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.
Market Research

Market Poll: City of Vancouver 2014 Election Edition

The outcome of the upcoming civic election gets more media attention in the City of Vancouver than any other municipality, and polls suggest the race for Mayor is quite close.

Which way are you leaning?

[poll id=”7″]

 Some twitter activity:

November 12, 2014by david.taylor@colliers.com
Development

4-storey Building Planned Near 4th and Alma

A development application has been submitted for a 9,600 SF site near the Southeast corner of West 4th Avenue and Alma Street. The plan calls for a 4-storey building with 22 residential units above retail. The site is currently occupied by two lowrise houses and a 3-storey mixed use building. The zoning is C-2 which generally allows for 4-storeys in height and 2.5 FSR.

The adjacent condo building on the corner is called The Locarno, and was developed in 2009 by Jericho West Developments.

The site was  listed for sale earlier this year for $9,000,000, which is equivalent to $375 per buildable SF.

2060 Alma Street

 

Existing Alma St. Frontage

Existing Alma St. Frontage

 

November 12, 2014by david.taylor@colliers.com
Development

3.4 Acre Richmond Site Sold

A 3.4 acre site known as Keybridge Centre has sold at 6851-6871 Elmbridge Way in Richmond, near the Olympic Oval. The sale price was $31,300,000. The purchaser was Bene Development Ltd.

6851-6871 Elmbridge Way

The site sits next to Onni’s Ora project, and is also identified under the City of Richmond’s City Centre Area Plan as General Urban T5.

November 10, 2014by david.taylor@colliers.com
Development

Market Spotlight: Westside Concrete Resales Values

Here is a quick look at the average pricing for concrete condo unit resales in various sub-areas of the Westside of Vancouver. The following criteria were used:

  • Condos only (not townhouses)
  • Concrete only (no woodframe)
  • 3 years old or newer at time of resales
  • 2014 Year-to-date

Some of these subareas have very small sample sizes (ie. less than 10 in the case of Marpole and Point Grey) but it still shows an interesting view.

Source: MLS

Source: MLS

November 7, 2014by david.taylor@colliers.com
Development

Towers Approved for Lower Capilano

Towers are going up in Lower Capilano. In their last action before standing for reelection, District of North Vancouver council voted 5-2 to bring Larco’s 451-unit development to the former CapWest Athletic Club site, located west of Capilano Road between Fullerton Avenue and Curling Road.

The phased development includes 18-and 12-storey towers, a new community centre, four low-rise buildings and 20 townhouse units to be built by a numbered company owned by Larco.

Bringing the project to an area described as a “blight” and a “garbage dump” constitutes a longawaited turning point for the neighbourhood, according to Coun. Alan Nixon.

“The community of Lower Cap will see the light at the end of a long tunnel,” he said, describing his relief at approving the project with two weeks left in his 12-year tenure on council.

The revised agreement will penalize Larco if the company fails to build the community centre within eight years. The community centre’s shell must be built by Nov. 17, 2022. If Larco misses that deadline the district can buy back the land for $1. Larco is also on the hook for an $8.5 million letter of credit that has to be in the bank before anyone moves into the phased development and a $2.5 million community amenity contribution.

Read more: http://www.nsnews.com/news/towers-approved-for-lower-capilano-1.1528579

November 7, 2014by david.taylor@colliers.com
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