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

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

A tale of two condo markets continues to unfold in Toronto and Vancouver, with the former seeing steeper price declines.

Brendon Ogmundson, chief economist with the BC Real Estate Association, points to CREA data that shows “wild divergence” between Toronto and Vancouver’s apartment prices since a convergence in 2022, with Toronto’s prices down about 20 per cent, while Vancouver’s are just slightly off from the peak.

“There must be a much bigger amount of excess supply in Toronto than Vancouver,” he told Real Estate Magazine. “It’s much worse in Toronto.”

What’s happening in Vancouver 

Ogmundson noted that although Vancouver has seen a lot of construction over the past five years, many of those units are still in progress or intended as rentals, so supply hasn’t flooded the market all at once. 

He expects some downward pressure on Vancouver prices soon as inventory accumulates and demand softens, though likely not to the same extent as in Toronto.  

Toronto’s sudden downturn

“Vancouver is very much lagging Toronto,” said realtor Jarrod Armstrong with Right At Home Realty, noting that Toronto hit a peak in 2022 and the entire industry has been “flipped upside down” since then.

Armstrong said Toronto, where he is based, has been hit by a volley of changes in the last three years, like higher interest rates, a ban on foreign buyers, changes to Airbnb rules, and vacant home taxes, which have all sent investors fleeing.

“A lot has really hit the market all at once,” he said. “It’s really a perfect storm hitting the Toronto condo market.”

Armstrong said Toronto overbuilt small 350- to 450-square-feet condos mainly geared toward investors, but that are not so attractive to other buyers. That has resulted in a surplus of inventory and weak demand, which has sent prices falling. 

“(Small condos) have literally lost a quarter of their value,” he said. “They’re really just unsellable.”

Armstrong said that in a given month, there might be 3,000 condos for sale but only 300 sales. The city is now seeing a fall in preconstruction sales and projects abandoned left and right, according to Armstrong. 

To add insult to injury, tariffs from the U.S. have injected uncertainty into the economy that has “ruined” the spring condo market, he said. 

Vancouver: Smaller scale, similar issues

In Vancouver, realtor Ron Parpara with eXp Realty told REM that he thinks the main reason prices have fared better there than in Toronto is that it is a smaller city. That means there’s less space to build and less stock to outweigh demand. 

That said, he noted that the city is still feeling a market slowdown and there has been some dip in prices.

“We’re in a similar situation, just maybe in a little bit of a smaller scale with Toronto,” he said. “Sales are not keeping up with the supply.”

Parpara said Vancouver has the highest inventory in the last 11 years and there’s more coming online, and they just had the slowest May in the last 20 years. Vancouver has taken similar steps against investors as Toronto, including a vacant home tax and an Airbnb tax, according to Parpara. 

As a result, he said about 90 per cent of his transactions now are end users, not investors. 

Looking ahead

So what’s in store for the rest of 2025? Ogmundson predicts that in the short-term, sales will continue to be weak in Toronto and Vancouver due to economic uncertainty and a growing inventory, but there could still be a rebound eventually, given an ongoing housing shortage. 

Parpara thinks prices in Vancouver will continue to fall, but there will be a more balanced market in 2026/27 as interest rates come down, while Armstrong agrees that prices will continue to lower in Toronto and it won’t be until 2027 that we see a real change. That’s when there will begin to be constraints on inventory due to a slowdown in new construction.

“I don’t think we’ve hit bottom,” Armstrong said.

Eric Stober | Jun 27, 2025

source: realestatemagazine.ca

link: https://realestatemagazine.ca/one-country-two-markets-condo-fortunes-drift-further-apart-in-vancouver-and-toronto/

Over the course of the second quarter of 2025 — the months of April, May, and June — Vancouver City Council approved a combined total of 3,714 new homes across 18 high-rise towers, marking a step forward in the city’s efforts to address its housing affordability and supply crisis over the long term.

Altogether, the rezoning applications were approved in public hearings held throughout this period, including a mix of 3,089 market rental units and 591 below-market rental units offered at more affordable rates.

In addition, two projects with strata market ownership condominium homes were also approved, contributing another 234 condominium units.

All of these projects are transit-oriented developments within walking distance of existing or future SkyTrain stations, and the vast majority of the projects were located within the City’s Broadway Plan area. Many of these projects incorporated mixed uses, including varying degrees of retail/restaurant uses in the lower levels, and three childcare facilities with a combined capacity for up to 123 kids.

Two of these approved rezoning applications were multi-tower projects, including the highly contested redevelopment of the Safeway grocery store next to SkyTrain’s Commercial-Broadway Station, which will generate 1,044 secured purpose-built market rental homes.

The net gain in housing from all of these rezonings amounts to 3,698 new homes, accounting for the replacement of demolished homes.

In the case of the redevelopments of the Safeway at Commercial-Broadway Station and La Maison de la Francophonie, there is no loss of housing as these sites do not have any existing residential uses. If both of these projects are taken out of the equation, the net gain in residential uses drops to 2,529 units.

The developments span a range of heights and densities, with towers ranging from 17 to 44 storeys. Collectively, the 18 towers add up to a total of 464 floors, averaging about 26 storeys per tower. The median is 21 storeys.

While these rezonings have now been approved, each project must still undergo the development permit and building permit application processes. Approval is just one step — actual construction is another; whether these projects move forward remains uncertain, given escalating construction costs, high interest rates driving up financing expenses, and softened market demand. Even if a project proceeds to construction, its completion — and any meaningful impact on housing supply and affordability — remains years away.

Kenneth Chan| Jun 26 2025,

source: dailyhive.com

link: https://dailyhive.com/vancouver/vancouver-new-housing-tower-approvals-q2-2025

High inventory, stagnant prices, and tariff jitters stall momentum in once-hot markets.

British Columbia’s housing market continues to feel the effects of global economic turbulence, as both home sales and prices fell in May.

Last month’s numbers reflect a broader five-month slump, with high-priced regions taking the biggest hit, according to the BC Real Estate Association (BCREA).

“We have the highest level of inventory of both newly completed homes and existing homes in about 10 years,” BCREA chief economist Brendon Ogmundson.

The average home price in the province dropped by 4.2% year over year to $959,058, down from $1,001,341 in May 2024, according to the report. Meanwhile, total sales activity declined 13.5% over the same period.

“Sellers just aren’t really budging,” Ogmundson added. “If you look at condo prices in Vancouver versus Toronto, they’re down 20% from peak in Toronto, they are down like 5% from peak in Vancouver.”

Realtor Steve Saretsky echoed concerns about buyer reluctance, describing the current environment as a “sort of feedback loop.”

“Everyone is marked with uncertainty,” he said. “Worried with the tariff stuff, worried about the prospects of the labour market, are they going to be able to hold down a job.”

He added that buyer hesitation has allowed inventory to accumulate, which in turn is putting downward pressure on prices. But some sellers remain anchored to outdated pricing expectations.

“Everybody always feels like their house is worth more than it is,” Saretsky said. “People are always mentally anchored to the last price that sold in the building or the neighbourhood.”

Still, both Saretsky and Ogmundson acknowledged recent signs of a modest uptick in market activity, which Ogmundson attributed to a temporary easing of trade-related tension.

“There are some signs that perhaps the worst is behind us,” Ogmundson said. “The quieter it is on the tariff front, the more confidence buyers are going to have.”

He noted that before the onset of the US-Canada trade dispute, British Columbia had been bracing for a strong year. Ogmundson believes that if economic fears ease, some of that pent-up demand could start to make itself felt in the back half of 2025.

By Candyd Mendoza 17 Jun. 2025

source: cmpmag.com

link: https://www.mpamag.com/ca/mortgage-industry/market-updates/home-sellers-arent-budging-in-tariff-weary-bc-housing-market/539346?

Spring market brings abundance of opportunity for buyers

The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver* that began early this year continued in April, with sales down nearly 24 per cent year-over-year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014).

“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales. What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.” said Andrew Lis, GVR director of economics and data analytics

The following data is a comparison between April 2025 and April 2024 numbers, and is current as of May of 2025.

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