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TransLink to extend North Shore RapidBus route to Metrotown starting in 2027

ByKenneth Chan

Currently, the R2 Marine Drive RapidBus is a west-east route serving the North Shore, running between Park Royal in West Vancouver and Phibbs bus exchange in the District of North Vancouver, with a key connection to the SeaBus terminal and Lonsdale bus exchange. Starting in 2027, TransLink will extend the R2 RapidBus from its existing easternmost terminus of Phibbs bus exchange to Burnaby. Its route will be extended southward, across the Ironworkers Memorial Bridge to provide transfer opportunities with two SkyTrain stations — Brentwood Town Centre Station on the Millennium Line and Metrotown Station, the RapidBus route’s new southern terminus, on the Expo Line. It will also connect with the R5 Hastings Street RapidBus, and provide a new way to reach the BCIT Burnaby campus. This expansion of the R2 service was made possible by a key decision earlier this month, following the endorsement by TransLink’s board and the Mayors’ Council of new measures to increase fares, parking taxes, and property taxes. These changes aim not only to avoid service cuts — offering an interim solution to the transit authority’s fiscal cliff — but also to expand and enhance transit services. In addition to the new revenue raised by TransLink, the provincial government has also committed to providing new interim operating funding of $312 million through 2027. Based on TransLink’s newly released ridership statistics, the existing R2 running between Park Royal and Phibbs bus exchange recorded 1.944 million boardings in 2024, with averages of 5,700 per weekday, 5,000 per Saturday, and 4,000 per Sunday/holiday. This is slightly down from 1.965 million in 2023, with averages of 5,800 per weekday, 5,050 per Saturday, and 4,100 per Sunday/holiday. Currently, the R2 is TransLink’s 42nd busiest bus route out of 195 across Metro Vancouver, and ranks fifth out of the six RapidBus routes. While the precise extended R2 route has yet to be finalized, after making its bridge crossing, the extended RapidBus is expected to run along Hastings Street to reach Willingdon Avenue for the remaining journey to Metrotown. There is already strong ridership demand on the corridor between Phibbs bus exchange and Metrotown via Ironworkers Memorial Bridge, Hastings Street, and Willingdon Avenue. In 2024, the No. 130 Metrotown Station/Phibbs Exchange bus route was TransLink’s 20th busiest, with 3.256 million annual boardings — averaging 10,200 on weekdays, 7,000 on Saturdays, and 5,200 on Sundays/holidays. This is up from 2023, when the route saw 3.181 million boardings, with daily averages of 10,000 on weekdays, 7,100 on Saturdays, and 5,300 on Sundays/holidays. The No. 222 Metrotown Station/Phibbs Exchange — the express bus equivalent of the No. 130, running on the same route with limited stops during peak hours only — recorded about 950,000 annual boardings in 2024, with averages of 3,800 per weekday. This is up from 912,000 in 2023 and 668,000 in 2022. Currently, it is TransLink’s 80th busiest bus route. During optimal traffic conditions without any issues on the bridge crossing, the end-to-end travel times for the No. 130 and No. 222 are currently about 35 minutes and 45 minutes, respectively, during peak hours. Similarly, the end-to-end travel time on the existing R2 within the North Shore is roughly 40 minutes. The funding decision earlier this month also enables TransLink to conduct detailed design and planning work to launch three new Bus Rapid Transit (BRT) lines. An initial public consultation for the King George Boulevard BRT and Langley-Haney Place BRT was conducted in early 2025. In Summer 2025, TransLink will launch a separate initial public consultation on upgrading the R2 RapidBus to a Bus Rapid Transit (BRT) standard, including an opportunity for input for the interim move of extending this RapidBus route to Metrotown. The proposed BRT standard includes dedicated bus-only lanes, traffic signal priority, and other transit-priority measures, along with enhanced passenger amenities such as specialized shelters resembling those found at Light Rail Transit stations. Another public consultation in Fall 2025 will focus on the road design changes to support the King George Boulevard BRT and Langley-Haney Place BRT. TransLink is also expected to consider longer-term rapid transit solutions such as Light Rail Transit and SkyTrain for the route between the North Shore and Metrotown. To better support the R2 RapidBus/BRT and other new and improved bus services, TransLink is also in the process of considering a major expansion and redesign of the bus exchange at Metrotown Station to “potentially increase bus service capacity as our system expands in the coming years.”

sign-of-the-times:-surprising-new-indicator-of-bc.s-sluggish-real-estate-market
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Surprising new indicator of B.C.s sluggish real estate market

ByAmy Judd

Call it a sign of the times? “There are so many listings right now in the Metro Vancouver area that there’s not enough signposts,” Kaitlyn Herbst, realtor with MRKT Real Estate Group said. “The company is actually offering, if we take down the signpost, if it’s already sold property and give them their signpost back so that they can use it for a new client, they will give us money back on our next signpost.” Herbst said in April there were more than 15,000 listings in the Greater Vancouver area. “That’s a lot of signs,” she said. “I mean, condos don’t always have signs and stuff, but buyers, they’re just not showing up. They’re a little bit uncertain with everything that’s going on and kind of taking a little more time to look.” Story continues below advertisement 2:07 Metro Vancouver condos sitting empty amid housing crisis Real estate experts say it has been an interesting start to the year in Greater Vancouver. “What we expected to happen was the market to be a little more active than what we’ve seen so far,” Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors, told Global News. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. “Our forecast called for some growth in sales for the year, but sales have come in pretty slow since the beginning of the year.” Lis said it could partially be due to the uncertainty brought about by U.S. President Donald Trump’s tariffs, the political uncertainty around the Canadian election and the federal government’s overall housing strategy plan. “So it could be a number of factors keeping buyers on the sidelines, but things have been sort of quiet on the buy side,” Lis said. Story continues below advertisement “On the sell side, we have a lot of people coming to market with their property. So we’re actually at a point right now where we have some of the highest levels of inventory we’ve seen in almost over a decade. So a really interesting time right now for the market.” Lis said that sales are down about 24 per cent year-over-year. “They’re hanging below our 10-year seasonal averages, you know, around 20, 30 per cent. They’ve kind of been around those levels for some time.” Lis said that the market started to pick up late last year but has been slower in the first part of 2025. “On the inventory side, however, what we’ve seen is a pretty significant increase in inventory levels in our region,” he added. “Our inventory level in the Greater Vancouver region that we track at our board has surpassed the 16,000 mark, which we have not seen in over about a decade.” Trending Now 4:55 New cabinet role puts former Vancouver mayor back in the spotlight Lis said that for buyers, it’s a good thing as there is finally some choice across the board — condos, detached houses and townhouses. Story continues below advertisement However, they have seen more sales of detached homes than attached or apartments. “Generally, price trends have been fairly flat over the past few months and even actually over the last couple of years,” Lis said. “There’s some very small minor ups and downs — a per cent here, up, down a per cent there — but generally the price trend has been flat and that’s been pretty much true across all product types.” Herbst said she has never seen a market like this. “When a couple years ago there was no subjects, you were buying places, sight unseen,” she said. “I had clients buy homes I had never actually seen. Subject free, all that. Now we’ve got, ‘Okay, we’ll come back and see you a second time’.” Herbst said there are even sellers adding incentives to lure in prospective buyers. “There is one home (in Langley) that is for sale that the realtor is offering a Disney Cruise to the buyers of this family home. A four-person Disney cruise,” she said. “It’s not cheap, but it’s a way to make it stand out. It’s a way to get those families through the door. And there’s a lot of options for those buyers. So it’s comparing apples to apples, but this one I get to go on a trip with my family.” &copy 2025 Global News, a division of Corus Entertainment Inc.

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Gregor Robertson housing comment reflects a deeper truth, says urban planner

ByJan Schuermann

Posted May 21, 2025 8:09 pm. Last Updated May 21, 2025 10:53 pm. When former Vancouver mayor Gregor Robertson made his comment on Canada’s housing market last week, there might have been more truth in it than many of his critics want to admit. “Finally, someone said it out loud, something we all know, but are not supposed to say,” said long-time Vancouver city councillor and urban planner, Gord Price in an interview with 1130NewsRadio. Not even 24 hours into his new role as Minister of Housing, Infrastructure and Communities, Robertson was clipped saying he does not think housing prices need to be lower . But Price is coming to Gregor Robertson’s defence and thinks critics should widen their lens. “I am not sure how much people really want government to be setting the price up or down.” Price said. “Even if they could, they really can not and you would not want them to.” Price explains that it is important to remember that the housing market moves with global trends. And, if government tries to push prices down too hard, they risk setting off a chain reaction that could destabilize the economy. “If you do not like inflation, you are sure not going to like deflation,” Price argued.

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Preliminary work on plan to dredge Burrard Inlet underway, port says

ByGlobalnews Digital

By Staff The Canadian Press Posted May 20, 2025 8:03 pm 1 min read 2:00 B.C. government supports dredging Burrard Inlet to increase TMX tanker capacity RELATED: In the year since its expansion, the Trans Mountain Pipeline has been moving double the amount of oil. The B.C. government was initially opposed to the project, but as Aaron McArthur reports, it’s now supporting a proposal allowing tankers to carry more oil through B.C. waters – May 8, 2025 The Vancouver Fraser Port Authority says preliminary work on a plan to dredge Burrard Inlet to accommodate fully loaded oil tankers is now underway. It says the project, which was recently floated by Prime Minister Mark Carney, will proceed through permitting processes including consultation with First Nations. A statement issued on Tuesday says the preliminary work that has commenced includes the consultation and field studies. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. The project – which has been criticized by some environmentalists, experts and First Nations – would allow a common class of tankers to pass fully loaded under Vancouver’s Second Narrows Bridge after filling up at the Westridge Marine Terminal in Burnaby. The statement says there’s a “pressing need” to optimize the port in the face of an uncertain and fast-changing global landscape. Trending Now It says the project will improve shipping efficiency in the inlet. Story continues below advertisement Trans Mountain says on its website that Aframax-class tankers generally load to about 80 per cent of capacity to provide clearance in Port Metro Vancouver. British Columbia’s government has said it supports the project, so long as it meets environmental and consultation requirements. &copy 2025 The Canadian Press Sponsored content

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Bidding process to begin to build a new superport in Metro Vancouver

ByKenneth Chan

The multi-billion-dollar project to build a major new container terminal in Metro Vancouver is now preparing to enter the construction phase. Vancouver Fraser Port Authority has announced it will begin the bidding process in July 2025 seeking a major construction contractor for the superport project of building Roberts Bank Terminal 2. The project received key approvals from the federal and provincial governments in 2023, with the federal approval of the environmental assessment outlining 370 legally binding conditions. In 2024, the port authority also submitted an application to the federal government’s Fisheries and Oceans Canada related to fish species at risk compliance, with regulators committed to making a decision by no later than October 2026. The port authority calls this superport a “transformational, nation building project that will support Canada’s economic security and trade reliance.” When operational, it will have the capacity to trade over $100 billion worth in goods each year. The new superport capacity provided by Roberts Bank Terminal 2 will boost Metro Vancouver’s overall container handling capacity by an additional 2.4 million twenty-foot equivalent units (TEUs) per year. This also doubles the immediate area’s existing container terminal capacity; Deltaport, the first terminal at Roberts Bank, currently has a capacity to handle 2.4 million twenty-foot equivalent container units (TEUs) per year, following a recent expansion of the intermodal railyard. For further contrast, the Centerm container terminal, immediately north of the Downtown Eastside in Vancouver, currently has a capacity for 1.5 million TEUs — up from 900,000 TEUs prior to the full completion of its expansion in 2023. Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) When operational, the new superport will generate over 17,000 well-paying, long-term jobs, and add over $3 billion in GDP annually. This is in addition to over 18,000 jobs during construction. The procurement process starting this summer will begin with the Request For Qualifications (RFQ) for a contractor to achieve the land reclamation component — the creation of about 450 acres of new land, equivalent to nearly half the size of Vancouver’s Stanley Park. This is an expansion of the existing manmade peninsula, where Deltaport, separately operated by Global Containers Terminal, is also located. But it will be a completely different facility under a separate ownership and operation group. Through the RFQ, the port authority will create a shortlist of three qualified construction proponents, inviting them to participate in the Request For Proposals (RFP) process of submitting a detailed bid proposal. Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Preliminary artistic rendering of Roberts Bank Terminal 2. (Port of Vancouver) Under a progressive design-build contract, the contractor will be responsible for building the marine terminal landmass, wharf structure, berth pocket, widened causeway, expanded tug basin, and environmental mitigation and offsetting projects. At a later date, the port authority will conduct separate bidding processes for other components of the superport, such as the equipment for the container terminal and the ground transportation access infrastructure. During the federal government’s previous environmental assessment process, the port authority estimated the project could carry a total cost of over $2 billion. Following significant market inflation in the cost of construction materials, equipment, and labour since the pandemic, the cost is now likely significantly higher. If all goes as planned with the procurement process and fisheries application, construction mobilization and early works would occur in 2027, with major land reclamation work beginning in 2028. The terminal would begin its operations in the mid-2030s. New cranes arrive at GCT Deltaport container terminal on April 20, 2025. (GCT) New cranes arrive at GCT Deltaport container terminal on April 20, 2025. (GCT)

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Money required for Canadians to get a digital nomad visa in five countries

ByIrish Mae Silvestre

More countries now have digital nomad visa programs; however, to qualify, you must meet the salary or savings requirement. If you’ve always dreamed of working from a beach or a cafe in Rome, digital nomad visas are a great opportunity for remote workers to get work done while living abroad. But before you book that plane ticket and pack your bags, it’s important to note that each country has its own list of specific requirements. These visas allow you to stay and work in the country for several months or up to a year. For example, Japan only issues digital nomad visas for up to a year, and they can’t be renewed. To be eligible, you must meet each country’s salary requirements or proof of assets for visitors, which are often significantly higher than the average local income. In addition to proof of income, other requirements can include a clean background check, proof of accommodation, health insurance coverage, and a significant amount in savings. Given that the average hourly wage in Canada in 2024 was $35.24, how realistic are these requirements for the average Canadian? Here are five countries that issue digital nomad visas and their requirements for income or proof of assets. Thailand Day2505/Shutterstock Proof of financial assets: At least 500,000 Thai Baht (C$20,943.20) From its intricate temples to sandy white beaches, there are plenty of reasons why Thailand is such a popular tourist destination. Last year, the Thai government announced the Destination Thailand Visa (DTV), informally known as the “digital nomad visa.” The visa is valid for five years and allows for multiple entries, with a maximum stay of 180 days per entry. You’ll also have the option to include family members in your application. Italy Kaspars Grinvalds/Shutterstock Salary requirement: 24,789 Euros per year (C$38,672) Log in at work during the day, then wrap up your work day by strolling along the cobblestone streets in popular Italian cities like Rome or Florence. Not only is the country ideally located to allow you to explore surrounding European countries, but there’s plenty to do should you decide to spend your entire stay in Italy. According to the Consolato General d’Italia in New York, as of 2024, to qualify for the digital nomad/remote worker visa, you must earn 24,789 Euros per year or C$38,672. The visa allows you to sponsor a spouse or a child under 18. United Arab Emirates frantic00/Shutterstock Salary requirement: Minimum of US$4,891 (C$3,500) per month The United Arab Emirates may be known for opulence and Dubai’s unique architecture, but it also offers rich cultural experiences through its souqs and local cuisine. If you’re a remote worker who’s always been curious about life in the UAE, you can apply for the virtual work visa. According to the government of Dubai, you can get a visa that allows you to sponsor your family and remain in the country for 60 days. Japan gingerm/Shutterstock Salary requirement: 10 million Japanese Yen per year (C$95,851) From Mount Fuji to the futuristic Tokyo skyline, there’s just way too much to see in Japan. If you can’t imagine condensing all of it into a standard two-week trip, then a six-month digital nomad visa might be the perfect choice. According to the Ministry of Foreign Affairs, as a main applicant, you’ll be issued a six-month digital nomad visa (with no extensions), and you can bring a spouse or child. Iceland Mallmo/Shutterstock Salary requirement: 1,000,000 Icelandic Króna (C$10,685) per month or 1,300,000 Icelandic Króna (C$13,891) per month if you’re also applying for a spouse or partner If you love Iceland’s dramatic and rugged landscapes, it’s certainly a great place to consider life as a digital nomad. In addition to its rich Viking history, you might even be lucky enough to spot the Northern Lights. According to Iceland’s Directorate of Immigration website, the long-term visa for remote work allows you and a partner to stay in Iceland for 90 to 180 days.

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B.C. housing supply way up amid economic uncertainty

ByCharles Brockman

Posted April 30, 2025 4:15 pm. Last Updated April 30, 2025 4:16 pm. The B.C. housing market is softening, with buyers pulling back on sales due to concerns around the Canadian economy and the U.S. trade war. The BC Real Estate Association released its 2025 second quarter housing forecast Wednesday. The association says it expected a strong 2025 for sales, but that hasn’t happened. Chief Economist Brendon Ogmundson says buyers have pulled back in the first quarter of the year. “We were expecting something close to a normal year. So that would be around 85,000 sales. Instead, we’re running 20 to 25 per cent below that pace. So sales have really, really come off. Buyers just don’t have a lot of confidence right now because of all that uncertainty,” said Ogmundson. He says the inventory of homes has reached the highest level in about a decade. “And that means lots of choice for buyers, lots of time for buyers — not a whole lot of urgency. Sellers are also not in a hurry to lower their prices,” he explained. But Ogmundson explains that increased supply hasn’t done much to change prices. “[Sellers] seem very, very patient, so we’re not seeing a whole lot of movement on the price side. Prices have been essentially flat for the past 18 months — down a little bit in more expensive markets, Fraser Valley and Vancouver, but down by [around] one to two per cent.” He says B.C. has “all the ingredients” for a much stronger market, and sales were up in the last quarter of last year. “And now, suddenly, they aren’t. The only thing you can really see that’s changed is a lot of uncertainty about the future of the economy.” —With files from Sonia Aslam

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Spring slowdown for Metro Vancouver home sales drags on despite ‘abundant’ listings

ByDH Vancouver Staff

Despite an ample amount of listings, the spring slowdown of Metro Vancouver home sales continued in April. According to the latest data from the Monthly Listing Sales (MLS) report from Greater Vancouver Realtors (GVR) and the Fraser Valley Real Estate Board, April home sales across the region remain slow. The GVR report highlighted that in April 2025, the residential sales in the region totalled 2,163, 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 of 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,” stated Andrew Lis, GVR director of economics and data analytics, in the report. Roman Makedonsky/Shutterstock “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,” he added. There were 6,850 detached, attached and apartment properties newly listed for sale in April 2025, representing a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024, and a 19.5 per cent increase in the 10-year seasonal average. A total of 16,207 homes are currently listed for sale on the MLS in Metro Vancouver, an uptick from the 14,546 homes listed in March 2025. It is also a 29.7 per cent increase compared to April 2024 (12,491) and 47.6 per cent above the 10-year seasonal average of 10,979. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,184,500, a slight decrease of 1.8 per cent from the year before and a 0.5 per cent decrease compared to March 2025. Detached home sales were recorded at 578, a 29 per cent decrease from the 814 detached sales recorded in the same month in 2024. The current benchmark price for a detached home is $2,021,800, which decreased by 0.7 per cent from April 2024 and a 0.6 per cent decrease compared to March 2025. Sales of apartment homes were 1,130 last month, down 20.2 per cent compared to April 2024. The benchmark apartment price is $762,800 — a 2 per cent dip from the same month last year. Attached home sales in April (442) were also slightly slower than what they were in April 2024 (580). The current benchmark price for a townhome is $2,021,800 — a 0.7 per cent decrease year-over-year. GVR The sales-to-active listings ratio for April 2025 for detached, attached and apartment property types was 13.8 per cent. Lis noted that while the market remains tough, there are some positives worth highlighting. “Inventory levels have just crested 16,000 for the first time since 2019, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years,” he stated. “These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.” The jurisdiction of GVR, previously known as the Real Estate Board of Greater Vancouver (REBGV), includes not only Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, but also the Sunshine Coast, Squamish, and Whistler. Other areas of Metro Vancouver are under the jurisdiction of the Fraser Valley Real Estate Board (FVREB), including Surrey, Langley, White Rock, and North Delta, as well as the Fraser Valley cities of Abbotsford and Mission. According to the FVREB, the number of home sales in its jurisdiction in April 2025 saw a “growing inventory” of over 10,000 active listings, but sales remained sluggish. The FVREB recorded 1,043 units sold of all types in April, up one per cent from March, but a 29 per cent year-over-year decrease. Baldev Gill, FVREB CEO, noted that U.S. tariffs and economic uncertainty continue to impact buyers. “However, with the federal election now behind us and a new administration in place, there’s cautious optimism that a fresh approach to strengthening the economy could be on the way, which is welcome news for the real estate sector,” he said. In April 2025, the benchmark prices in the FVREB reached $1,506,600 for single-family detached houses (up 0.1 per cent from March 2025), $833,100 for townhouses (down 0.1 per cent), and $537,800 for condos (down 0.6 per cent). Single-family detached homes remained on the market for an average of 32 days in April, and just over 29 for the other townhouses and condos. With files from Kenneth Chan 

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‘Don’t always go up’: Bulk of Metro Vancouver presale condos sold in 2022 and 2023 now appraised below original price

ByJoanne Lee-Young

The Butterfly on Nelson Street in Vancouver Nov. 21, 2023. Photo by Arlen Redekop /PNG Article content Thousands of presale buyers in Metro Vancouver face completing their purchase of condos that are now worth less than they were in 2022 and 2023 when they signed the contracts to buy them. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content Article content More than half of the appraisals required by mortgage lenders to complete sales are now coming in at values lower than original sale prices. Article content As a result, lenders will only write smaller mortgages. That means condo buyers have to satisfy lenders by ponying up the difference between the unit’s value in 2022 or 2023 and what it is worth now, either by putting in more cash or refinancing. Article content Article content A Vancouver appraiser who works with banks, law firms and mortgage brokers is raising the alarm because the buildings are now built and developers are trying to finalize sales. Article content By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content “Presales don’t always go up. There was that mindset where if it happened before, it’s going to happen again,” said Adam Lawrenson, owner of Vancouver-based Adlaw Appraisals. “I can’t say an exact number, but over half (of appraisals) are now coming in below their sale price.” Article content He estimates condo values have dropped between five and 20 per cent below what buyers originally promised to pay when they put down a non-refundable deposit. Article content That’s one reason why a growing number of buyers are looking to sell these new or barely used properties. This market glut and a lack of demand is helping drive down prices. Article content “You can easily get a brand new unit or a one- or two-year (old) unit at a cheaper price point than these presales, so that comes into play when we are doing our appraisal and looking at current market values.” Article content Article content With sellers dropping prices to speed up sales, that sets a new base for future, lower, appraisals. Article content Article content No area in the Lower Mainland is immune, but there are some buildings and areas that are more susceptible to having units “being underwater.” Article content There are “areas of Langley that got overbuilt and developers were leaving them vacant for six to 12 months, in hopes the market would turn around. But you can only hold for so long before you have to start selling them,” Lawrenson said. Article content There are also a few buildings in north Burnaby where presale buyers are now looking to get rid of units as soon as they close their sale. Some have 30 listings of one-bedroom apartments. Article content There are also some higher-end buildings in downtown Vancouver, such as The Butterfly on Nelson Street, with presale units that sold at presale for over $2 million. Some of these have appraisals that are now down $300,000 to $500,000 from their original prices, said Lawrenson. Article content According to research by Rennie Intelligence, which does marketing for major developers, investors made up around half of all buyers in the years between 2021 to 2023.

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116 Rental Units Planned for Telus Site in East Vancouver

Bydavid.taylor@colliers.com

Ledcor has applied on behalf of Telus for the rezoning and redevelopment of an existing Telus owned property at 6486 Chester Street in East Vancouver. The site is an existing infrastructure site for Telus, one of several proposed for residential redevelopment. The proposal is to allow for the development of a 6-storey rental project that includes: 116 rental units; a telecommunications facility on the northeast corner of the site; a total density of 2.89 FSR; A building height of 73 ft. This application is being considered under the  Secured Rental Policy. The architect for the project is Yamamoto Architecture. The full rezoning application can be viewed here: https://www.shapeyourcity.ca/6486-chester-st