“Absorption was positive for the fifth straight quarter, even with the addition of 302,000 square feet of new supply to the market. The overall vacancy rate for Metro Vancouver remained stable at 5.4%, led primarily by increased vacancy in Richmond, Surrey, and New Westminster.”
- Availability rates tightened, however, dropping from 5.3% in Q1 to 4.6% in Q2. The Exchange Tower at 475 Howe Street, which currently accounts for the bulk of AAA vacancy in the downtown core, is rumored to have multiple offers on all remaining floors.
- The City of Vancouver approved an interim rezoning policy, called the Development Contribution Expectation (DCE), intended to reduce land speculation along the Broadway Corridor. The DCE rates range from $330 to $425 per square foot, and would fund amenities for future growth, though developers are concerned that this will increase the cost of homes in the area.