Howard Chai
Staff Writer at STOREYS
Taiwanese-Canadian. Western Lead at @storeyspub, where I cover real estate, housing policy, and the development industry. Email: [email protected]
Articles
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1 week ago |
storeys.com | Howard Chai
On February 6, 2023, Coromandel Properties filed for creditor protection under the federal Companies' Creditors Arrangement Act (CCAA) while carrying over $700 million of debt across 16 active real estate projects. Although Metro Vancouver (and beyond) has seen numerous others since then, the insolvency of Coromandel Properties was one of the earliest of the recent cycle and remains unmatched in terms of the amount of projects.
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1 week ago |
storeys.com | Howard Chai
On Tuesday, Ottawa-based InterRent REIT (TSX: IIP.UN) announced that it had entered into an agreement to be acquired by Carriage Hill Properties Acquisition Corp, confirming rumours that have been swirling for several months that it was going to be sold. Carriage Hill Properties Acquisition Corp is a new entity formed by CLV Group and GIC.
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1 week ago |
storeys.com | Howard Chai
When a business like the Hudson's Bay Company (HBC) becomes insolvent the implications can be as far-reaching as the company is. And more and more of these implications are now coming into view as the insolvency proceedings progress. The Hudson's Bay Company was operating a total of 96 stores - under the Hudson's Bay, Saks Fifth Avenue, and Saks OFF 5th brands - across the country, primarily within large regional shopping malls owned by REITs or institutional landlords such as pension funds.
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1 week ago |
storeys.com | Howard Chai
Most development projects that face insolvency are ones that are in the early stages, which makes the Chloé project that's now under receivership something of an anomaly. The Chloé project is a four-storey mixed-use project located at 2096 W 47th Avenue in the Kerrisdale neighbourhood of Vancouver, along East Boulevard and the Arbutus Greenway. The project consists of 46 strata units and 11 commercial retail units and was completed last year.
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2 weeks ago |
storeys.com | Howard Chai
Toronto-based First Capital REIT has hit two key milestones for its Avenue Lawrence project in North York, according to the REIT's Q1 2025 report published earlier this month. The project has been in the works since at least late-2019 and is set for a large land assembly located at the northeast corner of Avenue Road and Lawrence Avenue West, to the west of the Lawrence Park Collegiate Institute and a bit over one kilometre west of the Lawrence subway station.
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The City of Burnaby has hired the inaugural CEO for its municipal housing corporation, the Burnaby Housing Authority. John Brendan McEown began his tenure last Friday, joining the BHA from BC Housing. #vanRE https://t.co/C8vK0f7Qay
About 12 hours into Gregor Robertson’s tenure as Minister of Housing, my sense is that the development industry likes the the choice and non-industry Vancouverites do not. Quite the dichotomy. #vanRE #vanpoli
Here's my longform interview with @jwhiteyvr reflecting on his first year. We talked about the Broadway Plan, view cones, social housing, policy changes coming in the next month, and sports. #vanRE #vanpoli https://t.co/z1bTTErVJD
