The Holborn Group has been trying to develop this downtown site for eight years, and the city hasn't supported earlier proposals. Now, Holborn is proposing to build what would become Metro Vancouver's tallest skyscraper.

A Vancouver developer wants to transform the downtown skyline with a massive development encompassing nearly two entire downtown blocks. It would include a trio of skyscrapers, the largest of which would reach more than 300 metres — the tallest in the city.

The project would be almost 50 per cent taller than the current tallest in Metro Vancouver, which is Two Gilmore Place in Burnaby at 218 m (64 storeys).

The project has been nearly two decades in the making. Now is the right time to move forward, says the president of developer Holborn Group, as Vancouver is growing bigger with “ambitions to be more like a world-class city.”

Holborn has applied to build a project, designed by Henriquez Partners Architects, which involves a total of four towers at two different downtown locations.

An illustration showing a development proposed for downtown Vancouver from the Holborn Group and designed by Henriquez Partners Architects. Sectional view from Seymour Street looking east. Credit: Holborn Group / Henriquez Partners Architects Photo by Norm Li

On the larger of the two sites, Holborn proposes to build three towers between 68 and 80 storeys, including condos, market rental homes, commercial space and a 920-room hotel on the parcel between the 500-block of West Georgia and Dunsmuir streets. This parcel includes the now-vacant site at 500 Dunsmuir St., where a heritage building Holborn bought in 2006 was emptied in 2013 and then ordered demolished earlier this year after the city declared it was at risk of imminent collapse. The parcel also includes The Bay parkade, and the Randall building at 555 West Georgia St., which for years featured a beloved six-storey mural.

The proposal also includes developing a second site owned by Holborn, a Downtown Eastside parking lot, where the company is pitching a 38-storey tower with social housing, child care and an Indigenous art gallery. The entire building would be turned over to the city upon completion.

Demolition of a heritage building at 500 Dunsmuir Street on Jan. 20. Photo by NICK PROCAYLO /10106970A

Holborn acquired The Bay parkade and 500 Dunsmuir St. in 2006, and then over the next 18 years acquired most of the other properties on that two-block parcel, with the exception of 570 Dunsmuir St., an eight-storey commercial building that houses private educational institutions and has a different owner. The final piece for Holborn was the acquisition of the Randall building, a 1929-built commercial structure at 555 West Georgia St., last year.

For at least eight years Holborn has been in touch with city hall about developing the downtown site. City hall didn’t support a series of earlier proposals designed by different architects and submitted on behalf of Holborn between 2017 and 2023.

An illustration showing a development proposed for downtown Vancouver from the Holborn Group and designed by Henriquez Partners Architects. View of observation deck looking west. Credit: Holborn Group / Henriquez Partners Architects Photo by Norm Li

“We were told, ‘No, no,’ so many times, so we know what not to do this time,” Holborn president Joo Kim Tiah said with a laugh this week. “I want to say it in a very respectful way. But I think the idea was probably too big at first, because, Vancouver was, maybe, not really used to such an ambitious project.”

But after “having persevered so many years,” Tiah said, he believes city planning staff now see “the city growing bigger and has ambitions to be more like a world-class city.”

The project aligns with priorities of the current city council and planning staff, such as boosting the supply of hotel rooms and homes downtown, Tiah said.

“So as all these things became more and more pressing, now I guess they are now more open to the fact that, ‘Hey, actually a big project like this does bring a lot of benefits’ … I think more and more, over time, they warmed up to the idea.”

An illustration showing a development proposed for downtown Vancouver from the Holborn Group and designed by Henriquez Partners Architects. View of the plaza at Seymour and West Georgia streets. Credit: Holborn Group / Henriquez Partners Architects Photo by Norm Li

Conversations with city hall about the earlier proposals only ever reached the pre-application inquiry stage. About 18 months ago, Henriquez Partners Architects started working on the newest iteration, and last week, the partnership submitted the first formal rezoning application for the project.

Said Gregory Henriquez, the company’s managing principal: “We learned a lot from what the other architects did and tried to incorporate all the lessons learned and comments given, over the years, into this design.”

Henriquez said the design is inspired by ancient glass sea sponge reefs found off the B.C. coast, and they believe the project will be a “landmark in the heart of Vancouver.”

The project has evolved over time.

Earlier versions of the project included office space, but the new design has removed that component, responding to the dwindling demand.

Another major change in the project’s evolution was city council’s decision last year to revise rules protecting public views, which enabled this site to go higher.

Henriquez Partners’ earlier version of the project, designed last year, planned to incorporate the heritage building at 500 Dunsmuir St., Henriquez said.After Vancouver’s chief building official recommended the derelict building’s demolition last December, saying it had become a “danger to public safety,” it was demolished in January. That unexpected development prompted a redesign of the whole project, Henriquez said, changing it from two thicker towers to three thinner ones.

An illustration showing a development proposed for downtown Vancouver from the Holborn Group and designed by Henriquez Partners Architects. View of 388 Abbott St. Credit: Holborn Group / Henriquez Partners Architects Photo by Norm Li

The Abbott Street site that forms the other part of this proposal has been owned by Holborn since 2004. In 2018, Holborn applied to build a 10-storey market rental building on that site, which was approved by the city.

Asked why that rental housing project never moved forward, Tiah said that the company decided it made sense to tie the development of both the Georgia and Abbott properties together, “revitalizing two areas of town.”

The project would include a total of 1,939 new homes, a 920-room hotel, 64,000 square feet of retail space and a public plaza on West Georgia Street.The Abbott site would include 378 non-market homes, in a 38-storey building, roughly the same size as the Woodward’s tower across the street, which was also designed by Henriquez and completed in 2010.

Holborn is a local development company owned by one of Malaysia’s wealthiest families. The developer is known for building Vancouver’s Trump Tower on West Georgia, which has since been renamed, and the Little Mountain project, which was criticized because of delays in delivering the social housing units that were promised to replace those demolished on the site.

By Dan Fumano Published May 08, 2025

Source: Vancouversun.com

link: https://vancouversun.com/news/massive-development-proposed-for-downtown-vancouver?utm_campaign

Do it all at once by adding these steps to your checklist.

Multitasking is never easy. Likewise, buying or selling a home can be daunting, even in the best circumstances. Doing both at once might mean stress overload unless you are prepared and have a plan B for when things go awry. Here are five tips to consider when buying and selling your home at the same time.

1. Assess your situation

Ideally, you want to move into your new place before you leave your old one. But to prepare for buying and selling your home at the same time, you need to know current real estate trends. The best place to start is with a reputable, experienced real estate agent. This person knows the market situation in your area and in the new area you are considering.

An agent will also know if it is a buyer’s or a seller’s market. This is important so you have a sense of how quickly homes are moving and for how much. That will help you with your timeline, your listing price and how much you can afford.

Make sure to choose the same agent for the buying and selling process. Having an agent who understands both ends will be invaluable. The only times this shouldn’t be the case is if you are moving out of province or if the agent is also working with the seller of your new home.

Remember, you have options when it comes to negotiating the length of your close, short-term rentals and other ways to bridge the time between buying and selling. Having an agent to help will make sure you get the best possible terms.

2. Know when to use contract contingencies

Another key is knowing if you need to sell your current home to make the down payment for your new home. If you do, you need to consider a contract contingency when purchasing or applying for a bridge loan.

Contract contingency or conditional sale means the purchase of the new home will depend on the sale of your existing home. This can be dangerous in a seller’s market and could cost you your dream home if you are not careful. If the market is competitive, the seller may not want to decrease their chances of selling by waiting for you to sell your home.

You’ll need to convince the seller your home is in a desirable market, priced right and will sell quickly. If there’s been no movement on the seller’s property and it’s been on the market for a while, they may agree to a contract contingency.

3. Consider a bridge loan

A bridge loan could be a great alternative to contract contingency. As the name implies, it bridges the time between moving into your new place and out of your old one. These loans let you own two homes at the same time by using the equity on your property to help with the down payment of your new house.

Usually, bridge loans are around six months long, but this can vary depending on how long you think you need to sell your home. Keep in mind a lender must still approve you for this loan, too. You’ll need a sale agreement setup for your current home to qualify. Once your old house sells, you can use the proceeds to help pay the bridge loan.

Always have back-up plans when buying and selling at the same time.

4. Factor in the financials

When setting the price of your home, consider what you want to spend on your new home and weigh this against the market value. Leave a cushion when calculating your new home budget. For example, if your current home is assessed at $900,000 and the new home you want is $850,000, then you know the least you’ll accept for your current place is $850,000. If you don’t get at least $850,000 for your current home, then you need to look for a cheaper new home. That is, make sure you cover your new home’s price with your current home’s sale. If you only know the general price range you want for your next purchase, talk with your agent about what you'll need to get from the sale of your current home to cover it.

Have a buffer and manage your expectations. Plus, if your current home was your principal residence for the entire time you owned it, you won’t have to pay capital gains tax when you sell. But if it wasn’t, factor this into the total amount available and work with your agent and an accountant.

Also, don’t assume you can upgrade to a bigger home because you have a current mortgage, have a down payment or are making more income. This is not always the case; know your limits. By having a pre-approved mortgage, you won’t be setting yourself up for disappointment after you find your dream home.

5. Cover yourself between buying and selling

Have a plan B. It’s rare for the new home to close at the same time as your existing home. A little off in either direction and you could be paying dual mortgages or be homeless.

Banks can take up to two to three days to transfer funds, and those transfers are usually done before 3 pm. So, don’t schedule your closing on a Friday and always choose the morning hours. Having this buffer in your schedule will help close the deal on schedule and as planned.

Set up an emergency fund for such a situation. You may find you are in a hotel for a week or two. You might want to consider short term rental options (like an Airbnb). Speaking with friends and family may also give you some options until your new place closes.

Another possibility is a rent-back agreement. This means you would rent your old home back from the buyer (now the owner) from the time of closing until you’re ready to move. The buyer does not have to agree to this, and their own buying and selling situation will likely determine if they agree. But it doesn’t hurt to ask. Have a back-up for this back-up plan, though.

Buying and selling a home at the same time requires coordinating many moving parts. But with some careful planning and a bit of luck, you can do it. Make sure to work with your agent every step of the way and always have other plans ready.

Words by Zak Khan Date 11.07.2024

source: rew.ca

link: https://www.rew.ca/guide/articles/6-tips-to-buying-and-selling-a-home-at-the-same-time

Rising concerns about Canada plunging into a recession are deterring prospective homebuyers, according to a new report.

The BMO Financial Group released its latest Real Financial Progress Index on Monday, revealing that many Canadians are taking a “wait and see” approach as the possibility of Canada descending into an economic recession increased from 60 per cent to 74 per cent from March to April 2025.

“Canada’s housing market remained under pressure heading into the spring, with sales and prices both weakening further,” said Robert Kavcic, senior economist at BMO Capital Markets.

“There is some clear underlying weakness as inventory builds and investors remain absent. Suffice it to say, homebuyers are losing confidence and motivation, especially in areas of B.C. and Southern Ontario.”

Elena Berd/Shutterstock

The BMO survey examined how concerns about the economy have impacted prospective homebuyers’ decisions.

It found that over two-thirds (67 per cent) of prospective homeowners are waiting for interest rates to drop before purchasing a home. Two in five (38 per cent) Canadians are waiting for rates to drop to three per cent or lower before buying or refinancing a home.

The Bank of Canada announced its first interest rate hold of the year in April, maintaining the 2.75 per cent policy rate.

“Two-thirds (66 per cent) of millennials feel they had missed their homebuying moment — more than any other generation,” reads the report.

While 59 per cent of Canadians see homeownership as one of their greatest life goals, half believe it is less attainable than it was 12 months ago. Two-thirds (66 per cent) are less confident that they will own a home in their lifetime compared to five years ago.

BMO found that 38 per cent of homebuyers plan on buying one in the near future, but only 14 per cent of those Canadians plan to do so in 2025, and a quarter (24 per cent) plan on doing so in 2026 or later.

More than half (52 per cent) of prospective homebuyers would consider moving to a different province or country to afford to buy a home.

And 43 per cent of people who bought in Canada say they could not have obtained their homes without assistance from family.

National Trending Staff|. May 5 2025,

source: dailyhive.com

link: https://dailyhive.com/vancouver/canada-recession-homebuyers

The British Columbia Real Estate Association has unveiled its latest housing forecast, highlighting a cautious outlook for the province’s real estate market amid ongoing economic uncertainties tied to international trade tensions.

In its second-quarter report, the provincial association predicts that home sales across B.C. will drop slightly by 1.1 per cent this year, totalling approximately 73,650 units. However, BCREA expects a rebound, with sales projected to increase by 8.8 per cent.

“Hopes for a return to normalcy in the B.C. housing market were swiftly dashed this year, upended by a pointless and mutually destructive trade war,” says BCREA Chief Economist Brendon Ogmundson. “While there is significant pent-up demand in the market, uncertainty about the direction of the economy is holding that demand back.”

Inventory levels continue to climb  

Despite recent drops in interest rates— with the Bank of Canada cutting its overnight rate from 5 per cent down to 2.75 per cent in the past year—BCREA notes that market confidence remains shaky. 

Inventory levels continue to climb, with resale listings expected to average over 40,000 units provincially for the first time in more than a decade. The uptick in available homes, combined with a surplus of unsold new builds, might place mild downward pressure on prices in certain markets, BCREA notes. But average prices across the province are largely anticipated to remain steady as sellers adopt a cautious approach, choosing to wait out current economic conditions.

Regionally, the picture varies:

• The Vancouver Island-Coast area is anticipated to see mixed performance, with sales slightly increasing in Victoria but declining elsewhere on the island.

• The Lower Mainland, including Greater Vancouver and the Fraser Valley, continues to grapple with affordability issues, forecasting a minor sales dip in 2025 before experiencing recovery next year.

• The Thompson-Okanagan region anticipates a slight decline in home sales this year, yet looks forward to a stronger recovery in 2026.

• Northern B.C. remains notably resilient in the face of economic challenges, expecting stable sales throughout 2025 and slight growth in 2026.

• The Kootenay region continues to perform well, bolstered by better affordability conditions, forecasting a healthy increase in sales this year.

BCREA underscores that while current economic challenges, particularly those stemming from international trade disruptions, are significant, gradual improvement and stability in the housing market are anticipated as clarity around economic and trade policies emerges.

REM Editorial Team | May 01, 2025 

Source: realestatemaazine.ca

link: https://realestatemagazine.ca/mutually-destructive-trade-war-puts-b-c-housing-market-recovery-on-hold

Why isn't Canada's housing market responding to lower interest rates?

The Bank of Canada opted to maintain its policy interest rate at 2.75% in April, citing escalating trade tensions and widespread economic uncertainty. However, the decision has drawn renewed attention to Canada’s faltering housing market, which continues to cool despite recent interest rate cuts.

The central bank’s Governing Council deliberated against a backdrop of heightened volatility, triggered by a new wave of US-imposed tariffs on imports, effective April 2. These measures have disrupted financial markets, weakened consumer confidence, and cast doubt on near-term economic growth. The effects are being felt acutely in Canada’s housing sector, where activity has cooled significantly.

“Housing activity also slowed considerably in the first quarter of 2025,” the Council noted, highlighting that resale activity—especially in the Toronto market—declined even as borrowing costs dropped.

Rate cuts fail to ignite

Since mid-2024, the Bank has implemented a series of rate cuts to stimulate economic growth and maintain inflation near its 2% target. Although these measures have brought mortgage rates down, the intended boost to the housing market has yet to materialize. Consumer sentiment remains subdued, with surveys showing confidence at historic lows.

Governing Council members acknowledged that “lower interest rates pulled down mortgage interest costs and rental prices moderated,” but this easing has not been sufficient to offset broader economic pressures. Slowing household spending, cautious business investment, and weakening employment are contributing to a climate of uncertainty that has discouraged homebuying and slowed construction.

Analysts warn that if trade conflicts deepen—particularly under the Bank’s more severe illustrative scenario where tariffs become permanent—the housing sector could face greater strain. In such a scenario, inflation might temporarily rise above 3%, even as the economy enters recession. The report notes that “lower demand for Canadian exports could affect business investment, employment, household spending and housing more than anticipated.”

Divided on further action

Despite these risks, the Bank chose not to cut rates further at its April meeting. While some members favoured another 25-basis-point reduction to support sectors like housing, others argued that previous rate cuts were still working their way through the economy and that more data was needed before taking further action.

Looking ahead, the Bank said it would closely monitor the dynamics around Canadian exports, particularly how it impacts business investment, employment, and household spending, and how inflation expectations evolve. Should the outlook deteriorate, the Bank said it remains prepared to act.

By Jonalyn Cueto 01 May 2025

source: mpamag.com

link: mpamag.com/ca/news/general/bank-of-canada-reveals-thinking-behind-april-rate-hold/534088

A 50-storey residential tower with a community space that could include a food bank and a place of worship is being proposed for the Edmonds neighbourhood in Burnaby.

A staff report was presented to council on April 22 to seek authorization to rezone the area at 7135 Walker Ave. and 7244 Arcola St. for the development, and to move forward with a first and second reading at a future council meeting.

Gracorp Properties LP is listed as the applicant for this project. It includes approximately 480 purpose-built rental units, with 384 market rental units and 96 non-market rental units, which will be 20 per cent below market rates in Edmonds.

This project is a partnership between BC Builds and the Neighbourhood Church, which currently owns the land.

City of Burnaby

The development is the first BC Builds project in Burnaby. The provincial program is designed to accelerate the development of rental housing, specifically for middle-income earners.

A strong mix of unit types is presented in the report, as 40 per cent of units are planned to be two-bedroom or larger.

The proposal highlights that the 50-storey tower would be accompanied by a six-storey non-profit and commercial community hub, inclusive of an auditorium, retail space, community-serving uses (such as a food bank), and office space.

During last week’s meeting, Ed Kozak, the City of Burnaby’s general manager of planning, noted that the building would also feature a ministry hub and an arts centre complete with a theatre for community events and performances.

Following the completion of the project, the residential rental units will be managed by a non-profit housing operator. The community hub’s management is proposed to remain with its current owners.

The site is currently home to the Edmonds Baptist Church building, which was built in 1912, and is included on the City of Burnaby’s heritage inventory. It is now known as the Neighbourhood Church and also serves as a hub for the Burnaby Society to End Homelessness’ outreach programs, as well as other crucial community services.

The current Neighbourhood Church in Edmonds. (Google Maps)

The applicant is not proposing to include the church in the new development, but will be responsible for deconstruction and salvaging materials if relocation of the building is not possible.

The report says the developer is being encouraged to incorporate the salvaged church building materials into the new development’s design features.

“The applicant will also incorporate the history of the site and the Edmonds Baptist Church building into a commemorative program that is accessible to the public through strategies such as interpretive signage and artwork, public realm and landscape design, and architectural features,” reads the document.

A parking ratio of 0.25 vehicle spaces per residential unit is recommended in the report, applicable to both market and non-market residential units.

One parking space is planned for every 55 sq. m. of non-residential area.

Transportation alternatives are also noted in the staff report, including a provision of $500 for car-share vehicle driving spaces per dwelling unit, as well as on-site bicycle repair and maintenance stations.

While supportive of the project, Coun. Daniel Tetrault voiced concerns about the displacement of the community service that currently exists on the church site when development begins.

He proposed an amendment that there was a requirement for the rezoning that the applicant would find a suitable alternative space for the current service providers who use the church.

Tetrault stressed that, because this is a BC Builds project, he wanted to ensure the province was involved in finding a suitable replacement site for the church’s community services.

Several other councillors were in favour of the amendment and the development, including Mayor Mike Hurley.

The rezoning proposal was carried with the added amendment.

by Simran Singh| Apr 29 2025, 2:55 pm

Source: dailyhive.com

link: https://dailyhive.com/vancouver/50-storey-tower-community-hub-edmonds-burnaby

Another mixed-use residential and hotel project is now planned next to the new Oakridge Park mall and near SkyTrain’s Oakridge-41st Avenue Station in Vancouver.

In early 2022, the land assembly of three single-family lots and one duplex lot at 6012-6088 Cambie St. — the northeast corner of the intersection of West 45th Avenue and Cambie Street — were sold for a combined price of $94.5 million, according to commercial real estate firm Avison Young.

As of July 2024, according to BC Assessment, each of these four lots carry an assessed value of between $10.1 million and $12.67 million, with $10,000 assigned to the value of each structure and the overwhelming remainder from the value of the land.

Nearly three years after the acquisition, a new rezoning application — designed by GBL Architects and landscape architectural firm PMG — has now been submitted to redevelop this property into a 270-ft-tall north tower and a 170-ft-tall 15-storey south tower with a shared three-storey base podium.

The three-storey base podium will contain about 10,700 sq. ft. of retail/restaurant space on the ground level. The second and third levels offer about 38,400 sq. ft. of office space, which could be suitable for non-profit organizations.

Site of 6012-6088 Cambie Street, Vancouver. (Google Maps)

Existing condition:

Site of 6012-6088 Cambie Street, Vancouver. (Google Maps)

Future condition:

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Above the base podium, the south tower will have 12 storeys of hotel uses, spanning about 75,000 sq. ft.

This hotel can accommodate short-term stay visitors, but all guest suites will be designed for the optimal ability of long-term stays — made evident by the inclusion of multi-bedroom guest suites, larger spaces, and in-suite amenities such as a kitchen. There will be 48 studio guest suites with one bed and 46 two-bedroom guest suites.

Such suites are suitable for not only tourists with an extended stay, but also those visiting friends and family, people seeking medical treatment locally, and visiting film and television production crews, for example.

Hotel guests will have access to shared amenities such as their own fitness gym and a small outdoor space on the fourth level, and a large outdoor amenity space on the hotel tower rooftop. The hotel main entrance and lobby will front West 45th Avenue.

As for the north tower, it will have 126 strata market ownership condominium homes above the base podium, with a unit size mix of 12 studio units, 34 one-bedroom units, 70 two-bedroom units, and 10 three-bedroom units. Residents will have various shared amenities — indoor and outdoor space on the fourth level, opening up to an outdoor amenity space on the rooftop of the base podium. The residential entrance and lobby is situated on West 44th Avenue.

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

This project falls under the prescriptions and stipulations of the City’s Cambie Corridor Plan, and is within the core of the municipally designated Oakridge Municipal Town Centre.

“The proposal meets the intent of the zoning policy, which is to provide housing and job space within a rapid transit serviced urban centre. A hospitality component will also address a growing need for hotel rooms, while ground-oriented retail will further activate the commercial precinct along Cambie Street,” reads the application.

“The architecture features cohesive brick cladding with varied vertical separations and a repeated pattern of perforations. A darker palette for the hotel tower and podium is contrasted with a lighter palette for the residential tower. Glazing at grade and an inset residential level above the podium create breaks within the overall massing.”

Five underground levels will contain 273 vehicle parking stalls, including 124 stalls for residential uses, 80 stalls for office uses, 47 stalls for hotel uses, and 22 stalls for retail/restaurant uses. There will also be 351 secured bike parking spaces.

The total building floor area will reach nearly 281,000 sq. ft., establishing a floor area ratio density of a floor area that is 8.65 times larger than the size of the 32,481 sq. ft. land assembly.

Existing condition:

Site of 6012-6088 Cambie Street, Vancouver. (Google Maps)

Future condition:

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Concept of 6012-6088 Cambie Street, Vancouver. (GBL Architects)

Immediately to the north of this development site, another mixed-use residential and hotel project is also planned for 488 West 43rd Ave. (5910-5998 Cambie St.) — featuring a 29-storey condominium tower and a 15-storey hotel tower with a shared base podium, containing 176 strata market condominium ownership homes, 233 hotel rooms, and retail/restaurant space, including a hotel restaurant.

This separate project of 488 West 43rd Avenue, originally spearheaded by Wall Financial Corporation, received its rezoning application approval by Vancouver City Council in March 2021. Then a year later, in March 2022, Peterson Group and Coromandel Properties announced they had jointly acquired the property and approved rezoning plans. After Coromandel Properties’ financial issues came to a head in early 2023, Peterson Group decided to move forward on this project alone, and submitted a development permit application in Summer 2023, which was approved by City staff in January 2024. Various building permits were subsequently submitted in 2024 and early 2025.

2023 artistic rendering of the revised design of 488 West 43rd Avenue (5910-5998 Cambie St), Vancouver. (IBI Group Arcadis/Peterson Group)

2023 artistic rendering of the revised design of 488 West 43rd Avenue (5910-5998 Cambie St), Vancouver. (IBI Group Arcadis/Peterson Group)

2023 artistic rendering of the revised design of 488 West 43rd Avenue (5910-5998 Cambie St), Vancouver. (IBI Group Arcadis/Peterson Group)

Under the City’s newly approved policies to catalyze more new hotel projects, transit-oriented development areas across Vancouver, such as near Oakridge-41st Avenue Station, are strategically eyed for additional hotel density and other mechanisms to help incentivize the creation of new accommodations supply.

Moreover, there is growing potential for a cluster of new hotels near Oakridge–41st Avenue Station, fuelled by the added appeal of the soon-to-open new massive Oakridge Park mall, which will feature a wide range of global retailers — including many luxury brands — and a diverse selection of food and beverage options, such as Canada’s second location of the internationally acclaimed Time Out Market food hall. The area’s prime location along SkyTrain’s Canada Line also offers convenient, direct access to both Vancouver International Airport and downtown Vancouver, positioned roughly midway between the two destinations.

As well, over time, there will also be other significant retail/restaurant uses in the immediate area beyond the mall property from the surge in new developments with Oakridge Municipal Town Centre.

There is a growing shortage of hotel rooms in Metro Vancouver, reflected by rising room rates. Destination Vancouver projects a need for 20,000 additional hotel rooms across the region over the coming years, including 10,000 within the city of Vancouver.

Kenneth Chan| Apr 25 2025, 7:08 pm

source: dailyhive.com

link: https://dailyhive.com/vancouver/6012-6088-cambie-street-vancouver-oakridge-hotel-tower

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