Some inside baseball on one of my stories.

There has been a lot of attention on new hotel development these last few years, citing the hotel room shortage and significant upcoming events like the FIFA World Cup. Most of that discussion has been focused on Vancouver.

We now know that Surrey will surpass Vancouver in population sooner or later, the new City Centre Arena is on the way, and the City has ambitions to become the other downtown core of Metro Vancouver. Thus, in addition to new housing and infrastructure, Surrey also needs hotels.

Thus, for Western Investor, I spoke to NAI Commercial’s hotel specialist Steven Chen about the hotel landscape in Surrey and how it differs from Vancouver:

The big headlines.

Vancouver-based fractional real estate investment company Addy is insolvent, according to The Globe and Mail. Addy was fined last year by the BC Securities Commission for operating as an unregistered trader. I spoke to them for an article about the penalty and let’s just say it set off some alarm bells and their current situation doesn’t surprise me.

QuadReal has officially initiated a foreclosure proceeding against Keltic Devleopment and its 27-acre Brighouse West Business Park in Richmond, which QuadReal sold to Keltic in 2021. QuadReal provided financing for the acquisition and is now owed $188 million.

The City of Surrey recently acquired 8286 161 Street in Surrey out of foreclosure for $5.2 million. The property was previously owned by Quarry Rock Developments and was marketed as a TOA development site, but the City told The Realist that it intends to use the property as a park.

Sightline Properties has initiated a civil claim against the owner of a property they acquired, according to Business In Vancouver, saying the owner/vendor has failed to provide vacant possession of the property as contractually obligated. The property was acquired as part of a $100 million land assembly near Renfrew Station, as I first reported for Storeys in April 2025, where Sightline has since proposed four towers.

The Bank of Canada held its policy interest rate at 2.25%, saying “It’s too early to assess the impact of the conflict in the Middle East on growth in Canada.”

According to the latest data from StatsCan, Canada recorded its first population decline since Confederation, declining by 0.2% from Jan. 1, 2025 to Jan. 1, 2026.

For Storeys, I wrote about CBRE’s annual Canadian Real Estate Lenders Survey, in which respondents identified Vancouver as the top market for the first time in a decade, overtaking Toronto in terms of lender appetite.

Another report I covered for Storeys: BTY Group recently published their annual outlook focused on construction costs across Canada.

For Western Investor, I wrote about the sale of the 19.4-acre Imperial Oil campus in Calgary. Transaction data shared with me by CoStar revealed that the buyer was Dominium and that the price was $60 million. Imperial Oil, majority owned by ExxonMobil, acquired the campus in 2016 for $416.8 million, which really tells you how far the Calgary office market has fallen.

Over in Ontario, the Competition Bureau recently announced that it had reached a consent agreement with Chartwell Retirement Residences that would see the REIT sell an asset in Waterloo in order to complete its acquisition of six properties from Sifton Properties, as I reported for Storeys.

Time is a flat circle.

Pinnacle International has submitted a rezoning application, which has yet to be published by the City of Vancouver, for 601 Beach Crescent, where they are proposing a 67-storey tower with 480 strata units, 152 social housing units, and 206 hotel rooms.

Bene Group has submitted a rezoning application for 852-872 Seymour Street in Vancouver, where they have proposed a 15-storey hotel.

Westbank has withdrawn its rezoning application for 1010 W King Edward Avenue in Vancouver, where it had previously proposed a 14-storey condo project.

West Fraser Developments has completed excavation and crane installation at 820 Dogwood Avenue in Coquitlam.

Construction has topped off on a 20-storey rental tower on W 39th Avenue in Vancouver. The project appears to be Gracorp’s project at 433 W 39th Avenue.

Construction is nearing completion on the Redbridge project by Kingswood Properties in Squamish.

Everything is available for the right price.

Morgan Iannone, Casey Weeks, Bill Randall, Brandon Selina, Dominic Ricciuiti, and Austin Cope of Colliers have listed 1114, 1106 Blanshard Street and 780 Fort Street in Victoria for $9.8 million as part of a court-ordered sale. As I’ve previously reported for Western Investor, the assembly is owned by Merchant House Capital, which is also facing receivership on the Victoria Press Building in Victoria and Kinnaird Place in New Westminster.

David Venance, Patrick Hannah, Chris Harper, Cordell Lloyd, and Alexander Priatel of Cushman & Wakefield have listed Viscount Manor, a 41-unit rental building located at 950 Rockland Avenue in Victoria.

Vincenzo Caputo and Peter A. Seed of NAI Commercial have listed Kimberley Crossing, a partially-completed development located at 500 302 Avenue in Kimberley near the BC-Alberta border, for $7.8 million as part of receivership proceedings pertaining to Peak Developments.

Price is what you pay. Value is what you get.

Manulife quietly acquired RED Sol, a 109-unit rental property located at 750 Robinson Street in Coquitlam, from Adera Development via a share sale in December, as first reported by The Realist last week.

Kelvin Luk and William Maunsell of Luk Real Estate Group have sold 2139-2147 Kingsway, a mixed-use property in Vancouver, for $7.5 million.

Those who make real estate real.

Brandy Turner has been promoted to CFO at Cedar Coast.

Adam Frizzell has joined Lennard Commercial Realty Vancouver as SVP, after 27 years at Cushman & Wakefield.

Karina Maldonado has joined Path Developments as Manager of Project Accounting.

Nicholas Glavas has been promoted to Commercial Property Manager at Onni.

When a door closes, a window opens.Where, when, and what things are happening this week.

There are no regular council meetings this week in Vancouver, Surrey, and Coquitlam.

On Tuesday, Burnaby City Council is set to approve its 2026-2030 Strategic Plan for the Burnaby Housing Authority.

The City of Surrey is currently accepting public and stakeholder consultation on its proposed ACCs and density bonuses. The consultation period ends March 30.

Some additional reading you might be interested in.