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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Development

87-Unit Rental Building Proposed at 5079–5137 Ash Street in South Cambie

A rezoning application has been filed by Pennyfarthing Developments to redevelop 5079–5137 Ash Street, just off Cambie Street, proposing a 6-storey residential rental building on a site currently zoned R1-1.

Details of the proposal include:

  • 87 rental units
  • FSR: 3.27
  • Height: 67 ft.

Pennyfarthing is familiar with this block. The developer previously secured rezoning approval at 5079–5161 Ash Street in 2023 for the Slate & Ash project, a larger assembly that included 5161 Ash Street. The current application covers only the southern three lots of that original assembly — 5079, 5111, and 5137 — suggesting either a reconfigured development strategy or phased execution of the broader Ash Street holdings.

The full application can be viewed here: https://www.shapeyourcity.ca/5079-5137-ash-street

The architect for the project is SHIFT Architecture.

May 22, 2026by david.taylor@colliers.com
Development

366-Unit Six-Storey Residential Development Proposed at 108 Avenue and Cowan Road, Surrey City Centre

Surrey planning staff have recommended approval of a two-building, 366-unit low-rise apartment development at 13831–13859 108 Avenue and 13832–13856 Cowan Road in Whalley.

Details of the development proposal:

  • 366 residential units (24 studio / 305 one-bedroom / 37 two-bedroom)
  • Two six-storey wood frame buildings over two levels of underground parking
  • Density: 2.40 FAR
  • Rezoning: R1 and R3 to CD (based on RM-70)
  • Parking: 393 vehicle stalls / 464 bicycle spaces

The proposed CD zone increases density from the RM-70 base of 1.5 FAR to 2.40 FAR in alignment with the City Centre Plan’s low-rise designation for the site.

The site currently contains three single-family dwellings and three duplexes. All 54 on-site bylaw trees are proposed for removal, with 100 replacement trees required — to be satisfied through cash-in-lieu given the site’s full redevelopment. Eleven of the 22 boulevard trees along the frontages are proposed for retention.

The project is designed by Barnett Dembek Architects.

May 22, 2026by 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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