Articles from Connect CRE

Condo sales in Vancouver have plummeted by 37% from mid-2022 to early 2025, primarily due to increased interest rates impacting affordability and investor returns. The decline in sales has resulted in a surplus of unsold units and a drop in resale prices. This has also led to a significant rise in project cancellations, with a tenfold increase in canceled units reported from 2022 to 2024. Although there may be short-term benefits for buyers, the long-term effects are expected to exacerbate housing shortages.

Vancouver city council has approved Crombie REIT and Westbank's revised plans for redeveloping a Canada Safeway store in the Commercial Drive area. The project will now focus exclusively on rental apartments, providing 1,044 units including both market-rental and below-market options. The development will feature three towers and a larger Safeway, along with retail, restaurants, and a city-owned childcare facility. Chicago-based Perkins & Will's Vancouver office is responsible for the architectural design.

Amazon has inaugurated its first storage and distribution fulfillment center in Pitt Meadows, British Columbia, with a facility named YXX1 spanning 825,000 square feet. This center aims to enhance Amazon's ability to deliver faster to local customers by supporting regional fulfillment activities. The project involved multiple local and national contractors, and Amazon is also contributing to local sustainability by funding bike-repair stations. The opening of YXX1 marks a significant milestone in bolstering Amazon’s operations and local economy contributions in the region.

Despite a national decrease in rental prices, Vancouver and Burnaby, B.C., remain Canada's most expensive for renting apartments, with median rents reaching $2,520 and $2,300 for one-bedroom units, respectively. The latest report by Zumper shows a continued decline in annual rent rates, attributed to increasing supply and softening demand. The report suggests that external factors such as high cost of living in these markets have slowed leasing activities. This trend is noted as part of a broader market correction following years of rapid rent increases.

Global Education Communities Corporation (GECC) and the Pure Group plan to break ground by the end of 2025 on a $330-million student housing and mixed-use project in Surrey, B.C. The 49-storey Education Mega Centre will include rental housing primarily for students and multi-family tenants, along with commercial and office spaces. GECC will hold the majority ownership while Pure will maintain a minority share, with plans for additional institutional investors. The project aims to address the strong demand for student housing in the area, capitalizing on its proximity to educational institutions and a SkyTrain station.

Svante has inaugurated the world's first carbon-capture filter manufacturing facility in Burnaby, B.C., named the Redwood facility. This gigafactory, spanning 140,000 square feet, will produce enough filter modules to capture up to 10 million tonnes of carbon-dioxide annually by 2030. Supported by significant investments from both the Canadian government and various private investors, the facility aims to cater to heavy-emission industries and increase carbon management capacity. The establishment of this facility marks a critical step in bolstering domestic carbon-management solutions as global demand rises.

Global Education Communities Corporation (GECC) has partnered with the Pure Group to develop a $330-million student housing and mixed-use project in Surrey, British Columbia. The 49-storey GEC Education Mega Centre will feature retail, commercial space, market rental units, and amenities, accommodating up to 1,380 students and staff. This project aims to address the critical shortage of student housing in the Metro Vancouver area. The development will benefit from proximity to major universities and upcoming infrastructure expansions.

Gregor Robertson, a former mayor of Vancouver and MLA, has been appointed as Canada's federal housing and infrastructure minister by Prime Minister Mark Carney. Robertson's role will focus on doubling housing output over the next decade and making critical decisions on other real estate investments like manufacturing facilities and transportation infrastructure. He also assumes responsibility for Pacific Economic Development Canada, influencing sustainability-focused projects in British Columbia. With these changes, Canada is reorienting its housing and economic development policies under Carney's administration.

Crombie REIT has partnered with Wesgroup Properties to develop four Canada Safeway store sites in the Vancouver region. The joint venture will focus on mixed-use redevelopments, including revamped Safeway stores and residential components, and aims to streamline the entitlement and design process. Crombie retains full property ownership, sharing in the development costs and benefiting from fee income and potential future developments. The collaboration is designed to unlock value, generate stable cash flows, and accelerate Crombie's growth in its retail portfolio.

Holborn Group has submitted a rezoning application for a $2.8 billion mixed-use development in downtown Vancouver. The plan includes the city's tallest building, a 1,033-foot tower as part of a three-tower complex with residential, hotel, and public amenities. The development is designed to enhance the public realm and provide significant social housing contributions, while aiming to reduce its environmental impact. If approved, construction could span over a decade with Vancouver's relaxed building policies aiding the project.

BC Hydro has launched 22 new public fast-charging hubs for electric vehicles on commercial properties throughout British Columbia, tripling its EV charging network's size over the past year. The expansion brings the total to 591 charging ports, with plans to reach 800 by 2026. This initiative, supported by partnerships with governments and communities, seeks to promote cleaner transportation and reduce emissions. The latest rollout features advanced 350-kilowatt fast chargers, with 400-kilowatt units expected soon.