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Unintended consequences

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Pricing for strata appointment amplitude at Bosa Development Corp.’s 320 Granville Street belfry continues to draw attention, but as Chuck We of Oxford Backdrop Group afresh told bartering absolute acreage affiliation NAIOP, it ability not be affectionate to burghal landlords.

“When BC Assessment sees that appointment amplitude is now account arctic of $2,000 a foot, that works aback into their acreage valuations,” We said. “So back you go advanced and rezone and they’ll appropriately aggregate taxes on that basis.”

It’s not aloof tax assessments that could be affected; association advantage contributions (CACs) are additionally affiliated to acreage values. The discussions apropos them are generally connected and hard, as the negotiations apropos the above column appointment armpit in the 300-block of West Georgia highlight. Moreover, the amount to residential developers can be significant, advocacy what accomplished units amount and, ultimately, bazaar amount – the lift that’s analytical to CAC negotiations. Burghal planning agents accede the connection, unless acreage costs reflect the yet-to-be-negotiated CACs.

With the latest numbers from bazaar analysis close Urban Analytics Inc. advertence square-foot appraisement surging against $3,000 downtown, busting through $1,500 in Mount Pleasant and $1,200 in Joyce-Collingwood, developers are anxious, and new burghal behavior apropos CACs aren’t abstracted them. Vancouver board aftermost anniversary ditched CAC negotiations for low-density rental projects and accepted accepted fees for authentic bartering developments, but negotiations abide for ample rental projects and bartering strata rezonings. How ascent prices access CACs apropos Urban Development Institute admiral and CEO Anne McMullin.

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“We attending advanced to a connected accord with the burghal to advance CAC negotiations and move to added anchored fees back possible,” she said.

Highs and lows

It’s no abruptness that Metro Vancouver rental markets abide tight. Canada Mortgage and Housing Corp.’s latest analysis address has vacancies at 0.9%, up from 0.7% a year ago as a billow in new units entered the inventory. Rents added 6.1% in about-face to an boilerplate of $1,297 a month.

But the accession of 268 new units to the Langley bazaar additionally translated into the distinct better acceleration in rents. Three-bedroom units now hire for $1,752 a month, 53% added than they did a year ago. All-embracing rents for the bazaar added 16.8% to $1,180 a month.

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Three-bedroom units in West Vancouver had the greatest abatement in rents, 1`dropping 7.4% to $3,400 a month. English Bay apartments were the alone ones to see rents for all assemblage types decline, announcement an all-embracing abatement of 0.4% to $1,467 a month.

Divergent trends

B.C. retail spending was up 10% over the accomplished year, outpacing the blow of Canada, but Metro Vancouver continues to lag abaft the country back it comes to arcade malls.

The aperture of Tsawwassen Mills and Tsawwassen Commons added 1.8 actor aboveboard feet, and Colliers International letters that Metro Vancouver now has 13.13 aboveboard anxiety per capita, up from 11.5 a year ago.

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Victoria, meanwhile, has apparent its retail amplitude compress to 12.93 from 13.2 aboveboard anxiety per capita. Jim Smerdon, vice-president and administrator of retail consulting for Colliers, says the accident of 74,000 aboveboard anxiety of amplitude circuitous the arrears in retail development about to citizenry growth.

“This has been acquired by bounded bazaar armament such as the redevelopment of baby band centres and/or street-front retail into higher-value residential properties,” he said.

At a contempo analysis of the advance bazaar in the Lower Mainland, Matthew Boukall, chief director, residential, with Altus Group Data Solutions Inc., said retail backdrop accept been a cogent focus of absolute acreage investors in both Vancouver and Toronto gluttonous backdrop to authority and intensify.

Retail backdrop accounted for 19% of advance aggregate in Metro Vancouver in the aboriginal bisected of 2017; residential acreage sales accounted for 35% of volumes.

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“What we are seeing is aloof delayed redevelopment opportunities,” Boukall said of the retail investments.•

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