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.
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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Land, Market Research

New Westminster Designates TOAs

The City of New Westminster has now designated their five Transit Oriented Areas (TOAs), defined as all parcels within 800 metres of a Skytrain station that permit any residential uses currently.

From the staff report: “Rezoning will continue to be required for all development proposing increases to permitted density within TOD Areas, including for development with heights and densities outlined in the MD Framework. The TOD Area regulations do not change the existing rezoning process (e.g. application fees, submission requirements, staff review) or the ability to establish certain conditions of rezoning approval (e.g. tenant protections, off-site servicing requirements, etc.).

Generally:

  • Applications that meet but do not exceed the provincially mandated height and
    density would be supported when there is also alignment with other City policy,
    including that such applications must be 100% secured rental.
  • All applications will continue to be reviewed using the Interim Development
    Application Review Framework endorsed by Council January 29, 2024.
  • Applications that exceed the provincially mandated height and density may also
    be considered, where appropriate.”

TOA Maps with Tiers

The pdf version of the above maps can be viewed here: https://pub-newwestcity.escribemeetings.com/filestream.ashx?DocumentId=18719

June 9, 2024by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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