Vancouver Developers Adjust to Softer Housing Market as Transit and Building Proposals Advance

Market conditions in Vancouver and across the country are showing signs of change this fall. According to The Globe and Mail, developers in Vancouver are sweetening their deals as they navigate a softer market. That local adjustment comes as an RBC report, cited by the Calgary Herald, indicates that the fall housing market in Canada is experiencing some "turbulence." At the same time, an editorial in The Globe and Mail states that the foundation of the next housing crisis is already being laid. Major property sales are still proceeding in the city, however, with Connect CRE reporting that a Vancouver housing community has sold for $30M.

At the municipal level, several new building proposals and regulatory requests are moving forward in Vancouver. Daily Hive reports on the first housing project proposal in Vancouver under new single-staircase building rules. In the Mount Pleasant neighbourhood, a new Filipino Cultural Centre has been proposed, according to 604 Now. Transportation and parking rules are also drawing attention across multiple sites. Daily Hive reports that the developers of Oakridge Park have asked the City of Vancouver to ease parking and transportation requirements, while more parking changes are also coming to several Vancouver community centres. In broader regional governance, the Vancouver Sun reports that Daniel Fontaine is hoping to move forward on a Metro Vancouver accountability charter.

Housing and regional transit are also central topics ahead of the B.C. election. According to Business in Vancouver, construction costs and policy certainty top the priorities of B.C. builders ahead of the provincial vote. On the campaign trail, Daily Hive reports that Emily Lowan's BC Greens are promising fee caps and new protections for leasehold residents, while North Shore News reports that the Squamish Nation expects "meaningful outcomes" with the winner of the provincial election.

Transit expansion and local bus programs are similarly in the spotlight. CityNews Vancouver reports that the BC NDP and Conservatives have put forward duelling campaign promises for a Newton SkyTrain, while Daily Hive notes that TransLink is stressing its funding needs as provincial parties promise the SkyTrain extension to Newton. According to the Surrey Citizen, transit numbers in Surrey are returning to pre-COVID numbers. For riders across the network, Miss604 reports that the Poetry in Transit program is at risk, and Daily Hive notes that a petition has been launched to save the beloved program on TransLink buses. Meanwhile, Daily Hive also reports that TransLink's 99 B-Line bus has received a collectible brick building kit made of LEGO.