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.
  • About
  • Listings & Sales
  • Thinking of Selling?
  • Metro Vancouver Commercial Real Estate Market Data
  • Subscribe
Condo, Development

Keltic’s Plan for Rev’s Bowling Site Includes Three Towers, 1,665 Units

Keltic Development has been given approval to move to first reading on a rezoning application for the Rev’s Bowling site at 5502 Lougheed Highway in the Brentwood area.

Keltic acquired the site in 2023 for $94,000,000.

The site is located between Lougheed Highway to the north and Goring Street to the south and is designated for High Density Multiple Family Residential within the Brentwood Town Centre Development Plan.

The development proposal is for three residential towers (60-storeys, 54-storeys and 46-storeys) with common 5-storey podium that includes residential uses, live-work units, and commercial space on the ground floor, above a shared underground parkade. A two storey amenity building is proposed in the southeast corner of the site.

Details include:

  • 1,667 total residential units;
  • 1,432 condos;
  • 235 affordable rental units;
  • a total density of 7.17 FAR.
November 19, 2024by david.taylor@colliers.com
Land, Office

FOR SALE: 3030 Gilmore, Burnaby

I am pleased to present for sale 3030 Gilmore, a 37,500 SF office building located on a highly visible & accessible 1.50-acre corner lot in Burnaby.

This is an ideal opportunity for a user group looking for vacant possession of a freehold, move-in ready office building in a great location with strategic proximity to Highway 1 offering the unique ability for visibility and brand exposure as well as easy access to all areas of Metro Vancouver.

The building underwent significant renovations in 2020 and features a gym, games area, two kitchens and a storage area.

Floors: 2
Building Area: 37,471 SF
Private Offices: 72
Meeting Rooms: 10
Surface Parking: 88 stalls


The building can be demised for multiple tenants and can be expanded. The large lot can also be redeveloped entirely for a wide variety of commercial or light industrial uses

For further details: https://www.collierscanada.com/en-ca/properties/for-sale-3030-gilmore-burnaby/can-3030-gilmore-diversion-burnaby-british-columbia-v5g-3b4/can2015552

June 18, 2024by david.taylor@colliers.com
Investment, Land

South Burnaby Industrial Site Sells for $34.5 Million

The Vancouver Investment & Development Advisors Group at Colliers has completed on the sale of a 6.30 acre commercial development site in the Big Bend area of South Burnaby.

The property is located at 5701-5813 Byrne Road. The site has an existing older 58,000 SF warehouse.

The sale completed at $34,500,000 or $5.5 Million per acre. The purchaser is a private local investor.

June 17, 2024by david.taylor@colliers.com
Land, Market Research

City of Burnaby Releases Details on SSMUH Zoning Update

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

April 14, 2024by david.taylor@colliers.com
Development, Land, Rental

City of Burnaby Releases Proposed DCC and ACC Rates

The City of Burnaby is seeking Council approval on draft Development Cost Charge (DCC) and Amenity Cost Charge (“ACC”) rates, the latter of which is a new charge being developed by each municipality in Metro Vancouver as a result of new Provincial legislation.

Through Bill 46 – Housing Statutes (Development Financing) Amendment Act, 2023, the Province introduced a new tool, ACCs, to help local governments finance services and amenities through development.

Concurrent with updating their OCP, Burnaby will be re-writing their zoning bylaws to comply with and respond to the recent changes in Provincial legislation, including interim updates to meet the June 30, 2024 deadline for the City to: (1) amend the Zoning Bylaw to permit Small Scale Multi-Unit Housing (SSMUH) on lots currently zoned for single and two family housing; and (2) designate all Transit Oriented Areas (TOAs) within Burnaby that are subject to the minimum TOA density and height requirements prescribed by the Province.

ACCs can be used to collect funds for growth-related facilities or features that provide social, cultural, heritage, recreational or environmental benefits to a community. These include, but are not limited to, recreation and community centres, libraries, and childcare facilities.

City of Burnaby: Proposed DCC & ACC Rates

If Council agrees with the proposed DCC and ACC rates as outlined above, then staff will move forward accordingly; bringing forward a future report with the final recommended DCC and ACC rates for approval at the March 25 Council meeting.

Staff will then forward the DCC Bylaw to the Provincial Inspector of Municipalities for approval. Approval of the Inspector is required for the DCC Bylaw but is not required for the ACC bylaw. The Inspector’s office has indicated that their DCC review process currently takes between 8 to 10 weeks.

Once the City receives Inspector approval of the DCC Bylaw, the DCC Bylaw and ACC Bylaw will be advanced for Final Adoption. The goal is for both the new DCC bylaw and ACC bylaw to be in place before the June 30, 2024 deadline.

If you’re an owner of a property within a Transit Oriented Area (TOA) and are interested in learning more about the ACC rates and their attendant impact on property values, please reach out to us.

February 22, 2024by david.taylor@colliers.com
Page 3 of 34« First...«2345»102030...Last »

Thinking of selling?

I track every commercial sale in Metro Vancouver. If you're wondering what your property is worth, I can give you an informed view.

Get an Opinion of Value

David Taylor · Colliers · 604-761-7044

Search the Site

Categories

  • Apartment
  • Condo
  • Development
  • For Sale
  • Hotel
  • Investment
  • Land
  • Market Research
  • Office
  • Rental
  • Retail
  • SOLD


David Taylor Personal Real Estate Corporation

Colliers International

DT

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.

© 2019 Copyright  |  All Rights Reserved