Articles from Connect CRE

Prime Minister Mark Carney's first budget is set to include large-scale infrastructure investments, requiring approval from additional parties due to the minority government status. The investments include a Canada-wide initiative for housing and increased defense spending. The budget vote, which is also a confidence vote, comes amid economic challenges like U.S. tariffs. Parties are undecided on supporting the budget, with conditions varying among them.

The City of Vancouver is continuing with applications for market-rental housing projects despite a failed attempt to create a market-residential development corporation. Three out of six planned projects, valued at $213 million, are proceeding through the development-approval process. These projects are expected to provide 2,700 market-rental homes. While the proposed development company didn't receive needed support, the city remains committed to facilitating rental housing on city-owned land.

The City of Vancouver's plan to enter the market-rental housing development has been halted after the city council vote did not reach the required two-thirds majority. Mayor Ken Sim's proposal aimed to build 4,000 housing units on municipally-owned land in partnership with the private sector and government. Despite having majority support, the plan was not approved due to opposition from four councillors. The initial project was set to start at Pacific Boulevard and Hornby Street with two residential towers.

Grosvenor has secured a $763 million federal loan from the Canada Mortgage and Housing Corporation's Apartment Construction Loan Program for its Brentwood Block development project in Burnaby, B.C. This investment will aid in constructing nearly 1,300 rental-housing units, along with retail, commercial, and community spaces. The development will feature sustainable construction practices and aims for completion of its first phase in 2026. The project is a collaboration between Grosvenor, a Canadian pension fund, and Westerkirk Capital.

Wesgroup Properties has canceled its Ardea condominium project in Vancouver's River District, citing non-viable conditions due to unexpectedly high construction and delivery costs. The project had begun construction with some units already presold. The River District is a developing community in southeast Vancouver on a former lumber mill site. Wesgroup will continue with its Harlin condo project in the same area.

Century Group has revised its redevelopment plans for Tsawwassen Town Centre in Delta, B.C., scaling back the project by reducing building heights and cutting the number of homes from 1,433 to about 600, following community feedback. The updated plan prioritizes healthcare with dedicated spaces for local health services and increases the retail space. Despite making significant concessions, Century Group views this project as a model for addressing housing challenges in line with community plans. The project focuses on infill development, renewing urban areas rather than expanding into undeveloped lands.

Global Education Communities is developing two rental-housing projects near the new Oakridge shopping centre in Vancouver. The projects will benefit from their proximity to Canada Line rapid-transit stations, catering to student housing demands and a broader multi-family rental market. Construction on the first project, GEC Oakridge, is underway and expected to complete by mid-2027, while the second project, GEC Langara, is still in the city approval process. Both developments are part of a broader collaboration with Pomerleau Capital to deliver an $800-million student-housing portfolio across Metro Vancouver.

Sightline Properties has proposed a major redevelopment near Vancouver's Renfrew SkyTrain station, involving four mixed-use high-rise residential towers with 1,959 homes. This development, the first under the city's new Rupert and Renfrew Station Area Plan, aims to integrate transit-oriented density with sustainable design features. The project, spanning 133,000 square feet, will include both condominium and rental units, along with retail spaces, and will be constructed in phases. The towers will range from 39 to 45 storeys, with a portion of the housing being below-market rental units.

PCI Developments has submitted a proposal for Marine Gateway 2 in Vancouver, seeking to transform a currently industrial zoned site into a mixed-use development. The project includes two 43-storey rental towers, along with mid-rise buildings, providing 1,000 rental units, 200 below-market rate. The project will also incorporate retail and industrial space, with a total floor area exceeding 1.16 million square feet. Designed by Perkins & Will, the development requires rezoning approval for comprehensive development.

Apartment-building sales in Metro Vancouver saw a significant decline in the first half of the year, primarily driven by a drop in suburban property transactions. The dollar volume decreased by 40%, with the number of transactions falling 46%. Notably, sales by non-profit and government buyers declined, contributing to the downturn. However, new construction represented 64% of the total sales volume, and a rebound is anticipated in the second half of the year.

Beedie has finished its Anvil industrial-condominium project in Surrey, B.C., located at 12939 Anvil Way in the Newton area. The development, described as a premium type rarely seen in Newton, offers eight warehouse units or a full-building opportunity of 91,843 square feet. Avison Young, the exclusive listing agent, highlights features such as insulated concrete tilt-up construction, 32-foot ceiling heights, and ample parking. The property is now available for tours and purchasing, targeting forward-thinking industrial clients.

The Canadian federal government is investing $326 million into infrastructure projects across British Columbia. This funding is aimed at developing essential and recreational infrastructure, including sports field lighting and safety improvements at Surrey’s Tamanawis Park. These investments are part of the larger Canada Community-Building Fund, which supports community development. Since 2015, this initiative has contributed approximately $3.1 billion to British Columbia.