Here is a brief snapshot of the condo resales market since the start of 2016, shown as average price per SF broken down by sub-area/neighbourhood.

Source: MLS Data

The above chart reflects data on all MLS sales for condo units that were one year old or newer at the time of sale, and only includes neighbourhoods with sales in multiple buildings. Pricing is slightly distorted by product type; for example, all of the downtown condo product is concrete highrise which is more expensive, whereas all of Maple Ridge product is in lowrise or townhouse form that is much cheaper to build and sell. Nevertheless, some may find the average pricing stats interesting.

The market for pre-sales inventory is likely to track above the average resales in a given sub-market.

Here is a construction update on Serracan Properties‘ office building project at the southeast corner of Seymour St. and West Pender St. in Downtown Vancouver.

510 Seymour will be 82,000 square feet and 10-storeys tall. Upon completion, the majority of the building will be occupied by Adler University and shoes.com.

The building looks to be nearly topped out now.

Photo courtesy mcminsen http://po.st/7Ap7Hh via @imageshack

Photo courtesy mcminsen http://po.st/RtRmLm via @imageshack

Photo courtesy mcminsen http://po.st/WE7jqj via @imageshack

1290 Homer Street is a 14,800 SF heritage style office building located at the corner of Homer and Drake Streets in the Yaletown area of Downtown Vancouver. The building sits on a 50.5 x 120 ft site and is an excellent candidate for repositioning and/or redevelopment.

Please contact me at david.taylor@colliers.com for details.

Below is a summary of current rezoning applications going before the City of Burnaby council.

2422 Alpha Avenue

The proposal for this 41,770 SF Brentwood town centre site, by Monark, was originally submitted back in September 2015 and calls for a 23-storey condo tower, that includes:

• 160 units, including 4 townhouses
• 59 one-bedrooms, 80 two-bedrooms and 21 3-bedrooms
• underground and structured parking
• total density of 3.6 FAR
• 176 parking spaces

6050 Sussex Avenue

The plan for this 2.9 acre site that includes an existing apartment building and church on the North side of Metrotown is for two towers including condos and rental apartments, under the RM5s designation in the Metrotown Centre Plan.The site is owned by Townline, and a preview of the proposal can be seen here.

Details of the proposal include:

• a 41-storey condo tower and a 31-storey rental apartment tower
• a redevelopment of the existing Burnaby West United Church
• 321 condo units
• 238 new rental apartment units
• a total density of 5.0 FAR
• retention of existing 18-storey and 15-storey apartment buildings with 254 units
• 362 underground parking spaces

3700 Hastings Street

The plan for this 10,000 SF site in the Hastings Heights area is for a 4-storey mixed-use development, including:

• 21 market rental apartment units
• 3-studios, 12 one-bedrooms, 6 two-bedrooms
• 6,278 SF of ground floor retail space
• 28 parking spaces

SOLO District Phases 3 & 4

Rezoning for Appia’s four tower SOLO District project was approved back in 2012, and since that time two towers have now been substantially sold out, with tower one having been completed, and tower 2 currently under construction.

Appia is now seeking a rezoning amendment to tweak some of the details of the remaining two towers. The design changes include:

• Phase 3 tower:
  • increase height form 39-storeys to 42-storeys
  • decrease unit count from 328 to 280
  • increase commercial area from 18,000 SF to 45,000 SF
• Phase 4 tower:
  • increase tower height from 43-storeys to 48-storeys
  • decrease unit count from 365 to 319
  • increase commercial area from 35,000 SF to 60,000 SF

The architectural design, by Chris Dikeakos, has also been amended.

I am pleased to announce the sale of 1166 West Pender Street, a 140,000 SF office building located in Downtown Vancouver.  This off-market transaction closed earlier this month.

The 15-storey building was built in the early 1970’s and is located on an 18,700 SF site that may permit a higher density and height in the future.

Transaction details:

Buyer: Reliance Properties

Seller: Triovest Realty Advisors, on behalf of Greystone

Please contact me for further information regarding this sale.