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The story behind one of my stories.
In recent months, there’s been various reports about how many completed unsold condos there are in Metro Vancouver — around 4,000 give or take, depending on your parameters.
The question I’ve wanted to answer is who is holding all of that standing inventory, and I now have the answer(s), courtesy of data shared with The Realist by Real Property Data. I’ll be publishing the data, which I then matched to the developers, throughout August.
Last week, I published the data for Vancouver — I initially left out woodframe buildings by mistake but have since updated the article to include them — and then the North Shore and Richmond. This week, we’re moving east.
A Breakdown Of Standing Inventory By Developer And Building: VancouverThe big headlines.
Home sales were down about 10% year-over-year in July in Greater Vancouver and down 8.5% in the Fraser Valley.
Average rents are continuing to fall, the Government of British Columbia is trying to take credit for it, and the development industry is calling them out for it.
The Government of Canada announced $29 million in funding to retrofit three rental buildings with a total of 284 units in Burnaby.
Some notable news from Toronto:
The Government of Canada and City of Toronto announced a partnership that will see $2.7 billion invested towards 18 housing projects that will together deliver over 5,600 new rental homes.
The two-building office complex at 95-105 Moatfield Drive in North York has been sold for $30,000,000 as part of a receivership sale and the new owner, Sunray Group, recently unveiled plans to transform the property into the Toronto Fortune Centre, as I reported for Storeys.
For RENX, I reported that GWL Realty Advisors has completed its acquisition of Citigroup Place — located at 123 Front Street West next to Union Station, from Oxford Properties (and also bought out Hydro Quebec from Gulf Canada Square in Calgary for $68,050,000). The Citigroup Place acquisition price was not disclosed, but I have since learned that it was $243,622,000.
Altus Group has entered into a definitive agreement to sell its Development Advisory unit to Newmark. The transaction is expected to close on September 1 and comes a few months after Altus sold its Canadian appraisals unit to Newmark.
WSP Global submitted an expression of interest to buy Arcadis, but Arcadis has rejected the proposal.
William Blair, a Vancouver-based architect with Bingham Hill Architects for over 10 years, has started his own firm: Airo Architecture.
Also In This Edition: Updates on projects by Intracorp, Concert Properties, and Nicola Wealth; listings and sales by Colliers and Cushman & Wakefield; plus people news pertaining to Rize Alliance, Anthem, and Creative Energy.