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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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, Rental, Retail

38-Storey, 408 Unit Rental Project Pitched for Joyce Collingwood Site

Sightline Properties has submitted a rezoning application for a site at 4975-4997 Joyce Street in the Joyce Collingwood area of East Vancouver.

The 13,859 SF site is located on the West side of Joyce Street half a block from the Skytrain Station.

The proposal is for a 38-storey rental tower that includes:

  • 408 market rental units with 10% below-market rental;
  • 3,700 SF of ground floor retail space;
  • a total density of 18.89 FSR;
  • A building height of 384 ft. with additional height for rooftop amenity space.

This application is being considered under the Joyce-Collingwood Station Precinct Plan. The application requests consideration of height and density in excess of the existing policy.

The architect for the project is Ciccozzi Architecture.

July 5, 2024by david.taylor@colliers.com
Land, Market Research

City of Burnaby Provides OCP Update and Hints at Changes to Zoning Approach

City of Burnaby council will meet next week to review a report regarding the City’s OCP that outlines a Draft Land Use Framework for the entire City.

The City had been working on an update to the OCP entitled ‘Burnaby 2050’, since 2022. This is the first time that a draft land use document has been presented to the public showing potential land use for every lot.

The City is also working on a new Zoning Bylaw that will introduce a new “height-based development framework” in which land use designations are based on height (measured in storeys) as opposed to density and Floor Space Ratio (FSR). Details of the new Zoning Bylaw have not yet been released.

Burnaby 2050 Draft Land Use Map: (click here to see detail in pdf)

The new Official Community Plan Land Use Framework, and the corresponding Zoning Bylaw Districts are proposed to have seven (7) non-residential designations and nine (9) residential designations, each with a corresponding colour:

The full map can be viewed here: https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=76735

The updated draft land use plan accommodates the most recent TOA legislation (which was tabled by Burnaby council for 90 days) as well as upcoming Royal Oak and Edmonds Area Plans.

In addition to the land use designations, the City will be implementing a series of “Policy Overlays” to certain areas, blocks and lots. Examples of proposed Policy Overlays include: Rental Tenure, Streamside Development Permit Areas, Statutory Rights-of-Way, and Special Study Areas.

Community Benefit Density Bonus

The City has also outlined a new, modified density bonus program:

  • The OCP land use designations describe intended heights of buildings; however, a parcel may be eligible for additional height, beyond what is considered “additional supported height”, in exchange for provision of an on-site amenity or cash-in-lieu of an on-site amenity (“Community Benefit Density Bonus”), so long as it does not exceed the permitted height of the next most permissive land use category (if there is one).
  • Density bonusing opportunities are identified for the High-Rise Apartment 1, 2, and 3 designations, and may be considered in the Low-Rise 1, Low-Rise 2, Midrise 1, and Midrise 2 designations subject to City policy and bylaws.
  • Similar to the “additional supported height” scenarios, for residentially designated properties, additional height may be supportable so long as it does not exceed the permitted height of the next most permissive land use category (if there is one).

The draft land use map will be brought forward for public engagement in September 2024, with a report back to Council in late 2024 and an expectation of a final version in early 2025.

July 5, 2024by david.taylor@colliers.com
Market Research

District of North Vancouver Updates DCC’s and Introduces ACCs

The District of North Vancouver has released a report outlining their updated development charges as part of their compliance with Provincial legislation. The DNV’s last major update to DCC’s was in 2018, and a further update was underway in 2023 when Bill 46 required new development financing tools. DCC’s were last adjusted for inflation in the DNV in 2022.

The District is updating it’s rates to be based on a per dwelling unit basis, as opposed to the previous per sq metre.

Here are the proposed DCC and ACC rates:

The DNV notes in its report: “As required by the new provincial housing legislation, a more fulsome review of growth will be completed over the next year, and development charges will be updated again in the fall of 2025.”

July 5, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

23-Storey Rental Tower Slated for Kitsilano Broadway Plan Site

A rezoning application has been submitted by Hollybush Holdings for a site in the Kitsilano area of the Broadway Plan at 2180 West 6th Avenue, between Yew and Arbutus Streets. The property is currently improved with a 1968 era walkup apartment building with 31 units.

The site is located in the Kitsilano North (KKNA) subarea of the Broadway Plan.

The proposal is to allow for the development of a 23-storey rental building with a 4-storey podium and includes:

  • 159 rental units w/ 20% below-market rental units;
  • A 37-space childcare facility;
  • 1,800 SF of retail space;
  • A total density of 7.1 FSR; and
  • A building height of 245 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Francl Architecture.

July 5, 2024by david.taylor@colliers.com

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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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9 Apr

Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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