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.
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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Development, Hotel, Rental

Kitsilano Rental Project Revised to Include Hotel

Millennium Development has submitted a revised rezoning application for their site at 2158–2170 West 1st Avenue in Kitsilano, near the corner of Yew Street. The site was the subject of a 20-storey, 185-unit rental tower proposal in 2024, and that scheme was approved earlier this year. The new application is an amendment to add 6 floors and convert some of the space to hotel.

The 20,980 SF site is in the Kitsilano North – Area B policy area of the Broadway Plan. The revised proposal calls for a 26-storey mixed-use building over five levels of underground parking and includes:

  • 121 secured rental units, made up of 97 market rental units and 24 below-market units (20% of dwelling unit area);
  • 99 hotel rooms;
  • 6,294 SF of ground-floor commercial space, split into three retail units;
  • A total density of 8.73 FSR (183,200 SF total);
  • A building height of 301 ft., plus additional height for rooftop amenity and mechanical space.

How the Floors Are Organized

The podium holds retail and the lobbies at grade, with below-market rental on levels 2 and 3 and market rental on level 4. Level 5 is an amenity floor that includes hotel check-in. Levels 6 through 16 are hotel, and market rental sits above on levels 17 to 25, topped by a rooftop amenity level and a mechanical floor. The hotel makes up 77,611 SF of the total, and the residential component is 99,295 SF.

How It Compares to the Approved Scheme

Approved (2024 application)Revised (2026 application)
Storeys2026
Residential rental units185121
Hotel roomsNone99
FSR6.808.73
Height212 ft.301 ft.

The rental unit count drops by 64 units, or about 35%, while height rises by roughly 89 ft. and density by 1.93 FSR. The hotel rooms bring the total to 220 keys.

The Applicant’s Rationale

The application is being considered under the Broadway Plan and asks the City to consider height and density beyond current policy. Hotel use is not listed in the KKNB policy table. The applicant argues it is a minor geographic extension of hotel uses already contemplated in the adjacent KW4A and KKNC policy areas, within three blocks of the site, and that the added tower levels align with the Residential High-Rise 1 designation in the new Official Development Plan, which allows up to 26 storeys. The booklet also notes the Hotel Development Policy’s stated need for more hotel rooms across the city.

The typical tower floorplate grows to about 6,923 SF to fit a third elevator, up from the 6,800 SF the referral report had described as supportable.

Process

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2158-2170-w-1-ave-3

October 24, 2026by david.taylor@colliers.com
Apartment, Development, Rental

Arbutus Ridge: 6-Storey Rental Proposed for Single Lot at 2150 West 16th Avenue

The City of Vancouver is reviewing an application to rezone 2150 West 16th Avenue from R1-1 to CD-1 to permit a 6-storey, 100% market rental building. The site is a single 50-foot, mid-block lot on the south side of West 16th Avenue between Yew Street and Arbutus Street in Arbutus Ridge.

The application is being considered under the City’s Transit-Oriented Areas (TOA) Rezoning Policy. The site sits about 695 metres from the future Arbutus Station on the Broadway Subway, inside the 800-metre Tier 3 radius, where the policy supports six to eight storeys and up to 3.0 FSR for secured rental. The applicant is PCubed (P Square Engineering and Construction), with B Squared Architecture as architect.

  • Replaces a 1944 single-family house with a six-storey, wood-frame rental building
  • 24 market rental units: 16 two-bedroom (avg. ~865 SF) and 8 three-bedroom (avg. ~1,036 SF)
  • 2.89 FSR (about 21,695 SF)
  • 60 ft in height
  • Open-air exterior corridors and a single exterior stair
  • Rooftop amenity deck plus an indoor amenity room on level two
  • Underground parkade off the lane with 12 stalls (9 regular, 2 accessible, 1 shared loading) and 63 bike spaces
  • Envelope Pathway under the Green Buildings Policy, with electric heat pumps
  • CAC exemption sought under the TOA policy’s low-density provisions

Most TOA rental rezonings on the west side rely on assembling two or more lots. This one tests whether a single 7,496 SF lot can carry a six-storey rental building on its own, and the TOA policy sets no minimum lot size in Tier 3.

Full rezoning application: https://www.shapeyourcity.ca/2150-w-16-ave

October 20, 2026by david.taylor@colliers.com
For Sale, Land, Rental

FOR SALE: Approved North Vancouver Woodframe Rental Development Site

We are pleased to offer this rare opportunity to acquire a 100% market rental development site in the highly desirable Lynn Valley neighbourhood. The 16,850 SF corner property (189 ft x 120 ft) has a DP approved for a 6-storey building with 48,950 SF of gross density (2.88 FSR), accommodating 66 market rental units.

Click here for further details: https://www.collierscanada.com/en-ca/properties/for-sale-rezoning-dp-approved-6-storey-woodframe-100-market-rental-in-lynn-valley/can-1149-1155-lynn-valley-road-north-vancouver-bc/can2020284

April 2, 2026by david.taylor@colliers.com
Apartment, Rental, SOLD

Fairview Low‑Rise Apartment Sells for $290k per Unit

A 10‑unit rental apartment building at 1035 West 12th Avenue in Fairview has changed hands for $2,895,000. The property sits on a 50′ × 125′ lot in the heart of Fairview.

Built in 1955, the three‑storey wood‑frame walk‑up is a classic example of mid‑century purpose‑built rental stock—simple, functional, and consistently in demand.

Key Deal Metrics

  • Sale Price: $2,895,000
  • Cap Rate: 4.9%
  • Price per Unit: $289,500
  • Lot Area: 6,229 sq. ft.
  • Zoning: RM-3

The property was listed and sold by NAI Commercial: https://naiapartments.ca/property/1035-west-12th-ave/

March 24, 2026by david.taylor@colliers.com
Apartment, Rental, Retail, SOLD

Newer East Van Apartment Building Sells in $21.5M Deal

A 31-Unit apartment building located on Fraser Street at East 17th Avenue has been sold by Low Tide Properties. The 2017 built apartment/retail building is located on a 12,197 SF site.

The building contains a retail unit leased to Bells and Whistles.

Sale details:

  • Purchase Price: $12,500,000
  • 4.4% cap rate
  • $694,000 per unit
  • 13 one-beds, 15 two-beds, 3 three-beds
  • 3,174 SF of retail space

The property was listed and sold by the Cushman and Wakefield BC Multifamily Team.

March 8, 2026by david.taylor@colliers.com
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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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