Listings of Metro Vancouver New Homes and Condo Developments updated by the hour
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Listings of Metro Vancouver New Homes and Condo Developments updated by the hour

Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com 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…

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Two rental housing towers up to 29 storeys, featuring a grocery store, approved for Robson Street

The 1500 block of Robson Street in downtown Vancouver’s West End neighbourhood will see a substantial uplift through a new mixed-use rental housing project with substantial commercial retail uses. The City of Vancouver’s Development Permit Board recently approved GWL Realty Advisors’ (GWLRA) application to redevelop 1525-1555 Robson St. — nearly the entirely city block at the northeast corner of the intersection of Robson and Cardero streets. Building Permit Applications were subsequently submitted in May 2025 to demolish the 1949-built, two-storey commercial building on the west side (1525 Robson St.) of the development site — formerly home to Jang Mo Jib Restaurant. The development site also includes the 1965-built, six-storey office and retail building mid-block, on the east side (1555 Robson St.) of the site. Designed by architectural firm Arcadis, there will be two high-rise towers reaching 324 ft. with 28 storeys and 318 ft. with 29 storeys, generating 393 secured purpose-built market rental homes — including 100 studio units, 179 one-bedroom units, 101 two-bedroom units, and 13 three-bedroom units. The two-storey base podium would be dedicated to commercial uses totalling about 41,000 sq. ft. including a 24,400 sq. ft. grocery store — largely located on the second level, with entrance located at the intersection corner — and about 16,600 sq. ft. of smaller commercial retail/restaurant units, which would activate the building’s ground level with Robson Street. Site of 1525-1555 Robson St., Vancouver. (Google Maps) Site of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) During the Development Permit Board meeting, Matt Shillito, the City of Vancouver’s director of special projects, called this project “much needed” for its significant infusion of rental housing, and highlighted the new major retail uses “along a stretch of Robson that’s looking pretty tired.” “I think it achieves a lot on a relatively tight site. In terms of the architectural approach, I think it’s very thoughtful. I like the nice kind of compact tower floor plates. I like the way the podium has been kept low profile, nice clean lines, and it manages the slope very efficiently, very effectively,” said Shillito. “I like the way the podium has been kept low profile, nice clean lines, and it manages the slope very efficiently, very effectively. With the CRUs at the ground level and then the grocery store above, it’s all neatly housed.” Lon LaClaire, general manager of engineering services for the City of Vancouver, added, “These services are going to be welcome in the area, and I think that the new building is going to be a really great addition to the area.” But Shillito, while also acknowledging that this is a subjective matter, suggested that the development team should consider the possibility of providing the facade design with a lighter tone, as opposed to the current concept using “very dark” materials, which creates a look that is “a little heavier than it otherwise could be.” The development permit application was the project’s first and primary approval, as a rezoning application was not necessary, given that the project aligns with existing policies for the site. October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) Most of the discussion over this application during the meeting focused on the dedicated freight/truck loading space required for the commercial uses, particularly the grocery store. The panel ultimately agreed that the larger and more intensive requirement of Class C loading — creating designated loading space for a large semi-trailer — would not only be unnecessary for a mid-size grocery store, but also challenging given the tight urban environment. Furthermore, similarly-sized grocery stores integrated into high-density, mixed-use developments in and around downtown Vancouver only have Class B loading spaces, which accommodate smaller single-unit trucks and other medium-sized vehicles. For this reason, the panel agreed to only require a small increase in Class B loading capacity. With the existing Safeway and Whole Foods Market situated on the city blocks just to the west, this would be the third grocery store in Lower Robson. Four underground levels would contain over 250 vehicle parking stalls, including 198 stalls for rental housing residents, 20 stalls for residential visitors, and 33 stalls for commercial uses. This is in addition to over 600 secured bike parking spaces. The total building floor area is pegged at about 324,000 sq. ft., establishing a floor area ratio density of a floor area that is 9.6 times larger than the size of the 33,600 sq. ft. development site. This project falls under the City’s West End Community Plan. 2024 preliminary conceptual artistic rendering of the redevelopment with two towers at the combined site of 1525-1555 Robson St., Vancouver. (GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) GWLRA is the real estate investment subsidiary of the Great-West Life Assurance Company, which is one of Canada’s largest private insurance firms. In March 2024, GWLRA acquired the 16,400 sq. ft. site of 1555 Robson Street from VivaGrand Developments in a deal worth $58 million, according to records. This purchase enabled GWLRA to form a land assembly with its September 2022 acquisition of the similarly sized adjacent site at 1525 Robson St.

Tips for buying a new and resale condominium
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Tips for buying a new and resale condominium

All of the lists, tips and answers to frequently asked questions you need when buying a condo. Tips for buying a new condominium Handy tips to help you when you go to buy a new condominium. Look over the unit’s drawings and specifications so you’re clear about the floor measurements. Do they reflect the actual floor…

vancouver-swamped-by-unsold-condos-as-supply-outpaces-demand-–-the-globe-and-mail
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Vancouver swamped by unsold condos as supply outpaces demand

Open this photo in gallery: A condo tower under construction in downtown Vancouver, on Feb. 9, 2020. DARRYL DYCK/The Canadian Press In Metro Vancouver, supply has most definitely outpaced demand. The number of newly built, unsold condo units in the Vancouver region is expected to increase by 60 per cent by year’s end. That will bring the total of new units sitting empty to 3,493 – a 60 per cent increase from the 2,179 homes that sat empty and unsold by the end of 2024. These are multifamily units that have an occupancy permit and are move-in ready. Ryan Berlin, head economist and vice-president of Rennie Intelligence, part of Rennie Marketing, a Vancouver-based real estate marketing firm that represents some of the country’s largest developers, said 2025 will close with the “highest level of unsold condo inventory” that the region has seen in many years. It’s a bleak situation for developers, hampered by trade wars, an uncertain interest rate, rising costs and regulations designed to thwart a previous market that was driven by speculation and investment. Those days are over. “Right now, the market is out of gas. Nothing is working for developers. It’s not really working for buyers. So, we’re just kind of stagnating right now,” said Mr. Berlin. The story is all about the missing investor – a key player in the housing market. And they’ve run for the exits. Mr. Berlin has long kept statistics on investors, and from 2020 to 2023 they represented half of Rennie Marketing’s buyers. By 2024, they made up one-quarter of buyers. This year, only seven per cent of buyers are investors, he said. The investor buyer has kept the condo market going for decades. Willing to put up the deposit far in advance of the completed building, the investor enables the developer to obtain financing to construct. Once completed, the investor finds tenants for the unit, and investor landlords became a significant source of housing in the rental market. When lucrative rents were achievable, and borrowing money was cheap, the investor could easily cover costs, known as positive cash flow. But the conditions flipped, and with dropping rents and rising interest rates, many of them entered significant negative cash flow, said Berlin. “It’s not very palatable,” he said. There are other factors. Mr. Berlin said that the capital gains inclusion rate may no longer be on the table, but it created enough fear that people sold off properties. The federal anti-flipping tax, which treats gains on the sale of a house within one year as business income, has also curtailed investor buying. The federal temporary foreign buyer ban has reduced foreign money investment. Short-term rental restrictions have also put a dint in the investor market, particularly in tourist-driven markets like Kelowna. Developers were already dealing with high construction costs and soaring municipal fees. And policies that made sense in a hot market rife with speculation – which defined 2015 and 2016 – are restricting the market even more. “If somebody has money to invest in something and they look at this market, they’ll go, ‘Wow, I’m really being squeezed. Maybe I’ll just put it into a GIC.’ “It’s not to judge any of these policies as being good or bad overall for society, like a sort of net utility,” said Mr. Berlin. “But certainly, for investors … this real imbalance got created between risk and reward. The opportunity for reward diminished and the risks increased.” The dire situation has some developers asking for relief, such as easing up on the requirement that they provide social housing within a rental or strata tower, such as around transit-oriented areas and within some parts of the massive Broadway Plan area of Vancouver. Developer Tony Hepworth, president of Pennyfarthing Development, said six-storey wood-frame buildings are far more realistic than concrete towers. And the requirement to provide 20 per cent social housing in residential towers isn’t viable for most developers in this market. “We haven’t seen it yet, and not in Vancouver, but other municipalities have started dropping their requirement for affordable housing, from 20 to 10 per cent. I think they are going to have to drop it,” he said of Vancouver. “Talking to my colleagues, and some of them are bigger developers than we are, and we are saying that we can’t see how these big towers can go ahead, whether condo or rental at the moment.” Commercial broker Ian Brackett, from Goodman Commercial, said the cost to build a below-market rental unit is about double the actual value of the unit once completed. It means the market rate units elsewhere in the building must be significantly higher, and renters can only pay so much. “It has become very obvious that insisting on 20 per cent below market has become too much of a burden and is rendering many projects unfeasible,” said Mr. Brackett. “The question becomes, would renters and the city as a whole be better off having more housing built even if it is all at market rates, if the alternative is to have nothing built? Twenty per cent of nothing is zero.” The city said in an e-mail response that it is open to making policy changes to address the increasingly challenging market. “City staff certainly appreciate that market conditions are difficult for development at this time,” said Matt Shillito, director of special projects. “The market is dynamic with many different