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  1. B.C. office tenants hope ‘hotelification’ brings back workers

    “It’s about injecting finishes and design details that really speak to people and entice them to come in. With hotels you feel like it’s a home away from home, so you’re trying to create that feeling in the workplace,” said Lee, who also acts as design principal for CLVR, which specializes in the interior design of multi-family residential and commercial spaces.

    Downtown Vancouver’s office vacancy sits at 11 per cent as of the fourth quarter of 2023, up from approximately two per cent just prior to the pandemic, according to data commercial real estate firm CBRE Group Inc.
    By Claire Wilson
    19-01-2024

  2. Lethbridge set for a rebound in 2024 as costs stabilize

    “While high construction costs and increased interest rates have caused a slowdown in our market, we are starting to emerge from a holding period into one of new development,” said Jeremy Roden, executive vice-president in the Lethbridge office of commercial brokerage Avison Young.

    Building permit values increased 40 per cent in Lethbridge in 2023, according to city statistics, setting the stage for significant construction activity in 2024.
    By Peter Mitham
    19-01-2024

  3. Massive Jericho project inches ahead as polls show vastly different views

     A proposal to build a dense neighbourhood on Vancouver’s west side faces opposition from residents of the surrounding area, but new polling suggests residents citywide take a more favourable view.

    Next week marks the latest step in the years-long planning process for the 13,000-home Jericho Lands development, with city staff seeking council approval for the next phases of planning and technical studies.

    A neighbourhood group opposing the proposed high-density development is calling for city hall to put the brakes on the planning process for a year, to wait for those technical studies. 
    By Dan Fumano
    19-01-2024

  4. Jericho plan fails to serve Vancouver’s housing needs

    The 90-acre Jericho site is the largest housing development in Vancouver’s history.

    This is an opportunity to create a liveable showcase in city-making for future generations.

    As an urban planner and developer, I am in favour of urban density on the Jericho Lands and have no problem with modest high-rise buildings as an urban form.

    However, the latest MST Development Corp. plan for Jericho to be presented to city council on Jan. 24 completely fails to address the key issues of liveable density, the need for more rental housing supply and housing affordability.
    By Arny Wise
    18-01-2024

  5. CEBA fallout sets stage for ‘sizeable impact’ on B.C. real estate

    The bill has come due for Canadian businesses to repay interest-free pandemic loans – a deadline that has the potential to rattle B.C.’s commercial real estate market.

    “There's potential for some fairly sizable impact to the market and the retail landscape,” said Susan Thompson, associate director of research at commercial real estate firm Colliers.

    “We're watching this very closely to see what happens. This is one of those things that doesn't occur very often, so there's a potential for change.”

    About 900,000 small businesses tapped interest-free Canada Emergency Business Account (CEBA) loans of up to $60,000 geared towards providing pandemic relief. Businesses that pay back the loan prior to the Jan. 18 deadline will receive partial forgiveness of up to 33 per cent, according to the Government of Canada.
    By Claire Wilson
    18-01-2024

  6. Massive residential tower near Vancouver’s downtown goes into receivership

    A high-profile high-rise project planned for the West End of Vancouver will not be getting off the ground anytime soon, as the developers behind the project have been placed under receivership, according to filings in the Supreme Court of British Columbia.

    Planned for 830-850 Thurlow Street and 1045 Haro Street was a 55-storey strata condo tower and a 15-storey tower with a total of 450 strata condominiums and 66 rental units, according to the project website, which remains online. Plans also called for 42,000 sq. ft of retail space, a 49-space childcare facility, and a new public plaza.

    By Howard Chai
    16-01-2024

  7. The 2023 market showed a stronger adherence to traditional seasonal trends

    The 2023 market showed a stronger adherence to traditional seasonal trends, meaning there was a hot spring and summer market followed by a quiet fall and winter. High borrowing costs kept many would-be buyers and sellers out of the market for much of the year, however, resulting in only 443,511 homes trading hands in 2023 – down 11.1% from 2022 and -33.5% from 2021. This marks the lowest annual level for national sales since 2008, according to the Canadian Real Estate Association. 
    By MACKENZIE SCIBETTA
    15-01-2024

  8. Soaring costs mean extra $105M needed for these two Burnaby rental developments

    Skyrocketing construction costs mean two below-market rental developments in Burnaby have come in double their expected budget.

    The projects developed by Metro Vancouver Housing Corp., the regional government’s housing authority, have come in a combined $105.5 million above their original 2020 estimates.

    Now Metro Vancouver Regional District staff are recommending taking up to $39.5 million out of its reserves and $70.1 million in financing to fund the two projects: the Steller at 7388 Southwynde Ave. and the Connection at 7730 Sixth St., according to a new staff report.

    The Steller, a six-storey, 122-unit redevelopment with an integrated child-care facility, was estimated in 2020 to cost $45.5 million.

    By Lauren Vanderdeen
    10-01-2024

  9. The project is backed by the families that own the Vancouver Canucks and Dallas Stars

    The two companies behind a delayed ski and snowboard resort near Squamish owe $99.5 million to five creditors.

    That is according to a Dec. 14 list published by Ernst & Young, the court-appointed receiver for Garibaldi at Squamish Inc. (GAS Inc.) and Garibaldi at Squamish LP (GAS LP).

    “The receiver will seek to undertake a sales solicitation process for the property with a view of maximizing recovery to stakeholders,” said the Dec. 14 document. 

    It also said that Garibaldi’s most recent financial statements date back to Dec. 31, 2021 and show no cash, but an $80-million book value for property under development.
    By Bob Mackin
    08-01-2024

  10. Home affordability under pressure as home prices hold onto gains

    Metro Vancouver housing prices largely held onto gains made in 2023, despite a slight decline in the latter half of the year.

    The prospect of a stable interest rate environment as the year began fuelled an 8 per cent rise in the Real Estate Board of Greater Vancouver’s composite benchmark price for residential properties in the first half of the year.

    The benchmark price of $1.2 million inched up to $1.21 million in July before a slow decline to $1.17 million in December. However, this was still 4.9 per cent where it stood a year earlier.
    By Peter Mitham
    03-01-2024

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