Minto enters Vancouver housing market
Ottawa-based Minto Apartment Real Estate Investment Trust announced its first project in the Vancouver market Tuesday, signing an agreement to provide $11.9 million in financing to a 50-50 joint venture between Minto Properties Inc. and a subsidiary of Darwin Properties Ltd. to develop Phase I of Lonsdale Square, a large master-planned community on a pre-paid 99-year land lease with the City of North Vancouver. The building will comprise 113 rental suites over six storeys, ranging in size from 495-square-foot junior one-bedroom suites to 1,054-square-foot three-bedroom suites, plus approximately 7,800 square feet of retail at-grade. It will front on East 21st Street.
Day 4 of Buildings Week
Today is day four of Buildings Week, presented by the Buildings Show and Buildex Alberta. A highlight today is the Buildex Interior Design Keynote: New Opportunities in Post-Pandemic Spaces, Exploring Social Equity, Health and Well-Being. Watch for Daily Commercial News coverage all week long.
More Ontario millennials want to move
A study released Tuesday by Properly, a home ownership site, found that roughly half (48 per cent) of Ontario millennials report being happy with where they live, a drop compared to the 67 per cent who reported that prior to the pandemic, they did not desire a new home. The survey found that millennials (24 to 39 years old) in Ontario are three times more likely to desire a new home in 2021 compared to the rest of the population. Millennials want a detached home (45 per cent), with a backyard (57 per cent), more square footage (44 per cent), closer proximity to green space (34 per cent) and a better home office (28 per cent).
Report urges spending on resilience to fight climate risks
A report issued today by the Canadian Institute for Climate Choices warns that the costs of climate change for Canada are mounting, and recommends substantial increases in adaptation investment and enhanced climate risk disclosure to build resilience and limit damages. The institute’s analysis of historical trends found that weather-related disasters like floods, storms and wildfires are getting more frequent, more extreme and more expensive. Since 2010, the costs of weather-related disasters and catastrophic events have amounted to about five to six per cent of Canada’s annual GDP growth, up from an average of one per cent in previous decades.
National affordable housing forum set for noon hour
An event billed as Kehilla’s Coast-to-Coast Affordable Housing Innovations will highlight six of Canada’s top, “design-forward” projects, selected to exemplify unique approaches to affordable housing innovations. The forum is scheduled for today at 12:30 p.m. EST.