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As home prices surge, Canada's mall owners turn prime land into condos

In Toronto, RioCan is creating ePlace, a development with about a fifth of the retail space of some of its other malls, 1,100 condominiums and apartments, and some offices.

Reuters  |  Toronto 

Canadian mall owners are adding condos and apartments to their shopping centers, seeking to capitalise on a supply-constrained housing market while reducing exposure to a struggling retail sector. Developers such as RioCan REIT, Canada's largest property trust, and the property units of some Canadian pension funds are turning prime land that has historically not been put to best use - such as parking lots or low-rise retail - into housing in one of the world's most expensive, supply-constrained residential markets. In the greater Toronto area, there were 12,500 new homes ...

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First Published: Wed, December 20 2017. 02:54 IST