First Notice: R-Hauz funding; Boralex reports; GTAA cuts

R-Hauz Solutions announces seed funding

R-Hauz Solutions, a Toronto-based housing start-up, announced yesterday it has closed a $4.5-million seed funding round with participation from BDC Capital, R-LABS and corporate investors. The company develops purpose-built housing by “integrating design and mass-production techniques from manufacturing and automotive industries with city planning frameworks,” stated a release. The firm focuses on missing middle infill housing by developing such housing forms as laneway housing and six-storey townhomes made from mass timber and prefabricated panels.

Boralex to report on Q3 today

Quebec-based Boralex will release its Q3 financial update at 11 a.m. today. The firm builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States including wind, hydroelectric, thermal and solar projects.

Pandemic forced GTAA capital spending cuts

The Greater Toronto Airports Authority’s (GTAA) three-month and nine-month financial report released yesterday reflected the difficulties being experienced by the aviation industry during the pandemic. Passenger activity decreased 69.5 per cent during the first nine months of 2020 compared to 2019, and the GTAA temporarily closed 40 per cent of its terminal facilities and laid off 27 per cent of its workforce. The GTAA also reduced its planned 2020 capital spend by $265 million.

ULI hosts inclusionary zoning forum

The Toronto chapter of the Urban Land Institute (ULI) has announced an online forum to discuss the launch of inclusionary zoning in Ontario as a means of expanding housing affordability. It’s an opportunity to learn how the City of Toronto is advancing I.Z. and how other Canadian and U.S. jurisdictions have successfully deployed it. The forum is scheduled for Nov. 23.

Bird’s Q3 income up slightly

Bird Construction Inc. announced yesterday it recorded net income of $8.8 million on construction revenue of $345.1 million during the third quarter of 2020 compared with a net income of $6.8 million on $378.6 million of construction revenue in 2019. Volume was slightly lower, however gross profit improved significantly year-over-year driven by growth in the industrial work program.