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    Plan for 3 towers next to Commercial-Broadway station finally heads to public hearing

    After nearly a decade of proposals, pushback and debate, a plan to build a set of towers next to one of Metro Vancouver’s busiest transit hubs is getting a public hearing. About 100 people have signed up to speak for and against the proposed redevelopment of a Safeway lot next to the Commercial-Broadway SkyTrain station. The plan before council envisions three towers, with heights of 44, 38 and 37 storeys, comprising 1,044 rental homes. 2:14 Drastic changes made to Broadway-Commercial Safety redevelopment plan Ten per cent of those units would be secured at city-wide average market rates, while the remainder would lease for going market rates. Story continues below advertisement The proposal has generated strong feelings on both sides, with supporters arguing more housing is critically needed, particularly near transit, and opponents arguing the units won’t be affordable. “Vancouver has a crushing shortage of housing. For decades, we have not been building enough housing, and this neighbourhood, Grandview Woodlands, is a great example of this, we basically haven’t built much new housing there since the 1970s, and as a result the population there is actually declining … despite the fact this SkyTrain station we are talking about is one fo the busiest transit hubs in the country,” Peter Waldkirch, director of Abundant Housing, told CKNW’s The Jill Bennett Show. “Burnaby just proposed an 80-storey tower … it’s actually quite perverse, it’s backwards that we are building bigger and taller buildings than this in the suburbs than we are in the heart of the city.” Get daily National news Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Opponents like Craig Ollenberger, chair of the Grandview Woodland Area Council, say the proposed secured market rental requirement is far too low. A rendering of the trio of proposed towers for Commercial and Broadway in Vancouver. City of Vancouver 2:05 Public hearings on controversial East Vancouver development postponed again Speaking on CKNW’s The Jas Johal Show, he said the city should look to replicate what it did in the Broadway Plan, which is 20 per cent of units at 20 per cent below market rates. Story continues below advertisement “It is bringing nothing but 1,000 luxury rental units to our community, suites that nobody will be able to afford. And for that the city is only asking for 10 per cent of the units to be at market rent,” he said. “This community, the majority of people can’t afford market rent.” The proposed redevelopment would also include a 37-space child care facility, a ground-level public plaza and an upper-level courtyard. Trending Now The development has been contentious ever since it was first put forward in 2016, as part of the broader Grandview-Woodland Community Plan approved by the council led by then-mayor and now federal Housing Minister Gregor Robertson. Neighbourhood groups had rejected a previous version of the community plan, arguing it would radically change the neighbourhood’s character, and the pushback led to a municipal citizens’ assembly whose feedback was eventually integrated into the revised 2016 plan, which included a maximum tower height of 24 storeys. A proposal for the Safeway site envisioned two towers, one of them hitting that threshold. 2:04 Grandview Woodland development tour A subsequent version of the proposal, with the tallest tower reaching 30 storeys and composed mostly of condos, nearly made it to a public hearing in 2022, but was sidelined by the 2022 municipal election. Story continues below advertisement “The economics have changed. Rents were lower a few years ago … interest rates were lower … community expectations were different. I think when this project started getting negotiated, you could argue against the need for more housing more successfully,” said Tom Davidoff, an associate professor of economics at UBC’s Sauder School of Business. Davidoff said the pressure to get new units built and to comply with the provincial and federal governments’ transit-oriented density requirements will likely weigh in the project’s favour. The site would sit virtually on top of the intersection of two SkyTrain lines and the 99-B Line bus route. It’s TransLink’s third-busiest transit hub, and saw more than 6.2 million boardings in 2023. “If you can’t have density at the intersection of streets named Commercial and Broadway, where there is a major transit intersection, I don’t know where you want people to go,” Davidoff said. With scores of people signed up to speak, Wednesday’s hearing could go late into the evening, — with files from Alissa Thibault &copy 2025 Global News, a division of Corus Entertainment Inc.

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    Listings of Metro Vancouver Tear Down Properties and Building Lots updated by the hour

    Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com Attention Builders and Developers. You will receive a FREE report with the current Metro Vancouver Tear Down Properties and Building Lots MLS Listings, foreclosures, bank distress sales and exclusive listings (including photos) in your desired price range and location. Click on the first two blue links below to view a live sample of our VIP Tear Down…

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    Listings of Metro Vancouver Homes with Mortgage Helpers updated by the hour

    Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com Click the links below to view the MLS listings of Vancouver Mortgage Helpers Homes, constantly updated every 1-2 hours. Play with the searches. Sort the listings by clicking the description at the top of each column. Click on the SOLD properties to see their actual selling price. Click on each property address link…

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    ‘Don’t always go up’: Bulk of Metro Vancouver presale condos sold in 2022 and 2023 now appraised below original price

    The Butterfly on Nelson Street in Vancouver Nov. 21, 2023. Photo by Arlen Redekop /PNG Article content Thousands of presale buyers in Metro Vancouver face completing their purchase of condos that are now worth less than they were in 2022 and 2023 when they signed the contracts to buy them. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content Article content More than half of the appraisals required by mortgage lenders to complete sales are now coming in at values lower than original sale prices. Article content As a result, lenders will only write smaller mortgages. That means condo buyers have to satisfy lenders by ponying up the difference between the unit’s value in 2022 or 2023 and what it is worth now, either by putting in more cash or refinancing. Article content Article content A Vancouver appraiser who works with banks, law firms and mortgage brokers is raising the alarm because the buildings are now built and developers are trying to finalize sales. Article content By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content “Presales don’t always go up. There was that mindset where if it happened before, it’s going to happen again,” said Adam Lawrenson, owner of Vancouver-based Adlaw Appraisals. “I can’t say an exact number, but over half (of appraisals) are now coming in below their sale price.” Article content He estimates condo values have dropped between five and 20 per cent below what buyers originally promised to pay when they put down a non-refundable deposit. Article content That’s one reason why a growing number of buyers are looking to sell these new or barely used properties. This market glut and a lack of demand is helping drive down prices. Article content “You can easily get a brand new unit or a one- or two-year (old) unit at a cheaper price point than these presales, so that comes into play when we are doing our appraisal and looking at current market values.” Article content Article content With sellers dropping prices to speed up sales, that sets a new base for future, lower, appraisals. Article content Article content No area in the Lower Mainland is immune, but there are some buildings and areas that are more susceptible to having units “being underwater.” Article content There are “areas of Langley that got overbuilt and developers were leaving them vacant for six to 12 months, in hopes the market would turn around. But you can only hold for so long before you have to start selling them,” Lawrenson said. Article content There are also a few buildings in north Burnaby where presale buyers are now looking to get rid of units as soon as they close their sale. Some have 30 listings of one-bedroom apartments. Article content There are also some higher-end buildings in downtown Vancouver, such as The Butterfly on Nelson Street, with presale units that sold at presale for over $2 million. Some of these have appraisals that are now down $300,000 to $500,000 from their original prices, said Lawrenson. Article content According to research by Rennie Intelligence, which does marketing for major developers, investors made up around half of all buyers in the years between 2021 to 2023.

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