Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Development

Delta Rise Tower Unveiled in North Delta

What will Delta Rise, the municipality’s tallest tower, look like?

Politicians and journalists were given a sneak peek Wednesday at an architect’s model of the building, as well as a tour of two styles of suites the 37-storey building will contain.

blexoThe Blexo Developments Ltd. project won Delta council’s approval earlier this year and construction is expected to begin next June and be completed in 2016.

The apartment building project, just south of the Delta Shoppers Mall off Scott Road, will be located at 11941 80th Avenue and will be the community’s tallest building by far. Three 14-storey buildings currently share that distinction in North Delta. One is at 88th Avenue and 119th Street and the other are two across the street from where this new apartment building containing 317 suites will be built.

See more at: http://www.thenownewspaper.com/news/delta-rise-tower-unveiled-in-north-delta-1.646497#sthash.1b9MSgLK.dpuf

October 3, 2013by david.taylor@colliers.com
Market Research

Bank of Canada May Not Hike Interest Rates Until 2016: Scotiabank

How long for the Bank of Canada?
Bank of Nova Scotia economists are now raising the possibility of no move in the Bank of Canada’s benchmark interest rate until 2016.

Other observers have speculated on late next year or early in 2015 for the first rate hike by the central bank.

The Bank of Canada’s benchmark overnight rate now stands at just 1 per cent.

“The BoC probably now envisages spare capacity remaining into 2016,” the Scotiabank economists said, adding the central bank now projects hitting its 2-per-cent target for annual inflation in mid-2015.

They believe the Bank of Canada may change that forecast, to an even later date, when [it] meets later this month and also issues its monetary policy report.

Read more: http://www.theglobeandmail.com/report-on-business/top-business-stories/bank-of-canada-may-not-hike-interest-rates-until-2016-scotiabank/article14675055/

October 3, 2013by david.taylor@colliers.com
Development

Concord Pacific Unveils Plans for 1,300 Units Near B.C. Place

Concord Pacific has unveiled plans for a new neighbourhood of 1,300 condominiums in eight buildings by the northern end of Cambie Bridge near BC Place.

Part of the downtown’s new sports and entertainment district, the neighbourhood is being called False Creek Central.

False Creek Central

The area includes a new $535-million casino, hotel and entertainment complex being built next to BC Place by Paragon Gaming Corp. Last week, Paragon announced it has revamped its proposal for the project, which included no plans to expand gambling. Paragon proposed to relocate Edgewater Casino at its existing size.

The development proposal is significant both in size — as one of the largest in the city’s history — and in meaning, according to architect and planner Michael Geller.

October 3, 2013by david.taylor@colliers.com

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