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I have sold a property at 101 7180 Barnet Road in Burnaby

I have sold a property at 101 7180 Barnet Road in Burnaby on Jul 13, 2025. See details here

Discover this bright and stylish 1-bedroom, 1-bathroom home—perfect for first-time buyers, students, young professionals, or downsizers. Enjoy a spacious open-concept layout, a contemporary kitchen with updated appliances, and a private balcony—ideal for morning coffee or relaxing after a long day. Located in a vibrant neighbourhood just minutes from SFU, parks, shopping, and transit, this home combines comfort, convenience, and lifestyle. Don't miss out—homes like this move fast! Book your private showing today—your next chapter starts here!

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Vancouver mayor seeks to unlock development potential of five 'exceptional' sites

Mayor Ken Sim is calling on City of Vancouver staff to explore new planning approaches for five strategically located industrial areas that could play a pivotal role in delivering both jobs and housing — particularly near existing and future SkyTrain stations.

In a member motion expected to be approved by Vancouver City Council next week, Sim is calling on City staff to process without delay existing and new rezoning applications at what he describes as five “exceptional sites” across the city.

Furthermore, City staff will perform a deep dive on the technical and policy implications of the redevelopment potential of each site.

One of the biggest hurdles is the designation of these sites as protected industrial lands by Metro Vancouver Regional District. The regional district is generally very cautious with removing industrial land designations, as the region is experiencing a growing industrial land shortage, which is having major economic implications.

At the same time, some of the protected industrial lands across the region are no longer suitable for traditional industrial uses for reasons such as site-specific issues, the location adjacent to emerging residential areas, and accessibility to major roads required for truck traffic, as well as the opportunity costs of not optimizing transit-oriented development sites near SkyTrain stations.

The five sites identified by Mayor Sim are the former Molson Brewery at the south end of the Burrard Street Bridge, the former industrial sites owned by the municipal government at the southeast corner of the intersection of Main Street and Terminal Avenue next to SkyTrain’s Main Street-Science World Station, the Marine Gateway area next to SkyTrain’s Marine Drive Station, and the Mount Pleasant Industrial Area.

Concord Pacific owns the 7.6-acre former Molson Brewery site. Prior to the pandemic, the developer unveiled its “Quantum Park” concept of redeveloping the under-utilized property into towers up to 25 storeys, with 1.8 million sq. ft. of building floor area providing 300,000 sq. ft. of creative industrial, office, and retail/restaurant space and 3,000 homes.

The brewery was built at a time when False Creek saw heavy industrial uses. As well, the site’s freight needs were previously served by Canadian Pacific’s Arbutus railway corridor, which has since been dismantled, sold to the City, and converted into its current uses as an active transportation greenway.

Moreover, the adjacent built form of the Senakw’s high-density grove of towers up to 58 storeys likely sets some new precedent for what is possible for Concord’s brewery site.

Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver, conceived before the Senakw project. (Concord Pacific)

Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver, conceived before the Senakw project. (Concord Pacific)

Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver. (Concord Pacific)

PCI Developments has also been looking to build a second phase of Marine Gateway on a five-acre site, replacing car dealerships immediately south of the 2015-completed first phase.

Marine Gateway’s second phase would feature more high-rise towers — providing significant secured rental housing and affordable home ownership units on top of substantial creative/light industrial uses and some additional retail/restaurant space. The City of Vancouver also has a major works yard immediately east of this site.

Previous 2021 artistic rendering of Marine Gateway Phase 2 at 8530 Cambie St., Vancouver. (Perkins&Will/PCI Developments)

Previous 2021 artistic rendering of Marine Gateway Phase 2 at 8530 Cambie St., Vancouver. (Perkins&Will/PCI Developments)

The Mount Pleasant Industrial Area is the largest of the five sites, spanning the general area framed by Cambie Street to the west, 2nd Avenue to the north, Main Street to the east, and Broadway to the south.

Within the City’s Broadway Plan area, Sim states this is a centrally-located employment district with sites within the provincial government’s legislated Transit-Oriented Areas, specifically around SkyTrain’s Broadway-City Hall and Olympic Village stations and the future Mount Pleasant Station. He suggests there is a need for “modernized policy guidance” to “support innovative tech clusters, light industry, and creative economy uses while carefully considering residential uses.”

Currently, existing policies allow for a broader range of uses only along the perimeter of the Mount Pleasant Industrial Area. This has enabled high-density, mixed-use residential and office developments along the west side of Main Street, including projects such as the Main Alley tech campus and the City Centre Motel redevelopment. Sim’s motion suggests he wants to go even further than the current allowances.

Mount Pleasant Industrial Area. (City of Vancouver/Google Maps)

October 2022 artistic rendering of Prototype/M5 at 2015 Main St., Vancouver. (Henriquez Partners Architects/Westbank)

Artistic rendering of the City Centre Motel redevelopment at 2111 Main St., Vancouver. (Musson Cattell Mackey Partnership/Nicola Wealth Real Estate)

The fourth site at the southeast corner of Main Street and Terminal Avenue has been planned as an “Innovative Hub” under the City’s False Creek Flats Plan. A mix of innovation economy uses are envisioned, including laboratories, research and development, creative/light industrial, tech offices, arts and cultural facilities, local food economy spaces, some residential uses, and the active ground-level uses of retail and restaurants.

Recently, the City conducted a procurement process seeking a contractor to conduct a detailed technical feasibility study identifying redevelopment options for this 11.5-acre City-owned property next to Main Street-Science World Station.

The fifth exceptional site identified by Sim is the 11-acre Railtown district spanning about six city blocks, which he states is “a unique industrial and creative district requiring tailored policy guidance to support job space retention and cultural economy integration.”

Previous highly preliminary concept for the Innovation Hub site of the False Creek Flats Plan. (City of Vancouver)

Previous highly preliminary concept for the Innovation Hub site of the False Creek Flats Plan. (City of Vancouver)

Railtown district in Vancouver. (Google Maps)

Last week, City Council also approved a separate member motion by City Councillor Rebecca Bligh that specifically focuses on Railtown. That approved motion calls on City staff to similarly address the current industrial land use limitations, and explore enabling a wider range of uses for creative/light industry, office, retail, restaurants, services, and residential.

It also followed pleas from the executives of Aritzia and Herschel, whose global headquarters offices are located in Railtown. Both companies would like to remain and significantly expand in the area, but the area faces growing public safety and crime issues due to both its adjacency to the Downtown Eastside’s core area and the physical limitations of strict industrial uses.

Sim’s motion also directs City staff to prepare formal requests to the regional district in Fall 2025 to remove the protected industrial land reserve designation from any of these sites.

Additionally, City staff will explore options for future land use that maintain or intensify employment uses, while also “appropriately accommodating the potential for housing and public amenities such as green space, childcare, community and recreation facilities, and arts and culture spaces.” The relationship of the exceptional sites to public transit hubs and opportunities for “integrated job space intensification” will also be assessed.

Kenneth Chan| Jul 17 2025


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New property listed in Westridge BN, Burnaby North

I have listed a new property at 101 7180 Barnet Road in Burnaby. See details here

Discover this bright and stylish 1-bedroom, 1-bathroom home—perfect for first-time buyers, students, young professionals, or downsizers. Enjoy a spacious open-concept layout, a contemporary kitchen with updated appliances, and a private balcony—ideal for morning coffee or relaxing after a long day. Located in a vibrant neighbourhood just minutes from SFU, parks, shopping, and transit, this home combines comfort, convenience, and lifestyle. Don't miss out—homes like this move fast! Book your private showing today—your next chapter starts here!

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Vancouver home sales slide in June but housing market recovery could be near, says board

GVR says demand may be stabilizing after a rough first half of 2025

Metro Vancouver’s housing market saw a 9.8% drop in home sales year over year in June, but local realtors believe conditions are beginning to turn a corner after a sluggish start to the year.

Greater Vancouver Realtors (GVR) reported that residential sales came in at 2,181 last month, down from 2,418 in June 2024, and 25.8% below the 10-year seasonal average of 2,940 transactions.

Despite the year-over-year decline, the board says the monthly drop is only half the size of May’s, signaling an early-stage recovery.

“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year,” said Andrew Lis, GVR’s director of economics and data analytics. “If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.”

Inventory glut

There were 6,315 new listings added to the MLS in June, up 10.3% from the same month in 2024 and 12.7% above the 10-year average. The total inventory in the region rose to 17,561, marking a 23.8% increase over June 2024 and 43.7% higher than the 10-year seasonal average.

The overall sales-to-active listings ratio in June stood at 12.8%, indicating balanced market conditions. By segment, the ratio was 9.9% for detached homes, 16.9% for attached, and 13.9% for apartments.

According to GVR, ratios below 12% over sustained periods typically point to downward pressure on prices, while values tend to rise when the ratio exceeds 20%.

“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said in the report. “Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year.

“With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favourable conditions seen in years.”

Signs of stabilization

The MLS Home Price Index composite benchmark price across all residential properties in Metro Vancouver stood at $1,173,100, a 2.8% decrease year over year, and down 0.3% from May 2025.

Despite some signs of stabilization, a Reuters poll forecasts a 2% decline in home prices in Vancouver and a 4% drop in Toronto for 2025. However, some experts believe the worst of the correction has already occurred.

Detached home sales totaled 657 units, a 5.3% decline from June 2024. The benchmark price fell to $1,994,500, down 3.2% year over year and 0.1% from May.

Apartment sales posted a larger drop, down 16.5% to 1,040 units, with a benchmark price of $748,400, representing a 3.2% decline from June 2024 and 1.2% from May.

However, attached home sales rose 3.7% year over year to 473 units. The benchmark price for townhomes was $1,103,900, down 3% annually and 0.3% monthly.

Vancouver condo market avoids Toronto-level slump – for now

While condo market conditions in Vancouver remain soft, the city is still outperforming Toronto, where oversupply is pushing the segment toward deeper corrections. Canada Mortgage and Housing Corporation (CMHC) flagged both Vancouver and Toronto as high-risk condo markets due to the significant slowdown in recent sales activity.

In Toronto, condo purchase activity has plunged by 75% since 2022, compared to a 37% decline in Vancouver, according to CMHC data. In April, over 2,000 new condo units in Vancouver were unsold and unoccupied — the highest level in more than a decade.

Even so, local industry professionals are not ringing alarm bells just yet.

“I think it’s a bit more difficult in Toronto than here,” Anthony Zhang, a mortgage broker with DLC Clear Trust Mortgages, said in a recent interview with Canadian Mortgage Professional. “I see there’s some challenges on the supply side, and people are struggling to sell. But I think the problem is getting even worse in Toronto.”

By Candyd Mendoza 07 Jul. 2025

source: mpamag.com

link: https://www.mpamag.com/ca/mortgage-industry/market-updates/vancouver-home-sales-slide-in-june-but-housing-market-recovery-could-be-near-says-board/541631

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I have sold a property at 101 7180 Barnet Road in Burnaby
Sold Listings

I have sold a property at 101 7180 Barnet Road in Burnaby

I have sold a property at 101 7180 Barnet Road in Burnaby on Jul 13, 2025. See details here Discover this bright and stylish 1-bedroom, ...

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Vancouver mayor seeks to unlock development potential of five 'exceptional' sites
Real Estate Blog

Vancouver mayor seeks to unlock development potential of five 'exceptional' sites

Mayor Ken Sim is calling on City of Vancouver staff to explore new planning approaches for five strategically located industrial areas ...

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New property listed in Westridge BN, Burnaby North
New Listings

New property listed in Westridge BN, Burnaby North

I have listed a new property at 101 7180 Barnet Road in Burnaby. See details here Discover this bright and stylish 1-bedroom, 1-bathroom ...

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Vancouver home sales slide in June but housing market recovery could be near, says board
Real Estate Blog

Vancouver home sales slide in June but housing market recovery could be near, says board

GVR says demand may be stabilizing after a rough first half of 2025 Metro Vancouver’s housing market saw a 9.8% drop in home sales ...

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