Canadian Tire Corp. is taking a page from Loblaw Cos. Ltd.’s books, unveiling plans to spin off most of  its billions in property holdings into a real estate investment trust.

The REIT would own the Canadian chain’s portfolio of some 250 properties, roughly 18 million square feet worth $3.5-billion, the company announced Thursday. Canadian Tire would hold 80 per cent to 90 per cent of the REIT, with the rest going to investors through an initial public offering planned for the fall.

The company holds more than that going into the REIT, but stores under scrutiny for replacement, development or relocation wouldn’t be included.

“We are executing a strategy that reinforces the strength of our Company while pursuing new growth opportunities organically and through acquisition,” said chief executive officer Stephen Wetmore.

Read more: http://www.theglobeandmail.com/report-on-business/canadian-tire-plans-35-billion-reit-with-ipo-in-the-fall/article11811229/

The Real Estate Board of Greater Vancouver has released stats for April which show mixed results, but cautious optimism across Metro Vancouver. A sample of selected areas in Metro Vancouver shows pricing at various trajectories as follows:

 Year over year pricing is still in decline pretty much across the board, with the exception of some of the Fraser Valley suburbs which did not exhibit significant price increases over the past two years. Pitt Meadows condos, for example, have shown a slight increase of 5.5% since May 2012. Other markets with much higher levels of new inventory, such as North Burnaby, have declined about 2.5% year over year.

Prices appear to have stabilized on the Westside of Vancouver after a solid 10-month decline that saw a drop of 8.5% in benchmark prices. Prices are actually up 3.5% since hitting a two-year low in January.

Source: REBGV Stats.

Investors Group has sold Newton Commerce Centre in Surrey for $7,000,000. The vacant office building, located at 76th Avenue and 130th Street, is a two-storey building built in 2001. The building is 42,500 SF, making the sale $165 per SF.

Peace Arch News – Foes, supporters out in force for White Rock development.

Residents for and against a 12-storey project proposed for Vidal Street packed White Rock city hall to overflowing Monday.

Of the nearly two dozen who spoke, more than half – including a number who currently call the site home and the project’s architects – voiced support, describing the concrete residential complex as an attractive, responsible one that will help revitalize the city.

“This is the kind of project that will put White Rock on the map,” said Judy Tallas. “This building will be the prototype for future projects… a project that will set a precedent for White Rock’s growth.”

Opponents argued its height and density are inappropriate for the neighbourhood, and cited impacts to views, property values and a lack of infrastructure.

Read more: http://www.peacearchnews.com/news/205684661.html