A catalyst for Ajax’s continued growth, the new Amazon fulfillment centre will create 1,000 new jobs in the Town with competitive wages and comprehensive benefit packages. The fulfillment centre will be used to pack and ship large customer purchases such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and other household goods.
Located on the northern parcel of Crestpoint’s GTA East Industrial Park, Broccolini is leading the construction of the new 58-acre build-to-suit distribution centre at Salem Road and Rossland Road East. Construction is slated to be complete in 2021.
“We are pleased to be partnering with Broccolini and Blackwood Partners for the development of the GTA East Industrial Park and thankful for the Town of Ajax’s PriorityPATH which has allowed us to expedite the approval process for this exciting new project,” said Kevin Leon, President and Founder of Crestpoint. “We look forward to welcoming Amazon in a 1.1 million square foot state-of-the-art industrial building on the northern parcel and are eager to work with other market leading firms to build over 900,000 square feet of best-in-class facilities on our southern parcel.”
“Broccolini is proud to lead this co-development with Blackwood Partners for landlord Crestpoint. This is the fourth built-to-suit fulfilment center over 1.0 million square feet that Broccolini is building and developing for Amazon Canada, and we are honoured once again that our expertise is serving to build the future of Canadian business. This partnership with Amazon, as well as others with major players such as Canadian Tire and IKEA, helped establish Broccolini as the leading industrial builder and developer for Eastern Canada“, said James Beach, Director of Real Estate, Broccolini.
Once completed, the single-tenant, Class-A industrial building will feature a 40-foot clear height, 110 dock-level doors, and 195 trailer parking stalls. Construction is ongoing, with a projected completion date in 2021.
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. (“Crestpoint”) is a commercial real estate investment manager with $5.0 billion of gross assets under management, dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Through the execution of its disciplined investment approach and active management of its properties, Crestpoint strives to deliver stable income and attractive long-term returns through a diversified portfolio of office, retail and industrial assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $77.0 billion in assets. For more information, please visit: www.crestpoint.ca
About Broccolini
Broccolini is a leading single-source provider of construction, development and real-estate services in Canada. The company caters to the industrial, commercial, institutional and residential markets and provides a wide range of services, acting variously as a general contractor, construction manager, project manager, property manager and developer. Broccolini’s Real Estate Management subsidiary currently owns and manages a portfolio of more than 40 properties, representing a total of over 11.0 million square feet of assets.
SOURCE Crestpoint Real Estate Investments Ltd.
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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
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.
