Construction of Gloucester office building in the works – colliers.com – Low east-end vacancy forcing rents upward. After several quarters of steady rents and extremely tight vacancy rates, the cost of leasing office space in Ottawa’s east end is likely to increase in the upcoming yearal. Vacancy rates across all classes in the area have steadily declined since the start of the year, currently resting at levels lower than Ottawa’s notoriously tight central business district.
Ottawa Business Journal, Oct 27, 2008
Condo projects in jeopardy – The credit crisis and slowing economy are frustrating real estate developers’ planning and could derail some Toronto condominium projects currently under way, prominent Canadian developers say. About 300 projects were selling in the Greater Toronto Area in the first half of the year – more than in any other North American city. With the cost of credit globally going up, banks have also been much more cautious of the slowing real-estate sector.
Toronto Star, Oct 28, 2008
Real estate industry braces for downturn – Tough times lie ahead for Canada’s residential real estate market next year, with a brighter picture for 2010. A crowd of more than 1,000 real estate agents and brokers gathered at the Toronto Real Estate Board’s annual general meeting Monday for a pep talk aimed at worried salespeople, many of whom have yet to live through a downturn. As things get rocky, agents will drop out, brokerages consolidate and cut costs, and everyone will have to make better use of technology.
Globe and Mail, Oct 27, 2008 CBC.ca, Oct 27, 2008
New Office to Lead Toronto’s Infrastructure Renewal – The City of Toronto has launched its new Major Capital Infrastructure Coordination Office. As recommended by Mayor David Miller’s Fiscal Review Panel, the office provides new high-level leadership and coordination of the city’s priorities for infrastructure renewal. The appointment of Peter Crockett, P. Eng. as director of the office took effect Monday, November 3, 2008.
ReNew Canada, Nov 05, 2008
Distressed commercial properties on Brookfield’s radar – brookfieldproperties.com – BPO-T – BPO-N – Brookfield Properties says a third quarter profit has helped it amass a small war chest in order to pick up distressed commercial properties. Brookfield, which owns more than 100 properties in a number of major North American cities, made $174 million, or 44 cents a share, in the latest July-to-September period. That was a marked improvement compared with the Toronto company’s $3 million gain for the same quarter one year earlier.
CBC.ca, Nov 06, 2008
Canadian REIT Third Quarter 2008 Results – creit.ca – REF.UN-T – For the three months ended September 30, 2008, CREIT reported Funds from Operations (FFO) of $0.575 per unit. This is a $0.033 per unit increase over the three months ended September 30, 2007, which represents a 6% improvement. For the nine months ended September 30, 2008, CREIT reported FFO of $1.684 per unit. This is a $0.099 per unit increase over the nine months ended September 30, 2007, which represents a 6% improvement.
Market Wire Canada, Nov 07, 2008