CMHC has just released their 2012 rental market report for Vancouver. Some highlights:

• „The average vacancy rate rose to 1.8 per cent in October 2012 from 1.4
  per cent in October 2011.
• „„The average rent increase for two-bedroom  apartments between October 2011 and October 2012 was 2.3 per cent. The general rate of inflation for this period was 0.7 per cent.
• Areas close to Vancouver City, such as Richmond, North Vancouver, and West Vancouver, reported similar low vacancy of around 1%. In contrast, Coquitlam, Port Moody, and Port Coquitlam, where home prices are relatively lower, recorded average vacancy rates of 3.2 per cent.
• A supply increase of 3,724 rental condominium apartment units helped to keep the rate of rent increase contained.
• The Vancouver rental market is forecast to remain stable next year with vacancy rates expected to remain below 2.0%.

CMHC 2012 Vacancy Rates

CMHC Average RentsSource: CMHC

Source: CMHC

Pinnacle International‘s 2nd phase of their Broadway IGA site development moves to public hearing tonight. The project, at 2001 West 10th Avenue is a rezoning from M-1 to CD-1. The proposal is for a 7-storey residential building and a 6-storey residential building, with a childcare facility at grade, all over shared underground parking. The application proposes a total of 125 units, a density of 2.5 FSR, a building height of 74.5 feet and 183 parking spaces.

The tallest building on the North Shore can now be built in the Seylynn neighbourhood of the District of North Vancouver, following a contentious council vote Monday (Dec. 10).

In a 4-3 vote, council approved the five-building development east of Mountain Highway and north of Fern Street, which includes three highrises measuring 24, 28, and 32 storeys.

In an equally close vote the week before, council passed an amendment to limit height to 28 storeys, but last Monday’s meeting restored the plan to its previous height limits, thus allowing the 32-storey tower.

Courtesy Globe & Mail.

WINNIPEG, Dec. 10, 2012 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that it has recently acquired $44.9 million of industrial and retail properties in Western Canada and in Ontario’s Greater Toronto Area (the “GTA”), and has entered into unconditional agreements to acquire two additional Western Canadian properties for an aggregate of $47.3 million.

“2012 has been an active year for Artis, with approximately CAD$697 million and US$289 million of accretive acquisitions closed during the year, and several more deals tied up now, which we anticipate will close in 2013,” said Armin Martens, CEO of Artis REIT.  “However, contrary to recent news reports out of the U.S., we are not going firm on the acquisition of the IDS Center in downtown Minneapolis; the IDS Center is not a property Artis has under contract or Letter of Intent.”

See the full release HERE.