Articles from Connect CRE

The Kitigan Zibi Anishinābeg First Nation of Western Quebec has filed a $5-billion lawsuit against the federal and Quebec governments, as well as Hydro-Quebec, claiming constitutional rights violations. Despite the large Aboriginal land claim in the Gatineau area, Chief Jean-Guy Whiteduck assures that private property will not be affected. The First Nation seeks to negotiate an agreement on resource sharing and land development. The National Capital Commission is also named as a defendant.

Prime Minister Paul Carney's budget proposal includes a $50 billion Local Infrastructure Fund aimed at housing, transportation, and healthcare infrastructure projects. The budget requires approval from opposition parties, as the Liberal minority government is short three votes. Key components of the budget involve investments in large-scale projects but also call for significant cuts in the public sector workforce. The approval of this budget could avoid an untimely election and facilitate major infrastructure spending across Canada.

Prime Minister Mark Carney's first budget is set to include large-scale infrastructure investments, requiring approval from additional parties due to the minority government status. The investments include a Canada-wide initiative for housing and increased defense spending. The budget vote, which is also a confidence vote, comes amid economic challenges like U.S. tariffs. Parties are undecided on supporting the budget, with conditions varying among them.

The Alberta government is aiming to attract $100 billion in data-centre investments over the next five years, as per technology and innovation minister Nate Glubish. This initiative is expected to generate substantial tax revenue for public services like schools and hospitals. The province's geographical and climatic advantages, along with existing intellectual infrastructure, position Alberta as an ideal location for AI data centres. More than 230 applications for data-centre developments have been received, according to the Alberta Electric System Operator.

The Bank of Canada has reduced its overnight lending rate by 25 basis points to 2.25%, the second consecutive cut. This decision coincides with a similar rate cut by the U.S. Federal Reserve. The move aims to counter economic weaknesses attributed to U.S. tariffs and to support managed inflation. Lower interest rates are expected to benefit the Canadian commercial real estate sector by attracting more investors.

Vesta Properties has unveiled its Broadway on 17th project, a multi-family mixed-use development in Calgary's Beltline district. The project includes a 47-storey condo tower, which will be the tallest residential building in the city, featuring 700 units. The development, set to be completed in phases by the mid-2030s, will also include two other towers, market-rental suites, affordable housing, and 70,000 square feet of commercial space. Despite challenges in Canada's condo market, Vesta remains optimistic about Alberta's growth and affordability.

Volkswagen has started construction on a $7-billion EV battery-cell plant in St. Thomas, Ontario, despite challenges such as U.S. tariffs and declining EV sales. The gigafactory, set for completion in 2027, is expected to produce 90 gigawatts worth of batteries annually for the North American market. The project involves major contracts for foundation work and steel installation, which are vital for the development of the plant. The facility aims to supply battery cells to Volkswagen's operations in North America and promises significant economic benefits to the local community.

The City of Vancouver is continuing with applications for market-rental housing projects despite a failed attempt to create a market-residential development corporation. Three out of six planned projects, valued at $213 million, are proceeding through the development-approval process. These projects are expected to provide 2,700 market-rental homes. While the proposed development company didn't receive needed support, the city remains committed to facilitating rental housing on city-owned land.

Dream Office REIT and Pomerleau are collaborating on a $70-million project to convert the former Barclay Centre in downtown Calgary into residential units. The development, part of Calgary's Downtown Development Incentive Program, will transform 135,000 square feet of underutilized office space into 166 rental homes, with 27% dedicated to affordable housing. The conversion is seen as a solution to Canada's housing shortage and is scheduled for occupancy in 2027. Pomerleau's subsidiary, ITC Construction, will handle the building work.

Shindico has acquired 14.34 acres of land in Winnipeg's Water Tower District to develop a new retail project. The mixed-use infill redevelopment will integrate retail, housing, and industrial uses, aiming to create a walkable neighborhood. Construction is scheduled to begin with residential units in 2026, followed by the retail development. The project is a collaboration between Shindico and Olexa Developments, aiming to serve residents and commuters while reflecting the community's cultural heritage.

The federal and Ontario governments will jointly invest $3 billion in the Darlington New Nuclear Project in Clarington, Ontario. This project involves the construction of small modular reactors (SMRs) with Ontario Power Generation leading the project. It aims to create thousands of jobs and significantly boost economic activity, with four reactors expected to be operational by the mid-2030s. The newly fast-tracked project has an estimated construction cost of $20.9 billion.

The City of Vancouver's plan to enter the market-rental housing development has been halted after the city council vote did not reach the required two-thirds majority. Mayor Ken Sim's proposal aimed to build 4,000 housing units on municipally-owned land in partnership with the private sector and government. Despite having majority support, the plan was not approved due to opposition from four councillors. The initial project was set to start at Pacific Boulevard and Hornby Street with two residential towers.