La Maison Simons Inc. had been nestled in Quebec City for 159 years before fifth generation leader Peter Simons successfully expanded the retailer across the province.

But opening stores all the way to Vancouver is proving trickier for the president of the family-controlled business.

Simons is searching for prime locations in Toronto, Calgary, and Vancouver as a new wave of foreign chains chases the most attractive retail spaces. And the privately held company can’t tap into the markets to finance its heavy investments amid rising borrowing costs.

The retail institution well known in Quebec for its unique mix of cheap-chic private labels and pricier designer lines must make a name for itself west of the Ottawa River. Outside its home province, it operates only one store, at the West Edmonton Mall.

Read more: http://www.theglobeandmail.com/report-on-business/simons-crashes-canada-one-door-at-a-time/article14148615/

The Real Estate Board of Greater Vancouver have released August residential stats. Sales activity is up significantly over August 2012, while attendant price increases are modest at best. Here are a few highlights:

• Listings were down 8.8% from August 2012
• Sales were up 52.5% in August 2013 compared to August 2012.
• Single family benchmark pricing is up since January 2013 in almost all submarkets (except for secondary submarkets such as Sunshine Coast, Squamish and Bowen Island)
• Average prices are still down since August 2012 – for single family (-2.0%) and condos (-1.1%)

Source: REBGV stats

Stretch of Burnaby’s Hastings could get taller – Burnaby NewsLeader.

A stretch of the north side of Hastings Street could get taller now that a four-storey mixed use development is being proposed for three lots west of Macdonald Avenue.

A public hearing will be held Sept. 24 at 7 p.m. in Burnaby city hall council chambers for the application to rezone 3951, 3959 and 3975 Hastings St. which are currently home to older, one and two-storey commercial and mixed-use buildings, according to a city staff report.

The proposal, designed by Chris Dikeakos Architects [for Bosa], is for a project with commercial space on the ground and mezzanine levels with three stories of condominium apartments above. All parking would be underground with vehicle access from the rear lane.

To meet the requirements of the C8a Hastings urban village commercial district, the development would include a lighted pedestrian walkway within a statutory  right-of-way linking Hastings to the north.

And while the C8a zone restricts an individual user of a  ground-floor commercial space to a maximum building frontage of 66 feet, the report said city staff may support a future relaxation of the restriction for suitably-designed cafes, restaurants, food stores and retailers if needed.

Read more: http://www.burnabynewsleader.com/news/221662901.html

Yuanheng Development has applied to the City of Vancouver to rezone 4099 Cambie Street from C-2 to CD-1 per the Cambie Corridor Plan. Colliers sold the site, which sits directly adjacent the King Edward Canada Line Station, in 2011.

The proposal is for a mixed-use building with retail at grade and residential units on the upper floors, including:

• a density of 3.52 FSR
• a height of 8 storeys with a partial mezzanine contained in the ground floor;
• a total 65 market condo units
• a total of 79 vehicle parking spaces underground.

More information here.

Richmond office market shows ‘slow but steady’ rebound – Richmond Review.

Richmond’s sky-high office vacancy rate has fallen to a five-year low but remains the highest in the region, according to a new report from Avison Young.

The firm’s Mid-Year 2013 Metro Vancouver Office Market Report pegs the vacancy rate at 17.3 per cent—4.5 per cent less than one year ago—demonstrating the local market’s continued slow recovery.

“Continued tightening of the Richmond vacancy rate remains a good news story for the market, which has seen a slow but steady rebound since 2010,” said Darrell Hurst, Avison Young principal, in a news release.

Surrey’s vacancy rate is close behind, at 16.7 per cent. The lowest rate belongs to downtown Vancouver, at 4.6 per cent, while Metro Vancouver’s average stood at 7.5 per cent after the first six months of 2013.

In its semi-annual survey, Avison Young noted vacancy in the Richmond market is at its lowest point since 2008 after peaking at 24.6 per cent.