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Open House. Open House on Saturday, November 30, 2024 2:00PM - 4:00PM

Please visit our Open House at 3003 7088 18TH AVE in Burnaby. See details here

Open House on Saturday, November 30, 2024 2:00PM - 4:00PM

This amazing bright corner unit by renowned Cressey Developer offers breathtaking mountain and city views, floor-to-ceiling windows, 9-foot ceilings, spacious granite kitchen island, s/s appliances, and gas cooktop. Both bedrooms feature ensuite bathrooms with newly installed closet organizers for extra storage. Upgrades include floors throughout, newer cabinets, newer appliances, and window screens. Great amenties. Only steps away from Edmonds Skytrain Station, walking distance to popular parks and trails. Strata fees include gas. Open House this Saturday 2-4pm. Virtual tour: https://drive.google.com/file/d/1KOMyi_hFb6j3yCqpTrqIMgN0_qtHns5f/view

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Open House. Open House on Sunday, November 24, 2024 2:00PM - 4:00PM

Please visit our Open House at 3003 7088 18TH AVE in Burnaby. See details here

Open House on Sunday, November 24, 2024 2:00PM - 4:00PM

This amazing bright corner unit by renowned Cressey Developer offers breathtaking mountain and city views, floor-to-ceiling windows, 9-foot ceilings, spacious granite kitchen island, s/s appliances, and gas cooktop. Both bedrooms feature ensuite bathrooms with newly installed closet organizers for extra storage. Upgrades include floors throughout, newer cabinets, newer appliances, and window screens. Amenities include a full-size gym, sauna, steam room, whirlpool, social room, sports lounge/party room, and so much more. Only steps away from Edmonds Skytrain Station, walking distance to popular parks and trails. Your perfect home at an unbeatable price! Open house Sunday Nov 24 2-4pm. Virtual tour: https://drive.google.com/file/d/1KOMyi_hFb6j3yCqpTrqIMgN0_qtHns5f/view

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Insights into British Columbia and Canada’s Commercial Real Estate Market for 2024-2025

The commercial real estate (CRE) market in British Columbia and Canada is navigating a period of adjustment and opportunity as we enter late 2024 and look towards 2025. Economic fluctuations, government policies, and shifts in tenant preferences are all influencing the sector, with unique impacts across office, retail, and industrial spaces. Here’s an overview of key trends and considerations for Canada’s commercial real estate market, particularly in British Columbia.

1. Office Space Evolution: Hybrid Models and Suburban Demand As hybrid work models continue to influence corporate real estate needs, demand for traditional office space remains dynamic. In BC, especially in Vancouver, there’s a trend toward flexible office spaces, with more companies adopting hybrid setups that prioritize smaller, adaptive spaces. According to recent insights from the Conference Board of Canada, firms are rethinking location strategies, showing increasing interest in suburban office spaces as employees seek shorter commutes and more lifestyle-oriented locations. This trend is creating a shift in demand from the downtown cores to suburban and mid-size markets, such as Burnaby and Richmond.

2. Government Initiatives Supporting Mixed-Use and Green Building The Government of Canada and the BC provincial government are actively promoting mixed-use developments that integrate office, retail, and residential spaces to meet urban density and environmental goals. The BC Ministry of Municipal Affairs is supporting sustainable urban development through the “StrongerBC Economic Plan,” which incentivizes projects focused on environmental sustainability and mixed-use developments. We can expect to see a rise in green-certified buildings, energy-efficient retrofits, and more environmentally friendly office and retail spaces, especially in urban centers.

3. Industrial Real Estate Demand Remains Robust Demand for industrial real estate across Canada and particularly in BC continues to be strong, driven by the growing e-commerce sector and warehousing needs. Canada’s reliance on the global supply chain has increased the need for local storage and distribution facilities. According to the Canadian Real Estate Association (CREA), vacancy rates for industrial properties in the Vancouver metro area remain historically low, and rental prices have been rising. Companies are increasingly moving to cities such as Surrey, Abbotsford, and Langley, where industrial space is relatively more available and affordable. This demand is expected to persist into 2025, bolstered by a shift toward regional supply chains and “just-in-case” inventory strategies.

4. Retail Market Transformation: Emphasis on Experiential Retail Retail commercial space has been adjusting post-pandemic, and while e-commerce growth has shifted some consumer behaviors online, there is still demand for physical retail spaces. Recent news reports indicate a trend toward “experiential retail,” where stores are incorporating entertainment, dining, and leisure to enhance customer engagement. In BC, retail spaces in high-traffic areas like Vancouver’s Robson Street and Metrotown in Burnaby are embracing these experiential elements. Some retail brands are investing in smaller, specialized outlets or “showroom” concepts that blend online and in-store shopping experiences, helping drive foot traffic and adapt to shifting consumer demands.

5. Interest Rates and Financing Challenges The elevated interest rates in Canada have impacted financing for commercial real estate projects. The Bank of Canada’s rate hikes have increased borrowing costs, which has led some investors to reassess potential returns, especially in high-cost markets like Vancouver. This has slowed some new development projects, particularly in sectors like office space, where return-on-investment calculations are under additional scrutiny. However, experienced investors are adapting by focusing on high-demand asset classes, such as industrial spaces, and exploring alternative financing options. The impact of these financing challenges will likely continue into 2025, as investors take a cautious approach amid uncertain interest rate forecasts.

6. Growth of Technology and Data Centers With the rapid growth of cloud computing and the need for data storage solutions, demand for data centers is rising across Canada. Major tech hubs in BC, such as Vancouver, are seeing increased interest in data center developments to support digital infrastructure and cloud services. According to reports from CBRE, Vancouver’s data center market is expanding as companies across sectors invest in reliable digital infrastructure. This demand aligns with Canada’s national digital economy strategy, which aims to improve data storage capabilities domestically and ensure Canadian data sovereignty.

Conclusion The commercial real estate market in British Columbia and Canada presents unique opportunities and challenges as we close 2024 and look to 2025. With evolving trends in office, industrial, and retail spaces, and increasing focus on sustainability, investors and tenants will need to adapt to the changing landscape. For companies and investors looking to navigate this market effectively, consulting with experienced CRE professionals and staying updated on regulatory changes and economic indicators will be crucial to making well-informed decisions.

Disclaimer: The views expressed in this article are based on current trends and should not be considered as financial or investment advice.

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2024-2025 Real Estate Market Predictions

As we approach the end of 2024, British Columbia and Canada’s real estate market is undergoing notable shifts shaped by interest rate changes, government policy, and demographic trends. Drawing on insights from recent government announcements, economic reports, and reputable news sources, we outline some key predictions for late 2024 into 2025.

1. Stable yet Elevated Interest Rates and Their Impact on Affordability The Bank of Canada’s recent monetary policy updates signal that interest rates are expected to remain steady, but elevated, through at least early 2025 to curb inflation effectively. However, a potential rate reduction might occur by mid-2025, depending on inflation targets and economic performance. This continued rate stability will influence borrowing costs, keeping housing affordability tight in BC’s major markets like Vancouver. Buyers are likely to explore suburban regions for more budget-friendly options, with government-backed programs such as the First-Time Home Buyer Incentive assisting eligible Canadians.

2. Increase in Inventory as Policies Target Supply Constraints According to recent statements from the BC government, increasing housing supply has become a provincial priority. The “Homes for People” plan, rolled out earlier this year, includes measures to accelerate housing construction, incentivize affordable rental projects, and ease regulatory barriers. This plan, combined with possible new zoning adjustments in high-demand urban centers, is expected to increase inventory into 2025. These policy changes are anticipated to have a gradual impact, with some relief to inventory levels in BC’s high-demand areas expected in late 2024 and throughout 2025.

3. Sustained Demand Driven by Immigration and Population Growth Canada’s immigration targets remain high, with a goal of welcoming over 465,000 new permanent residents in 2024, many of whom are expected to settle in major urban centers like Vancouver and Toronto. This steady population growth will continue to fuel housing demand, with the rental market in particular facing added pressure as newcomers may initially seek rental accommodations. According to reports from Canada Mortgage and Housing Corporation (CMHC), these immigration levels could strain already limited housing stock, especially in high-demand areas, further intensifying competition.

4. Affordable Housing Initiatives and Development Funding Affordable housing remains a top priority for both federal and provincial governments. In BC, the government has announced additional funding to support non-profit housing projects and incentivize developers to build affordable units. The National Housing Strategy also includes several new initiatives to support housing development and rental affordability. However, the impact on market prices may be gradual, as it will take time for these projects to meet the growing demand for affordable housing.

5. Sustainability as a Key Market Driver Environmental concerns and green building practices are increasingly becoming a focus within the Canadian real estate sector. According to recent announcements from BC’s Ministry of Environment and Climate Change Strategy, there are ongoing efforts to support green building practices, including incentives for energy-efficient renovations and sustainable development projects. Buyers are likely to show more interest in energy-efficient properties and sustainable materials, making green homes a growing segment of BC’s real estate market.

Conclusion The late 2024-2025 real estate market in British Columbia and Canada offers a mix of challenges and opportunities, with evolving government policies, immigration trends, and a shift toward sustainability playing key roles. For those considering buying, selling, or investing, consulting with a knowledgeable real estate agent can provide valuable insights and tailored strategies in this complex market.

Disclaimer: The views expressed in this article are based on personal analysis and should not be considered as financial or investment advice.

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