| "We have been able to control our costs through this misery and very hard market and got ourselves down to a very, very thin margin, but there's still profit in the deal for us, thankfully. I think the office market is going to come back in about five years. Nobody is going to build office, obviously. It's a silly thing to do now." | | – Dak Molnar, Managing Director of Molnar Group in an interview with STOREYS. | | | | Are you on top of Canadian real estate news? Let's find out. (Answers are at the end of this newsletter.) | - Earlier this week a Kitchener residential project was placed into receivership over $20M owing. Who was the developer?
- A Vancouver developer is selling a near-complete two-tower office development. What is the project called?
- According to recent data, this Ontario region includes half of Ontario's 10 most affordable cities.
| | | | Those high-rise residential towers, mixed-use spaces, and commercial buildings have to start (and finish) somewhere. | |  | - 41-45 Spadina Avenue.
- 70 additional residential units planned.
- Developers Prowinko Canada Ltd. submitted a building application in early May that is currently pending approval.
|  | - 13265 104 Street.
- A 25-storey and 35-storey residential tower atop six-storey podiums, with a total of 561 residential units planned.
- Public hearing scheduled for Monday, July 8.
| | | PLUS: | - A 51-building(!) project was approved by City Council in London, Ontario.
- CreateTO formed a development partnership with Jennifer Keesmaat's Collecdev-Markee that will see 447 new purpose-built rental units built in midtown. (link coming)
- Scotia Plaza in Toronto will turn its top floor into a luxurious 20,000 sq. ft event space.
- Fiera Real Estate is proposing a 22-storey rental tower in Vancouver, with Colliers serving as the Development Manager.
| | | | If you're reading this, you probably enjoy looking at pretty pictures of pretty houses. Check these ones out. | |  | | Perched on a hillside, this beautiful home rests near the Town of Gibsons and offers views for days (if not weeks). |  | | This stately Kingston home was first constructed in 1841 and has undergone an extensive four-year renovation. | | | It's Canada Day weekend, explore the Canadian dream by getting into some open houses. | | | People come and people go. Here are some people and where they're going. | - Luke Simcoe joins the City of Toronto in a senior policy role.
- Monique Badun and her team have joined Engel & Völkers Vancouver (from Sotheby's International).
- BC real estate sales and marketing firm rennie has its first US listing.
- Josh Marlowe promoted to Director of Development at Berkshire Axis Development.
- Michael McIlroy promoted to Senior Analyst at Balmoral Capital.
- Blair Morrison, CEO of the BC Financial Services Authority, announced that he will be retiring in early-2025.
- The City of Burnaby has named its 10-member Board of Directors to guide the Burnaby Housing Authority.
| | | | What's more impressive than being on top of things? Being ahead of them. Mark your calendars for these days: | - June 29: Tomorrow marks the start of summer 2024's first long weekend. Celebrating in cottage country? Here's everything you need to know about visiting Lake Rosseau.*
- July 1: It's freakin' Canada Day (as if we had to tell you, eh). Get out and enjoy some fireworks.
- July 3: Greater Vancouver Realtors and the Fraser Valley Real Estate Board will publish its June statistics.
- July 4: TRREB will publish its June statistics.
*Sponsored content | | | | |
