Articles tagged with "Residential Building"

The City of Vancouver is predicting a 7% increase in property taxes for the next year. However, Mayor Ken Sim has requested city staff to propose strategies to limit the hike to under 2.5%, with a scenario even considering a zero percent increase. This move is part of the mayor’s effort to manage the financial burden on residents amidst current economic strains. The discussions aim to balance the city's budget needs with taxpayer concerns.

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.

The movement towards electrification in highrise rental apartment buildings in British Columbia is gaining momentum. This shift is aimed at reducing greenhouse gas emissions, as buildings burning natural gas are the largest contributors to such emissions in Vancouver, responsible for nearly 60% of GHG emissions. Brad Badelt, Vancouver's director of sustainability, emphasizes the importance of this transition in meeting the city's environmental targets.

The Vancouver city council has approved a change to its 20-year Granville Street Plan to address the issue of Single Room Occupancy (SRO) housing in the Granville Entertainment District. The plan aims to shift SRO housing to areas outside this district by offering land elsewhere in Vancouver for development. This initiative seeks to revitalize the district while providing alternative housing options. The council's decision was unanimous.

The City of Vancouver has stepped back from its plan to build a supportive housing project in the Kitsilano neighborhood after discussions with the Kitsilano Coalition. The coalition and city officials are exploring alternative project types that could be implemented in the area. The conversations indicate a shift in approach to addressing community needs and concerns about the proposed development.

Construction is set to begin on a new student residence at Simon Fraser University (SFU) in Burnaby, providing 445 additional beds, with plans for a new child care facility starting later this year. These developments aim to decrease commute times and ease pressure on the local rental market, in a project with a total capital cost of $196.6 million funded by the Province and SFU. The project is part of SFU's ongoing student-housing expansion, with phases 1 and 2 already adding 856 beds. The new facilities are expected to be completed by fall 2027.

BC Hydro is seeking a new owner for its large Site C work camp. A non-profit organization in Surrey believes this facility could be effectively repurposed as supportive housing. The transformation could provide much-needed accommodation for people in need. This initiative highlights potential new uses for existing infrastructure in British Columbia.

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.

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.