Commercial Real Estate

What happens when a property owner doesn’t meet targets in their farm plan?

Posted on September 30th, 2015

If you own farmland and you don’t meet targets in your farm plan, your land cannot be reclassified as residential, according to a recent BC Supreme Court decision. This case begins in 1991 when a couple bought 4.94 acres classified as residential property in Nanaimo. In 1997 they applied to BC Assessment and successfully had their property classified as “Class 9 – Farm.” With their application they included a farm plan estimating annual revenue of at least $2,500 from the… Read more

Building permits soar in Metro Vancouver

Posted on June 8th, 2015

Building permits, a reliable indicator of future real estate activity rose 87% overall to $715.5 million compared to $381.7 million recorded in April 2014. Residential permit values increased 65%, while non-residential permits expanded by 159%.  Commercial permits rose 105%, while Institutional-government permits shot up 1,368% higher. Industrial permits decreased 29%. “Building permits continue on an upward trend in Metro Vancouver,” said Andrew Peck, vice-president and general Manager, Royal Pacific Realty Group. “The residential construction outlook remains positive in the Metro area which means more home sales.”  Building Permits Issued –… Read more

More homes slated to be built in Metro Vancouver

Posted on May 7th, 2015

The total dollar value of building permit values  rose 99% reaching $985.6 million in March 2015 compared to $494.3 million in March 2014, according to data released today from Statistics Canada. The value of residential permits increased 96% to $658.5 million from $335.2 million in March 2014.  More homes are slated to be built in Metro Vancouver. Non-residential permits were 106% higher at $327.1 million compared to $159.1 million in March 2014. Commercial permits climbed 132% higher. Industrial permits rose 146% higher. Institutional-government… Read more

Incentives for businesses going green

Posted on April 3rd, 2015

BC Hydro Power Smart Partner Program for Businesses The Power Smart Partner program partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). Customers gain access to a wide range of energy management programs, tools and incentives.  Click for information or phone 1.866.522.4713. BC Hydro Power Smart Express (PSX) for Businesses The PSX program partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). … Read more

Construction employment bounces back in Metro Vancouver

Posted on March 13th, 2015

In Metro Vancouver construction employment jumped 3.0% in February 2015. While this is a decline of 12.2% compared to a year earlier, there are 95,900 employees working in the construction sector right now in Metro Vancouver. “This signals good news for the rest of 2015,” said Andrew Peck, vice-president and general manager, Royal Pacific Realty Group. “The Metro Vancouver economy is in a moderate growth phase and we expect it to gain momentum in 2015.” Construction Industry Employment – Vancouver… Read more

Building Permits in Metro Vancouver soar

Posted on December 10th, 2014

“Building permit values were 111% higher at $1.192 billion compared to $564.3 million in October 2014,” said Andrew Peck, vice-president and general manager, Royal Pacific Realty Group. Non-residential permits were 221% higher at $681.4 million compared to $212.2 million one year ago. Institutional-government permits were 2,448% higher than last year. Commercial permits were 83% higher. Industrial permits were 26% lower. Residential permit values were 45% higher at $510.7 million. “This surge in permits has combined to set a new record… Read more

Industrial land in Metro Vancouver, going, going, gone?

Posted on November 28th, 2014

Metro Vancouver’s supply of industrial land could be gone in less than a decade, according to a new study by NAIOP Vancouver. Total available industrial inventory is now 2,919 acres and at current absorption rates, this is less than an 11 year supply. Should REALTORS® be concerned? “Half a dozen years ago, Vancouver feared downtown condo development would lead to a shortage of office space,” said Michael Goldberg, Professor Emeritus, UBC Sauder School of Business. “So the City of Vancouver… Read more

New Vancouver building bylaw coming

Posted on September 3rd, 2014

  The City of Vancouver’s new building bylaw comes into force on January 1, 2015. In recent months, there has been a sharp increase in building and development applications, so the City will offer training sessions on the new Vancouver Building Bylaw for interested builders and professional groups. These sessions will address the new Vancouver requirements, as well as: Revised owner undertaking letters Professional letters of assurance Penalties The configuration of the bylaw Upcoming training sessions Training sessions will take… Read more

Metro Vancouver construction employment on the upswing

Posted on July 11th, 2014

Metro Vancouver construction employment rose 1.7% to 99.7 thousand persons in June. Year-over-year employment increased 8.5% while year-to-date employment dropped 1.4%. This is in line with the usual seasonal pattern at this time of year. Non-residential building is being driven by project specific conditions, including the Tsawwassen Mills and Commons developments, retail developments near YVR, and the Exchange office tower in downtown Vancouver. Construction Industry Employment – Metro   Vancouver (Thousands) Month/Month Year/Year Year-to-Date Average May-14 98.0 Jun-13 91.9 Jan-Jun… Read more

CMHC discontinues mortgage loan insurance for multi-unit condominium construction

Posted on June 9th, 2014

Canada Mortgage and Housing (CMHC) will no longer provide mortgage loan insurance to finance multi-unit condominium construction as of today, June 9, 2014. CMHC introduced its multi-unit condominium construction insurance in 2010 to assist developers’ access insured financing during the construction phase of condominium projects. CMHC believes financing needs for condominium construction are already well served by the marketplace without CMHC’s involvement.  Demand has been low and CMHC has not provided any insurance for multi-unit condominium construction since 2011. CMHC’s total… Read more