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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.
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Development, Market Research

As Election Looms, Rezoning Applications Grind to a Halt

It’s no secret that municipal election season generally means a slowdown in the approval process for developers throughout Metro Vancouver. Rezoning applications in particular can represent an undesirable political issue that most mayors and councilors would prefer not to deal with during a re-election campaign, and planning staff usually direct rezoning applicants accordingly, regardless of whether the application would be contentious at a public hearing.

Nowhere is this more evident than in the City of Vancouver. With most rezoning applications publicized in the media, and with well-organized community groups speaking at most large-scale rezoning public hearings, staff and council have been reticent and discouraging of new applications over the past several months. Vision Vancouver has a well known track record of approving almost every rezoning application that staff brings forward, but that is a topic for another discussion…

Here’s a look at the volume of rezoning applications at the City of Vancouver during Vision’s most recent term in office:

CofV_Rezoning Apps

Disclaimer: This graph represents rezoning application filings only, and only the most recent applications where projects have been revised. Only a portion of these applications have been approved to date. This is not official City of Vancouver data and I make no guarantees as to its accuracy.

Of note, rezoning applications have been scarce over the past few months after a 3-year high earlier in the year, and perhaps not coincidentally, there have been few truly contentious rezoning applications that would stir up opposition. Smartly, the City is taking time with rezonings in new plan areas such as Marpole and the West End where the communities are still coming to terms with the realities of densification, albeit only moderate densification in most areas.

Rest assured there is a queue of developers that are waiting to file applications after the election. The number that are able to do so early in the new year will be at least partially dependent upon the how Council looks after November 15th.

October 21, 2014by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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