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  1. Vancouver council voted in favour of densifying the upscale neighbourhood of Shaughnessy

    The matter was discussed at another public hearing Tuesday, after council ran out of time to vote on the motion last week.(opens in a new tab) All eight councillors who were in attendance at the meeting voted in favour of the changes, which will amend the First Shaughnessy Official Development Plan.
    

  2. Nicola Wealth Real Estate has submitted a proposal to the City of Vancouver for a twin rental tower project at 2111 Main Street

    The proposed development site is located between East 5th Avenue and East 6th Avenue on Main Street. Historically, the site housed the City Centre Motor Hotel, built in 1954. After Nicola Wealth Real Estate’s acquisition of the property in 2021, it was temporarily repurposed as the City Centre Artist Lodge. The property is currently valued at $43,973,000.

    The development application involves rezoning the site from IC-1 (Industrial) District to CD-1 (Comprehensive Development) District. This change would be necessary to accommodate the proposed mixed-use buildings and aligns with the Vancouver Green Buildings Policy for Rezoning and the Vancouver Building Bylaw 2019, focusing on energy and emissions performance.

  3. Vancouver council votes to densify upscale Shaughnessy neighbourhood

    The matter was discussed at another public hearing Tuesday, after council ran out of time to vote on the motion last week.(opens in a new tab) All eight councillors who were in attendance at the meeting voted in favour of the changes, which will amend the First Shaughnessy Official Development Plan. 

    "First Shaughnessy" refers to the older portion of the neighbourhood, which is part of the heritage conservation area under the Vancouver Charter.

    Templar Tsang-Trinaistich, director of the city's rezoning centre, explained during Tuesday's public hearing that any development applications for the neighbourhood would still go through a review process with city staff, despite the changes to the neighbourhood's development plan.

  4. City of North Vancouver Mayor Linda Buchanan says the plans will also include ‘job-generating, mixed-use' developments

    The provincial government will buy the iconic ICBC building on North Vancouver’s waterfront and develop the property as transit-oriented housing.

    B.C. Premier David Eby made the announcement in North Vancouver Monday.

    Eby said the province will work with the City of North Vancouver and the Squamish, Musqueam and Tsleil-Waututh nations to develop plans to provide hundreds of new housing units on the property.

    Eby said the province plans to build housing that is “attainable” for middle-income earners on the site and have “shovels in the ground” by the time ICBC employees leave for new offices in 2027.

  5. The annual pace of housing starts in May climbed 10 per cent

    OTTAWA — The annual pace of housing starts in May climbed 10 per cent compared with April, helped by gains in Montreal and Toronto, Canada Mortgage and Housing Corp. said.

    The housing agency said Monday the seasonally adjusted annual rate of housing starts in May amounted to 264,506 units, up from 241,111 in April.

    BMO senior economist Robert Kavcic said it was a solid level of output given tougher market conditions.

    "As it stands now, the number of units under construction is trending near record highs in absolute terms, and matching the 1970s building boom relative to the size of the adult population," Kavcic wrote in a report.

  6. The real estate cycle typically moves through four main phases

    Understanding real estate cycles helps shape investment strategies to adapt to market dynamics. There are distinct phases that influence property values, investor behaviour, and overall economic stability. 

    The real estate cycle typically moves through four main phases: expansion, peak, contraction, and trough. 

    During the expansion phase of increasing demand, rising prices, and robust construction activity, investors often experience strong capital appreciation and high occupancy rates. Economic growth, low unemployment, and favourable financing conditions attract both buyers and developers eager to capitalize on optimistic market conditions.

  7. Ross McCredie, founder and past CEO of Sotheby’s International Realty Canada, bought Sutton

    Almost half a year after the purchase, McCredie spoke about empowering agents, facilitating access to better information and updating an older brand to something more fresh and dynamic.

    “In five months we’ve moved the needle quite a bit,” he says. “It’s not easy to touch something that’s been around for 40 years.”

    McCredie recently unveiled a new, updated version of the Sutton logo that’s meant to herald a new direction for the iconic name:

  8. The ‘smarter’ office buildings become, the more they need to consider the vulnerabilities of their internet-connected operational technologies

    By now, many employers will have implemented some kind of cybersecurity training for employees to ensure they aren’t tricked by a phishing scam that ends in the company falling victim to a ransomware attack.

    While corporate tenants may have procedures and training in place to avoid such attacks, do those strategies consider the HVAC company hired to fix or replace an air conditioning system in an office building, or the elevator technician contracted to maintain service?

  9. Onni plans to build its master-planned community half a block from North Road in Burquitlam

    A developer plans to tear down Coquitlam College in Burquitlam and build seven towers in its place.

    But the Onni Group doesn’t have plans at this time to include childcare for the expected 2,500 residents.

    Still, the lack of childcare spaces for the approximate 133 kids who will live on site was one of the few criticisms that Coquitlam politicians had for the proposed development at 516, 520, 524, 528, 532, 538, 548, 558, 562 and 566 Brookmere Ave. — located half a block from North Road, west of the Vancouver Golf Club and north of Brookmere Park.

  10. Tight financing, sale conditions slow deal-making but interest is steady

    A precipitous decline in Metro Vancouver land sales last year could turn around this year, but developers are taking a long-term view with any purchases as market uncertainties continue.

    “Developers need to replenish some of their inventory; that’s starting to happen,” said Justin Mitchell, an investment and development land broker with Goodman Commercial Inc. “The larger, experienced developers have been doing transactions and putting properties under contract.”

    This marks a shift from last year, thanks in part to higher financing costs and land values that saw sellers reticent to lower price expectations in the wake of the post-pandemic surge in 2021.