Articles from Connect CRE

The Canada Mortgage and Housing Corporation (CMHC) reports that Canada must double its home construction efforts, building 430,000 to 480,000 homes annually until 2035, to restore housing affordability. Major cities like Montreal and Toronto face significant housing gaps, with Toronto needing a 70% increase in homebuilding over the next decade. The national strategy requires a modernized workforce, more private investment, fewer regulations, and advancements in construction technology to achieve these goals.

Peninsula Capital has acquired a 959-unit single-family rental housing portfolio in the U.S. Midwest, expanding its U.S. presence significantly. This acquisition supports their strategy of scaling up its single-family rental platform. The properties are located in cities like Kansas City, St. Louis, Indianapolis, and Columbus, benefiting from affordable housing, job stability, and high rental demand. The newly acquired portfolio includes two-, three-, and four-bedroom units situated in well-established neighborhoods.

Jadco has started construction on Équinoxe Bois-Franc, a zero-carbon multi-family residential project, in Saint-Laurent, Quebec. This $225-million development aligns with Jadco’s environmental and social governance goals, seeking Zero Carbon Building Performance Standard along with LEED and BOMA certifications. The project features two buildings with a total of 525 units, set to be completed in two phases by 2026, including renewable energy systems and green roofs. The project also emphasizes sustainability with elements like bicycle storage and urban gardens.

The U.S. and Canadian leaders, Donald Trump and Prime Minister Mark Carney, are at odds over trade deal concepts, which could significantly impact Canadian commercial real estate. Differences in opinions revolve mainly around tariffs, with Trump favoring a straightforward tariff approach. Although differences remain, both leaders expressed optimism about reaching an agreement. The ongoing discussions could influence investment decisions, development projects, and leases across the Canadian CRE market.

Condo sales in Vancouver have plummeted by 37% from mid-2022 to early 2025, primarily due to increased interest rates impacting affordability and investor returns. The decline in sales has resulted in a surplus of unsold units and a drop in resale prices. This has also led to a significant rise in project cancellations, with a tenfold increase in canceled units reported from 2022 to 2024. Although there may be short-term benefits for buyers, the long-term effects are expected to exacerbate housing shortages.

Cyclic Materials, a Canadian startup, is planning a US$25-million magnet recycling facility in Kingston, Ontario. The 140,000-square-foot plant will house a research and development center and commence processing 500 tonnes of rare-earth elements annually by early 2026. This facility will play a pivotal role in the energy transition by recycling materials for EV motors, wind turbines, and more. Cyclic also plans to open its first commercial REE recycling facility in Mesa, Arizona by 2026.

Harden and RioCan REIT have revealed plans to redevelop the Méga Centre Notre-Dame mall in Laval, Quebec, following the sale of part of the property. Rosefellow has purchased a portion for $75 million, intending to construct an industrial campus. The redevelopment will include significant retail space expansions and new stores, enhancing the mall's commercial value. The transformation is expected to create a mixed-use hub that benefits the community by combining retail and industrial sectors.

Halifax's municipal staff presented a plan to construct a permanent soccer stadium in its downtown area. The proposed 8,500-seat stadium aims to serve professional teams and community events but faces logistical challenges as it would require land currently used by other groups. Funding remains a significant hurdle, with the city rejecting financial responsibility. The total estimated development costs range from $116 million to $123 million, and further public consultations are anticipated.

GWL Realty Advisors has started construction on a 24-storey rental-apartment tower in Calgary's Beltline district, featuring 219 units and retail space. Calgary Mayor Jyoti Gondek praised the project for aligning with city goals for urban density and sustainability. The building, set for completion in mid-2028, will offer modern amenities and address housing shortages in major Canadian cities.

Davie has announced its plan to acquire two shipyards in Texas from Gulf Copper & Manufacturing, with intentions to invest US$1 billion in upgrading them. This acquisition will support U.S. federal priorities and is expected to create roughly 4,000 jobs. The deal, marking Davie's expansion into the U.S., is anticipated to close by summer 2025, following regulatory approvals. The move will strengthen Davie's role in the U.S. shipbuilding industry and address the Arctic capability gap.

Vancouver city council has approved Crombie REIT and Westbank's revised plans for redeveloping a Canada Safeway store in the Commercial Drive area. The project will now focus exclusively on rental apartments, providing 1,044 units including both market-rental and below-market options. The development will feature three towers and a larger Safeway, along with retail, restaurants, and a city-owned childcare facility. Chicago-based Perkins & Will's Vancouver office is responsible for the architectural design.

EcoPro has decided to temporarily halt the construction of its $1.2 billion electric vehicle battery-materials plant in Bécancour, Quebec. The decision is due to increased tariffs in the United States and slower-than-anticipated sales in the electric vehicle market. The company has not provided a timeline for when the construction might resume.