The City of New Westminster has now designated their five Transit Oriented Areas (TOAs), defined as all parcels within 800 metres of a Skytrain station that permit any residential uses currently.

From the staff report: “Rezoning will continue to be required for all development proposing increases to permitted density within TOD Areas, including for development with heights and densities outlined in the MD Framework. The TOD Area regulations do not change the existing rezoning process (e.g. application fees, submission requirements, staff review) or the ability to establish certain conditions of rezoning approval (e.g. tenant protections, off-site servicing requirements, etc.).

Generally:

• Applications that meet but do not exceed the provincially mandated height and
  density would be supported when there is also alignment with other City policy,
  including that such applications must be 100% secured rental.
• All applications will continue to be reviewed using the Interim Development
  Application Review Framework endorsed by Council January 29, 2024.
• Applications that exceed the provincially mandated height and density may also
  be considered, where appropriate.”

TOA Maps with Tiers

The pdf version of the above maps can be viewed here: https://pub-newwestcity.escribemeetings.com/filestream.ashx?DocumentId=18719

The District of West Vancouver has released a report outlining their response to Provincial Bill 44: Housing Statutes (Residential Development) Amendment Act that requires municipalities to allow for Small Scale Multi Unit Housing (SSMUH) on all single family and duplex zoned lots by June 30, 2024.

West Vancouver has taken the approach that the vast majority of their lots are not subject to the legislation since “the definition of “Restricted Zone”….does not encompass parcels that permit single-family dwelling, secondary suites and detached secondary suites (coach house). Consequently, the District’s RS1-5 and RS7-10 zones are not “Restricted Zones” and not subject to SSMUH requirements.”

The report goes on to outline that there are only 222 parcels affected by the proposed zoning
amendments, constituting 1.6% of residential lots in West Vancouver and resulting in a theoretical net increase of 363 units in zoned capacity.

Below is a map, outline in orange, those single family lots which are within 400 metres of frequent bus service and therefore will require update to allow up to 6-units.

It is expected that the zoning bylaws will be updated by the June 30, 2024 deadline.

The City of Burnaby’s planning department has released a report on the upcoming zoning changes to accommodate the Province’s mandated Small Scale Multi Unit Housing (SSMUH) under Bill 44, passed in December 2023.

Bill 44 requires municipal governments to permit the following minimum number of housing units in land use zones that are otherwise restricted to single family dwellings or duplexes:

• 3 units on lots that are up to 3,014 SF;
• 4 units on lots that are greater than 3,014 SF; and
• 6 units on lots that are at least 3,025 SF & within 400 m of bus stops with frequent service.

The City’s proposed approach is to repeal all of the existing single family residential zones (R7 Mobile Home Park District and R1, R1a, R2, R2a, R3, R3a, R4, R4a, R5, R5a, R6, R8, R9, R9a, R10, R11, R12, and R12s) and replacing them with a single R1 SSMUH District.

The City is required to pass the zoning bylaw update by June 30, 2024.

There are currently 30,662 single family zoned lots in the City of Burnaby.

Details of Proposed R1 SSMUH Zoning

The following zoning provisions are proposed as part of a new Section 101, R1 Small Scale Multi-Unit Housing District, within the Zoning Bylaw:

• Uses:
  o Up to 6 dwelling units on a lot, depending on the lot size and proximity to a bus stop
  with frequent service
  o Rowhouses, which would permit up to 3 dwelling units on a lot
  o Boarding, lodging, or rooming house, subject to Comprehensive
  
• Subdivision:
  o For rowhouse dwellings, require a minimum lot width of 16 ft to 26 ft
  o For SSMUH subdivisions, require a minimum lot width of 33 ft
  o Subdivision to create panhandle lots will continue to be restricted, with
  individual consideration of irregular shaped lots to be determined by
  the Approving Officer.

• Number of Units:
  • 3 units on lots that are up to 3,014 SF;
  • 4 units on lots that are greater than 3,014 SF; and
  • 6 units on lots that are at least 3,025 SF & within 400 m of bus stops with frequent service.

• Lot Coverage:
  o 40% for 1 to 3 SSMUH dwelling units
  o 45% for 4 SSMUH dwelling units
  o 50% for 5 to 6 SSMUH dwelling units
  o 55% for rowhouse dwellings

• Parking

• Minimum 0.5 parking stalls per unit outside of lots within 400m Frequent Transit Network
• No parking minimums for lots within 400m Frequent Transit Network

Other

• Does not regulate tenure – can be either strata or rental
• Minimum of one 3-bedroom unit for lots with 1 to 3 units
• Minimum of two 3-bedroom units for lots with 4-6 units
• allows fee-simple rowhouses
• 70% maximum impervious surface requirement to support more lot area for stormwater management, tree retention, and outdoor amenity space for residents
• Building heights up to a maximum of 40 ft and 4 storeys, inclusive of any basement or cellar storey
• Reduced yard setbacks for buildings and introduce the concept of “street yards” to provide consistent setbacks from all property lines adjacent to streets
• Minimum separation of 8 ft between principal buildings and/or accessory buildings and a minimum separation of 20 ft between front and rear principal buildings on the same lot
• Minimum of 107 SF of outdoor amenity space for the exclusive use of each primary dwelling unit on a lot
• Heritage provisions that provide more flexibility in siting and massing of buildings for lots on the Community Heritage Register to support retention of heritage assets

The full council report can be viewed here: https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=75285

The proposed R1 SSMUH zoning guidelines can be viewed here: https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=75286

The City of Port Moody has released a staff report discussing the Province’s recent legislation and housing initiatives. Included in the report is an outline of the City’s proposed approach to the Transit Oriented Areas (TOAs), as well as proposed timing to create ACC’s, update DCC’s and update the OCP.

In Port Moody, the two TOAs that took effect immediately are:
– Inlet Centre Station
– Moody Centre Station

A map has now been generated by the City of Port Moody to show any parcel of land that is deemed to be within the catchment area of the TOA.

The above map can be viewed here.

The report notes that “the Province expects local governments to transition to new planning tools, such as the ACC Bylaw, by mid-2025. As such, staff will need to revisit and revise for Council’s consideration the policy to allow collection of density bonus funds above the new TOA FAR limits, while maintaining the 2.5 FAR threshold for the rest of the City in 2025.”

The report also references the City’s existing inclusionary zoning policy in the TOAs:

“Similarly, the new minimum densities in the TOAs will likely render the City’s Inclusionary Zoning –Affordable Housing Units Policy financially unfeasible. For cities that utilize a density bonus to achieve affordable units, they will no longer be able to do so, except on densities greater than the 3, 4, or 5 FARs allocated through the MD Framework within the TOAs. Port Moody’s Inclusionary Zoning Policy relies upon both the increased land value associated with a higher density and the density bonus itself. As the density bonus will begin at higher FARs within the TOAs, it is likely that inclusionary units will no longer be financially feasible for nearly all projects.

However, as part of the recent webinars, the Province has mentioned that future legislation will include the development of an inclusionary zoning program. The timeline for this legislation is likely Spring 2024 as referenced above.”

The report outlines the following proposed timeline for implementation of the new zoning bylaws to reflect the TOA policy:

Regarding DCC’s and ACC’s the City expects to develop bylaws for both beginning in late 2024, with an expectation to have bylaws adopted for both in late 2025.

Here is the proposed timeline for implementation of ACC’s:

Port Moody was in advanced stages of updating their OCP prior to the Province’s housing legislation. The OCP update has now been paused until next year as a result of the new TOA policy.

Multiple municipalities have now referenced forthcoming legislation from the Province regarding inclusionary zoning, expected in “Spring 2024”.

A full version of the Council report can be viewed here: https://pub-portmoody.escribemeetings.com/filestream.ashx?DocumentId=22270

The land market in Metro Vancouver cooled considerably in 2023, following a very active two year stretch between 2021-2022. The slowdown in transaction activity began in early 2022 and really took hold heading into this year.

Increasing interest rates and stubbornly high construction costs proved challenging in putting together land deals, particularly for larger sites.

Nevertheless, most participants in our market continue to have an optimistic outlook on economic and demographic fundamentals and those that are well capitalized will continue to be in a strong position to acquire good sites.

In the short term, it appears that land deals in the $15-50 Million range are in the ‘sweet spot’ in our market – large enough to meet the scale requirements of larger pension fund and private equity investors, though small enough to execute, finance and build in a single phase.

Here’s a look at each of the 10 largest land deals in Metro Vancouver this year:

1. 1145 Inlet Street, Coquitlam

• Price:                  $111 Million
• Site Area:            8 acres
• Vendor:               Private
• Purchaser:          Ledingham McAllister

The goods:        This 1980’s era rental townhouse complex in the City Centre area of Coquitlam was acquired by Ledingham McAllister to realize signficant development upside. A rezoning application for the site envisions over 1,100 units in 9 highrise and lowrise buildings, all comprising a project entitled “Stratford Wynd“.

The draft master plan and implementation strategy for the site will be prepared in Spring 2024, and City Council will review the master plan and implementation strategy for approval in Fall 2024. The project will be built in phases.

2. 5502 Lougheed Highway, Burnaby

• Price:                  $94 Million
• Site Area:           4.3 Acres
• Vendor:              Private
• Purchaser:          Keltic Development

The goods:          Keltic completed their acquisition of the Rev’s Bowling site on Lougheed Highway in early 2023. The site allows for high density residential in the City of Burnaby’s Brentwood Town Centre Plan.

A preliminary rezoning application was submitted this summer that contemplates three towers, between 50 and 60-storeys in height, with condos, affordable rental units, and retail.

The sale was brokered by Macdonald Commecial and Brett Aura of TRG.

3. 1527 Main Street, Vancouver

• Price:                   $80 Million
• Site Area:            1.2 acres
• Vendor:               McDonald’s Canada
• Purchaser:           Greystar

The goods:        Completed in late November, this sale marks the beginning of an eventual redevelopment of the McDonald’s site at Main & Terminal.

The sale involves a leaseback for the restaurant and an option for a new McDonalds in the new development.

Rezoning plans have not been made public but initial indications suggest that Greystar is planning a highrise market rental project.

The sale was brokered by Brodie Henrichsen of JLL.

4. 1525 Robson Street, Vancouver

• Price:                   $63 Million
• Site Area:            16,400 SF
• Vendor:               Private Investor
• Purchaser:           GWL

The goods:       Negotiated in 2022 and completed in January 2023, this deal is for a midblock highrise site on Robson Street that was rezoned in the West End Community Plan. It sits across the street from GWL’s recently completed rental project “The Chronicle” at 1500 Robson.

The site is zoned to allow for a rental residential development up to 20 storeys.

The sale was brokered by Fraser Elliott.

5. 5350-5430 Heather Street, Vancouver

• Price:                   $47 Million
• Site Area:            1 acre
• Vendor:               Private
• Purchaser:           Rize Alliance & Minto

The goods:       The largest land assembly to complete this year involved five single family lots in the Oakridge Centre area, in a subarea designated to allow towers up to 18-storeys.

A subsequent rezoning application for the site contemplates two towers with 344 market and below market rental units.

The sale was completed by William Maunsell and Kelvin Luk of Luk Real Estate Group.

6. 8216 Brannick Place, Chilliwack

• Price:                  $45.7 Million
• Site Area:           15 acres
• Vendor:              Private
• Purchaser:          Red Bull Canada

The goods:        It was announced in February that Red Bull had acquired this 15 acre site after an extensive site selection process.

Construction is expected to start on the new manufacturing facility in early 2024.

7. 119 East Cordova Street, Vancouver

• Price:                  $42 Million
• Site Area:           18,000 SF
• Vendor:              Salvation Army
• Purchaser:          BC Housing

The goods:          This sale completed in May, and the Purchaser was revealed in August to be BC Housing.

A redevelopment of the site for social housing and below market housing is expected, but no formal plans or applications have been revealed.

8. 1770 West 12th Avenue, Vancouver

• Price:                  $41.1 Million
• Site Area:           1 acre
• Vendor:              Strata
• Purchaser:          Greystar

The goods:         With a completion date in October 2023, this sale was one of the first sites in the Broadway Plan area to sell.

The sale represents 100% of a strata, with the listing and sale process completed by Hart Buck and Jennifer Darling of Colliers. The sale involved a 1973 built woodframe lowrise with 41 units. Redevelopment plans have not been made public, but the Broadway Plan allows for towers up to 20-storeys in this location.

9. 13631 Vulcan Way, Richmond

• Price:                 $40.2 Million
• Site Area:          9.5 acres
• Vendor:             Private Investor
• Purchaser:         Conwest

The goods:        This is the second year in a row that Conwest has made the top 10 list, proving that they continue to be one of the most active industrial developers in Metro Vancouver.

Conwest completed on the sale of this Richmond industrial site in June 2023 and is now in pre-marketing the site in its first phase to be developed into 14 industrial strata units.

10. 1026-1108 West 41st Avenue, Vancouver

• Price:                  $31 Million
• Site Area:           37,000 SF
• Vendor:              Land Assembly
• Purchaser:          Marcon & Amica

The goods:        This 6-lot site was assembled and sold by myself and Charlie Hughes; completing in July 2023. Marcon submitted a rezoning application for the site in October that contemplates a 6-storey, 167 unit seniors project.

Some notes from the above list:

• 6 of the 10 largest land deals in Metro Vancouver took place in the City of Vancouver (up from 3 of 10 last year)
• 8 of 10 are residential land deals
• 6 of 10 were sold by open market bid process (the other 4 were ‘off-market’ or not openly offered)
• Aside from Red Bull, the other 9 sites were bought by well established development groups known in our market, a shift from 2016-2018 when many “new” buyers were making a splash

How does 2023 compare to previous years? The total dollar value for the above 10 deals is $550 Million, well below 2022 ($1.35B) and previously active years.

Here’s the ‘Top 10’ list broken down by year:

Please contact me for further information on any of the above transactions, or if any questions, comments, or corrections to the article.

Happy Holidays!