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  1. Two rental towers proposed to be built on the site of the former one-storey Mountain Equipment Co-op store

    If there is one rental housing project among the many that are poised to change the look of the Broadway corridor, the proposed development on the site of the former one-storey Mountain Equipment Co-op flagship store in Mount Pleasant is a good example of the ongoing transformation.

    If approved by Vancouver city council at a public hearing May 30, the project led by Reliance Properties and QuadReal Property Group will see the construction of two towers at 130 West Broadway — one at 28 storeys tall, the other at 21 storeys.

    Combined, the buildings will offer 514 rental apartments.
    By Mike Howell
    30-05-2024

  2. Extreme weather events have pushed Okanagan Valley wineries to the brink

    Rajen Toor’s 2023 harvest should have been an occasion to celebrate. Toor and his wife Bree, the duo behind wine label Ursa Major, had just purchased their own vineyard in the fall of 2022. For six years, Toor had been making his small-batch wines from grapes purchased from his family winery in Oliver, B.C., and, more recently, from a vineyard he and Bree leased on the Naramata Bench. Harvesting the first crop from their own vineyard would have been a triumph for two young winemakers.

    “We’d seen the place and fallen in love,” Toor says of their Keremeos vineyard. But after a mild winter —
    By Paloma Pacheco
    25-05-2024

  3. Impact Of Minimum Parking Requirements For Multi-Family Residential Buildings On Housing Affordability And Sustainability

    The report analyzed the potential impact of minimum parking requirements on multi-family residential buildings in Canada, including improving housing affordability and reducing environmental impact. Historically, Canadian municipalities mandated minimum specific parking space provisions for builders, often based on the number of dwelling units. However, changing trends, such as decreased car ownership, may mean these requirements may no longer align with current or future parking needs. Construction and maintenance costs for these parking areas could be lowered or avoided. Environmental impacts could also be reduced.

    A key concept was that parking, once a significant factor in perceived value for a property, may not always be as important for tenants or owners any longer.
    By Joanna Gerber
    23-05-2024

  4. Evaluating the Impacts of Increasing Housing Supply in Canada

    According to CMHC’s estimations, an additional 3.5 million housing units would be required by 2030 to restore affordability, surpassing the current construction pace. However, the introduction of new housing options at different price points could affect households with varying socioeconomic backgrounds in disparate ways. The study aimed to identify which types of new constructions could provide the most favourable outcomes overall.

    The study used a sorting model calibrated with Canadian data from the Toronto Census Metropolitan Area (CMA) to assess housing dynamics. This model simulates how households make decisions on residence and employment within metropolitan areas.
    By Joanna Gerber
    22-05-2024

  5. New appointment highlights company's focus on technology-driven growth, says Sutton

    Sutton Group Realty Services Ltd. is reshaping the look of its top leadership.

    The B.C.-based real estate company announced Tuesday (May 21) it’s appointed James Innis as president and chief operating officer. He’s been tasked with leading Sutton’s new growth, technology and capital market initiatives.

    "[Innis’] vast and diverse experience in fintech and capital markets will be instrumental in merging Sutton's strong Canadian presence with a forward-looking, technology-led approach that is sorely needed in the sector,” Sutton CEO and chairman Ross McCredie said in a statement.
    By Daisy Xiong
    21-05-2024

  6. Lower Mainland housing sales near cyclical lows in peak season

    Housing supply is on the rise in the Lower Mainland as more owners try to capitalize on what is normally the peak selling season, but is instead a market facing headwinds and soft sales.

    Resale inventory moved above 18,500 units for the first time since 2020 as new listings jumped. It is a sign that more homeowners and investors are shifting gears.

    The likelihood that interest rates will remain higher than anticipated and the increased capital gains inclusion rate have likely lifted short-term supply. Demand for rental is partly curbed due to forthcoming cuts in the number of international students.
    By Bryan Yu
    15-05-2024

  7. Major civic project funding on the line as Burnaby saw $175M shortfall in developer money last year

    The City of Burnaby took in $175 million less than expected in developer money last year – and that spells trouble for the future of the city’s major community amenity projects.

    Burnaby expected to pocket almost $237.2 million from developers in 2023, but the city only took in about $62.2 million, almost three-quarters less than expected, according to the city’s annual municipal report.

    The city took in $250.7 million in 2022.

    Through its community benefit bonus program, the city funnels the developer money into its reserves dedicated to affordable housing and community amenities like recreation centres, cultural facilities and space for non-profit organizations.

    By Lauren Vanderdeen
    11-05-2024

  8. Vancouver council open to increasing slots, table games at existing casinos

    Vancouver city council voted this week to allow for applications to increase the number of slot machines and tables at the city’s two casinos, on the condition they be accompanied by an assessment of their social and economic impacts.

    The request to amend the city’s 2011 gambling moratorium was made by the B.C. Lottery Corp., which told council the city’s population has increased 22 per cent in the past decade and that the amendment is a first step to allow BCLC to look at ways of expanding its two existing facilities — the Parq casino in Yaletown and Hastings Racecourse in East Vancouver — rather than building more casinos.
    By Joanne Lee-Young
    10-05-2024

  9. The city has contributed more than $172 million to non-market housing in the form of land

    The City of Burnaby has a total of 1,040 non-market housing units, including rentals and co-ops, just built or in development on its land, according to a new city report, and there’s more on the way.

    The city lands program for non-market housing, which was adopted in 2015, leases city-owned lands at a nominal rate to non-profit housing providers through a public request for proposals (RFP) process.

    The city has contributed about $172.44 million as part of the program, including land, grants and on-and-off-site works, according to the report which accounts for 11 projects that recently completed or were in progress as of March 2024.

    The assessed value of the land makes up more than $120 million of that $172-million total contribution for the 11 projects.

    By Lauren Vanderdeen
    09-05-2024

  10. Household Financial Health and Housing Market Trends

    According to the March 2024 Edge Report, current trends in debt service ratios and net worth may indicate areas of concern. The prevalence of static payment variable rate mortgages, household debt-to-GDP ratios, and Canada’s heavy reliance on real estate assets, may raise concerns about resilience.

    In Q4 of 2023, debt servicing costs stayed stable, with the household debt service ratio holding steady at 15%. This ratio, which reflects the portion of disposable income allocated to debt repayment, remains significantly high, at levels not seen since 1990. A minor adjustment downwards from the previously reported peak of 15.2% in Q3 should be noted, however.
    By Joanna Gerber
    09-05-2024

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