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.