vancouver-mayor-seeks-to-unlock-development-potential-of-five-‘exceptional’-sites
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Vancouver mayor seeks to unlock development potential of five ‘exceptional’ sites

ByKenneth Chan

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

who-are-the-first-time-home-buyers?
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Who Are the First-Time Home Buyers?

BySharon Jung

Buying Through the Uncertainty Among the first-time home buyers, 67% felt uncertain or had concerns during their home-buying journeys. Their concerns ranged from living with high monthly carrying costs to interest rate increases, as 63% are already overpaying for a home worried about their future finances and mortgage payments. This fear may explain why more than half of these first-time buyers opted for co-ownership: purchasing a home with their parents, siblings, or even their friends instead of their partner or spouse. Most FTHBs believe that they have received the best mortgage for their needs. 56% chose a fixed mortgage, leading to 72% saying they are comfortable with their mortgage debt. 79% believe that homeownership is a good long-term financial investment, and 71% are confident that the value of their home will appreciate in the next year. Gifts and Incentives: A good 41% of FTHBs have received monetary gifts or inheritance towards their down payments, averaging $74,570; however, 80% of those who received a gift stated that they would have proceeded to purchase a home even without one. This means that purchasing a home would have still been within their means, whereas only 65% have paid the maximum of their budget. Other incentives that have helped first-time buyers include utilizing savings from a tax-free home savings account (FHSA) and savings outside of a registered retirement savings plan (RRSP). A Home Buyer’s Plan (HBP) is an FTHB program that enables a withdrawal of up to $60,000 from an RRSP to purchase a home, requiring repayment of that amount over 15 years. The federal government has also recently released a new GST relief program for FTHBs to receive a full GST rebate on new homes valued at up to $1 million and a phased reduction between $1 million and $1.5 million, which means FTHBs can save up to $50,000 on taxes. Unexpected Costs: Even though a majority of first-time home buyers discussed potential unexpected homebuyer costs with their mortgage professional before purchasing, 44% still incurred these unexpected costs. From lawyer or notary fees to home inspection and immediate repairs, these costs may have been anticipated and factored into the budget if they had known what to expect. 56% of FTHBs utilize social media, including YouTube, Facebook, and Instagram, to receive information regarding mortgage options. This is where it is crucial to do your homework to research and fact-check the information you are receiving! Much of the news and circulating information can be stretched, misrepresented, or not offer the whole truth.

what-every-first-time-home-buyer-should-know
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What Every First-Time Home Buyer Should Know

BySharon Jung

The Recipe You Need to Succeed Attend our seminar where we’ll give you real answers, home-buying strategies, and a recipe for success proven by our clients. We will provide you with a step-by-step guide with everything you need to know when it comes to buying your first home. Even if you are not a first-time buyer, all buyers are welcome! Our First-Time Home Buyer Seminar will offer you the perfect roadmap for your buying journey, where you can expect: In-depth insight into market trends A comprehensive understanding of the buying process, including where to start Clarity on what you can afford and how to prepare your finances At the end of the seminar, you will also connect one-on-one with our award-winning agents. With your dedicated guide, you can ask all your questions and receive valuable tips that reflect your unique circumstances. Whether you are looking to buy a pre-construction or a resale property, our GTA-Homes agents are prepared to walk with you while connecting you with other reliable real estate professionals you will need to have on your team. Decision to Rent or Buy Although buying a home may seem out of reach, most renters don’t realize how much money they’re actually spending each year on someone else’s mortgage and profit. Owning a home almost always comes out ahead because your monthly rental payments could have been helping you build equity in your own home instead! It also helps to factor in tax benefits, property appreciation, and other incentives when you buy. Let’s compare the numbers to give you a clear picture. If you are currently renting at $2,500 per month, plus about $130 in utilities, you’re paying $2,630 monthly or $31,560 a year. This money will only cover your cost of living and won’t do much else for you. It primarily goes toward paying off your landlord’s mortgage. Now let’s look at the monthly carrying costs of owning your own home. Let’s say you purchased a $500,000 home with a 20% down payment to avoid additional mortgage insurance fees and took on a fixed 30-year mortgage at 4% interest. Your monthly payments will need to include your mortgage payments, property taxes (1% of the property’s value annually), home insurance, and utilities.

the-truth-about-real-estate-in-the-news
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The Truth About Real Estate in the News

ByRose Ho

Myth #2: Put Less Than 20% Down So Banks Will Give You Better Rates Some mortgage brokers and lenders have perpetrated an enormous lie. They have suggested that if buyers purposefully use a smaller-than-average down payment and pay for CMHC mortgage insurance (which is mandatory for down payments under 20%), banks will perceive these loans as “safer” and offer these buyers a much lower interest rate on larger loan-to-value ratios. This is wrong. Banks are not solely looking at down payment sizes to determine the lending rate they will offer you. They look at your income, credit history, and debt-to-income ratio, getting a comprehensive view of your financial status and ability to repay your loan over time. Any “risk” they face of you being unable to pay your loan is offset by the home value itself, not by CMHC insurance. If you don’t pay your mortgage, they have the right to sell your property under a power of sale and recoup their losses. In this way, the bank is always protected from default risk. If you do not need to pay for CMHC insurance, avoid it because it will add to your monthly costs and provide no additional benefit to you. You can do the math: if you were to put less than 20% down, you would have to pay CMCH insurance, which ranges from 0.60% to 4.5% plus tax, which adds thousands of dollars to your housing costs. The only reason someone would push you to put less than 20% down when you have the funds to put 20% down is that they are getting some sort of benefit from it, not you. Mortgage brokers are paid based on the loan size you sign up for, so if you request a 90% loan instead of an 80% loan on a $500,000 property, they will get paid more. The lender, too, will gain more over time as you pay them more interest on your larger loan. Despite this misinformation controversy, the CMHC does offer a great program to help buyers who have less than a 20% down payment break into the market earlier. However, you should use it with a full understanding of the long-term costs. Ultimately, if you have more money to put down, you should definitely do it instead of paying extra fees like CMHC insurance. However, there is one important exception to note. You can get lower rates for investing in multifamily homes (with 5 units or more) that are insured by the CMHC. Typically, for buildings with more than 5 units, you would need a commercial mortgage and a larger down payment, like 25% down, but the CMHC offers preferred rates for eligible multifamily home projects. One specific program, the CMHC MLI Select Program, allows you to receive a lower interest rate than regular residential and commercial rates with less money down while still giving you the power of leverage. This program is available to help build the type of multifamily housing Canada needs the most: affordable rentals, student housing, and retirement housing. The CMHC MLI Select Program allows you to invest in multifamily buildings with only 5% down and offers extended amortizations for up to 50 years and reduced interest rates.

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What to Do if You Overpaid for a Property

ByRose Ho

With a housing market that has changed drastically in the last few years, many Canadians who purchased homes in 2021 and 2022 found themselves having to close on devalued properties in 2024 and 2025. So, many have asked, “What can you do if you’ve overpaid for a property?”  Before we answer this question, let us first understand how and why buyers overpay for properties. Common Traps Of Overpaying It can be easy to overpay for real estate if you are unfamiliar with the market, have an inexperienced agent, or make critical mistakes in the buying process. Here are some of the most common reasons why someone may end up purchasing a property above market value: Lack of market context: If you purchase without researching the comparable prices of homes in the area or knowing which way the market is heading, you may not recognize when a home is unreasonably priced. Emotional decision-making: Some buyers choose to go with their “gut feeling,” or allow the fear of missing out in a hot market or the excitement of a bidding war push them to make a quick buying decision instead of a well-considered purchase. Confusion about the proper process: Mistakes like skipping the home inspection or disregarding your budget parameters or closing costs can lead to higher costs in the future. The most effective way to avoid these errors is to get professional guidance right at the start. It is of utmost importance to find an experienced and trustworthy realtor, like our award-winning, full-time agents at GTA-Homes, who can help you navigate the current market and make a decision that will serve your long-term goals. They also provide their clients with a Competitive Market Analysis (CMA) to help them compare the pricing of similar homes in the neighbourhood they are looking for. Why Are People Overpaying Now? A trend that has become more common in the last year or two is a direct result of a post-pandemic market spike, buyers riding a wave of emotions, and, most unfortunately, risk-taking speculation. For example, when a woefully unprepared buyer closes on an overpriced property, they may have had to drum up more funds to complete the transaction. This is because the presale price may have been something like $1.5 million when they signed the purchase and sale agreement in 2021, as prices were climbing precipitously. Then, the economy changed. Inflation shot up, and interest rates were increased to combat the effects. Subsequently, the property value dropped to $1.3 million in 2024 when it finished construction, and it became time to close. To make matters worse, some buyers did not factor the closing costs into their budget. Don’t forget that closing costs for pre-construction can add 8% to 10% to the purchase price. Mortgage lenders would no longer cover the $200,000 difference in the price, therefore the buyer would have to cough up the extra $200,000 by doing something drastic and unplanned, like selling another property (in a depressed market, no less), renting out the new unit instead of moving in, or borrowing funds from other sources (at a higher interest rate, too). Therefore, immediately after closing on a too-costly property, a buyer will likely have some new financial considerations, which may lead them to tighten their budget and follow the movements of the housing market carefully. What should these over-payers do? What Not To Do: Panic and Sell Immediately Buyers may be tempted to sell their new homes immediately and at a steep loss, out of fear that prices will continue to drop and they will only lose more money over time. However, they should keep in mind that these adverse events are temporary. The market will recover later, and if you sell now, you will not be able to recoup your losses in the future. What To Do: Hold As Long As You Can You may need to scrutinize your current finances and create a new budget. You can increase your cash flow by renting out your home, exploring secondary jobs, and cutting unnecessary costs or high-interest borrowing. You may also look for opportunities to refinance under better terms, consult financial advisors who can help you find creative solutions, and prepare other options. The good news is that Canadian real estate is resilient and offers long-term rewards for those who buy and hold for many years. In 5 years from now, 10 years from now, and 20 years from now, your real estate investment will have increased in value. This projection is more certain, based on the current low pre-construction sales, which will directly translate into less construction activity and fewer new homes being delivered. This means a critical strain on supply in the face of upcoming demand and ongoing immigration. Lower supply means higher rent prices and property values. Projected New Home Completions (Based on Sales Activity) Year New Homes 2025 38,768 2026 18,812 2027 18,221 2028 9,440 2029 2,000 Ride out the wave and remember that the market will always go through cycles where buyers will have the upper hand, then sellers, then buyers again. All you need to have is patience, and your property value will grow. To avoid overpaying altogether, connect with the real estate experts at GTA-Homes. Our top-performing team of professional agents are dedicated to long-term client success, whether you’re buying, selling, or investing in real estate. Countless homeowners have relied on our market expertise and educational

does-canadas-declining-birth-rate-mean-more-housing-availability?
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Does Canadas Declining Birth Rate Mean More Housing Availability?

ByRose Ho

With the Canadian real estate market currently facing historically low sales activity, dropping property values, and growing inventory, many people have deluded themselves (and even some others) into believing that this is how things will be from now on and for many years to come. They want to think that we will somehow witness a total reversal of decades of home price increases until we start seeing houses worth 20% of what they cost today. Some pseudo-economists have even gone so far as to point at Canada’s declining birth rate, which is slated to stop keeping pace with our increasing death rate in 2030, as proof that our housing supply surplus will be even greater than it is currently. But this is a foolish, inaccurate, and short-sighted way of thinking. So today, we will be busting the myth that Canada’s declining birth rate will mean more housing availability and affordability. The Truth About Supply and Population First of all, Canada’s property values have been increasing steadily for decades, despite short-term dips and spikes. The real estate market is cyclical, and we have seen market highs tempered by market lows and vice versa. In the long run, however, homes are absolutely essential and prove their resilient value over long periods of time. The temporary jump in Canadian housing prices in 2022 may have resulted in a harsh correction in 2025, but we can still expect the market to readjust itself later and resume its steady decades-long climb based on how prices have increased for nearly 50 years. Secondly, Canada’s population and economic growth have always relied heavily on immigration, which is still healthy and robust—to the point that we have needed to lower our previously too-ambitious immigration targets to achieve sustainable growth. Our old 2023-2025 immigration plan brought in around half a million people annually, which caused a lot of stress to the housing market and infrastructure, as cities and provinces were unprepared for such a high rate of population growth. In fact, Canada hit a population milestone of 40 million people in 2023! A serious adjustment was required, which is why the new 2025-2027 immigration plan reduced the population inflow by more than 20%. But this does not mean our population will shrink! Any nation in the world requires its population to grow by at least 1% each year in order to maintain its GDP growth. Therefore, Canada plans to welcome just under 1% of its population as permanent residents and around 5% as temporary residents for the next three years, instead of the previous immigration rate of 1.25% permanent residents and 7.5% temporary residents. The country will adjust its immigration targets regularly, which is why Canada’s birth and death rates are not significant factors for the housing market. Population and Immigration Projections According to Statistics Canada Total Population in 2025 41.5 million Total Population in 2027 42.26 million Permanent Resident Admissions Target (1% of population) ~422,600 Temporary Resident Admissions Target (5% of population) ~2,100,000 As we can see, constant and necessary immigration is why housing will remain valuable and demand will continue to outpace supply in the long term, even as we currently see sliding housing prices and ballooning inventory in the short term. Where the Market is Heading? With today’s situation, we can foresee that 2025’s lack of housing presales will mean virtually zero construction will occur in 2026 and 2027, meaning no new inventory will be added in 2028. This is poised to spark a new cycle in the market, as low supply and high demand will drive prices back up again. In addition, the overall future of housing in Canada is deliberately heading towards rentals rather than ownership. Both the government and developers are focusing their efforts toward building purpose-built rental housing, which means condo development is expected to fall by the wayside. This means future homeowners will have fewer options when looking for starter homes as they compete for a smaller selection of resale homes or more expensive low-rise pre-construction homes. Therefore, first-time home buyers have a small window of opportunity to break into the housing market while conditions are currently favourable. In a few short years, there will be fewer housing options and higher prices, making it harder for Canadians to switch from renting to buying. Seize your opportunity now with the expert guidance of GTA-Homes! Our agents are ready to walk you through the homebuying process and help you realize your dreams of homeownership. The post Does Canada’s Declining Birth Rate Mean More Housing Availability? appeared first on Realinsights.

Vancouver Fixer-Uppers and Renovation Projects
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Listings of Metro Vancouver Fixer-Uppers and Renovation Projects updated by the hour

ByStan S.

Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com Click the four highlighted links below to view the MLS® listings of Vancouver Fixer Uppers and Renovation Projects, constantly updated every 1-2 hours. Play with the searches. Sort the listings by clicking the description at the top of each column. Click on the SOLD properties to see their actual selling price. Click…

Buying a New Home: 10 Mistakes to Avoid
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Buying a New Home: 10 Mistakes to Avoid

ByStan S.

WARNING: Buying a new house or a condo from the developer’s sales office is always very exciting, but if you are not very familiar with the whole process, it might cost you THOUSANDS of $$$ and many legal problems. Remember that the new development sale offices are established by the developer, and the agents working there are…

Laneway Houses
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Laneway Houses: A Smart Investment for Canadian Homeowners

ByStan S.

As Canada’s housing market continues to grapple with affordability issues, innovative solutions are emerging to help homeowners maximize their property value and cash flow. One such strategy gaining traction is the construction of laneway houses—small, secondary homes built on the same lot as a primary residence, often facing a back lane or alley. This approach…

How to Turn $150K Into a $200K Down Payment
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How to Turn $150K Into a $200K Down Payment: A Playbook for First-Time Buyers

ByStan S.

Buying a first home is a big financial milestone—and for many, it’s also a challenge to save enough for the down payment.  Rising home prices and borrowing costs have turned down payments into a serious financial challenge for many Canadians.  Fortunately, if you and your partner each have $75,000 saved, you’re already on the path…