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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Apartment, Development

Brookfield Planning Rental Tower for Previous Condo Site

Brookfield Properties has submitted rezoning and development permit applications to the City of New Westminster for a highrise rental development at 810 Agnes Street in the Downtown area.

The site had previously been proposed in 2018 for a 29-storey condo tower by a previous owner.

The site is located in the Downtown neighbourhood and is adjacent to Agnes, Victoria and Blackie Streets. The subject sites is located 75 metres from the New Westminster SkyTrain Station. The site is designated in the OCP as Residential High Density.

The new proposal for the site includes a 33-storey market rental apartment tower, that includes:

  • 352 market rental units;
    • 104 studios, 114 one-bedrooms, 115 two-bedrooms & 19 three-bedrooms;
  • a total density of 9.40 FSR;
  • 169 parking spaces;
  • a commemorative community park at 824 Agnes.

The architect for the project is IBI Group.

April 21, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Proposal for Lynn Valley Safeway Redevelopment Includes 417 Units, New Store

Crombie REIT has unveiled the latest design plan for redevelopment of the Lynn Valley Safeway site at 1170 East 27th Avenue in North Vancouver.

A preliminary application for redevelopment of the 2.8 acre site was first submitted in 2021. The design has now been revised and is ready for early input at District of North Vancouver council.

The proposal for the site is a mixed-use development with multiple residential buildings above a replacement Safeway store.

Details of the proposal include:

  • 417 residential units;
  • 269 condo units & 148 rental units (including below market/social);
  • building heights from 6-12 storeys;
  • a total density of 3.5 FSR;
  • 607 underground parking stalls;
  • a new 43,604 SF Safeway store;
  • 1,840 SF of new retail space.

The next step for the project will be a formal rezoning application.

April 21, 2023by david.taylor@colliers.com
Apartment, Condo, Development

1,461 Units Proposed for Multi-Tower Site in Brentwood Area of Burnaby

Polygon has submitted a rezoning application to the City of Burnaby for a site at 2300 Madison Avenue in the Western area of the Brentwood Town Centre area of Burnaby.

The 6.5 acre site is comprised of two lots. 2300 Madison is improved with older industrial buildings. The other lot is a BC Hydro Right of Way. The lots are designated high-density multiple family residential development utilizing the RM-4 and RM-4s designations.

The proposal for the site includes four residential towers, as well as a non-market rental lowrise above stuctured and below grade parkings.

Details include:

  • Four towers from 35 to 42 storeys;
  • a 6-storey non-market rental building;
  • a total density of 4.60 FAR (1.3M SF);
  • 1,261 condos;
  • 200 non-market rental units;
  • 1,394 parking spaces.
April 20, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Land, Office, Retail

Neighbouring ‘Burnaby Lake’ Sites Seek Approval For Over 8,000 Units

The City of Burnaby will next week consider approval for the long anticipated Conceptual Master Plans of two neighbouring large-scale development sites in the Bainbridge Urban Village area being developed by Peterson Group and Create Properties.

The two sites are:

“Burnaby Lake Village”

  • 6800 Lougheed Highway
  • 19 acre site
  • formerly owned by Saputo & acquired by Peterson Group in 2018

“Burnaby Lake Heights”

  • 7000 Lougheed Highway
  • 14 acre site
  • formerly owned by Telus Pension Fund & acquired by Create Properties in 2021

The Bainbridge Urban Village Community Plan was adopted by the City in 2022 which paved the way for the master plans for these two sites, which are the largest sites in the plan area and anticipated to have the highest densities by virtue of their proximity to the Sperling-Burnaby Lake Skytrain station.

The overall concept for is a “village core mixed-use development”, with high-density residential and commercial uses to the north and south, and park space and community uses to the west.

Both Peterson and Create have undertaken considerable design development and public consultation over the past few years and are ready to proceed with their initial development phases.

The proposed Conceptual Master Plans establish the general built form, uses, building heights, signage guidelines, proposed subdivision and phasing plans. The next step for each site is individual rezoning applications for each phase.

Below is an overview of each Master Plan:


Burnaby Lake Village – 6800 Lougheed Highway

  • 14 residential and mixed-use buildings from 12 to 25-storeys;
  • over 4,800 units;
  • condo, market & below market rental residential;
  • retail, office, childcare, medical, grocery & hotel;
  • potential for seniors, industrial and brew pub space;
  • community gathering hall;
  • two new public streets;
  • a forest walk trail;
  • buildout over 5 main phases;
  • maximum permitted density of 5.05 FAR or 4.1 Million SF.

Burnaby Lake Heights – 7000 Lougheed Highway

  • 12 residential & mixed-use buildings ranging from 8 to 16-storeys;
  • over 3,500 units;
  • condo, market & below market rental residential;
  • retail, office, medical, grocery & hotel;
  • potential for seniors and industrial space such as brew pubs;
  • community club building including childcare, non-profit, meeting & fitness space;
  • two new public streets;
  • a forest walk trail;
  • buildout over 4 main phases;
  • maximum permitted density of 5.05 FAR or 3.2 Million SF.
April 20, 2023by david.taylor@colliers.com
Apartment, Development

79-Unit Rental Building Proposed for Kerrisdale Site

Peterson Group has applied to the City of Vancouver to develop a site at the Southeast corner of East Boulevard and West 43rd Avenue in the Kerrisdale neighbourhood of Vancouver.

The plan for the 19,515 SF site includes a new 6-storey rental apartment building, allowable under the existing C-2 zoning:

  • 79 market rental units;
    • 25 studios, 24 one-bedrooms, 25 two-bedrooms & 5 three-bedrooms;
  • a total density of 3.70 FSR;
  • 87 underground parking stalls.

The architect for the project is NSDA Architects.

April 19, 2023by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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

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David Taylor Personal Real Estate Corporation

Colliers International

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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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