The second half of 2018 saw some major shifts in Vancouver’s residential development market – driven by housing prices, rising interest rates, new government regulations and political uncertainty. Transactions were concentrated along major transit centres, highlighting the importance of rapid transit. Many master-planned communities are currently pre-selling along major transit hubs and more are proposed for the future.
Development properties in Downtown Vancouver remain popular with foreign investors and transact at premium prices. For the second half of 2018, only one condominium project was released for pre-sales.
The potential land uses and development opportunity within the new Broadway plan have been the topic of much speculation. A planning program and principles will be launched in 2019 and it is expected that the Broadway plan will be presented to City Council in late 2020 for its consideration.
Richmond experienced the most transaction activity within proximity of the Canada Line, as all high-density sales occurred along the rapid transit line. Further importance of rapid transit is evident with the redevelopment of the mixed-use projects of CF Richmond Centre, Lansdowne Centre and 6560-6700 No. 3 Road.
The City of Burnaby is the first municipality to utilize the Residential Rental Tenure Zoning Amendment Act. In July, the municipality implemented a bylaw requiring all buildings that contain rental units be replaced with the same number of units for new redevelopments.
The City of Surrey has suspended the Light Rail Line (LRT) from Guildford-Newton to Surrey Centre in favour of a SkyTrain extension. The proposed land use concept plan for Guildford Town Centre is under question given that it was based on the future LRT stations.