Canada's Legacy Hotels to Be Snapped Up in $2.5B Deal

Legacy Hotels Real Estate Investment Trust, Canada's largest lodging REIT, has entered into a support agreement with Cadbridge Investors L.P. and InnVest Real Estate Investment Trust to be acquired in an all cash transaction valued at an estimated $2.5 billion.

Canada's housing market had another record month in June

The Canadian Real Estate Association said the average cost of a home was $335,180 last month, compared to $303,472 in June last year, an increase of 10.4 per cent. Also in June, existing home sales rose to a new seasonally adjusted high of 31,300 – up 0.3 per cent from May and 10.9 per cent from a year ago. It was the highest monthly sales level on record and the third consecutive month in which activity scaled new heights, CREA said.

Forest Hill home with two wine cellars may be most expensive piece of toronto residential property

In what is believed to be a record selling price for a residential property in Toronto, an opulent Forest Hill mansion has been purchased for $15.8 million.
The 16,000 square foot Dunvegan Rd. home has eight bedrooms, 13 washrooms and an indoor six-car garage. The sale of the home in one of the city's toniest neighbourhoods demonstrates the strength of the luxury home market in Toronto, fuelled by stellar returns on Bay Street as the Toronto Stock Exchange hits record levels.

Canadian real estate Building permits jump 21%

Most of the action was in Western Canada, where Calgary and Vancouver were responsible for most of the gain. Excluding the two areas, the value of permits – considered a leading indicator of construction and economic activity – would have rose by just over 7 per cent, instead of more than 21 per cent.