T3 Bayside is the first of two similar heavy timber office buildings being built at Hines’ Bayside Toronto development. (Courtesy Hines)
Construction at the mixed-use Bayside Toronto development is about to accelerate once again, with Hines hosting the official groundbreaking for the T3 Bayside office and retail complex on July 23.
It’s the latest addition to the 13-acre, master-planned Bayside Toronto site. The 251,000-square-foot T3 Bayside is the first of two heavy timber office buildings to be built on the site in the East Bayfront neighbourhood. Construction has begun despite Hines not having any confirmed tenants for the project.
“We have confidence in the Toronto marketplace and we’re proceeding,” Hines senior managing director and country head Avi Tesciuba told RENX. “A number of parties have shown interest.”
CBRE is responsible for marketing and leasing the first phase of T3 Bayside. Once its twin mass timber-built structure is completed, the two T3 Bayside buildings will include more than 500,000 square feet of office space.
“It’s a mirror building that will be driven by market demand,” said Tesciuba. “What we think might happen is that an anchor tenant might be too large to stay in one building and may want the two buildings right away, or at least a portion of the second building.”
Zoning approvals are in place, so Tesciuba said Hines “could develop the second building on the heels of the first one.”
Both T3 Bayside buildings are targeting LEED Gold certifications.
Construction to begin on Aqualuna
The building is one of two which will soon be under construction at Bayside, which is now entering Hines’ final construction phase.
Aqualuna will be a 468,000-square-foot, 240-suite condominium comprised of two 16-storey towers to be built in partnership with Tridel. After going through a minor variance committee hearing in mid-July, Hines expects to begin construction in August.
Aqualuna will feature a sixth-floor amenity terrace and pool with views of Lake Ontario as well as direct access to an indoor lounge. The ground floor will have approximately 18,000 square feet of retail space.
Seventy-eight per cent of the units are sold and occupancy is scheduled for October 2024.
Other Bayside Toronto components
Aqualuna will join three already completed Hines-Tridel condos at Bayside Toronto:
* the 12-storey, 328,579-square-foot, 227-suite Aquavista;
* and the 323,257-square-foot, 174-suite Aquabella.
“The only other phase left is an affordable rental building that’s controlled by the city,” said Tesciuba, who is responsible for all real estate activities in Canada for Hines, which is headquartered in Houston.
There are no firm timelines in place to start construction on the apartment building. While Hines would like to be part of that project, the City of Toronto is leading and funding the project and will make the decisions on how it progresses.
When it’s complete, Bayside Toronto will include: two million square feet of housing, office space, shopping and restaurant destinations, cultural venues and walking promenades along the shore of Lake Ontario.
It’s just one of several major Canadian projects Hines is developing, some in partnerships with other firms.
CIBC Square
The largest is CIBC Square, which Hines and Ivanhoé Cambridge will jointly develop, own and manage. It’s comprised of 49- and 50-storey class-AAA towers at 81 and 141 Bay St. in downtown Toronto.
CIBC will occupy about 1.7 million square feet at the 2.9-million-square-foot complex. Microsoft and Boston Consulting Group will also be major tenants.
CIBC Square will feature a one-acre elevated park that will be built over a rail corridor and link the towers four floors above street level.
Other amenities will include: direct links to transit channels; a conference centre; a fitness facility; bicycle storage; and a market-style food hall with a choice of dining options.
CIBC Square is being engineered to qualify for LEED Platinum and WELL certifications.
Construction has proceeded at CIBC Square throughout the COVID-19 pandemic because it was deemed an essential workplace. Tenants are already doing work on their spaces within the first tower.
Tesciuba said there’s no space available in the first tower aside from 6,000 square feet in the podium food hall.
The first building is scheduled for completion this year, while the second is expected to be delivered in 2023,
T3 Sterling Road and 64-86 Bathurst
T3 Sterling Road will be a 420,000-square-foot heavy timber office development across three buildings in Toronto’s Lower Junction neighbourhood. It has a WiredScore Wired Certification and will target LEED Gold and WELL certifications.
While T3 Sterling Road has no confirmed tenants, it will include: employee collaboration areas; rooftop patios with skyline views; balconies on every floor; indoor bike parking and end-of-trip facilities; a fitness centre with change rooms and lockers; and independent food and beverage retail options.
“There hasn’t been any new construction in that neck of the woods, so there’s a lot of unsolicited interest,” said Tesciuba. “We’re just beginning our marketing efforts there, but there’s been strong interest.
“The draw for that project is the access to multiple modes of transportation and being within walking distance of the TTC, GO and UP Express.”
Hines is working through a site plan application. Tesciuba hopes construction will start in Q1 2021 for delivery in Q1 2023.
Hines is working through the rezoning process for a mixed-use development at 64-86 Bathurst St. in Toronto that Tesciuba expects to go to city council in September.
Construction is expected to start in Q2 2021 for a 17-storey building that will include: 307 rental apartment units; one floor of indoor amenity space; rooftop amenity space; two levels of retail; and two levels of office space.
Calgary’s One Park Central
Hines is the developer and owner of Calgary’s One Park Central, a 32-storey, 363,000-square-foot, 462-suite rental apartment building on the northwest corner of 12th Avenue and 4th Street SW.
Amenities include: a city-view pool deck; a fitness facility; a rooftop lounge; a sport lounge; a pet spa; high-speed elevators; cold storage for grocery deliveries; heated underground parking; and bike and gear storage.
“Leasing velocity is really strong,” said Tesciuba. “The amenities are quite strong for this market. The location is also an advantage.”
Forty per cent of One Park Central’s units are in the podium while the remainder are in a tower. Podium units were occupied in May and the tower will be delivered next month.
Tesciuba is hopeful construction of One Park Central’s second tower will begin early next year.
The 27-storey, 709,977-square-foot class-B building in downtown Calgary has been undergoing a comprehensive redevelopment of key common areas and its 34,000-square-foot +15-level, which connects it to other buildings.
The new space is nearing completion and will include: a tenant lounge/collaboration area; a café and food service area; an outdoor terrace; a fitness and wellness centre; and a flexible conference facility.
Tesciuba said the work at First Tower is generating interest from the local technology community.
Hines acquired Prospect Place, an eight-storey, 121,782-square-foot office building in downtown Calgary, in 2016.
Hines was hired as property manager for Edmonton’s 25-storey, 551,208-square-foot Enbridge Centre in 2015.
Hines’ future growth
Hines is an international real estate firm which launched Canadian operations in 2004. It has offices in Toronto, Calgary and Edmonton.
Hines has developed, acquired and/or managed more than 13 million square feet of office, retail, residential and mixed-use projects. It has more than $4.5 billion in assets under management and 85 employees in Canada.
“We are actively looking at Montreal and Vancouver as new markets for us in Canada, and view Toronto, Calgary, Montreal and Vancouver as core cities for our platform going forward,” said Tesciuba.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
