Now that the Broadway Plan is approved and in effect, it is time to consider rezoning and increasing density throughout the area.
The Reliance Properties company confirmed in its pre-application consultation this week that it intends to submit a formal rezoning application to redevelop the former MEC at 130 West Broadway by the end of 2022 — about a five-minute walk from Broadway City-Hall Station on the SkyTrain, which will become a major regional interchange when the Millennium Line extension is completed to meet the Canada Line in 2025.
In accordance with the Broadway Plan, the former MEC site may be redeveloped with a maximum height of 30 storeys for mixed-use developments, as long as 100% of the residential component is dedicated for rental use. Similarly, the maximum floor area ratio (FAR) density is 8.5 FAR based on the lot size.
Site of the former MEC store at 130 West Broadway, Vancouver. (Reliance Properties/QuadReal Property Group)
Site of the former MEC store at 130 West Broadway, Vancouver. (Google Maps)
The project details are aligned with the Broadway Plan, involving two towers of up to 28 or 29 storeys on top of a one-storey podium for commercial use. 8.46 FAR is the proposed density.
An estimated 524 units will be available for rent, including 33 studios, 287 one-bedrooms, 150 two-bedrooms, and 54 three-bedrooms.
On the one-storey podium, 43,500 square feet of commercial space will be devoted to grocery stores, restaurants, cafes, and a non-market childcare center for 37 children.
In between the two towers, a large outdoor public space will be located on the rooftop of the base podium. West Broadway and the laneway will provide access to this 29,000 sq ft public space.
There will be 397 parking stalls for vehicles and 1,049 bike parking spaces on the underground levels.
In 2018, Reliance Properties released highly conceptual architectural renderings of the project, which showed a sleek and contemporary design.
Almost four years later, Neil M. Denari Architects continues to lead the project design effort, with IBI Group serving as the local architect. For this project, QuadReal Property Group has also partnered with Reliance Properties.
According to an updated artistic rendering released this week for the pre-consultation phase — showing the commercial base podium and rooftop public space — very significant changes to the design are not expected. During the rezoning application process, more details will be provided on the project and design.
In early 2020, MEC relocated to a new purpose-built store building near the Olympic Village. Since then, the former MEC store has not seen a long-term tenant, but it has served as a Spirit Halloween costume and prop store for consecutive Halloween seasons.
Additionally, Reliance Properties unveiled plans for a 20-storey rental housing tower near SkyTrain’s future South Granville station on the site of a surface parking lot.
This project is also part of the Broadway Plan.
Outdated 2018 artistic renderings of the former MEC store redevelopment at 130 West Broadway:
Outdated 2018 artistic rendering of the MEC store redevelopment at 130 West Broadway, Vancouver. (Neil M Denari Architects/IBI Group)
Outdated 2018 artistic rendering of the MEC store redevelopment at 130 West Broadway, Vancouver. (Neil M Denari Architects/IBI Group)
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Metro Vancouver Housing Market: Rising Mortgage Rates Brought Uncertainty and Caution in 2022
Source: REBGV
Picture source: REBGV
After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.
Last year’s sales total was 13.4 per cent below the 10-year sales average.
“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,”
Andrew Lis, REBGV Director, economics and data analytics
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020.
Last year’s listings total was 3.2 per cent below the region’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months.
“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said.
“While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly. We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.”
Picture source: REBGV
Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022.
Last month’s sales were 37.7 per cent below the 10-year December sales average.
There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed.
For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 per cent for apartments.
Picture source: REBGV
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Sales of detached homes in December 2022 reached 371, a 53.3 per cent decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1 per cent decrease from December 2021, a 1.8 per cent decrease compared to November 2022, and a 11.4 per cent decrease over the past six months.
Sales of apartment homes reached 702 in December 2022, a 52 per cent decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7 per cent increase from December 2021, a 0.9 per cent decrease compared to November 2022, and a 6.9 per cent decrease over the past six months.
Attached home sales in December 2022 totalled 222, a 48.4 per cent decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2 per cent decrease from December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.2 per cent decrease over the past six months.
* Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Vancouver BC – January 4, 2022
Have a look at the REBGV December 2022 Market Update Insights!
- DOWNLOAD the REBGV December 2022 Market Update CLICK HERE
- See the Monthly Market Stats CLICK HERE
- For more market information from the Real Estate Board of Greater Vancouver CLICK HERE
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130 West Broadway
November 2022 artistic rendering of the redevelopment of the former MEC store at 130 West Broadway, Vancouver. The commercial base podium and rooftop public space are depicted. (Reliance Properties/QuadReal Property Group)