Onni plans to build its master-planned community half a block from North Road in Burquitlam

A developer plans to tear down Coquitlam College in Burquitlam and build seven towers in its place.

But the Onni Group doesn’t have plans at this time to include childcare for the expected 2,500 residents.

Still, the lack of childcare spaces for the approximate 133 kids who will live on site was one of the few criticisms that Coquitlam politicians had for the proposed development at 516, 520, 524, 528, 532, 538, 548, 558, 562 and 566 Brookmere Ave. — located half a block from North Road, west of the Vancouver Golf Club and north of Brookmere Park.

Tight financing, sale conditions slow deal-making but interest is steady

A precipitous decline in Metro Vancouver land sales last year could turn around this year, but developers are taking a long-term view with any purchases as market uncertainties continue.

“Developers need to replenish some of their inventory; that’s starting to happen,” said Justin Mitchell, an investment and development land broker with Goodman Commercial Inc. “The larger, experienced developers have been doing transactions and putting properties under contract.”

This marks a shift from last year, thanks in part to higher financing costs and land values that saw sellers reticent to lower price expectations in the wake of the post-pandemic surge in 2021.

Extreme weather events have pushed Okanagan Valley wineries to the brink

Rajen Toor’s 2023 harvest should have been an occasion to celebrate. Toor and his wife Bree, the duo behind wine label Ursa Major, had just purchased their own vineyard in the fall of 2022. For six years, Toor had been making his small-batch wines from grapes purchased from his family winery in Oliver, B.C., and, more recently, from a vineyard he and Bree leased on the Naramata Bench. Harvesting the first crop from their own vineyard would have been a triumph for two young winemakers.

“We’d seen the place and fallen in love,” Toor says of their Keremeos vineyard. But after a mild winter —

Impact Of Minimum Parking Requirements For Multi-Family Residential Buildings On Housing Affordability And Sustainability

The report analyzed the potential impact of minimum parking requirements on multi-family residential buildings in Canada, including improving housing affordability and reducing environmental impact. Historically, Canadian municipalities mandated minimum specific parking space provisions for builders, often based on the number of dwelling units. However, changing trends, such as decreased car ownership, may mean these requirements may no longer align with current or future parking needs. Construction and maintenance costs for these parking areas could be lowered or avoided. Environmental impacts could also be reduced.

A key concept was that parking, once a significant factor in perceived value for a property, may not always be as important for tenants or owners any longer.

Evaluating the Impacts of Increasing Housing Supply in Canada

According to CMHC’s estimations, an additional 3.5 million housing units would be required by 2030 to restore affordability, surpassing the current construction pace. However, the introduction of new housing options at different price points could affect households with varying socioeconomic backgrounds in disparate ways. The study aimed to identify which types of new constructions could provide the most favourable outcomes overall.

The study used a sorting model calibrated with Canadian data from the Toronto Census Metropolitan Area (CMA) to assess housing dynamics. This model simulates how households make decisions on residence and employment within metropolitan areas.

Lower Mainland housing sales near cyclical lows in peak season

Housing supply is on the rise in the Lower Mainland as more owners try to capitalize on what is normally the peak selling season, but is instead a market facing headwinds and soft sales.

Resale inventory moved above 18,500 units for the first time since 2020 as new listings jumped. It is a sign that more homeowners and investors are shifting gears.

The likelihood that interest rates will remain higher than anticipated and the increased capital gains inclusion rate have likely lifted short-term supply. Demand for rental is partly curbed due to forthcoming cuts in the number of international students.

Vancouver council open to increasing slots, table games at existing casinos

Vancouver city council voted this week to allow for applications to increase the number of slot machines and tables at the city’s two casinos, on the condition they be accompanied by an assessment of their social and economic impacts.

The request to amend the city’s 2011 gambling moratorium was made by the B.C. Lottery Corp., which told council the city’s population has increased 22 per cent in the past decade and that the amendment is a first step to allow BCLC to look at ways of expanding its two existing facilities — the Parq casino in Yaletown and Hastings Racecourse in East Vancouver — rather than building more casinos.

Household Financial Health and Housing Market Trends

According to the March 2024 Edge Report, current trends in debt service ratios and net worth may indicate areas of concern. The prevalence of static payment variable rate mortgages, household debt-to-GDP ratios, and Canada’s heavy reliance on real estate assets, may raise concerns about resilience.

In Q4 of 2023, debt servicing costs stayed stable, with the household debt service ratio holding steady at 15%. This ratio, which reflects the portion of disposable income allocated to debt repayment, remains significantly high, at levels not seen since 1990. A minor adjustment downwards from the previously reported peak of 15.2% in Q3 should be noted, however.