Learn what escrow means in Canadian real estate, how it works in holding deposits and documents, and why it's important for a secure property transaction.
Escrow – Definition, Meaning, and Examples in Canadian Real Estate
Escrow is a financial arrangement where a third party holds funds or documents on behalf of two other parties until all agreed-upon conditions of a real estate transaction are met.
Why Escrow Matters in Real Estate
In Canadian real estate, escrow is most commonly used to hold a buyer’s deposit during the period between the acceptance of an offer and the closing date. The funds are kept in a trust account—usually by the seller’s real estate brokerage or lawyer—and are only released once all contractual obligations are fulfilled.
Escrow protects both parties: the seller knows the buyer has committed funds, while the buyer is assured their deposit won’t be misused. In some complex deals, escrow may also involve holding legal documents, mortgage instructions, or tax-related forms until closing.
If the transaction falls through due to unmet conditions, the escrow holder returns the deposit to the buyer (assuming no contractual breach). However, if the buyer walks away without justification, the seller may have the right to keep the deposit, as outlined in the Agreement of Purchase and Sale.
Understanding how escrow works helps buyers and sellers manage risk, comply with contract terms, and avoid legal disputes over funds or paperwork.
Example of Escrow
A buyer puts down a $25,000 deposit on a Toronto condo. The deposit is held in escrow by the listing brokerage and applied to the purchase price once the deal closes.
Key Takeaways
A neutral third party holds funds or documents until deal conditions are met.
Protects buyers and sellers during real estate transactions.
Most commonly used to hold the buyer’s deposit.
Funds are released only once terms of the agreement are satisfied.
Reduces financial risk and improves transaction security.
Receivership is a legal process where a court or secured creditor appoints a receiver to take control of a borrower’s assets, such as property or. more
A REALTOR is a licensed real estate professional who is a member of the Canadian Real Estate Association (CREA) and adheres to its Code of Ethics and. more
Property maintenance refers to the ongoing upkeep, repair, and management of a building or land to preserve its safety, functionality, and appearance.. more
Elysium Investments has just gone firm on a prime North York parcel at 41-47 Talara Drive, marking its sixth active development site in under three years — and reinforcing its reputation as one of the GTA’s most forward-moving, future-focused real estate players.
The acquisition, located just east of Yonge and Sheppard, sits steps from Bessarion Station — one of the TTC’s most underutilized subway nodes. Elysium sees this as no coincidence, but rather a high-impact opportunity to intensify an area where existing infrastructure is ready for smarter use.
“We view Bessarion as an urban canvas," says Elysium CEO Sayf Hassan, "layering density where the city’s blueprint already exists."
Strategic Densification in a Shifting Market
Elysium’s entry into this midtown pocket aligns with growing momentum along the Sheppard East corridor, where city planning, market interest, and community evolution are all converging. The firm points to the Sheppard East reNEW plan and a surge in development activity — including Tribute Communities’ recent move to increase height at 71 Talara Drive — as validation that the area is entering a new chapter of density and livability.
“Bessarion Station is more than a stop,” Hassan says. “It’s a bridge to Bayview Village’s vibrant shops, just two stops from North York’s core, and a direct line to downtown Toronto, linking residents seamlessly to daily essentials, urban life, and the heart of the city.”
Moreover, Elysium’s in-house analytics, combined with strategic insights from Urbanation and SVN, have mapped how these residences can weave into Toronto’s transit fabric — ensuring Talara Drive becomes a natural extension of the city’s pulse.
“We stitch housing directly onto subway lines — making daily commutes a chance to meet neighbours, explore hidden parks, and meet the City head on," Hassan explains.
Talara’s Vision: Transit, Green Space, and Design-Forward Living
Beyond its transit adjacency, the Talara site is also uniquely positioned next to Talara Park. Elysium intends to bridge these two assets — transit and green space — into one cohesive living experience that offers both connectivity and calm.
“At Talara Drive," Hassan describes, "we’ve reimagined each residence as part of a living network — where doorstep access to transit sparks spontaneous moments and collective experiences."
That balance will also be reflected in design. The team sees the scale of the Talara site as a canvas for architectural ambition and public realm leadership, with a focus on building inclusive, well-crafted housing that doesn’t trade quality for density.
A Broader Pattern of Purpose-Driven Growth
With this acquisition, Elysium’s development pipeline now totals 3.2 million sq. ft of gross floor area, more than 4,100 residential units, and an estimated completion value of $3.24 billion.
And, despite the firm’s rapid growth, its approach remains intentionally selective — targeting sites that offer long-term potential, community integration, and structural value.
A Sneak Peek at Yarra: Purpose-Built Housing for Students
In tandem with Talara, Elysium is also preparing to launch a new platform focused on purpose-built student rental (PBSR) housing.
Dubbed Yarra, the initiative is a response to the growing student housing crisis — a sector long dominated by institutional investors, where affordability and student needs have often taken a backseat.
With Yarra, Elysium aims to reverse that trend. The platform is being developed in close collaboration with student boards and campus groups, ensuring that housing is built not only for students, but with them — and that priorities like affordability, independence, and belonging are front and centre.
At a time when student demand is rising and supply remains critically short, Elysium’s timing is deliberate. Yarra is also designed to welcome partnerships, be they with universities seeking off-campus housing solutions, investors looking for long-term stable returns, or developers exploring new JV models.
Scaling with Intention
First from the Baltics to Toronto, and now from Talara Drive to student rentals, Elysium’s trajectory reflects more than just speed — it reflects a data-backed approach to housing innovation. In a market where many players are pulling back, Elysium is leaning in — and building toward a version of Toronto that’s more equitable, architecturally expressive, and ultimately: connected.
The 12-storey office building at 833 4th Avenue SW in Calgary that's now an Element Hotel. / Courtesy of PBA Group
While other cities across North America are still figuring out what to do with their excess office space and how to convert it into residential, Calgary has lapped them. The City is now pushing into converting office buildings into post-secondary space or hotels. The first office-to-post-secondary conversion was announced earlier this year, while the first office-to-hotel conversion was just recently completed.
Now open as of June 19, the new Element Hotel by Westin — one of Marriott's extended stay brands — is located at 833 4th Avenue SW, at the southeast corner of the intersection with 8th Street SW, one block west of the McDougall Centre.
The 12-storey building was previously an office building known as the Canadian Centre (not to be confused with the First Canadian Centre), was constructed in 1982, and housed approximately 170,000 sq. ft of space. Over 90% of that space had become vacant, but has now been converted into 226 hotel suites, guest amenities, and a restaurant on the top floor.
The main entrance of the Canadian Centre (left) that's now the Element Hotel by Westin (right). / Courtesy of PBA Group
The property was acquired by Calgary-based real estate company PBA Group — the developer behind the 27-storey hotel called The Dorian — in 2022 with conversion in mind, said PBA Group President Vincent Kong in an interview with STOREYS earlier this month, but what to the convert the building into was up in the air at first.
"A lot of the development in Calgary is kind of more focused on the east side of Calgary, where the new arena is going, where the convention centre is going, and we look at it like, 'Okay, these are older buildings, we need to put more investment into this side of downtown and it's got to be something economical.' A lot of the conversions are all to residential. We looked at the market and said if there's going to be more people here, you're gonna need active places for them to go."
How The Building Was Converted
Different buildings have different physical traits and some make a building more suitable for conversion than others. With this particular project, Kong says the fact that the building was in good shape, had the right ceiling heights, and had a good floorplate — which determines the layout of the rooms and efficiency — were all factors that made office-to-hotel conversion make sense.
One of the unique considerings with office conversions is that office buildings typically do not have balconies. However, apartment buildings usually have a balcony for every unit, which means some developers who have undertaken office-to-residential conversions have had to create them. Balconies are not as necessary for hotels, however, so PBA Group did not have to deal with that particular challenge, although Kong notes the building did have some on the top level that they have now incorporated into high-end suites.
In terms of what existing components of the building were retained and what were not, Kong says the windows were retained because they were in good condition, as was the roof. They did, however, change out some of the mechanical systems, the design of the HVAC system, and pretty much all of the interior was "gutted to the studs." All of that demolition work was done before construction on the new components began.
Photos of the lobby and office space before it was converted. / Courtesy of PBA Group
"These buildings aren't built the same way that modern construction is being built. A lot of these buildings built in that '70s-'80s era were designed with tension cables that act like big steel cables that suck and cinch the columns together. That's what keeps the building upright. Because an office tower is built where all the stacks are centralized in the main elevator area, if we're gonna build an extended stay hotel, you have to have HVAC to vent outside the building, so we had to do a lot coring. But it's difficult to core when you have tension cables buried into the cement. [...] All the scanning of where the cables were, we had all those x-rayed out and physically marked on the floors and ceilings so that when it came down to coring, we knew exactly where we could and could not core, which was very helpful."
"There's always challenges," said Kong. "We met those challenges kind of head-on, in terms of demoing everything and doing all our x-ray scanning beforehand so we knew what we needed to do and where we needed to drill our holes. That's probably the most complicated section of it. The shell and the building structure were solid so that was okay. The only real challenge I saw was the outside awning where the atrium is. Some of the awning was originally designed to be removed completely, to give it a cleaner look. Turned out it was structural so we had to just re-design that element of the hotel. But other than that, honestly everything was fairly smooth."
The Benefits Of Conversion
The project is the first office-to-hotel conversion completed under the City's office conversion incentive program, officially called the Downtown Calgary Development Incentive Program. The program provides a grant of $75 per sq. ft of office space that is converted, a tangible financial benefit that many developers have said is the difference between these projects being theoretical exercises and financially-viable projects.
"You can't do it without a program like that," said Kong, when asked whether they could've done the project without the financial support. "People are always asking if it is a good investment of taxpayer money to have the City support [these projects.] Before, this was a 90% vacant building, there was not a lot of activity in this area. Now that we've invested as much money to bring the value back up, the City is going to get that back in other ways like higher property tax income. On top of that, how much economic activity is that gonna generate? We're employing 75 people at this site. They all pay tax, and it's a more efficient driver for this area versus an empty building that's gonna sit there, probably vacant, for the next 10 or 15 years."
Photos of a hotel suite and restaurant within the new Element Hotel in downtown Calgary. / Marriott Bonvoy
There's also a substantial sustainability benefit to office conversions.
As a result of converting the building rather than demolishing it and constructing a new building, Kong says approximately 570,000 kg of waste was diverted from landfills, in addition to all the carbon emissions from demolition, trucking the waste to landfills, and construction that was saved.
"It's also why chose the Element Hotel for this project, because the Element Hotel is an environmentally-friendly and sustainable project for Marriott," said Kong. "We used a lot of recycled materials in the design, there's a bike-to-borrow program that we have for guests, we have water-fill stations for everyone. There's all sorts of things that make a social impact and we wanted to reflect that in the brand. That's part of why we chose the Element Hotel."
"It's a strong development for the east side of Calgary," Kong concluded. "Everybody always migrates to something new in the market, so everyone's focused on developing around the convention centre and arena district. There's 5,000 people that live in this area, the office buildings are older, so obviously they're a lot more vacant. But rather than have people move out of these office towers and have to go further out east for employment, if we can bring more vibrancy and revitalization to this side of downtown, I think that's good for this community. Projects like ours, other residential developments down on 4th, the City's plan for Riverwalk West — it's things like that I think are going to revitalize this part of downtown. We want to be part of that."
Despite improving affordability, it's still a mixed bag when it comes to Canadian renters' sentiments regarding homeownership, with many waiting for prices to drop further, while some have given up on the idea entirely, according to Royal LePage's 2025 Canadian Renters Report.
Since last May, national average rent has fallen 3.6% to $1,857 for a one-bedroom and 4.6% to $2,225 for two-bedrooms, according to Rentals.ca and Urbanation'sMay Rent Report. In the Royal LePage report, President and CEO Phil Soper identifies record purpose-built rental and condo completions and international student reductions as driving factors behind this rent decline.
Soper also highlights how renters are benefitting from lower rents. "Tenants may now be in a better position to secure rentals with more space, upgraded amenities, or more desirable locations, often at more competitive prices," he says.
Today's rental environment is an improvement upon 2022, when rents peaked following a string of interest rate hikes, but Royal LePage points out that "while rents have eased for eight consecutive months, they remain well above historical norms." In fact, rents are 5.7% higher today compared to two years ago and 12.6% higher than they were three years ago.
Homeownership Remains A Dream For Some
With rents and home prices still well above ideal levels, the report finds that around a third of Canadian renters say they do not have plans to purchase a home. Of those respondents, the majority (53%) cited inadequate income as the main reason for their inclination — unsurprising given that average asking rents have risen 4.1% annually, outpacing wage growth.
Meanwhile, cost of living continues to eat into monthly savings as 40% of renters have reduced spending on groceries and food to afford rent and 30% have reduced contributions to savings or retirement.
Other reasons for not wanting to purchase a home included renting being more affordable than owning at 40%, with another 40% saying they don't want to take on the responsibilities of maintaining a property.
Homeownership Hopefuls
At the same time, more than half (54%) said they do have plans to purchase a home, made up of 16% that say they plan to do so within the next two years and 21% with plans to buy in the next two to five years.
Royal LePage also asked renters if they considered buying over renting when signing or renewing their current lease and found that 28% did consider making the leap. However, 40% of those respondents said they decided to wait for prices to come down further, 29% were waiting on lower interest rates, and 28% said continuing to rent allows them to save more for a down payment.
But for those that can make it work, Soper says now is a good time to make the leap.
“In Canada's least affordable cities, entry-level opportunities have improved significantly, with home prices off last year’s peaks, incomes up and borrowing costs trending lower. Still, many renters – including the 40 per cent who told us they’re holding out for further price declines – are choosing to wait. History suggests they may be disappointed," he says. "Over the past 75 years, Canadian home values have risen approximately five per cent annually, running consistently ahead of inflation. The window of opportunity may be narrower than it appears, and strategic buyers are beginning to move.”
Improving Affordability
Lack of affordability for renters is just one aspect of the nation's many-layered housing crisis, but a vital issue to tackle given renting is often the precursor of homeownership. If rents increase beyond reason or tenants are evicted without reason, the next generation of homeowners become further arrested as bills mount and savings dwindle.
Ultimately, government policies are needed to protect renters and curb extreme rent increases. When asked which policies would most improve renter affordability, 56% of tenants called for more affordable housing units, 47% called for increased tenant protections against eviction and unfair rent increases, and 42% want better rent control.
Zooming out, Soper acknowledges the numerous ways in which affordability can be achieved for all, from renters to homeowners to builders.
“There’s no single fix for Canada’s housing challenges,” he says. “Restoring affordability – without undermining the equity that millions of Canadians depend on – will take more than just building homes. It demands coordinated action from all levels of government and the private sector."
In order to achieve this, Soper calls for a myriad of solutions including increasing housing supply across the spectrum, cutting red tape, modernizing zoning, and strengthening tenant protections.
Set on a stately boulevard in Toronto, just steps from the charm of Yonge-Lawrence Village and the greens of the Rosedale Golf Club, 50 Teddington Park Avenue stands as a triumph of contemporary design and craftsmanship.
Dubbed "Infinity House" by architect Laith El-Bahrani, the newly built residence commands attention with a bold bronze façade — and an unmistakably modern silhouette.
From the moment you arrive, it’s clear this home doesn’t just occupy a space in the sought-after neighbourhood — it transforms it.
The architectural vision here is both exacting and poetic. A floating staircase ,enclosed in soaring glass and backed by a limestone feature wall, acts as a dramatic centrepiece in the entry gallery — a structural marvel and sculptural showpiece all at once.
Inside, the aesthetic is meticulous: natural materials like stone and wood intermingle with sleek, contemporary finishes, all brought to life by an abundance of natural light that filters through custom architectural glazing.
Designed with flow and function in mind, the main level embraces open-concept living while offering distinct moments of privacy and sophistication. A slatted wall divides the formal living and dining areas, offering visual separation without sacrificing light or airiness. At the heart of the home is a chef’s kitchen — complete with pantry and servery — which opens onto the sunlit family room and backyard oasis.
Through retractable glass NanaWalls, the indoors blend seamlessly with a landscaped garden featuring multiple terraces, curated planting beds, and a heated pool — creating a resort-style experience in your own backyard. Two powder rooms, a study, and a mudroom enhance the practicality of the main floor, while radiant in-floor heating ensures warmth beneath your feet.
The upper level, accessible via elevator, offers a serene retreat. The primary suite is richly appointed, and three additional bedrooms offer generous layouts and access to spa-inspired bathrooms. Even the laundry room is elevated by design.
While the finishes and flow are undeniably refined, it’s the home’s bold architectural heart — the limestone and glass staircase feature — that truly sets Infinity House apart. Both an engineering feat and a sculptural anchor, it defines the home’s interior while gesturing skyward in a display of form meeting function.
Below grade, the lower level caters to entertainment and wellness. A sprawling recreation space includes a custom bar and wine cellar, a dedicated media zone, and a gym with a full spa steam bath. A nanny suite, additional laundry, and ample storage round out the space. The two-car garage is heated and features lower-level storage — a nod to the home’s thoughtful and efficient layout.
Indeed, this is more than just a luxury home. It’s a masterclass in modern architecture, executed with precision and panache.
Block 5 of the 18-acre Bloor-Kipling Housing Now development is now officially on the market, an offering that provides an attractive investment opportunity for developers interested in getting in on one of the largest City-led residential development projects underway in Toronto.
The to-be-developed Block 5 spans 2.16 acres and is addressed as 970 Kipling Avenue, located west of Kipling, below Bloor Street West, and above Dundas Street West.
The property was listed last week by Cushman & Wakefield on behalf of the City of Toronto and CreateTO (the City's development arm). The offering is for a 99-year land lease where a chosen builder would then develop and own the project planned for the City-owned parcel of land for the foreseeable future.
Located at the 'Six Points' in Etobicoke, the site is part of the larger Bloor-Kipling master-planned community, which contains seven development blocks and will deliver over 2,700 residential units, including over 900 affordable units, two public parks, and 88,264 sq. ft of retail and commercial space, once complete. As of now, under-construction elements of the master-planned community include Block 1, which consists of a purpose-built rental development, and Block 4, which will house a new Etobicoke Civic Centre and a District Energy plant.
Specs:
Address: 970 Kipling Avenue
Lot Size: 2.16 acres
Total Gross Floor Area: 530,011 sq. ft
Approvals: Rezoned site, Site Plan Approval process required
According to the listing, the site has secured Zoning Bylaw Amendment approval for a two-tower mixed-use development with heights of 12 and 28 storeys containing 586 purpose-built rental units, 176 of which would be affordable units. The gross floor area (GFA) would be 530,011 sq. ft, with approved plans calling for a maximum of 492,922 sq. ft of residential space and a minimum of 37,878 sq. ft of non-residential uses. As well, the Historical Alignment of Dundas Street West is proposed to be transformed into a half-acre park just north of the site.
The site and larger community are superbly positioned within close proximity to a number of higher-order transit options, including the Kipling Transit Hub, which provides access to TTC Subway Line 2, GO train service on the Milton Line as well as several TTC, MiWay, and GO bus routes.
On top of that, future residents will benefit from a wealth of amenities in the surrounding neighbourhood, including Sherway Gardens and shops along Dundas Street West, as well as a number of forthcoming conveniences to be located within the future Etobicoke Civic Centre, from a new Toronto Public Library branch to a public health clinic, childcare centre, retail space, and civic square.
A timeline of the Bloor-Kipling master-planned development. / CreateTO, Cushman & Wakefield
While the approved development offers plenty of upsides to future residents, the listing also highlights a number of incentives that would appeal to the incoming developer of the project.
Not only does the site come with Zoning Bylaw Amendment approval, but it also qualifies for expedited review via the City's Priority Development Review Stream and exemptions for all affordable units, including no development charges, parkland dedication requirements, planning application fees, or building permit fees.
The listing points out that these advantages, along with the long-term land lease transaction structure, would significantly reduce upfront costs, while Etobicoke's strong rental market bodes well for occupancy down the line. Despite purpose-built rental completions being at a 30-year high, Etobicoke's vacancy rate sits at a balanced 3.5% as of Q1 2025 and more than 50% of Etobicoke residents are renters.
The chosen developer would be tasked with delivering on Housing Now's mandate of using City-owned lands to provide a range of affordable housing options within close proximity to transit. As such, the offer is "being presented with the intention of providing long-term, quality housing options for future generations," reads the listing.
It wasn’t long ago that new development sales teams operated like high-stakes air traffic controllers — armed with Sharpies, whiteboards, and color-coded spreadsheets. Launch weekends meant rooms full of paper suite requests, staff scribbling updates by hand, and runners physically checking which units were still available. If you were lucky, someone was updating an Excel spreadsheet in real time. If you weren’t, the wrong unit got double-sold.
Today, it’s a different world. Technology has fundamentally reshaped how new development projects are marketed, sold, and managed. Developers and sales agencies know that launching a successful project isn’t just about location or design, it’s about having the right systems in place to capture demand, convert interest into sales, and manage everything in between.
A vertically integrated tech stack creates efficiencies, empowers the sales team, engages buyers, and informs data-backed decisions at every step. With the right systems in place, developers and sales teams can launch with confidence and optimize the sales strategy from launch day to delivering homes.
In this article we break down what that tech stack looks like — and why it matters more than ever.
CRM: From Rolodex to Relationship Engine
A decade ago, most teams tracked brokers and leads in Excel. Notes were stored on sticky pads or buried in email threads. It worked… until it didn’t. Brokers slipped through the cracks. Teams had no visibility into activity. And post-launch reporting? A nightmare.
Today, at the core of any strong sales program is a robust CRM giving developers and sales directors full oversight. This is the central hub where lead data lives, allowing you to track every interaction, conversation, and opportunity. For new development projects, a good CRM should include customizable pipelines, agent assignment, automated follow-ups, and real-time reporting. It should also integrate seamlessly with marketing tools and third-party platforms. Need to know which brokers submitted the most suite requests, or which leads clicked through your latest email? It’s all there — instantly.
What to look for:
Lead tracking by source and status
Automated email/text workflows
Customizable tagging and segmentation
Sales agent performance tracking
Lead Management: No More Missed Connections
In the old system, leads came in from all directions — via email, walk-ins, landing pages — and someone had to manually input them into a central sheet. Response times lagged and leads went cold.
The top of the funnel is where momentum begins. Developers invest heavily in lead generation through advertising, social media, and broker outreach. A lead management system ensures those leads are captured accurately, qualified properly, and routed to the right salespeople.
The right lead management system will ensure no one falls through the cracks. The system qualifies them, assigns them to the right team member, and triggers personalized follow-ups within minutes. Some platforms even track lead source and engagement history, giving you a clear picture of where your marketing dollars are paying off.
What to look for:
Lead source and form integrations
Lead scoring and qualification tools
Multi-channel lead capture (email, web, walk-in, QR codes)
Speed-to-lead alerts and assignment workflows
Tim Ng, Founder and CEO of ADHOC Studio and BLACKLINE
Inventory Management: Goodbye, Spreadsheet Chaos
Remember those binder-sized spreadsheets taped up on the sales office wall? If one person missed a price update or forgot to mark a unit as sold, it threw the whole launch off.
A smart inventory management system gives your team complete visibility into unit status — what’s available, what’s on hold, and what’s firm. It allows for pricing adjustments, hold expiries, and exception handling, all without the chaos of spreadsheets.
Robust inventory management platforms offer real-time visibility into pricing, availability, and unit status across all stakeholders. You can set permissions and control the flow of information to different teams while tracking every change along the way.
What to look for:
Real-time unit availability
Automated hold timers and notifications
Price updates by unit or batch
Customizable sales rules and permissions
Sales Management: The Digital Deal
Sales launches used to involve a flurry of handwritten suite requests, and long chains of approvals before a deal was firm. Deals were tracked on paper. Internal communication happened via text or phone.
Managing a sales program at scale, especially during high-demand launches, requires a digital command centre. A centralized sales management platform acts as your digital launch HQ. Sales reps can present real-time inventory, submit suite requests, manage holds, and process deals — all within a single interface. Brokers can log in to see what’s available, submit offers, and get real-time updates.
What to look for:
Digital purchase requests and deal submission
In-platform communication tools (chat, notes, alerts)
Digital signing integrations (e.g. DocuSign)
Broker and agent dashboards with real-time availability
Immersive Gallery Tech: From Floorplans to Full-On Experiences
Physical sales galleries used to be static: a few printed renderings, a model suite (if space allowed), and maybe a few screens with looping video. Buyers had to visualize what didn’t yet exist.
Sales galleries have evolved beyond model suites and printed floorplans. Today’s buyers expect immersive, interactive experiences that bring the project to life. These technologies don’t only enhance the buyer experience but also enable smaller, more flexible gallery footprints — and the potential for remote or pop-up activations.
From interactive masterplans, searchable inventory, and 3D floorplans, buyers can walk through virtual suites or explore amenity spaces through immersive technology.
What to look for:
Interactive touchscreens with real-time inventory
3D floorplans and virtual walkthroughs
Augmented reality experiences
Digital master plans with unit-level interactivity
All of these tools are powerful on their own, but the real magic happens in integration.
When your CRM talks to your inventory tool, and your lead management system feeds your sales dashboard, you eliminate silos. Your team becomes more responsive. Your brokers feel more supported. And your buyers? They experience something few competitors can offer: a seamless, modern, and data-driven path to ownership.
It’s no longer about having one or two digital tools. It’s about building a vertically integrated tech stack that works together, keeps your project on pace, and gives your team the competitive edge.
The Hudson's Bay at the Mayfair Shopping Centre in Victoria in November 2022. / Google Maps
With the curtain now closed on all Hudson’s Bay Company stores — including the Hudson's Bay, Saks Fifth Avenue, and Saks OFF 5TH brands — the spotlight turns to what’s left: a portfolio of coveted leases and the question of who will claim them.
After previously announcing her intentions to buy up a set of the leases, Ruby Liu, the BC-based Chinese billionaire and Chairwoman of Central Walk, is now set to acquire three of the leases in British Columbia, as well as up to 25 additional leases at a later date, according to new court documents.
The three leases pertain to:
Tsawwassen Mills at 5000 Canoe Pass Way in Delta;
Mayfair Shopping Centre at 3147 Douglas Street in Victoria; and
Woodgrove Centre at 6631 Island Highway N in Nanaimo.
The Tsawwassen Mills location was formerly occupied by a Saks OFF 5TH, while the other two were occupied by Hudson's Bay stores, and Ruby Liu — also known as Weihong Liu — is poised to acquire the three leases for $2,000,000 each, for a grand total of $6,000,000.
All three malls are owned by Central Walk and the three leases will be assigned by Hudson's Bay Company ULC to Ruby Liu Commercial Investment Corp. The landlords, corporate entities affiliated with Central Walk, are in support of the transaction, which is, in effect, Liu buying the leases in her personal capacity rather than in her Central Walk capacity. Liu has publicly announced her intentions to start a new department store brand.
After Hudson's Bay filed for and was granted creditor protection under the Companies' Creditors Arrangement Act (CCAA) on March 7, the Ontario Superior Court approved the two-phased sales process for HBC's assets on March 21.
Following the first phase, 18 parties submitted bids pertaining to 65 individual leases (with overlapping interest in certain locations). That was then whittled down to 12 parties for 39 individual leases. At the end of the process, Hudson's Bay and the court-appointed Monitor entered into an agreement with Central Walk pertaining to the assignment of "up to" 25 leases in addition to the aforementioned three.
The Monitor is now seeking approval for the three leases to Ruby Liu, which they said "represents the highest and best offers received within the marketing process for the CW Leases." If approved by the court during the hearing scheduled for June 23, the transactions would have an outside closing date of July 30.
"If approved, the Transactions will also result in a reduction of Landlord claims against the estate of the Company that would otherwise arise from the disclaimer of the CW Leases," the Monitor notes.
Court approval for the other 25 is not being requested at this time, as the parties remain in discussions with the various landlords in order to obtain their consent. According to court documents, Central Walk outlined its business plan for each of the remaining locations in letters to the various landlords on June 6. Some of those landlords have responded with information requests or concerns and discussions remain ongoing.
The remaining 25 leases are for locations in British Columbia, Alberta, and Ontario, as per an announcement made in late-May by Central Walk. The company does not currently own any properties outside of British Columbia, according to its website.
"Under the leadership of Ms. Ruby Liu, Chairwoman of Central Walk, the store locations will be transformed into modern department stores, bridging the gap between generations, providing immersive shopping experiences, and becoming a destination where all age groups thrive together," the company said.
A rendering of the rental project set for 1184 Inlet Street in Coquitlam. / BGO, Anthem Properties
Construction on a large rental project in Coquitlam is now set to begin after Vancouver-based real estate developer Anthem Properties and BGO (formerly known as BentallGreenOak) announced a new joint venture on Tuesday.
The project is set for 1184 Inlet Street, which is located about midway between Coquitlam River Park and Lafarge Lake, the latter of which is home to the Millennium Line SkyTrain's Lafarge Lake-Douglas Station.
The property was formerly occupied by a 17-unit strata townhouse complex spread out across four low-rise residential buildings, which were acquired by Anthem Properties in September 2021 for $22,350,000 in a sale that was brokered by Casey Weeks and Morgan Iannone of Colliers.
BC Assessment values the two-acre site, now vacant, at $18,761,000 in its latest assessment, which is dated to July 1, 2024.
In a press release on Tuesday, BGO said that it will co-own the site, but did not disclose the ownership split. The partnership is the first between Anthem Properties and BGO, which is the US-based real estate arm of Canadian financial services company Sun Life Financial. Anthem will be serving as the development, construction, and property manager for the project.
The 1184 Inlet Street site in Coquitlam, near Lafarge Lake. / Colliers
Planned for the site are two six-storey woodframe buildings that would house a total of 197 rental units, ranging from studio units to three-bedroom units. Just over 3,000 sq. ft of amenity space will be provided, including a fitness facility, party room, dog wash stations, barbecue areas, and an outdoor playground, among other things. The building will provide a total of 173 vehicle parking spaces and 196 bicycle storage lockers.
The property is designed to be 50% more energy-efficient than the standards of the 2018 BC Building Code, which the developers say is being achieved through enhanced insulation, upgraded glazing, advanced air barriers, and high-performance energy-recovery ventilators.
"We’re excited to add to our portfolio with the launch of this new development project for our Canadian Value-Add strategy in partnership with Anthem — a highly capable and experienced developer with deep local roots," said Chetan Baweja, Managing Director, Head of Canadian Value-Add & Separate Accounts for BGO. "1184 Inlet Street is a compelling, amenity-rich, low-rise development that aligns perfectly with our strategy — well-located, community-focused, and built for high quality sustainable living. It reflects our strong conviction in the need for low-rise purpose-built rental housing and the enduring fundamentals driving demand in Coquitlam and the Tri-Cities region."
"We look forward to a productive new partnership between Anthem and BGO to deliver a project that is well-positioned to meet the current market demands for well-located, low-rise rental housing in one of Metro Vancouver's fastest growing cities," added Jordan Carlson, Senior Vice President, Investment Group at Anthem Properties.
According to the partners, both municipal approvals and construction financing for the project have been secured and the plan is to commence construction immediately, with completion expected in late-2027.
For Anthem, the 1184 Inlet Street project adds to an already-extensive list of projects in the Tri-Cities. Between Highway 1 and Lougheed Highway, along North Road, Anthem is currently constructing a seven-tower master-planned community called SOCO. Over in Port Moody, Anthem has three ongoing projects, including a 26-storey rental project near Moody Centre Station.