity allowed the pace of new listings to close the gap with sales, even as the market remained heavily tipped in sellers' favor compared with historic standards. The average home price in Canada's largest city dipped 2.6% to just under C$1.3 million in March from the month before, data released Tuesday by the Toronto Regional Real Estate Board show. [Extracted from the article]

(Bloomberg) -- If history is any guide, the combination of higher taxes on foreign buyers and rising mortgage rates may cool the red-hot housing market in Ontario. Toronto's benchmark home price fell about 6% after Ontario's foreign buyers' tax was first implemented in 2017, despite foreigners accounting for a small share of the market. [Extracted from the article]

At a lunch shortly after Canada bought Trans Mountain, an energy executive who'd been involved in the Thunderchild partnership asked Mason if he and Wapass could pull off something similar with the pipeline. Morin is now the chairman of Project Reconciliation, one of at least four Indigenous-led groups vying to take over ownership of Trans Mountain. Morin is Enoch Cree himself, one of Canada's 1.67 million Indigenous people, and he spent 15 years running the place. If Canada wants consent for Trans Mountain that Manuel views as meaningful, it would have to come out of her people's traditional forms of consensus-driven governance, she says. [Extracted from the article]

Canadian home prices experienced a record surge of 3.5% in February, driven by buyers entering the market ahead of anticipated interest rate increases by the Bank of Canada. Transactions also increased by 4.6% during the month, leading to record low inventory levels. The surge in prices and demand for larger living spaces during the pandemic has made Canada's housing market one of the most unaffordable globally. While there are signs of more sellers entering the market, the strong demand continues to outpace supply. [Extracted from the article]

Canada's central bank raised its benchmark interest rate for the first time since 2018 on Wednesday, and said more hikes were coming with inflation putting the economy in danger of overheating. (Bloomberg) -- Toronto home sales surged in the lead-up to the Bank of Canada's interest-rate hike this week, with the prospect of higher borrowing costs seeming to spur more buyers to try to get in the market while they can. [Extracted from the article]

(Bloomberg) -- Canada Pension Plan Investment Board is partnering with homebuilder Lennar Corp. in a $979 million joint venture to construct apartment buildings in the U.S. as a housing shortage pushes rents higher. The pension fund, which has increasingly been targeting U.S. rental housing, will own 96% of the venture while Lennar will take the balance, according to a statement Tuesday. [Extracted from the article]

(Bloomberg) -- Canadian Prime Minister Justin Trudeau said his government will retain emergency powers for at least a few more days because of ongoing threats, even after police cleared all blockades across the country. The emergency legislation received approval from lawmakers late Monday with the backing of Trudeau's governing Liberal Party and the left-leaning New Democratic Party. [Extracted from the article]

(Bloomberg) -- Canadian Prime Minister Justin Trudeau said his government will retain emergency powers for at least a few more days because of ongoing threats, even after police cleared all blockades across the country. Speaking at a press conference in Ottawa, Trudeau said it's still too early to lift measures banning public assembly in downtown Ottawa and at border crossings, because of concern demonstrators opposig vaccine mandates are prepared to continue protests. [Extracted from the article]

(Bloomberg) -- Police said they have largely cleared downtown Ottawa of the anti-vaccine protests that have roiled Canada and its capital for the last three weeks, as a financial crackdown widened to help prevent similar disturbances. "The number of unlawful protesters has dramatically declined in the last 24 hours", Ottawa's interim police chief, Steve Bell, said in a press conference Sunday. [Extracted from the article]

Some protesters remained camped in other downtown streets, and there were reports that others were setting up new positions around the city. The now-cleared area along Wellington Street in front of Canada's parliament building had become a gathering point for protesters during the three-week occupation, with speakers during the day and live music at night. (Bloomberg) -- Police dislodged anti-vaccine protesters from the street in front of Canada's parliament building, clearing the center of a weeks-long blockade that paralyzed the capital city's downtown and plunged the nation into crisis. [Extracted from the article]

(Bloomberg) -- Canadian police moved in to clear protest camps blocking the national parliament in Ottawa, threatening to escalate the use of force to end weeks of demonstrations against Covid-19 vaccine mandates and pandemic restrictions. Ottawa police said they deployed "a chemical irritant" to subdue protesters, who had been launching gas cannisters at them as they advanced. [Extracted from the article]

More than 100 people have been arrested in the operation and more than 21 vehicles blocking streets have been towed away, including some of the semi trucks that became symbols for the protests around the country, according to the Ottawa police. (Bloomberg) -- Canadian police moved in to clear protest camps blocking the national parliament in Ottawa, threatening to escalate the use of force to end weeks of demonstrations against Covid-19 vaccines and restrictions. [Extracted from the article]

Keywords: %CAD; ALLTOP; BUSINESS; CANADA; CATOP; COS; FIN; GOV; INDUSTRIES; NORTHAM; REL; TOP; WEALTH; WORLD; WWTOP; WWTOPAM EN %CAD ALLTOP BUSINESS CANADA CATOP COS FIN GOV INDUSTRIES NORTHAM REL TOP WEALTH WORLD WWTOP WWTOPAM (Bloomberg) -- Canadian home prices posted a record monthly surge in January as a plunge in the number of homes listed for sale has led to a historically tight market nationwide. Canada's benchmark home price jumped 2.9%, the biggest monthly gain in data going back to 2005. [Extracted from the article]

(Bloomberg) -- The industry body for Toronto real estate agents says the city's record-breaking surge in home prices is nearing an end as borrowing costs are set to rise. The Toronto board is still not predicting large price declines, though, arguing that the record low number of properties up for sale in the city -- there were just 4,140 listings still active at the end of January -- will keep prices steady overall. "Definitely as we move through the year, it's possible we'll see average prices below that January mark", said Jason Mercer, the real estate board's chief market analyst, adding that January tends to have outsize price swings because there are fewer transactions. [Extracted from the article]

(Bloomberg) -- An unprecedented real-estate frenzy has left Canada with the fewest houses for sale in at least a quarter century. The benchmark home price in Canada is now C$811,700 (about $648,000) "Policy makers are starting to say the right things, but now they have to act to change this course we're on", said the real estate board's Cathcart. [Extracted from the article]

(Bloomberg) -- Amancio Ortega, the billionaire behind the Zara clothing chain, has agreed to buy Toronto's Royal Bank Plaza skyscraper from two Canadian pension funds for about C$1.2 billion ($961 million). The sale of the iconic, gold-clad tower in the heart of Canada's financial capital is among the biggest transactions for an office building globally since the start of the Covid-19 pandemic. [Extracted from the article]

A representative for Ortega's family office confirmed the transaction to Bloomberg News. (Bloomberg) -- Amancio Ortega, the billionaire behind the Zara clothing chain, has agreed to buy Toronto's Royal Bank Plaza skyscraper from two Canadian pension funds for about C$1.2 billion ($961 million). [Extracted from the article]

In the luxury segment, houses worth C$10 million or more are staying on the market for a shorter time, weeks rather than months, said Kevin O'Toole, managing broker at Sotheby's in Vancouver. (Bloomberg) -- Even the ultra-wealthy are finding they're not immune to Canada's housing shortage, and nowhere is that truer than in the country's most expensive major market, Vancouver. [Extracted from the article]

"Bottom line is we continue to suffer from a real lack of inventory on the marketplace", Jason Mercer, the Toronto real estate board's chief market analyst, said in an interview with BNN Bloomberg Television. (Bloomberg) -- Toronto, a city of more than 6.5 million people, has just 3,200 homes left for sale to start the year after a real-estate frenzy fueled by low interest rates drove the market to record levels. [Extracted from the article]

Vancouver Home Sales Break Record Despite Tax on Foreign Buyers Local authorities in both Toronto and Vancouver have tried to cool off their housing markets by taxing foreign buyers in recent years. "The only sustainable way to moderate price growth will be to bring on more supply", Jason Mercer, the Toronto real estate board's chief market analyst, said in a press release accompanying the data. (Bloomberg) -- Toronto, a city of more than 6.5 million people, has just 3,200 homes left for sale to start the year after a real-estate frenzy fueled by low interest rates drove the market to record levels. [Extracted from the article]

(Bloomberg) -- Vancouver home sales soared to a record in 2021 as the real estate frenzy induced by the pandemic overcame years of government policies to rein in the market, with deals regaining all ground lost since the efforts began. Just shy of 44,000 homes traded hands in the metro Vancouver area last year, a 42% increase from 2020's sales and almost 1,700 more than the previous record, according to figures released Wednesday by the Real Estate Board of Greater Vancouver. [Extracted from the article]

Under the deal approved on Tuesday, a consortium of investors led by Montreal-based Canderel Real Estate Property Inc. will pay C$11.75 per Cominar share to take the company private. (Bloomberg) -- Shareholders of Cominar Real Estate Investment Trust accepted a C$2.2 billion ($1.7 billion) offer to go private as the Canadian owner of malls and office properties adjusts to Covid-induced changes in the commercial real estate market. [Extracted from the article]

(Bloomberg) -- A proposal to turn one house into two is all it took to transform the quiet Toronto neighborhood of St. Andrew-Windfields into a battlefield. Soaring Housing Inequality Is Now a Global Political Faultline "The processes we have to approve housing are really susceptible to being hijacked by motivated anti-housing groups", said Daniel Oleksiuk, a 37-year old lawyer who co-founded a group called Abundant Housing Vancouver in 2016. [Extracted from the article]

(Bloomberg) -- Canadian house prices jumped more than 25% in November from a year earlier, a record gain propelled by a historic supply shortage. In forecasts released with the November sales data, the real estate association predicted that prices would continue to rise in 2022. [Extracted from the article]

HR-U@CN, ALLTOP, BUSINESS, CANADA, CATOP, CORONAVIR, COS, FIN, INDUSTRIES, MARKETS, NORTHAM, REL, TOP, WORLD, WWTOP, WWTOPAM Keywords: HR-U@CN; ALLTOP; BUSINESS; CANADA; CATOP; CORONAVIR; COS; FIN; INDUSTRIES; MARKETS; NORTHAM; REL; TOP; WORLD; WWTOP; WWTOPAM EN HR-U@CN ALLTOP BUSINESS CANADA CATOP CORONAVIR COS FIN INDUSTRIES MARKETS NORTHAM REL TOP WORLD WWTOP WWTOPAM (Bloomberg) -- Shareholders of H&R Real Estate Investment Trust voted to shed 70% of the company's portfolio to focus exclusively on the apartment and warehouse assets that have done better than retail and office properties during the Covid-19 pandemic. [Extracted from the article]

(Bloomberg) -- Canada's national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage. CPPIB's latest partnership with Greystar follows on a $389 million venture they announced in January to develop apartment buildings in the U.S. (Updates with comments from CPPIB executive) ©2021 Bloomberg L.P. [Extracted from the article]

(Bloomberg) -- Toronto home prices rose to a record as a sharp decline in the number of properties coming up for sale stoked competition among buyers, leaving little prospect the market will cool soon. The number of new listings fell 13%, according to data released Friday by the Toronto Regional Real Estate board. [Extracted from the article]

But with the pandemic receding, investors are looking back at the fundamentals of elder care -- including higher yields than some other real estate categories, high demand and a potential shortage of supply. Transactions involving senior residences in Canada will grow to C$4.5 billion ($3.6 billion) in the current quarter and the next quarter combined, according to forecasts released Tuesday by the commercial real estate brokerage CBRE Group Inc. (Bloomberg) -- Elder care homes are attracting capital at a record pace in Canada, as investors who stayed on the sidelines during the height of the Covid pandemic seek out properties in anticipation of an influx of aging baby boomers. [Extracted from the article]

"Everyone looked at the space with dollar signs in their eyes", said Mimi Lam, who co-founded Superette, a chain of dispensaries that has opened four stores in Toronto since July 2020. (Bloomberg) -- High street has taken on a new meaning in Toronto, where pot shops are filling up storefronts that other retailers left behind during the pandemic. [Extracted from the article]

Keywords: BAM/A@CN; OMERS@CN; SPG; BUSINESS; CANADA; CONS; COS; CST; FIN; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; REL; RET; WORLD EN BAM/A@CN OMERS@CN SPG BUSINESS CANADA CONS COS CST FIN INDUSTRIAL INDUSTRIES MARKETS NORTHAM REL RET WORLD The owner of Canada's most valuable shopping mall is planning to add apartment buildings to that property and two others around Toronto, creating mixed-use neighborhoods that invite renters to live where they shop. The Yorkdale mall will be the last of the Toronto-area mall sites to break ground, in part because it's situated in a densely packed neighborhood that's squeezed between two major highways, Turner said. [Extracted from the article]

Keywords: BAM/A@CN; OMERS@CN; SPG; ALLTOP; BUSINESS; CANADA; CATOP; CONS; COS; CST; FIN; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; REL; RET; TOP; WORLD; WWTOP; WWTOPAM EN BAM/A@CN OMERS@CN SPG ALLTOP BUSINESS CANADA CATOP CONS COS CST FIN INDUSTRIAL INDUSTRIES MARKETS NORTHAM REL RET TOP WORLD WWTOP WWTOPAM The owner of Canada's most valuable shopping mall is planning to add apartment buildings to that property and two others around Toronto, creating mixed-use neighborhoods that invite renters to live where they shop. The Yorkdale mall will be the last of the Toronto-area mall sites to break ground, in part because it's situated in a densely packed neighborhood that's squeezed between two major highways, Turner said. [Extracted from the article]

A total of 9,783 homes changed hands, shy of last year's 10,503 deals, which was an all-time high for October, according to data released Wednesday by the Toronto Regional Real Estate Board. (Bloomberg) -- Toronto's housing market posted its second-best October on record, with prices continuing to soar as a flood of buyers chased a dwindling number of homes for sale. [Extracted from the article]

The deal will see Montreal-based Group Mach Acquisitions Inc. pay C$1.5 billion to acquire some of Cominar's office and retail properties while Blackstone Inc. will acquire its portfolio of industrial portfolios for an undisclosed sum. (Bloomberg) -- A group of investors led by Montreal-based Canderel Real Estate Property Inc. will buyout Cominar Real Estate Investment Trust for C$2.2 billion ($1.8 billion) in a bid to wring value from a portfolio of retail and office properties with outlooks tested by changes due to the Covid-19 pandemic. [Extracted from the article]

(Bloomberg) -- Ontario unveiled a plan to lift all public health restrictions related to Covid-19 in the next six months, bringing a return to normal life into view for residents of Canada's most populous province. It's the first step toward lifting all public health restrictions by March 2022, the officials said, citing rising vaccination rates and declining coronavirus infections. [Extracted from the article]

The measure, announced Friday, is the first step in a plan to lift all Covid-19 health restrictions in the Canadian province by March 2022. (Bloomberg) -- Ontario officials said they would restore full capacity for many businesses that require vaccination to enter, including restaurants, bars, gyms and casinos, starting Oct. 25. [Extracted from the article]

Even as sales picked up, however, the amountof new housing supply hitting the market fell 1.6%,putting a slim majority of local markets back intosellers' territory, according to the report. (Bloomberg) -- Canada posted its first nationwide homesales increase in six months as the end of summervacations and a steadily improving economy boosted themarket. [Extracted from the article]

"The lack of housing supply and choice has reached a critical juncture", Kevin Crigger, president of the Toronto real estate board, said in a press release accompanying the September sales numbers. (Bloomberg) -- Toronto home sales posted their first increase in six months as the end-of-summer holidays finally brought buyers some new supply, though it still wasn't enough to alleviate a historically tight market or keep prices from continuing their upward march. [Extracted from the article]

(Bloomberg) -- The people piling into Canada's red-hot housing market fastest already own a home -- or in some cases three or four. Read more: Housing Market "Gone Berserk" Stirs Unease Over Investors' Clout The last time Canada saw a similar surge in people owning multiple properties was in 2017, the data show. [Extracted from the article]

At the national level, CMHC noted moderate evidence of home price over-valuation, housing supply at critically low levels, and said price appreciation was starting to accelerate. (Bloomberg) -- Canada's housing agency said the country is now at high risk of a sharp correction in home valuations as the continued appreciation in prices becomes unmoored from economic fundamentals. "Housing market activity is very strong, price growth is still very strong, and price levels are still very high, so it's appropriate to signal the vulnerability", Dugan said. [Extracted from the article]

"Housing market activity is very strong, price growth is still very strong, and price levels are still very high, so it's appropriate to signal the vulnerability", Dugan said. At the national level, CMHC noted moderate evidence of home price over-valuation, housing supply at critically low levels, and said price appreciation was starting to accelerate. (Bloomberg) -- Canada's housing agency said the country is now at high risk of a sharp correction in home valuations as the continued appreciation in prices becomes unmoored from economic fundamentals. [Extracted from the article]

At the national level, CMHC noted moderate evidence of home price over-valuation, housing supply at critically low levels, and said price appreciation was starting to accelerate. (Bloomberg) -- Canada's housing agency said the country is now at high risk of a sharp correction in home valuations as the continued appreciation in prices becomes unmoored from economic fundamentals. [Extracted from the article]

(Bloomberg) -- Canada's housing agency said the country is now at high risk of a sharp correction in home valuations as the continued appreciation in prices becomes unmoored from economic fundamentals. At the national level, CMHC noted moderate evidence of home price over-valuation, housing supply at critically low levels, and said price appreciation was starting to accelerate. [Extracted from the article]

(Bloomberg) -- Canadian office vacancies have reached their highest point in more than a quarter century, surpassing the levels of both the dotcom bubble and the global financial crisis. The national vacancy rate reached 15.7% in the third quarter, the highest since 1994, according to a report released Friday by commercial real estate brokerage CBRE Group. The distress in the commercial real estate market comes as the Covid-19 pandemic continues to keep workers home and as employers reconsider how much space they'll need long term. [Extracted from the article]

Trudeau's governing Liberal Party has shown little interest in curtailing spending after emergency programs rolled out through the Covid-19 pandemic swelled the federal deficit to a projected C$331.9 billion ($259 billion) this year. Trudeau's Win Puts Capitalists in "Penalty Box", Rosenberg Says (Bloomberg) -- Canadian Prime Minister Justin Trudeau won a historic third term with the promise of higher taxes, bigger deficits and more government spending -- a direction that brings angst to the country's fiscally conservative business leaders. [Extracted from the article]

(Bloomberg) -- Canadian home prices continued to rise in August as the country's market remained historically tight. Benchmark home prices climbed 0.9% from July and were up 21% from last year, according to data released Wednesday by the Canadian Real Estate Association. [Extracted from the article]

(Bloomberg) -- Canada saw record investment in commercial properties in the second quarter as the easing of the Covid-19 pandemic pushed buyers and sellers off the sidelines. Even as vaccinations give Canada's economy a boost, commercial real estate investors continued to gravitate to properties that have been resilient during the pandemic. [Extracted from the article]

(Bloomberg) -- Oxford Properties Group agreed to buy a portfolio of industrial properties from KKR & Co. for about $2.2 billion as online shopping continues to drive investors toward warehouses. Warehouses were a hot corner of commercial real estate even before the pandemic, with investors betting on the rise of e-commerce and demand for quick shipping. [Extracted from the article]

Though increasing vaccination rates have begun to bring a return to normal life in Canada, that's left the country to contend with one of the developed world's most severe housing shortages and little prospect of much new supply becoming available soon. (Bloomberg) -- Canada's housing market posted its fourth month of sales declines as the number of people looking to sell their homes saw a precipitous decline despite prices near record levels. [Extracted from the article]