A bidding war occurs when multiple potential buyers compete to purchase the same property by submitting increasingly higher offers, often driving the final sale price above the initial asking price.
Why Bidding Wars Matter in Real Estate
Bidding wars are a hallmark of competitive real estate markets, particularly in high-demand areas with limited housing supply. In Canada, they are especially common in cities like Toronto and Vancouver, where housing inventory is tight and buyer interest remains strong.
A bidding war typically begins when a property receives multiple offers shortly after being listed, often after a scheduled offer presentation date. To outbid competitors, buyers may offer more than the asking price, waive common conditions (like home inspection or financing), or include incentives such as flexible closing dates.
While sellers often benefit from higher sale prices and favorable terms, buyers may face significant pressure to make quick, aggressive offers. This can lead to emotional decision-making, financial overextension, and limited due diligence.
Understanding how bidding wars work is crucial for buyers, sellers, and agents alike. Buyers should be pre-approved, know their budget limits, and work with experienced professionals to craft strategic, competitive offers. Sellers should prepare their property for maximum appeal and consider how to manage multiple offers fairly and effectively.
Example of a Bidding War
A detached home in Mississauga is listed for $950,000. After a week of showings and a set offer date, the seller receives eight offers. The final sale price reaches $1.1 million due to intense competition.
Key Takeaways
Occurs when multiple buyers compete for the same property.
Often results in offers over asking price.
Can involve waived conditions and buyer incentives.
Favors sellers but increases risk for buyers.
Requires preparation, strategy, and a firm understanding of budget limits.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
Brookfield acquired Shangri-La Vancouver earlier this year and is rebranding the hotel as a Hyatt. / Peterson, DIALOG Design
Less than three months after acquiring the Shangri-La Vancouver, which is set to be rebranded by Hyatt, Canadian multinational investment firm Brookfield is looking to flip the retail component they acquired alongside the hotel, STOREYS has learned.
The Shangri-La Vancouver is located at 1128 W Georgia Street — between W Georgia Street and Alberni Street, along Thurlow Street — and consists of a 62-storey tower with 119 hotel suites on the first 15 floors and 307 residences above. Adjacent to the tower is a three-storey building at 1121 Alberni Street that houses retail space.
The mixed-use project was developed by Vancouver-based real estate developer Westbank and its long-time partner Peterson, with James KM Cheng Architects serving as the architect. The hotel component and retail component are individual legal parcels and both were acquired by Brookfield through a fund managed by Brookfield Asset Management in June.
Transaction details were not disclosed, but BC Assessment values the hotel parcel at $65,629,000 and the retail parcel at $39,247,000, for a total assessed value, dated to July 1, 2024, of $104,876,000. Industry sources told STOREYS that Brookfield acquired the two components for a total somewhere between $150 million and $200 million.
The retail component of the Shangri-La Vancouver / Park Hyatt and its surrounding retailers. / Marcus & Millichap
On July 1, Hyatt announced that the Shangri-La Vancouver was being rebranded as the Hyatt Vancouver Downtown Alberni while the hotel undergoes renovations to be rebranded under its luxury Park Hyatt brand.
"Our acquisition of the former Shangri‑La in downtown Vancouver reflects Brookfield's deep conviction in both the strength of the Vancouver market and the enduring appeal of luxury hospitality," said Shai Zelering, Managing Partner, Brookfield Real Estate, in a statement provided to STOREYS. "We're excited to begin the next chapter as we transform this landmark into a world‑class Park Hyatt, delivering elevated experiences that capture the essence of one of Canada's most dynamic cities."
The Listing
Just over two months after the rebranding announcement, Brookfield is now looking to sell the retail component, according to a sales brochure obtained by STOREYS. The listing team is Mario Negris and Martin Moriarty of Marcus & Millichap, who described the listing as "a landmark retail investment opportunity."
Address: 1121 Alberni Street, Vancouver (1101, 1121, and 1133 Alberni Street)
Listed By: Marcus & Millichap (Mario Negris and Martin Moriarty)
The Burberry at the corner of W Georgia Street and Thurlow Street in Vancouver. / Marcus & Millichap
The retail component is fully leased to Burberry, Urban Fare, and The Keg, with a fully extended weighted average lease term of approximately 15.8 years that offers investors stable cash flow. The sales brochure also notes that there is an opportunity "to drive significant rental growth at Urban Fare and the Keg through a contractual 2028 FMV rent reset or re-leasing campaign." The property also includes 79 vehicle parking spaces.
"Situated within the city’s premier high-street retail corridor, it offers prominent frontage along three major thoroughfares and is surrounded by luxury hotels, high-end retailers, and acclaimed restaurants such as Din Tai Fung, Joe Fortes, and Black+Blue," the sales brochure also notes. "The Property benefits from strong, year-round foot traffic generated by high-end leisure travelers, nearby corporate offices, and locals. Foot traffic is expected to grow further with the anticipated opening of the Park Hyatt Vancouver in 2026."
"This offering represents a rare opportunity to acquire a never-before-marketed, trophy retail asset in one of Vancouver’s most prestigious shopping and dining destinations."
A new homeless shelter recently opened in my neighbourhood, operated by St. Felix Centre. By definition, I am the one who is “supposed” to object — the neighbour who falls into the familiar NIMBY category. Instead, I want to explain why I support this project, and why it has the ingredients not only to succeed but to become a model for other shelters.
When Adaptive Reuse Meets Urgent Need
The shelter was created by renovating an existing building, rather than constructing a new one. This distinction is critical. New builds are often more difficult for communities to accept because they visibly alter the physical status quo of the neighbourhood. By repurposing an existing building, the change is primarily in use, not in built form. This reduces disruption while still addressing urgent need.
One of the most thoughtful aspects of this shelter is how little it alters the immediate outdoors. Waste management takes place entirely inside the building, preventing the kinds of clutter or overflow that often fuel neighbourhood concern. The outdoor patio is enclosed with a high railing, creating a secure and discreet space for residents without impacting the public realm. From the sidewalk, you would not even know the building is a shelter — quietly fulfilling its role without drawing negative attention.
Meeting Urgent Needs with Dignity
Site photo of the two-bed pods at the new 629 Adelaide St. W shelter
The shelter provides accommodations in pods with two people per pod. This is not the long-term housing solution we ultimately need, nor is it a substitute for supportive or transitional housing. But it represents an immediate, humane response. Residents can live with dignity in a setting that is safer, warmer, and more stable than the alternatives.
When the Crisis Doubles Overnight
According to the City of Toronto, Homelessness in Toronto has doubled since the COVID-19 pandemic, rising from roughly 7,300 people in 2021 to more than 15,000 in 2024. These numbers underline the urgency of expanding capacity in every available form —whether permanent housing, supportive housing, or emergency shelters. Waiting for perfect solutions risks leaving thousands with nothing.
St. Felix’s operations include wrap-around supports — mental health services, harm reduction, meals, and recreation — designed to help residents stabilize and plan for permanent housing. This approach reduces risks for the neighbourhood and increases the chances of long-term success for residents.
Site photo of the kitchen at the new 629 Adelaide St. W shelter
Emergency shelters are often seen as a stopgap, but their impact extends beyond providing a bed. By connecting residents to healthcare, employment services, and case management, shelters can act as stabilizing anchors. The goal is not only to keep people safe in the short term but to put them on a pathway to permanent housing. Without this bridge, people can become stuck in cycles of instability that are far harder to break later.
Concerns about safety often dominate local opposition to shelters. Yet research consistently shows that shelters operated with wrap-around supports are safer for both residents and surrounding communities than unmanaged street homelessness. By providing structure, supervision, and services, shelters reduce the risks that come with people being forced to survive outdoors. Integration, rather than exclusion, is what truly improves safety.
A Shared Neighbourhood Responsibility
It is easy to default to resisting local shelters. Yet homelessness is not an abstract issue — it is on our streets every day, and shifting responsibility to “somewhere else” does not solve it. What this project demonstrates is that with adaptive reuse, thoughtful design, and a credible operator, a shelter can integrate into a community while providing desperately needed support. I may be the neighbour expected to say “not here,” but instead I see a model that is pragmatic, dignified, and urgently necessary. For that reason, I stand behind it.
”Restoring an individuals’ sense of hope and showing them that they have value as a human being by welcoming them into a neighbourhood is one of the most impactful elements to ensuring someone can have a successful outcome as they navigate the shelter system,” says Brian Harris, the Executive Director of the St. Felix Centre.
When the shelter was first proposed, many of my neighbours raised strong objections, some even knocked on my front door hoping for us to join them. I understood their concerns, but walking past the building, you won’t even be able to notice its use. “We’re grateful that the vast majority of residents living near the new shelter have shown us and our guests warmth and compassion and we do hope that what we’ve achieved here can inspire future projects the City supports to address the housing and homelessness crisis,” says Harris.
From the outside, there are no visible signs that it is a shelter. Life on the street has not changed in the disruptive way some feared. What has changed is that people inside now have a safer, more dignified place to be.
The Pender Place office towers at 700-750 W Pender Street in Vancouver. / Cadillac Fairview
Toronto-based private equity real estate firm KingSett Capital has acquired the twin office towers in downtown Vancouver known as Pender Place, after the high-profile complex was put on the market earlier this year.
Pender Place is located at 700 W Pender Street and 750 W Pender Street in the heart of downtown Vancouver, which are together a single 0.716-acre legal parcel with an address of 700 W Pender Street.
Cadillac Fairview (CF) — the wholly-owned real estate subsidiary of the Ontario Teachers' Pension Plan — jointly owned 700 W Pender Street alongside the Investment Management Corporation of Ontario (IMCO) and the property was held under PCL Pender Place Inc. Perhaps better known for its shopping centres, Cadillac Fairview is one of the largest owners of office space in downtown Vancouver, and remains so after this sale.
Originally constructed in 1973, the two towers each rise 16 storeys and together make up the entire block between Howe Street and Granville Street. 700 W Pender houses 141,772 sq. ft of office space while 750 W Pender houses 141,758 sq. ft of office space, for a combined 283,530 sq. ft of Class B office space, according to Cadillac Fairview.
700 and 750 West Pender Street in downtown Vancouver and its surrounding context. / JLL
The complex also includes retail space on the ground floor, bringing the total amount of leasable space to 292,613 sq. ft, according to a sales brochure, as well as a glass concourse between the two towers that connects the complex to CF Pacific Centre.
BC Assessment values the property at $146,174,000 in a valuation dated to July 1, 2024, a decrease from the previous valuation of $160,187,000.
KingSett Capital acquired Pender Place last month through its KingSett Real Estate Growth LP No 8 Fund. According to CoStar transaction info, KingSett Capital acquired the property for $125 million.
The sale was brokered by Edgar Buksevics, Kevin Meikle, Mark Trepp, Matt Picken, Adam Budd, Tomasz Lenard, and James Holdsworth of JLL, who listed the property in mid-February, as previously reported by STOREYS. At the time the property was listed, JLL said the two towers had a combined occupancy rate of 86% and a weighted average lease term (WALT) of 4.1 years.
KingSett Capital
The twin office towers at 700 and 750 West Pender Street in Vancouver. / Cadillac Fairview
With the acquisition, KingSett Capital adds to its portfolio of office properties in Vancouver, the most notable of which is the 26-storey Arthur Erickson Place at 1075 W Georgia, which KingSett co-owns with Toronto-based Crestpoint Real Estate Investments and Vancouver-based developer Reliance Properties.
KingSett Capital was founded by Jon Love, who is currently serving as Executive Chair and was formerly the CEO of Oxford Properties, which was founded by his father, Don Love. Oxford Properties was later sold by Jon Love to the Ontario Municipal Employees Retirement System (OMERS) in 2003.
The company has been a recurring name in Vancouver in recent months due to the insolvency of Thind Properties, who KingSett served as a lender to on four projects. Aside from Thind, KingSett has also been involved in several other high-profile insolvencies across the country as the lender, with upwards of $1.2 billion tied up in insolvency proceedings at one point, as first reported by STOREYS earlier this year. Last fall, the Globe and Mail also reported that KingSett had paused redemptions on its flagship fund.
Nonetheless, KingSett has continued to be active and has been involved in numerous transactions this year.
In Q1, KingSett sold the office building at 5600 Cancross Court in Mississauga to 1000960992 Ontario Inc for $32,000,000, according to commercial real estate brokerage Avison Young. In Q2, KingSett then sold the office building at 1200 McGill College in Montreal to BUSAC for $100,600,000, according to commercial real estate brokerage Cushman & Wakefield. KingSett Capital also recently sold the Westmount Shopping Centre in London for a reported $40,000,000.
Over the past year, KingSett has also put many of its properties on the market, including the office building at 1235 Bay Street in Toronto and several industrial properties across Ontario.
While still far from recovered, the Greater Toronto Area (GTA) housing market continued to see increased activity in August as home sales grew on a year-over-year basis for the second month in a row. According to the Toronto Regional Real Estate Board (TRREB), there were 5,211 home sales last month, up 2.3% compared to August 2024.
This bump follows a 10.9% annual increase in home sales recorded in the previous month, which was the highest July home sales had been since 2021. On a seasonally-adjusted month-over-month basis, however, sales dipped 15.7% in August from July's 6,100 transactions.
Zooming out, while the period from January to June was substantially weaker this year compared to last year — thanks largely to economic uncertainty from US tariff policies — gains made over the last two months have been promising.
But Cailey Heaps, Founder of The Heaps Estrin Real Estate Team in Toronto, says a full rebound will take time. "There’s a growing sense that we’ve reached the bottom of the cycle. From here, we anticipate a slow but steady climb — no dramatic swings, just incremental progress," she tells STOREYS.
In TRREB's report, the board's president Elechia Barry-Sproule emphasizes that further interest rate relief would help bolster this long-awaited rebound. "With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs," she says. "Greater affordability would not only support more home sales but also generate significant economic spin-off benefits."
The Bank of Canada's policy rate currently sits at 2.75%, and while banks like BMO and TD forecast the overnight rate hitting 2.25% as early as Q1-2026, others like Scotiabank see it remaining at 2.75% until Q1-2026, while RBC expects the BoC to hold through the entirety of 2026.
Still, interest rates have come down from 5% since June 2024 and GTA home prices have fallen from an average of $1,193,771 in 2022 to $1,022,143 this August, making it more attainable for some to enter into homeownership. But not all.
“A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home," said TRREB Chief Information Officer Jason Mercer. "This is even with lower borrowing costs and selling prices over the past year."
Like Barry-Sproule, Mercer calls for further interest rate cuts to spur housing markets.
But while more relief may be needed, listings have been piling up for some time, creating a solid buyers' market for those with the means to make a deal. Active listings have continued to grow each month after hitting a 25-year high in May at 30,964 listings. In August, there were 27,495 active listings, up 22.4% from 2025, and 14,038 new listings were added, up by 9.4% year over year.
Looking ahead, Heaps predicts listings will begin to slow over the next few months, however, as sellers adopt a wait-and-see approach amid a saturated market — something she says may help balance markets in the longer term. "This could actually help to stabilize the market because as existing inventory is gradually absorbed, we may see modest improvements in pricing and buyer confidence," says Heaps. "Those who do hold off will likely list in Q1 or Q2 2026 once conditions improve. This strategic patience could help rebalance supply and demand over time."
On the price front, August saw both the average GTA selling price and MLS Home Price Index Composite benchmark price (HPI) dip 5.2% year over year. Month over month, the HPI remained relatively flat, and the average selling price dropped by about $30k from $1,052,230 in July.
Heading into September, Heaps sees two factors fuelling momentum: families settling into back-to-school routines and re-engaging with the market around mid-September and banks offering promotional mortgage rates of around 3.99% as they approach their fiscal year-end.
"These incentives could spark an uptick in buyer activity, especially among those who have been waiting for more favourable financing conditions," she says. "In real estate, the key to any market is momentum so this could be a really positive driver in the coming months."
This article was written and submitted by Jayne McCaw, Founder of Jayne’s Luxury Rentals in Port Carling, Ontario.
Ontario’s cottage country is more than a scenic getaway; it’s a critical engine for our province’s tourism economy. Muskoka alone welcomes over three million visitors annually, many of whom stay in short-term rental properties that allow families to gather, explore, and reconnect with nature. As the Founder ofJayne’s Luxury Rentals, which manages over 300 premium properties across Ontario, I’ve seen firsthand how essential short-term rentals have become — not just for guests, but for communities.
With the recent rollout of new short-term rental licensing regulations, many owners and guests are asking: What does this mean for the future of cottage tourism?
The answer doesn’t have to be negative. In fact, licensing — done right — can raise standards, enhance guest safety, and support local economies. But policy without nuance runs the risk of driving responsible operators out of the market and reducing much-needed tourism revenue at a time when Ontario families are choosing to travel closer to home.
This year, those stakes are even higher as tariffs increase the costs of international travel and exchange rates fluctuate. In fact,77% of travellers said they plan to stay within Canada this summer. In Ontario, domestic visitors are the backbone of the tourism industry, accounting for approximately62% of all tourism spending. This highlights the growing importance of local travel, especially in years when international tourism faces headwinds.
As a result, Ontario’s cottage regions are experiencing unprecedented demand. Short-term rentals are helping absorb an influx of visitors, sustaining local businesses, seasonal employment, and the broader tourism economy. Ensuring these rentals are safe, well-managed, and compliant is not just a regulatory matter–it’s an economic one.
At Jayne’s Luxury Rentals, we support regulation. We want to see a professionalized short-term rental industry that ensures safety and compliance standards, as well as addresses concerns like excessive occupancy, waste, noise, and parking issues. Most importantly, regulation provides a clear process for resolving issues with fines for owners who continually have problem rentals to operate, otherwise known as "ghost hotels". That’s why we’re actively helping our owners obtain licenses, navigate the paperwork, and stay compliant. But the system must reward good actors and penalize the bad — not treat them all the same.
Licensing sets clear expectations for safety, insurance, and tax compliance, and it allows municipalities to track rental activity and prevent issues such as overcrowding or unlicensed operators who undermine both neighbours and the legitimate market. When owners meet these standards, everyone benefits: guests get reliable accommodations, municipalities get transparency, and local businesses see consistent tourism revenue. That’s the ripple effect we can’t ignore — fewer rental cottages mean fewer visitors, and fewer visitors mean shrinking local economies.
We believe there’s a better way. Responsible operators—those who screen guests, ensure guests are educated on codes of conduct (such as occupancy limits, noise bylaws, where to park, and put garbage), and want to do their best to add to the guest experience–should be partners in the regulation process–not its casualties.
To make short-term rental licensing work, the province needs thoughtful, targeted policy, including:
Tiered penalties for non-compliance that deter bad actors without punishing compliant owners;
Data transparency and enforcement that focuses on unlicensed or unsafe rentals;
Collaboration with professional operators who already exceed standards and can offer insights into what works on the ground;
Recognition that vacation rentals (such as lakefront cottages in key tourist destinations) are a valuable, perpetually monetizable tourism asset, and should be supported with reasonable regulations and fair licensing fees.
We agree that Ontario’s cottage regions deserve protection and regulations. We need to see an industry that is professional, transparent, and sustainable, because when short-term rentals are well-managed, they do more than just generate income – they preserve the vibrancy of these towns, provide local and affordable vacation options, and attract visitors who might otherwise travel abroad.
Licensing isn’t the end of short-term rentals — it can be the beginning of a smarter, safer, and more sustainable future. With tariffs and increased domestic travel shaping how Canadians vacation, now is the time to get it right.
From Etobicoke to Scarborough, unassuming parcels of land across the Greater Toronto Area are constantly being eyed up and targeted for housing development by the region's (and country's) array of industrious builders and developers. And, as the City sees a steady stream of building applications, STOREYS is right there waiting to sift through architectural plans and planning rationales for the best and biggest (and coolest!) coming up across the region.
Each month brings something different, from affordable housing to multi-tower luxury condos — but here are 11 stand-out submissions that were on our radar in the month of August.
Location: 2130 Lawrence Avenue East in Wexford/Maryvale
This three-building development would deliver towers with heights of 15, 36, and 40 storeys containing 1,303 condo units and 20,212 sq. ft of at-grade retail space. The project requires a Zoning Bylaw Amendment (ZBA) approval and would replace a low-rise medical building.
This proposal calls for a 31-storey purpose-built rental building that would deliver 289 rental units within walking distance of Bloor-Yonge subway station on Line 1. The proposal seeks Official Plan Amendment (OPA) and ZBA approvals for the restoration and adaptive reuse of the site's existing heritage building — the first permanent headquarters of the Ontario Association of Architects.
Steps from Eglinton Station, this 49-storey, 552-unit condo tower would feature an eye-catching exterior design from Turner Fleischer Architects. OPA, ZBA, and Site Plan Approval (SPA) applications have been filed to transform the site, which is currently occupied by three single- and two semi-detached homes.
Location: 245 Eglinton Avenue East in Mount Pleasant East
With 60 and 65 storeys, this two-tower development would deliver 1,278 residential units of unconfirmed tenure within walking distance of Eglinton Station. Crestview has filed an OPA and ZBA application to intensify the site, which is currently home to a four-storey commercial and office building.
Location: 544-552 Eglinton Avenue East and 12-14 Bruce Park Avenue
Proposed for this site is a 25-storey mixed-use condo tower that would provide 256 units and 1,906 sq. ft of commercial space at grade. Plans require an OPA and ZBA application and the new tower would replace three low-rise commercial buildings and a two-storey residential building.
Bringing new height and colour to this Eglinton Avenue site is an affordable rental development from CreateTO — the City of Toronto's dedicated housing agency. The two buildings would reach 41 and six storeys and deliver 458 rental units, including around 140 affordable homes, and 4,279 sq. ft of commercial at-grade commercial space. The project requires a ZBA application and would replace a City-owned parking lot.
Location: 77 Davisville in South Eglinton-Davisville
A 37-storey infill development has been proposed next to existing 29-storey apartment building operated by Brookfield Properties that would deliver 400 new rental units within walking distance of Davisville Station. The plans support a ZBA application to intensify a vacant portion of the site.
Location: 500 Sheppard Avenue West in Bathurst Manor
This application marks the latest in a string of proposals for the site going back to the late 1990s. A new owner is now seeking to develop the land with a 35-storey condo tower that would provide 31 condo units next to the Earl Bales Park ravine. The project requires ZBA approval and would occupy currently vacant lands that back onto the ravine.
Location: 1910 Eglinton Avenue East in Wexford/Maryvale
This Golden Mile development site could soon be home to a 40-storey mixed use building that would include 387 rental units. The project was originally proposed as a 35-storey building in June 2020 and gained OPA approval in June 2022, but now a revised SPA application has been filed that ups the height by five storeys. The site is currently occupied by a Mitsubishi car dealership and related surface parking.
Location: 1 Front Street West in Yonge-Bay Corridor
Three years after plans to redevelop the historic Dominion Public Building with a 45- and 49-storey mixed-use addition were approved by the Ontario Land Tribunal, Larco Investments is now filing revised plans that would see a reduction in the non-residential gross floor area (GFA) and the elimination of the formerly proposed hotel space. If approved, the heritage redevelopment would now deliver 592 rental units, 360,268 sq. ft of office space, 137,778 sq. ft of retail space, and 5383 sq. ft of community space. The proposal requires a new OPA and ZBA application, alongside a review by the Toronto Preservation Board, to redevelop the 1935 office building.
Location: 635 Sheppard Avenue East and 1 Greenbriar Road in Bayview Village
Plans once approved as a 12-storey mixed-use condo building in October 2023 are now being revised to deliver a 30-storey building with 351 residential units, 241,291 sq. ft of total GFA, and 3,283 sq. ft of non-residential GFA. The proposal requires an OPA and ZBA application to transform the site, which is currently occupied by low-rise single-detached houses.
Rendering of 39 Newcastle Street/TACT Architecture
One of a series of Greater Toronto Area addresses that were placed under receivership in late-2023 and early-2024 has cropped up on the City of Toronto’s development application portal, with Osmington Gerofsky Development Corp filing plans in mid-August for the site at 39 Newcastle Street. The site, which neighbours the Mimico GO station, at the southeast corner of Newcastle Street and Windsor Street, was set to be developed by the Vandyk Properties before the company fell into severe financial distress.
According to a planning report that went to the City in mid-August, Osmington’s application is on behalf of 2495065 Ontario Inc. — the single-purpose real estate entity formed by Vandyk to redevelop the site. According to a spokesperson with Osmington, the firm is only the applicant on the file and “have not taken any ownership interest.”
“The property is in the hands of the receiver. LaCaisse (formerly Otera) was the primary lender to Vandyk and thus is steering the current effort with our support as applicant,” they also said.
Meanwhile, the application is in favour of a 39-storey tower and two 42-storey towers, to be delivered over two phases. The report further specifies a total gross floor area (GFA) of around 1,139,198 sq. ft, to be divided into approximately 5,490 sq. ft of non-residential GFA (to be located at grade, at the corners of the proposed development along Windsor Street) and around 1,133,708 sq. ft of residential GFA.
Pending the City’s approval, the development is set to deliver a total of 1,578 residential units — all planned to be rental in tenure — including 79 studios, 1,033 one-bedrooms, 303 two-bedrooms, and 163 three-bedrooms, for almost a 30% share of larger family-sized units.
View at the corner of Newcastle and Windsor/TACT Architecture
The proposal calls for a total of 50,956 sq. ft amenity space “evenly split between indoor and outdoor areas.” The bulk is planned for the mezzanine level, and the rest will be provided on the ground and eighth floors. In addition, 425 vehicular parking spaces with 592 bicycle parking spaces are planned. Finally, the report explains that a new privately owned public space (POPS) is planned along Windsor Street, to be “framed by the proposed retail spaces, contributing to a vibrant, active streetscape.”
Renderings of the development prepared by TACT Architecture show the 42-storey ‘Tower A’ with a five- to seven-storey podium, the 39-storey ‘Tower B’ with a five- to seven-storey podium, and the 42-storey ‘Tower C’ with a five-storey podium. The towers encircle an internal courtyard, which are joined at the mezzanine level.
“The buildings are designed to provide appropriate transitions in height and scale to the surrounding context,” the planning report explains. “Building height is concentrated adjacent to the Mimico GO station, decreasing towards the established residential neighbourhood to the northwest. The 39-storey tower is located on the northwest of the site, with the two 42-storey buildings oriented adjacent to the Mimico GO station and rail corridor.”
View south from the POPS/
View across Windsor to the proposed POPS/TACT Architecture
“The towers have compact floor plates that are oriented to maximize sunlight into the proposed dwelling units and mitigate shadows on the surrounding area,” the report goes on to say. “To address rail safety matters, a crash wall is proposed along the south side of the building, with low-occupancy uses proposed within the rail safety buffer area, in accordance with Metrolinx’s requirements.”
As mentioned, 39 Newcastle Street was roped into receivership proceedings over several properties owned by Vandyk. The order was granted by the Ontario courts on December 12, 2023, amid allegations that LaCaisse (formerly Otera Capita) was owed around $72,945,845. The property was approved for sale in March 2024 alongside 10 other Vandyk-owned sites, with CBRE to handle the process.
Prior to the insolvency proceedings, Vandyk was seeking approvals for 22, 30, and 36 storeys with 833 residential units, according to an application filed with the City in July 2017. Although the plans were refused by city staff later that year (in October), Metrolinx announced a partnership with Vandyk in October 2018 to fund the construction costs of a revamped Mimico GO station as part of the Mimico GO Transit Oriented Community (TOC) known as Grand Central Mimico.
Grand Central Mimico extended to include 23 Buckingham Street and 315-327 Royal York Road, and 39 Newcastle Street was identified as “a future phase” of the larger project in May 2023. That all said, the receivership proceedings surrounding Vandyk led to Metrolinx terminating its TOC agreement with the embattled company in February 2024.
Clockwise from top centre: Donny van Dyk, OpenForm Properties, Laura Ferguson, Michael Brimer, Paris Lavan, Beedie
Despite troubled times in the market, the real estate industry and adjacent sectors continued to tough it out and many companies — big and small — continued to hire or promote from within.
The most notable of them all, perhaps, was the City of Vancouver hiring Donny van Dyk as its new City Manager, less than two weeks after parting ways with Paul Mochrie. (The short timeline is now under investigation.) Meanwhile, companies like Conwest Developments, Prologis, Townline, OpenForm Properties, and Beedie all filled some important leadership positions.
Here are all the people who changed jobs or received promotions last month.
Development and Construction:
Erin Elliott has joined Conwest Developments as Chief Financial Officer.
Matthew Brock has joined Prologis as VP, Investment Officer, Vancouver, after over eight years at Bosa Properties.
Michael Brimer has joined Townline as VP of Construction.
Ryan Williams has joined Anthem Properties as Director of Construction.
Asli Yilmaz Yetkin has been promoted to Director of Development at OpenForm Properties.
Paris Lavan has joined Beedie as Director of Leasing, after over 11 years at JLL.
Julien Kuehnhold has been promoted to Senior Development Manager at Anthem Properties.
Brendan Djambazov has been promoted to Manager of Acquisitions and Financial Analyst at OpenForm Properties.
Mitchell Walter has joined Chard as Senior Investment Analyst, Asset Management, after over a year at Wesgroup.
Sam Zheng has joined QuadReal as Analyst, Global Portfolio Management.
Jesse McCallum has been promoted to Property Manager at Morguard.
Tolga Tosun has joined Beedie as a Senior Property Accountant.
Dazle Gumaboa has joined Marcon as a Development Coordinator.
Kole Macmillan has joined WCPG Construction as Development Coordinator.
Dante Roman Caballero has been promoted to Construction Project Coordinator at Northland Properties.
Chelsea Nicholson has been promoted to Building Energy Manager at the BC Non-Profit Housing Association.
Saleh Lavaee has joined Creative Energy as Manager of Regulatory Affairs.
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