Articles from Connect CRE

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.

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.

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.

Hydro-Quebec has announced a call for proposals for small-scale solar energy projects, aiming to add 3,000 MW of solar power to its grid by 2035. The first phase will consider projects up to 25 MW, totaling 300 MW, with grid connection planned by 2029. The initiative is open to diverse participants, including private industries and community-based organizations. Benefits include reduced connection costs and incentives for residential and commercial building owners starting in 2026.

Trudel has initiated the redevelopment of the Galeries Charlesbourg shopping centre in Quebec City, with a project valued at about $1 billion and expected to be completed by 2033. The development will address the housing crisis in the region by providing 2,000 rental condos, including affordable and accessible units. It will also feature 300,000 square feet of commercial space, a hotel, restaurants, and green spaces. This project is Trudel's second major venture in the Quebec City area, following a community-focused planning approach.

President Trump's increase in U.S. tariffs on steel and aluminum has doubled to 50%, pressuring Quebec manufacturers who are relocating operations to the U.S. to remain competitive. The uncertainty of tariffs is forcing companies to act, and local entities are pushing the government for protective measures. The Quebec Federation of Chambers of Commerce voices concern over rising industrial energy costs, further complicating the business climate. Canada has not yet retaliated, although there are calls for action against steel dumping.

Groupe HD and Fondaction have announced a $425-million multi-residential project in East Montreal. The development will feature 1,200 suites, with over 15% designated as affordable housing, and target LEED Gold certification. Construction will occur in two phases to align with urban planning directives. NEUF Architect(e)s will handle the architecture and BC2 will manage landscape design.

Groupe Mach has announced a $3.5 billion redevelopment project in East Montreal, aiming to transform two shopping centers into the Langelier mixed-use urban neighborhood. The project will comprise 7,000 residential units, a commercial zone, social housing, and an elementary school, coupled with green spaces and a linear park. A notable feature is the integration of multi-residential towers with the future Langelier metro station, made possible by a public-private partnership facilitated by Bill 61. Phase 1, set for completion in 2031, will include five residential towers and a cultural center. This initiative is part of Montreal's Master Land Use and Development Plan.

Le Symbio, a newly built apartment tower in Terrebonne, Quebec, becomes Canada's first to receive both LEED Silver and Zero-Carbon Building certifications. Developed by FTG Development, Claridge, and Services Immobiliers First, the building features 219 units and aims for full occupancy by summer. The project is valued at $95-$100 million, and its energy efficiency grants favorable financing conditions. Situated near public transit and retail outlets, the tower's unique attributes include its height and location near a riverbend and bicycle path.

The Montreal City Council has approved a $2.2 billion redevelopment project for Place Versailles, a six-decade-old shopping center in the Mercier-Hochelaga-Maisonneuve borough. The redevelopment will transform the site into a vibrant mixed-use neighborhood, including over 5,000 housing units, commercial spaces, parks, and a hotel. Despite some concerns about unaddressed recommendations from the city's public consultation office, the project is expected to yield long-term benefits. Adjustments to building heights and tower placements have been made to address community feedback.

Montreal's condo market experienced a 6.1% price increase in April, with the median price reaching $424,500. The single-family home market also saw an 8.7% increase to a median of $625,000, largely attributed to eased mortgage rules and declining interest rates. The South Shore has become the most expensive suburban area, overtaking Laval. Overall sales in April rose 10%, supported by incentives and favourable market conditions.

In Quebec City, nearly half of the condominiums sold in April fetched prices above their initial list prices, according to the Quebec Professional Association of Real Estate Boards. This surge in sales, attributed to falling interest rates and buyer confidence, marked a 12% year-over-year increase in total sales. While condos saw the most significant rise with a 21% increase, single-family homes and income properties also experienced noteworthy sales growth. This trend persists despite various economic and geopolitical uncertainties, mirroring the housing market dynamics during the COVID-19 pandemic.