The Vancouver real estate scene is abuzz with activity, marked by significant audit findings, legal proceedings, and strategic acquisitions. From city land sale audits to major project completions and new development applications, the market is navigating a complex landscape of opportunities and challenges. This report delves into the latest updates impacting the region's property sector.
Key Takeaways From City Land Sale Audit
- Vancouver's Auditor General has released findings from an audit of City land sales, highlighting ten crucial takeaways for stakeholders.
Legal and Financial Developments
Foreclosure proceedings against PortLiving's 1940 Main Street site, intended for the Filipino Cultural Centre, have been adjourned until late March. Meanwhile, Helen Chan Sun, owner of Landmark Premiere Properties, faces potential jail time for contempt of court due to non-compliance with a payment order. Landmark Premiere Properties has experienced several insolvencies recently.
The BC Rental Protection Fund has announced a series of acquisitions, with a new dashboard available to track these developments. Metro Vancouver Regional District is exploring a rollback of Development Cost Charge (DCC) increases and a pause on planned hikes for 2027, following presentations by industry leaders.
Project Updates and Market Forecasts
While new construction starts are limited, numerous projects are nearing completion. Greater Vancouver Realtors and Rennie have released their H1 residential market forecasts and 2026 Outlook, respectively. The CMHC reports a moderate but steady rise in mortgage arrears in Vancouver, while CBRE offers its 2026 Canada Real Estate Market Outlook.
In a move that could significantly impact Commercial Real Estate (CRE), the Canadian government will require federal employees to return to the office four days a week starting in July. Additionally, insights are emerging on the future of the 15 million square feet of space vacated by Hudson's Bay.
New Developments and Construction
Several rezoning applications have been submitted, including a proposed 16-storey hotel near VGH, a 15-storey hotel and industrial building with heritage retention in Vancouver, and a 23-storey mixed-use institutional and social housing tower on E Hastings Street. Solterra has proposed a 20-storey tower in Surrey.
PCI Developments is set to receive final approval for its two-tower Spring Street project in Port Moody. Sales have launched for unsold units at Highline Metrotown. Bosa Properties and Listel Hospitality Group have broken ground on their Listel Hotel redevelopment, expected to complete in 2029.
Deconstruction of Peterson's Blake Village master-planned community in Burnaby is underway, with materials being repurposed. Construction has also commenced on the new BCIT trades and technology complex in Burnaby, featuring mass timber facilities. Marcon has topped off its 38-storey Elmwood project in Coquitlam, and construction on the North Tower of The Post has been completed.
Notable Listings and Sales
Several commercial properties are currently listed, including the Hollyburn Medical Centre in West Vancouver, a 5.85-acre warehouse in Surrey, and industrial properties in Surrey and Delta. Four strata office units at the International Trade Centre in Richmond are also on the market.
Recent sales include a 29-acre agricultural site in North Saanich. Anthem Properties has acquired 146 acres in North Central Calgary for a master-planned community.
People in Real Estate
Ginger Gosnell-Myers has joined the Board of Governors at the Real Estate Foundation of British Columbia. Ronan Pigott has become Managing Director at Macdonald Commercial. Promotions include Luke Moran to SVP of Leasing & Property Management at Peterson, Justin Glen to VP of Marketing at Lark Group, and several individuals at QuadReal and Wesgroup in various leadership roles. Roxanne Ickringill has joined Zonda as Director of Business Development. Megan Sparling is now a Senior Associate at Colliers, and Rebecca Azeroual has joined Bosa Properties as a Property Manager.
Future Outlook
Coquitlam City Council will consider revisions to its Energy Step Code and Zero Carbon Step Code requirements for new buildings. Vancouver will host public hearings for proposed policy changes to enable more childcare space in residential zones, alongside hearings for significant development projects.
