A few additional key details about the massive Jericho Lands development emerged last week during a public hearing with Vancouver City Council on the proposed Official Development Plan (ODP) to support the project.

City Council finished listening to roughly 70 public speakers just before midnight, with the decision on formally turning the content of the January 2024-approved Policy Statement for the project into an ODP deferred until April 22.

Before public speakers were heard, Brennan Cook — vice president of MST Development Corporation, the real estate company wholly owned by the Musqueam, Squamish, and Tsleil-Waututh First Nations — shared that construction on the first 4,000 homes could begin in 2028. The 90-acre site in the West Point Grey neighbourhood is jointly owned by MST and the federal Crown corporation Canada Lands Company.

The first phase represents approximately 31 per cent of the total 13,000 homes planned for the site, which will be built over four phases. This initial phase is located on the western end of the site, with subsequent phases generally progressing from west to east.

Following the approval of the ODP, MST Development would move forward with rezoning, development permit, and building permit applications for the first phase. If all goes according to plan, Cook said the first buildings could be completed in about seven years — by 2032.

Matt Shillito, the City of Vancouver’s director of special projects, noted that the first phase is proceeding independently of SkyTrain’s Millennium Line extension to the University of British Columbia (UBC) from Arbutus. The extension would provide two stations serving the Jericho Lands — one station located within the western half of the site, and Alma Station (at the intersection of Alma Street and West Broadway) just east of the site.

Behind the scenes, detailed design and technical planning for the SkyTrain extension are well underway. As recently reported by Daily Hive Urbanized, the provincial government’s contractors completed drilling boreholes in December 2024 at roughly 100-metre intervals along the entire seven-kilometre route from Arbutus to UBC. The soil samples collected are being used for geotechnical analysis to inform the project’s engineering design and overall business case.

No timeline has been established to finish the business case work to support the project, but the January 2025 mandate letter by Premier David Eby to Mike Farnworth, the B.C. Minister of Transportation and Transit, specifically included the key direction to lead the work to advance progress on the UBC SkyTrain extension. If all goes as planned with securing funding and approvals, construction on the extension could begin in the early 2030s, based on TransLink’s 10-year vision.

June 2023 revised concept of the Jericho Lands. (MST Development Corporation/Canada Lands Company)

June 2023 revised concept of the Jericho Lands. (MST Development Corporation/Canada Lands Company)

During the City’s earlier Policy Statement planning process, it was indicated that the permitted density and land uses and the transportation infrastructure strategy for the Jericho Lands would need to be revisited if the SkyTrain extension does not move forward. At last week’s public hearing, Cook and Shillito reaffirmed that position.

Cook shared that under the unlikely scenario that the UBC SkyTrain does not proceed, they would change their road and parking requirements, and work with TransLink and the provincial government to implement strategies such as enhanced bus routes.

“We have also put in place in both the Policy Statement and reflected them also in the Official Development Plan, a break for such that if we find that the UBCx process is substantially delayed beyond the end of phase one, then we would relook at the plan, including with public engagement. And we would come back to council with amendments as necessary,” said Shillito. He noted that construction on the first phase of the Jericho Lands is expected to take about eight years, which would put completion at around 2036.

“We are certainly hopeful and confident that the UBCx planning will move along in parallel with that and we’ll be able to move forward in parallel,” continued Shillito.

Shillito added that the Jericho Lands is “the largest single site on the proposed UBCx extension, and I think one would say that the proposal kind of anchors and catalyzes the UBCx extension. Now, there is a strong business case for the UBCx extension beyond this project, but this project certainly is an important part of it.”

$30,000 downpayment for a home, and 35% wood-frame and mass-timber buildings

Upon full buildout, the Jericho Lands will have a mix of low-, mid-, and high-rise buildings, including dozens of towers reaching up to 49 storeys.

There will be about 13.6 million sq. ft. of total building floor area — containing 12.6 million sq. ft. of residential uses and at least 500,000 sq. ft. of commercial uses. This translates into about 13,000 new homes for up to approximately 24,000 residents and employment spaces for about 3,000 jobs.

Cook noted that beyond the first phase, the timeline for completing the remaining three phases is uncertain — potentially extending the overall buildout of all four phases beyond 25 years. He emphasized that the pace of development will depend not only on market demand but also on the delivery of major utilities and supporting infrastructure, including but not limited to the SkyTrain extension.

December 2023 conceptual artistic rendering of the Jericho Lands. (MST Development Corporation/Canada Lands Company)

December 2023 master plan of the Jericho Lands. (City of Vancouver)

Phasing plan for the Jericho Lands redevelopment. (MST Development Corporation/Canada Lands Company)

David Negrin, the CEO of MST Development, and a previous longtime executive of Concord Pacific and Aquilini Development, noted the project will provide 3,500 units of “attainable” ownership housing, suggesting there will be home prices as low as $30,000 for a five per cent downpayment on a 750 sq. ft. unit priced at $600,000. This is 40 per cent lower than the $1 million market cost in other projects elsewhere in the city.

He says the mortgage will be equal to or less to the average market rent.

Altogether, these 3,500 attainable ownership housing units will account for three million sq. ft. of building floor area.

But there is a caveat: As outlined during the earlier Policy Statement planning process, the only form of ownership housing at the Jericho Lands will be strata leasehold. Unlike conventional freehold properties, strata leasehold provides ownership of the unit and a share of common areas — but not the land itself. These leases are also time-limited, typically lasting 99 years. Strata leasehold is expected to be the primary housing tenure type at the Jericho Lands.

This approach enables the First Nations owners of the project to retain ownership of the land in perpetuity.

Mirroring the Policy Statement, the ODP will also require at least 20 per cent of the Jericho Lands’ residential floor area be used for social housing, which translates into about 2,600 units. As well, at least 10 per cent of the residential floor area must be used for secured purpose-built market and below-market rental housing, with below-market rental housing accounting for a minimum of 25 per cent of the overall secured purpose-built rental housing component.

From the outset, it was also previously noted that the full scope of the social housing component is only possible if the federal and/or provincial governments provide funding. Without funding from the senior governments, according to City staff, it is expected the project will be able to achieve about 16 per cent of the required social housing — approximately 2,000 social housing units.

Negrin highlighted that the project’s substantial secured purpose-built rental housing component could be especially beneficial for UBC students, offering attainable rental options near campus — further enhanced by the convenience of the SkyTrain extension.

Overall, much of the project is geared to meet the needs of middle-income individuals and households.

December 2023 conceptual artistic rendering of the Jericho Lands. (MST Development Corporation/Canada Lands Company)

When it comes to the building construction typology, Negrin shared that 35 per cent of the buildings at the Jericho Lands will have wood-frame or mass-timber construction. In 2024, following the provincial government’s policies, the City of Vancouver increased the permitted height of mass-timber buildings to up to 18 storeys. Negrin noted that 50 per cent of the homes will be within buildings under 18 storeys.

“So 35% is mass timber and timber, never been done in a large project in Vancouver,” emphasized Negrin.

A new replacement home for West Point Grey Academy

There has been some uncertainty over the future of West Point Grey Academy (WPGA) — an independent elementary and secondary school from Kindergarten to Grade 12. With an enrolment of about 1,000 students, it accounts for a sizeable portion of Vancouver’s overall mix of public, independent, and private school capacity.

WPGA’s sprawling campus is located within the west side of the Jericho Lands. Since 1996,  it has been situated within 1960s-built buildings that were previously used as a school for the deaf.

Cook says they are in “regular communication” and have a “very good relationship” with WPGA.

“They were tenants, existing tenants, when the nations purchased the land almost 10 years ago. And we are working towards finding a home in the new development. We’ve been meeting with them, I don’t want to say quarterly, but certainly a couple of times a year to provide updates and express our appreciation of their partnership, but also to ask them to help find solutions that benefit both the nations and the school. So it obviously won’t be in the same format,” said Cook, who noted that the First Nations perceive WPGA as a “commercial tenant.”

However, during deliberations, ABC councillors Lisa Dominato and Sarah Kirby-Yung noted that WPGA had informed City Council of its request for a “community facility” designation rather than the “commercial” designation proposed by MST Development under the ODP. They also emphasized that WPGA is a registered non-profit organization.

“They’re looking for a community facility designation and they stipulate for, to ensure that spaces remain accessible and available for public and educational benefit,” said Dominato.

The difference in designation also likely impacts the rent WPGA could be required to pay.

In response, Cook said until the ODP is created to provide improved certainty, “it’s really hard for us to guarantee or satisfy West Point Grey Academy of their ongoing tenure… The intent is there, but this is one of those things that the ODP allows us — that certainty [and] security to do the appropriate planning over the next couple of years, while we figure out how the lands are gonna be developed, [and] who’s gonna be incorporated in which sites.”

City staff then shared that it is within City Council’s ability to amend the draft ODP to designate WPGA as a community facility. This could also be performed during the future rezoning application.

Without this community facility designation, City staff note that the ODP, with the proposed commercial designation, serves as “enabling rather than requiring with respect to the academy.”

December 2023 conceptual artistic rendering of the Jericho Lands. (City of Vancouver)

Additionally, as previously included in the Policy Statement, the ODP requires air space be set aside for a future new additional public elementary school operated by Vancouver School Board for up to 550 students. With a minimum building floor area of 54,000 sq. ft., it could be co-located with other community amenities and/or affordable housing.

In total, the Jericho Lands will provide $1.3 billion worth of public benefits and infrastructure, including childcare for 259 young kids, after-school care for 240 kids, 30 acres of public parks and open spaces, a 15,000 sq. ft. arts and cultural space, a non-traditional Indigenous learning library, a 50,000 sq. ft. community centre, an expansion of a local fire station, and various street-related upgrades. The aforementioned social housing component accounts for half of this value.

An ODP for a master-planned, neighbourhood-sized development is not a municipal planning requirement, but this is being adopted to turn the policy statement’s approved development allowances, affordable housing, and public benefit requirements into a City bylaw. This effectively provides more certainty than the policy statement, serving the purpose of supporting the efforts of the First Nations in securing financing from borrowers to allow the project to move toward construction.

MST Development and Canada Lands Company are also working together on the Heather Lands redevelopment on the Cambie Corridor in Vancouver.

by Kenneth Chan| Apr 20 2025, 12:32 pm

source: dailyhive.com

link: https://dailyhive.com/vancouver/jericho-lands-vancouver-development-timeline

In pausing consecutive cuts, bank said it would ensure inflation stays under control

The Bank of Canada on Wednesday held its key policy rate at 2.75 per cent, its first pause after seven consecutive cuts, and said the uncertainty around U.S. tariffs made it impossible to issue regular economic forecasts.

Instead, the central bank produced two scenarios on what could happen, including one that predicted a deep recession in Canada and a spike in inflation.

Governor Tiff Macklem said the bank — which began cutting last June — had kept interest rates on hold as it gained more information on the impact of tariffs and would proceed carefully.

"A lot has happened since our March decision five weeks ago, but the future is really no clearer. We still do not know what tariffs will be imposed, whether they'll be reduced or escalated and how long all of this will last," Macklem said in his opening remarks after the rates decision was announced.

"That means being less forward-looking than usual until the situation is clearer."

• Bank of Canada cuts interest rate to 2.75% as country faces 'new crisis' from tariffs

The bank's monetary policy would ensure inflation remained under control and would support economic growth, Macklem said.

Economists construed the governor's commentary as an indication that the bank's current pause was not an end to the easing cycle and that it would jump in to support the economy if needed.

"He's clearly laid open the possibility of getting a lot more aggressive if the economy deteriorates substantially," Douglas Porter, chief economist at BMO Capital Markets, said.

Andrew Kelvin, head of Canadian and global rates strategy at TD Securities, said that going forward, the weakness is expected to pile up in the economy and that would force the bank to cut rates again.

In the near term, the central bank expects second-quarter GDP to be much weaker, after a 1.8 per cent growth forecast for the first quarter. Inflation is seen dipping to about 1.5 per cent in April, mainly due to the removal of carbon taxes and lower crude prices.

The central bank said it was difficult to predict the path of the economy for the long term.

"Forecasts for economic growth are of little use as a guide to anything," Macklem said.

Two possible scenarios

For the first time since the COVID-19 pandemic, the Bank of Canada scrapped the economic forecasts it gives in a quarterly monetary policy report. It instead offered two possible scenarios.

The first scenario assumes most of the tariffs are eventually withdrawn through negotiations, which would stall GDP in the second quarter. The economy then expands moderately, while inflation sinks to 1.5 per cent before returning to the two per cent target.

In the second scenario, the bank assumes the tariffs spark a long-lasting global trade war. In this case, the Canadian economy goes into a significant recession for a year, while inflation spikes to 3.5 per cent in mid-2026.

Macklem said under this scenario, U.S. tariffs would permanently reduce Canada's potential output and lower the country's standard of living.

This kind of outcome would be "painful" for Canada, he said in a press conference following the announcement. Some exporters could go bankrupt, unemployment would rise and Canadians might have to cut back on their spending under that second scenario.

• Inflation in Canada cooled slightly to 2.3% in March as gas prices fell

• Rising Canada recession risk to trigger at least 2 more rate cuts this year, economists predict

Macklem added that if the incoming information points clearly in either direction, the bank is ready to act decisively.

The governor also said these scenarios were two possibilities and they don't span the possible outcomes. "The message here is we have got to be flexible and adaptable," he said.

Canada's economy, which had been teetering for most of last year, found its footing as 2024 was ending.

But U.S. President Donald Trump's decision to unilaterally slap a barrage of tariffs on Canada and Mexico, followed by the rest of the world, has dented business investments and consumer spending.

This is evident in the recent hard data that showed lack of job growth, elevated inflation and weaker economic growth.

by Thomson Reuters · Posted: Apr 16, 2025 6:53 AM PDT 

Source: CBC

link: https://www.cbc.ca/news/business/boc-interest-rate-april-1.7511457

As we head into the April interest rate announcement, there continues to be an undercurrent of uncertainty and economists are split on whether the Bank of Canada will cut or hold.

Amidst the incessant flurry of tariff talk, this week will bring the third interest rate announcement of 2025. Since June 2024, the Bank of Canada (BoC) has eased the policy rate seven straight times, and the last cut (25 basis points) on March 12 landed it at 2.75%.

Leading up to the March meeting, economists were in agreement that the Bank had every reason to hold the policy rate steady at 3% — if not for the tariff curveball. CPI inflation was clocking in at 1.9% year over year at last count (in January), putting it in line with the Bank’s target, however, its preferred measures, CPI trim and CPI median, remained high at 2.7%. In addition, fourth-quarter GDP surprised to the upside with a 2.6% jump from the quarter prior.

“Past cuts to interest rates have boosted economic activity, particularly consumption and housing. However, economic growth in the first quarter of 2025 will likely slow as the intensifying trade conflict weighs on sentiment and activity,” the Bank said in a statement last month. “Recent surveys suggest a sharp drop in consumer confidence and a slowdown in business spending as companies postpone or cancel investments. […] Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation.”

As we head into the next announcement, scheduled for the morning of Wednesday, April 16, there continues to be an undercurrent of uncertainty and economists with Canada’s ‘Big Five’ banks are factoring the trade dynamics into their predictions. The consensus: the decision could easily go either way.

TD: ‘The door is open for the Bank to trim’

Relatively speaking, Canada seems to have dodged the worst of tariffs for now, but “financial markets still felt the sting from rumbling trade conflicts, down by as much as 6% before recovering to a 1% loss on the week,” writes TD Economist Marc Ercolao in a publication from Friday. “Yields spiked higher by 26 and 38 bps in the 2- and 10-year space, respectively, while the Canadian dollar rallied almost 2 cents to 72 US cents.”

Ercolao also points out that the latest BoC business and consumer outlook surveys, released last week, show weakened sentiment with respect to sales and investment expectations, as well as a heightened fears of recession over the next year. “Keep in mind, both businesses and consumers were polled in the middle-weeks of February, suggesting that overall sentiment has likely soured further since the release,” he adds.

“The door is certainly open for the Bank to trim the policy rate by another 25 bps as a precautionary measure, a view we are leaning toward,” Ercolao goes on to say. “That said, taking a pause is still a potential option. Markets are tilted more toward this outcome, trimming bets for a rate cut to 32% from just over 40% before Trump’s most recent tariff announcement. This likely reflects the fact that the overall economic health of Canada is in otherwise decent standing as the economy entered the year with significant momentum.”

The long-term forecast: The policy rate will be lowered to 2.25% in the second quarter and held at that level until the end of the year.

RBC: “Another close call for policymakers”

Economists with RBC are taking a similar stance as they did prior to last month’s announcement, with economists Nathan Janzen and Abbey Xu writing in an April 11 note that this week’s decision “will be another close call for policymakers.” That being said, they are leaning towards a quarter-point cut as an “insurance” against escalating US tariff risks.

“Minutes from the last BoC meeting largely confirmed that the central bank would have foregone a cut to the overnight rate in March if not for heightened trade risks. We continue to think that fiscal policy is better positioned to provide the kind of timely, targeted, and temporary support needed for the economy as needed than changes in interest rates,” they say.

Janzen and Xu further point to March’s employment data, which showed a job loss of 33,000 and a rise in the unemployment rate to 6.7%, and the recent sluggishness in the housing market as reasons why the Bank would opt to cut.

However “complicating” things will be the latest release of the Consumer Price Index, slated for Tuesday, they note. “We expect March’s headline inflation will hold at 2.6% year over year on Tuesday, matching February’s rate with lower gasoline prices in March offset by further unwinding of the GST/HST tax holiday that ended mid-February.”

The long-term forecast: The policy rate will be lowered to 2.25% in the second quarter and held at that level until the end of the year.

BMO: ‘The situation is fluid’

In his analysis of the March job data, BMO Economist Douglas Porter notes that it was the softest reading in three years. He also points out that, regionally, “there is some evidence that the trade uncertainty weighed heavily,” with Ontario, Quebec, Manitoba, and Alberta all seeing job losses (of 28,000, 5,000, 1,000, and 15,000, respectively).

“The BoC will likely still want to see more data before cutting rates further. Falling energy prices and the end of the carbon tax will help dampen inflation pressures (but only in April, after a likely strong March print — which will be out the day before the next rate decision on April 16),” Porter says. “However, the Bank has made it clear it is cautious about further cuts at this point. Still, the weak jobs data along with the deep sag in global markets will keep prospects of an April rate cut very much alive. We lean against a move at this point, but the situation is, shall we say, fluid.”

The long-term forecast: The policy rate will be lowered to 2.0% by the third quarter and held at that level until the end of the year.

CIBC: ‘A quarter-point easing is warranted’

Over at CIBC, economists are hopeful for a cut, while also acknowledging that the central bank is just as likely to pause. “The astronomical tariffs that the US put into effect presented a clear and present danger of a global recession, so most investors saw plenty of reason for Canada’s central bank to provide further rate relief. But then those same investors decided that Trump’s decision to ‘pause’ those tariffs at 10% will bring a matching pause in rate cuts from the Bank of Canada,” said Economist Avery Shenfeld in a new report.

“We find ourselves in the minority, believing that a quarter-point easing is still warranted, and therefore are giving slightly better odds that Governor Macklem will see it that way.”

Mind you, Trump’s 10% pause is set to end after 90 days, at which point tariffs could be back in effect in full force, as was the case with Canadian-made autos. “The risk that happens with reciprocal tariffs, and the existing sectoral tariffs, leaves substantial uncertainty, a business sector that is freezing capital spending decisions while it waits for clarity, and diminished confidence for both businesses and households in Canada,” says Shenfeld.

“Clear downside risks to Canadian growth remain, and the last employment report added to those concerns. True, inflation also ticked up, and we’ll see some one-time price hikes from tariffs imposed here, and higher costs for goods made in the US. Our call does depend on seeing some cooling in monthly seasonally adjusted inflation readings.”

In the event that the BoC does lower the policy rate, CIBC's expectation is that “they will reiterate their vigilance on inflation, making it a bit of a ‘hawkish’ cut.”

The long-term forecast: The policy rate will be lowered to 2.25% by June and held at that level until the end of the year.

Scotiabank: “Our (nervous) call is a hold”

Like his peers, Scotiabank Economist Derek Holt is of the belief that Wednesday’s decisions will be a “close call” for the central bank. “As if US policy uncertainty isn’t enough of a challenge for them to navigate, there is also domestic policy uncertainty in the midst of an election campaign,” he writes in an April 11 report. “Our (nervous) call is a hold.”

For starters, inflation is still a cause for concern, Holt points out. “We’ll get fresh figures for March on Tuesday, but the last report showed them running at 3.5% to 4% on a month-over-month basis at a seasonally adjusted and annualized rate. These core measures have been persistently too hot straight back to last May.”

Meanwhile, there are many variables that could stoke inflation further, such as fiscal stimulus rolled out by different levels of government and Canada’s retaliatory tariffs. “Canada has imposed 25% tariffs on $60 billion of US imports plus a 25% tariff on the share of US assembled vehicle imports that is non-CUSMA/USMCA compliant. These higher prices will begin showing up in prices paid very shortly,” Holt explains.

“There are other developments going on in the economy beyond the tariff obsessions,” he also says. “The fuller integration of the wave of immigration into the economy represents lagging stimulus to the housing and consumer markets. […] Prior monetary easing has not yet fully worked through the economy in lagging fashion. Canadian households have a high saving rate and hoarded savings with pent-up demand for housing and related consumption.”

The long-term forecast: The policy rate will be held at 2.75% until the end of the year.

by Zakiya Kassam April 14, 2025 02:59 PM

source: storeys.com

link: https://storeys.com/bank-of-canada-interest-rate-big-banks-april-2025

In less than a month, Canadians will elect a new prime minister. Here's how the two most viable candidates for the job plan to tackle one of the nation's most pressing issues: the housing crisis.

In less than a month, Canadians will elect a new prime minister.

With trade relations deteriorating with our most vital ally, an increasingly partisan sociopolitical climate, and a housing crisis that just wont quit, the chosen party will have their work cut out for them.

According to polling from Ipsos, among the most pressing issues for voters i cost of living and inflation, healthcare, Canada's relationship with the US, and housing. Polling shows the Liberal Party has been most persuasive in their approach to tackling these issues — a reversal of a two-year Conservative lead that ended after the election of political outsider Mark Carney to Leader of the Liberal Party.

As of yesterday, Ipsos' polling puts the Liberals at a double-digit lead over the Conservatives, with the Liberals holding 46% of the vote and Conservatives holding 34%, followed by NDPs at a nominal 10%.

On the housing file, Conservative Leader Pierre Poilievre has made headlines for proposals like his GST elimination for new home purchases and capital gains tax deferral, while Carney has drawn attention for things like reintroducing MURB and getting the Feds back into the business of homebuilding.

Going into the election, here are the key points from both the Liberal and Conservative housing plans you need to know.

The Liberal Party

Build Canada Homes

Probably the most significant proposal from Carney would be the creation of Build Canada Homes (BCH) — a government entity that will build affordable housing; "catalyze the housing industry" by providing $25 billion in debt financing, $1 billion in equity financing to Canadian prefabricated home builders, and issuing bulk orders of units from manufacturers to create "sustained demand"; and $10 billion in financing to affordable homebuilders.

The proposal echoes the successful wartime housing effort carried out by the feds during and after the Second World War, but some developers STOREYS has spoken to are doubtful a similar program would be as successful in today's more complex building climate. Still, the Liberals say their efforts will amount to 500,000 new housing units built per year, doubling the current output.

GST elimination on new homes

If you've been tapped into the news in any capacity recently, you also know that both Carney and Poilievre have pledged to eliminate the GST on new homes, but the scope of their proposals differ. For Carney's part, he has said he will eliminate the GST on new homes under $1 million purchased by first-time homebuyers — a move generally welcomed, but many say it could be expanded to include homes up to $1.5 million (improving attainability in more expensive markets like Toronto and Vancouver) and to include more than just first-time homebuyers. More on Poilievre's version of the GST proposal later.

Tax reforms

Another key aspect of the Liberal housing plan includes tax reforms intended to encourage new development. One of the most notable would be the reintroduction of a 1970s-era tax incentive called the Multiple Unit Rental Building (MURB). MURB is expected to encourage the construction of rental buildings as it allows rental apartment investors to deduct from their personal taxes, not only expenses incurred from things like minor building repairs, accounting or legal fees related to the property, or even the purchase price of the building, but also the depreciation of the building's value. In turn, the investor could receive a bigger tax refund and enjoy a tax-sheltered investment.

When MURB was in place in the '70s, it resulted in the construction of 200,000 rental units in seven years. Paired with the Liberals' decision to up the depreciation rate for rental apartments from 4% to 10% in Budget 2024, this throwback policy is expected to significantly boost rental apartment construction.

Other tax incentives take aim at the production of different housing types, such as their proposal to "reduce the tax liability" for owners of multi-purpose rentals if they sell their building to a non-profit operator, land trust, or non-profit acquisition fund and reinvest the proceeds in building new purpose-built rentals. This move is intended to encourage the development of both affordable and rental housing.

Cutting red tape

Both Carney and Poilievre have cutting red tape on their to-do list, but once again, they're approaching the issue in different ways. Carney has proposed to "cut municipal development charges in half for multi-unit residential housing and work with provinces and territories to make up the lost revenue for municipalities for a period of five years."

To tackle building permit approval timelines, they've proposed to make the Housing Accelerator Fund more transparent by reporting on municipalities' progress to implement reforms that will speed up approvals — something the program has been criticized for. Other efforts to speed up approvals would include allowing builders and other orders of government to apply for multiple projects at once, fast-tracking applicants who have a proven record with government funding, and simplifying the Building Code.

Immigration

Like Poilievre, Carney has said he would "cap immigration until it can be returned to a sustainable trend," though he hasn't been specific about whether this cap would be tied to housing availability, like Poilievre has.

The Conservative Party

Immigration

On top of saying he would tie immigration to housing, Poilievre has also said he would speed up entry for immigrants in the building trades to help with the skilled labour shortage and boost housing construction.

GST elimination on new homes (for everyone)

Poilievre was the first to suggest the widely praised elimination of GST on new home purchases, but unlike Carney, his exemption would apply to all Canadians, not just first-time homebuyers, and it would include all home purchases under $1.3 million, as opposed to $1 million. Theoretically, the more homes and individuals included in the tax break, the more housing construction will be boosted as new home sales increase.

One downside is that Poilievre has said he would pay for the break by scrapping the "failed" Liberal Housing Accelerator Fund (HAF), which incentivizes municipalities to take actions to speed up approval times and lower development costs in order to build more housing. Though the program has shortcomings, it's been argued it would much more effective to improve the HAF rather than bin it all together.

Cutting red tape

On the topic of speeding up approvals and lowering fees, Poilievre has said he would replace the HAF with an incentive system under his Building Homes Not Bureaucracy Act that would require cities to build enough homes to meet the Conservatives' housing targets. Unlike the HAF, the targets would only apply to "big, unaffordable" cities and wouldn't require them to improve things like approval timelines and municipal fees. It only requires them to meet housing targets in order to access federal funding.

The two parties' approaches to tackling red tape has been equated to a stick-and-carrot approach, with the Conservatives utilizing the former. While cities who meet housing targets will receive federal funding, with those that exceed targets receiving bonuses, the Act proposes to penalize cities that fall short of targets by withholding funding, including transit and infrastructure funding for cities that fail to build sufficient density near transit hubs, and imposing a "NIMBY penalty on big city gatekeepers for egregious cases of NIMBYism."

Poilievre even proposes to cut salaries and bonuses of "gatekeepers" at the Canada Mortgage and Housing Corporation (CMHC) if they if they are unable to speed up approval of applications for housing programs to an average of 60 days.

Canada First Reinvestment Tax Cut

While this tax cut acts as a way to spur investment in Canada at a time of economic uncertainty and low productivity, it has the potential to kill two birds with one stone (the other being the housing crisis) by increasing investment in housing.

Essentially, the bill proposes to defer the capital gains tax on the sale of an asset if the proceeds are reinvested in Canada, including Canadian homebuilding. If proposed, an individual or corporation could sell one purpose-built rental property, for example, and reinvest the money saved on the capital gains deferral into developing a new rental building. Or, the owner of a plot of development land could be incentivized to sell that land to a builder, freeing up more land for the construction of new homes.

STOREYS spoke to one real estate expert who worries that the tax deferral will result in Boomers buying up single-family homes as rental properties, but other say the benefits will outweigh the negatives.

by Teagan Sliz April 08, 2025 12:12 PM

Source: storeys.com

link: https://storeys.com/housing-ballot-liberals-vs-conservatives

TransLink has massive transit-oriented development plans for its existing surface park-and-ride lot and bus exchange adjacent to Coquitlam Central Station.

In late 2022, Daily Hive Urbanized first reported that this 9.3-acre lot at 2920 Barnet Highway — the southwest corner of the intersection of Barnet Highway and Pinetree Way — is being eyed as a project site for TransLink’s recently created for-profit real estate development division.

At the time, the public transit authority had kicked off the process of seeking a design contractor to create a master plan for the site’s development.

And now, we have our first sense of the potential scale of this proposed project.

Just recently, TransLink submitted its pre-application to the City of Coquitlam, outlining a proposed master plan that calls for nine towers.

This includes eight residential towers with 3,400 residential units and ground-level retail/restaurant space, and one mixed-use tower with a hotel and office space.

All of this will be integrated with a bus layover facility and a public park.

The project’s selected architectural design firm is Arcadis. At this early stage, no other details have been made available.

Site of the park-and-ride and bus exchange facilities for Coquitlam Central Station. (Google Maps)

The park-and-ride facility serving Coquitlam Central Station. (Google Maps)

The bus exchange serving Coquitlam Central Station. (Google Maps)

Coquitlam Central Station is served by SkyTrain Millennium Line and the West Coast Express commuter rail, and its bus exchange is among the largest and busiest in Metro Vancouver’s northeast sector. The development site’s existing primary use as a park-and-ride facility makes it one of TransLink’s largest, with a capacity of 1,060 vehicles. The daily parking rate is $3.00, and a monthly parking pass is $60.00.

Upon inquiry, TransLink spokesperson Dan Mountain told Daily Hive Urbanized the public transit authority is in the process of awaiting feedback from City staff.

“Once we have feedback, we will work with the City of Coquitlam on advancing an application which will involve engagement,” he said.

This could potentially be one of the largest for-profit, high-density, transit-oriented developments in the world led by a public transit authority — on the scale of some of the projects by well-known initiatives in parts of Asia, such as those by Hong Kong’s MTR Corporation and in Japan.

SkyTrain Coquitlam Central Station. (Kenneth Chan/Daily Hive)

West Coast Express commuter rail at Coquitlam Central Station. (Kenneth Chan/Daily Hive)

Immediately to the east at the 11.6-acre site of 2954-2976 Pheasant St., 2960-2968 Christmas Way, and 2950 Lougheed Highway, QuadReal Property Group and Marcon Development have plans to build “TriCity Central” — a project with nine towers up to 60 storeys, entailing 3,000 strata market ownership condominium homes, 1,000 secured purpose-built rental homes, a major childcare facility for up to 220 kids, a hotel with 150 guest rooms and a conference centre, 170,000 sq. ft. of office space, and significant retail/restaurant uses within the lower levels of the various buildings, including an anchor grocery store.

TriCity Central, which has received conditional approval, will be built in phases, providing homes for up to 8,000 residents and commercial space for up to 1,500 jobs. An east-west pedestrian overpass across Lougheed Highway will link TriCity Central with the TransLink site.

2022 artistic rendering of the TriCity Central redevelopment in Coquitlam. (Marcon Development/Quadreal Property Group/Perkins & Will)

2022 artistic rendering of the TriCity Central redevelopment in Coquitlam. (Marcon Development/Quadreal Property Group/Perkins & Will)

2022 artistic rendering of the TriCity Central redevelopment in Coquitlam. (Marcon Development/Quadreal Property Group/Perkins & Will)

Just to the west, Delcor Holdings and Polygon Homes previously proposed to redevelop the 4.5-acre Rona home improvement store at 2800 Barnet Highway into four towers between 40 storeys and 48 storeys, containing over 1,000 strata market ownership condominium homes, 300 secured purpose-built rental homes, and 146,000 sq. ft. of commercial space.

All three of these project concepts generally align with the high-density, mixed-use development principles outlined in the City of Coquitlam’s 2020-created City Centre Area Plan. The plan emphasizes a balanced mix of major residential uses and commercial or employment spaces that contribute to the economic vibrancy of the emerging downtown core.

According to the area plan, the vicinity around Coquitlam Central Station is designated as the “Pinetree-Lougheed Precinct,” envisioned as a “striking gateway” into the city centre. This precinct is planned to feature an office business district and potentially a hotel and conference centre as a central anchor. High-density residential development is also a key component of the vision for this area.

Since the area plan was finalized, these principles, prescriptions, and stipulations are now further reinforced by the provincial government’s transit-oriented development legislation, which designates Coquitlam Central Station as a Transit-Oriented Area for residential uses.

Conceptual artistic rendering of the Pinetree-Lougheed Precinct next to Coquitlam Central Station, as outlined within the 2020-approved City Centre Area Plan. (City of Coquitlam)

The driving rationale behind the redevelopment of Coquitlam Central Station’s park-and-ride and bus exchange is rooted in TransLink’s broader strategy to generate long-term ancillary revenue. By doing so, the public transit authority aims to ease upward pressure on fares, property taxes, and other fees, while also contributing to solutions for the region’s housing affordability and supply challenges, and encouraging increased public transit ridership.

This strategy involves not only optimizing under-utilized properties within TransLink’s existing portfolio but also acquiring new sites for transit-oriented development opportunities.

TransLink’s first project under its real estate development division is a new 30-storey, mixed-use tower at the site of 2096 West Broadway and 2560-2576 Arbutus St. — immediately adjacent to SkyTrain’s future Arbutus Station. As a joint partnership with PCI Developments, it will contain 260 secured purpose-built rental homes, 7,400 sq. ft. of retail/restaurant space, 7,100 sq. ft. of community organization space, and allocated space for a future secondary entrance into the subway station. Construction could begin later in 2025 for a completion in 2029.

In January 2025, TransLink began public consultation on the second project by the division. It is proposing to redevelop its former North Vancouver Transit Centre bus depot at 502 East 3rd St. The proposal for the 2.2-acre site calls for a pair of 16-storey towers with about 400 secured purpose-built rental homes and 14,000 sq. ft. of retail/restaurant space.

October 2024 artistic rendering of 2096 West Broadway and 2560-2576 Arbutus Street, Vancouver. (Musson Cattell Mackey Partnership/PCI Developments/TransLink)

October 2024 artistic rendering of 2096 West Broadway and 2560-2576 Arbutus Street, Vancouver. (Musson Cattell Mackey Partnership/PCI Developments/TransLink)

Preliminary concept for the Moodyville Development at 502 East 3rd Street, North Vancouver. (Francl Architecture/TransLink)

Preliminary concept for the Moodyville Development at 502 East 3rd Street, North Vancouver. (Francl Architecture/TransLink)

by Kenneth Chan| Apr 8 2025, 11:24 am

Source: dailyhive.com

link: https://dailyhive.com/vancouver/translink-coquitlam-central-station-park-and-ride-transit-oriented-development-update