According to a City of Vancouver Census Data Series, perhaps not surprisingly, Downtown Vancouver has blown away every other neighbourhood in Vancouver in terms of population growth over the past 30 years.

The Downtown population (excluding the West End) grew from about 6,500 in 1971, to about 60,000 in 2011. Most areas grew at a rate lower than annualized inflation.

Source: Statistics Canada via City of Vancouver

Rental housing at risk of being lost: study.

A Metro Vancouver housing study is warning that thousands of older, affordable, much-needed rental housing units in the area are in danger of being removed from the market due to redevelopment pressures.

Many of the units were built more than 40 years ago under federal government tax incentive schemes – long since ended – and Metro politicians are renewing the call for the incentives to be brought back.

The City of Vancouver is embarking on a comprehensive community planning program in the Marpole neighbourhood.

The Marpole Community Plan program will take place over an 18-21 month time period starting in April 2012 and is expected to be completed in 2013.

Community Open Houses

Drop by to learn more about the community planning process and how to get involved.

Wednesday, May 2, 5 – 9 pm
Marpole-Oakridge Community Centre
990 West 59th Avenue (at Oak Street)

Saturday, May 5, 11am – 3 pm
8138 Granville Street

For further information.

Debt financing for most commercial real estate assets in Metro Vancouver is readily available as lenders continue to offer mortgage rates underpinned by historically low interest rates. Are interest rates on the rise? Many are speculating as to when a hike will occur, with most believing this will take place in late 2012 or early 2013.

The yield on 5-year GOC bonds remains below 2.0% which is supporting rates as low as 4.00% on commercial real estate debt.

Source: Bank of Canada

Values for freehold office buildings and strata office space remain stable in North Vancouver, with steady growth exhibited over the past several years, a trend expected to continue with new supply generally limited to a handful of sites.

This market is predominantly characterized by owner occupiers. The average sales value over the past five years in this market is $350 / SF. Newly built buidlings and strata space in the core areas of lower and mid-Lonsdale have achieved values approaching $500 / SF, with older product in business park or industrial areas reaching below $300 / SF.

Investment activity in this market has been relatively confined to strata sales since the acquisition of the Westmar Building (233 West 1st Avenue) by Upcountry Group in September 2009. Since the acquisition, Upcountry has strata-titled the building and rebranded it ‘The Lookout‘ with 31 units, ranging in size from 538 to 25,000 SF. Several units are still available in the building, averaging approximately $450-550 / SF.