Metro Vancouver condo developers shift to rental construction

Sales of multi-family rental buildings in Vancouver reached $1.64 billion through the first six months of 2021. First-half sales were 45% higher than 2020 and appear to be on pace to match the third-highest annual sales volume on record, says Goodman.

Metro Vancouver condo developers have shifted to rental construction, according to Mark Goodman of Goodman Commercial.The latest mid-2021 Goodman Report revealed the following list of new rental builds and condominium conversions:

• Westbank and QuadReal have revised plans at the Oakridge redevelopment in Vancouver to include a 100% 52-storey rental building, which, if completed, would be Metro Vancouver’s tallest rental tower.

• Westbank and Crombie Real Estate Investment Trust have revised plans for the Safeway site redevelopment at Broadway and Commercial, increasing the rental units from 160 to 452 units while reducing its strata units

• Bosa revised a West End, Vancouver, condo application, announcing two 34-storey towers containing 575 new rental units.

• Rize Alliance revised its City Centre site in Surrey from a 30-storey strata tower to a 38-storey, 392-unit secured market rental building. Bosa has also announced a new 375-unit rental building for Surrey.

• Toronto-based Starlight Developments announced an all-rental rezoning of Lougheed Village on the Burnaby-Coquitlam border, comprising three additional concrete tower buildings with 1,200 new rental apartments.

• Marcon, in partnership with QuadReal, have submitted a rezoning application for a 11.6-acre property in Coquitlam Town Centre. A purpose-built rental complex with 126 rental units is included in the first phase.

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