Market value is the estimated price a property would sell for on the open market, assuming both buyer and seller are knowledgeable, willing, and acting without pressure.
Why Market Value Matter in Real Estate
In Canadian real estate, market value serves as the benchmark for pricing, financing, taxation, and investment decisions. It reflects the true worth of a property based on factors such as:
Location and neighbourhood trends
Recent comparable sales (comps)
Property condition and features
Market supply and demand
Economic conditions and interest rates
Market value is determined through appraisals, Comparative Market Analyses (CMAs) by REALTORS®, or buyer/seller negotiation. It's distinct from assessed value (used for property tax) and listing price (seller's asking amount).
Understanding market value helps sellers set realistic prices, prevents buyers from overpaying, and enables lenders to ensure that a mortgage doesn’t exceed the property’s worth. Investors also rely on accurate market valuations to assess return potential and risk exposure.
In competitive markets, emotional bidding can inflate sale prices above market value, increasing risk for buyers if a lender’s appraisal doesn’t align. Buyers should always seek professional valuation guidance before making a final offer.
Example of Market Value
A home is listed at $850,000, but a local REALTOR®’s CMA shows its market value to be closer to $825,000 based on similar recent sales.
Key Takeaways
Reflects the price a property would fetch on the open market.
Based on local comps, condition, and economic trends.
Used by buyers, sellers, lenders, and appraisers.
May differ from assessed or listing price.
Vital for fair negotiation and financing decisions.
Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more
Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more
Renderings of 48 Isabella Street/KIRKOR Architects and Planners
Canadian property management and real estate development company Hollyburn Properties Limited is yet another developer to home in on Isabella Street in downtown Toronto. Hollyburn’s proposal, which went to the City of Toronto in late June, calls for the 10-storey rental apartment at 48 Isabella Street to be replaced by a 69-storey skyscraper that would up the site’s residential ante.
It’s worth noting that Land’s Edge Properties Ltd. is the owner of the site on the north side of Isabella Street mid-block between Yonge Street and Church Street, and has appointed Hollyburn 'title nominee,' according to the planning letter submitted to the City.
The planning report specifies that the proposed tower would rise around 740 feet, inclusive of the 20-foot mechanical penthouse, and include around 544,201 sq. ft of total gross floor area (GFA).
Proposed site plan for 48 Isabella Street/KIRKOR Architects and Planners
Of the total GFA, approximately 69,610 sq. ft is reserved for non-residential, while around 474,602 sq. ft is planned to be residential in use, accommodating a total of 814 units. Seeing as the existing building is rental in nature, 84 replacement rentals are proposed, including 27 studios, 48 one-bedroom, and nine two-bedrooms. The remainder of the 730 units are not specified to be condo or rental or tenure, but those break down into 506 one-bedrooms, 143 two-bedrooms, and 81 three-bedrooms.
In total, 21,915 sq. ft of amenity space is proposed — including 17,189 to be located indoors and 4,725 sq. ft to be outdoors. The indoor amenity is planned for levels 1 and 3, as well as in “two sets of interconnected three-storey ‘pods’ on the southeasterly portion of levels 11 to 13 and the southwesterly portion of levels 60 to 62,” according to the planning report. It further explains that one programming use of the “pods” may relate to urban agriculture. The outdoor amenity space is planned to be located on Level 3.
Street view elevation/KIRKOR Architects and Planners
In addition, 825 bicycle spaces — 733 to be long-term and 92 to be short-term — have been proposed, but no parking spaces.
Renderings prepared by KIRKOR Architects and Planners show a two-storey pedestrian-scale podium that would align with the height of the rooftop of 42 Isabella Street to the west, with a 67-storey point-tower sitting above. In the planning report, the tower element is described as “well articulated” with “architectural elements and cladding and fenestration patterns which will provide for visual interest and result in a high-quality architectural addition to the east downtown skyline.”
June brought not only this Isabella Street proposal, but another from Akelius Canada Inc., which calls for 69 storeys and 647 residential units at 81-83 Isabella Street. Notably, the development from Akelius promises a 50% share of larger family-sized units “to meet the range of market demands and household needs.”
The Vancouver Transit Centre at 9149 Hudson Street in Vancouver. / TransLink
Regional public transportation provider TransLink has made another significant real estate acquisition, STOREYS has learned, this time acquiring a large industrial property along the Fraser River in Vancouver.
The acquired property is a subdivided portion of 9150 Bentley Street. The entire property spans 769,139 sq. ft (17.66 acres), according to BC Assessment, and TransLink — operating as the South Coast British Columbia Transportation Authority — has acquired a 5.06-acre portion of it along the eastern edge.
The portion TransLink is acquiring is directly west of the Vancouver Transit Centre at 9149 Hudson Street. TransLink uses the site as an operations facility and bus depot.
According to commercial real estate brokerage Avison Young, TransLink acquired the 5.06-acre portion of 9150 Bentley Street in Q2 for $62,860,989 from Southgate Holdings Ltd. (BC Assessment values the full 17.66-acre 9150 Bentley Street parcel at $98,536,000).
The purchase price translates to approximately $12,423,120 per acre, which is significantly higher than the average for the region. According to a CBRE 2025 outlook, the average price for industrial land in Vancouver was $5 million per acre in 2024 and other industrial land transactions listed in Avison Young's report were all significantly below that.
Other Q2 2025 Notable Industrial Land Transactions
CP REIT BC Properties Limited acquired 10387 Nordel Court, 10399 Nordel Court, and 10221 Swenson Way in Delta (14.89 acres) from Lions Gate Industries Inc. for $39,000,000 ($2,619,208 per acre);
1204497 BC Ltd. acquired 19044 32nd Avenue in Surrey (4.49 acres) from Quarry Rock Developments — under foreclosure — for $19,220,115 ($4,280,649 per acre).
In a statement provided to STOREYS on July 8, TransLink spokesperson Dan Mountain confirmed the acquisition and also provided an image outlining the portion of 9150 Bentley Street that TransLink acquired.
"TransLink recently purchased land located at the Vancouver Transit Centre," said Mountain. "TransLink was previously leasing this land, which was used for Coast Mountain Bus Company operations and maintenance. It will continue to be used for these purposes."
The 5.06-acre of 9150 Bentley Street that TransLink recently acquired and the 17.31-acre Vancouver Transit Centre. / Courtesy of TransLink
Last year, TransLink also acquired two industrial properties in Surrey for $85.6 million, as previously reported by STOREYS. The two properties — both of which were occupied by industrial buildings — totalled to just under 10 acres, thus the price TransLink paid translated to around $8.56 million per acre.
A bit towards the east, TransLink also previously announced plans to build a new electric bus facility at 8902-9001 Heather Street and 502 W Kent Avenue S that will be known as the Marpole Transit Centre. Construction commenced in 2024 and the facility is expected to be completed by 2028, according to TransLink.
Metro Vancouver Industrial Market
At large, the industrial real estate market in Metro Vancouver remains relatively healthy, but cool, according to Avison Young.
"Vacancy rose for the 12th consecutive quarter in Q2 2025, climbing 20 basis points quarter-over-quarter to reach 4.0%," their report stated. "While the pace of increase has slowed in recent quarters, the current rate remains more than double the 1.9% reported in Q4 2023, and four times higher than the 1.0% recorded in Q2 2023. Although a 4% to 8% vacancy rate is typically considered indicative of a balanced market, current conditions have tilted in favour of tenants, with landlords facing strong competition and a relatively wider pool of available options."
On pricing, Avison Young notes that there is a growing gap between buyers and sellers that has slowed deal activity, with sellers still expecting prices closer to the highs of previous years and buyers unwilling to go that high.
"Since the 25% tariffs were introduced in March (later doubling to 50% for steel and aluminum in June), trade with the US has slowed, putting pressure on manufacturers and industrial users," added Avison Young. "These disruptions are already affecting export-driven industrial markets. Canada's unemployment rate rose to 6.4% in May 2025, up from 6.0% in February 2025, reflecting broader economic strain. For industrial real estate, this has led to more cautious occupier sentiment, particularly in manufacturing, logistics, and metals-related industries. Still, a recovery in both employment and tenant demand is expected as trade tensions ease."
Rendering of 3736-3750 Bathurst Street/WZMH Architects
The Ontario Superior Court of Justice has granted a receivership order over a series of development land parcels in North York, the likes of which were set to accommodate a 10-storey mid-rise and a 32-storey flatiron tower with a shared six- to eight-storey base.
The June 18 appointment order stems from an application made in April, which refers to around two dozen entities as the collective “lender,” and an indebtedness of around $28,450,456 as of March 31, 2025, “with interest, legal fees and disbursements continuing to accrue.”
According to the application, the debtor is Grmada Holdings Inc., an Ontario corporation with a registered head office in Richmond Hill whose sole officer and director is Roman Zhardanovsky. The properties that are subject to the receivership order include 3750 Bathurst Street, 3748 Bathurst Street, and 3742 Bathurst Street.
Grmada Holdings doesn’t appear to have a large development presence in the Greater Toronto Area, however, it is the firm behind a pair of 60-storey towers proposed in the City of Markham in late 2023. However, a report that went to city staff in early 2024 contested the development, and it was ultimately refused.
Site plan/WZMH Architects
Meanwhile, the 10- and 32-storey development slated for Bathurst Street, at the southwest corner of Bathurst Street and Wilson Avenue, was approved without amendments or debate by City Council at its February 2024 session.
The report that went to Toronto City Council in February 2024 notes that a mixed-use development consisting of an 11-storey mid-rise and 30-storey tower was proposed for the site in September 2024. The tower element was increased in height in response to community consultation, in which some of the participants expressed that additional floors would help to meet more housing need.
Timeline Snapshot
February 1, 2024 — Original loan maturity date
May 1, 2024 — Interest payment missed
July 25, 2024 — Demand letter issued
October 1, 2024 — Forbearance deadline
March 31, 2025 — Indebtedness calculated at ~$28.4M
June 8, 2025 — Fire incident reported
June 18, 2025 — Receivership granted by court
The most recent rendition of the plans call for building heights of around 112 and 330 feet and a total gross floor area (GFA) of around 404,077 sq. ft. Of the total GFA, around 9,181 sq. ft would be non-residential, and the remainder, at around 394,896 sq. ft, would be residential, with 479 condo units planned. The development would replace a former gas station, a former retail store, a coffee shop, and two single-detached houses.
Rendering of 3736-3750 Bathurst Street/WZMH Architects
Rendering of 3736-3750 Bathurst Street/WZMH Architects
By the time the redevelopment plans received City Council’s approval, Grmada had already made the arrangements for a loan, with a Commitments Letter dated July 10, 2023 cited in the application for receivership. The loan advanced was in the principal amount of $25,383,000. As security, the debtor put up the development property, personal property, and a general assignment of rents.
Although the loan matured on February 1, 2024, an amendment was made to the initial Commitments Letter extending the term to July 31, 2024. In the meantime, however, the debtor failed to pay interest due on May 1, 2024, putting it in automatic default. A demand letter was issued on July 25, 2024, and on September 1, 2024, the debtor agreed to forbear on receivership proceedings until October 1, 2024. To date, the debtor has failed to repay the loan or make further interest payments, according to the court filings.
In addition, according to an endorsement of Justice J. Dietrich from last month, an active fire was reported to the City of Toronto Fire Services on June 8, 2025, at which time Zhardanovsky was informed and was reportedly unwilling to deal with the matter.
TDB Restructuring Limited was appointed as receiver over the properties at 3750 Bathurst Street, 3748 Bathurst Street, and 3742 Bathurst Street shortly after that, on June 18, 2024. STOREYS reached out to Zhardanovsky for comment on the proceedings on Tuesday morning, but did not hear back by the time of publication.
In a real estate industry that’s notorious for being stuck in its ways, a new Toronto-based proptech company is serving up a fresh way to spark the agent-seller relationship — and ushering in just the right amount of innovation in the process.
Launched today (and already long buzzed about), Hyyve is a platform that invites homeowners to seek bids from real estate agents — whose IDs, regulatory compliance, and accreditations have been screened for legitimacy by Hyyve — to ultimately win the role of selling their home. With careful curation and vetting running behind the scenes, the platform provides choice, data, control, and intentionality from every angle.
It all starts with the listing; the piece of the home-selling puzzle that "drives everything," according to Hyyve Co-Founder and President Kirstin Thomas, who launched the company alongside Co-Founder and CEO Patrick Armstrong.
The seller's onboarding process is pretty straightforward. It involves crafting that to-be listing, including the property specs and selling points (think: a notable bedroom count or a recently replaced roof). From there, agents that have been (rigorously) vetted by Hyyve can bid on the right to represent the homeowner.
And here’s the kicker: sellers get to keep the winning bid — an upfront payment, no less, which Thomas points out can be used to offset the land transfer tax or insurance or legal fees, or even put towards a home improvement, like the design of a nursery.
“This process is akin to selecting three quotes from trades to carry out a home reno,” she says. “You make your selection based on who is best suited to complete the project — not solely on price or an agent referral someone used ages ago. Referred agents often don’t bring their A-game, since they treat it as found business. But when agents compete, as they do in Hyyve’s model, it drives stronger performance and better overall value for sellers."
Thomas adds that sellers can view information on agents’ accreditations, expertise, sales plan, and commission structure, all to ensure they’re making the most informed decision possible.
Patrick Armstrong, Co-Founder and CEO; Kirstin Thomas, Co-Founder and President, Hyyve
From the agent’s perspective, Hyyve offers a smarter alternative to traditional advertising — which often delivers cold, recycled leads with low ROI and poor conversion rates. Instead, Hyyve gives agents direct access to real, ready-to-list sellers. Agents only pay when they win the listing, ensuring 100% conversion on spend. There’s no cost to register or view opportunities, making it a performance-based model where agents invest in actual business — not empty impressions.
“Agents can play with their commissions, enter into a Buyers Representative Agreement as part of the bid, add in commissions on chattels, or the like,” Thomas explains. “Agents pay to advertise on park benches, and they pay with their time — by cold calling, for example. These methods do not convert the way actual listings do with Hyyve. Homeowners registered through Hyyve are motivated to sell their home, and the listing is a true business l that translates to a sale.”
And it’s not just sellers who are getting empowered by Hyyve’s model. The platform is also expanding to support residential buyers, adding a brand-new dimension to its offering.
Through a partnership with Frank Mortgage, buyers who get pre-qualified can post their ideal property criteria — whether they’re seeking a condo downtown or a detached home in the suburbs. From there, vetted agents bid for the opportunity to represent them, offering upfront cash or perks to win the business. The buyer selects the winning agent and signs a standardized Buyer Representation Agreement; the bid is then held in trust until either a purchase is made or the agreement expires.
This approach brings transparency, incentives, and agency to what’s traditionally been an opaque process. It not only empowers sellers through agent competition, but also benefits agents by connecting them with qualified buyers — where mortgage pre-approvals must align with the cost of the neighbourhoods they’re targeting. That means agents aren’t chasing cold leads, but engaging with serious, financially vetted clients.
Even more, agents who may not have capacity or coverage to support a buyer lead can use Hyyve’s referral network to connect that client with another agent — and lock in a formalized, trackable referral agreement up front. For agents, this means guaranteed referral income on buyers they otherwise may not have been able to support, with all closing details transparently managed through the platform and Hyyve’s legal partner, Ownright.
Thomas shares that they are currently seeing some 20 to 30 agent registrations per day (and counting), and that Hyyve has been “well received” by the Toronto market so far. This sentiment is echoed by Right at Home Realty Co-founder Howard Drukarsh, who joined Hyyve’s Advisory Board earlier this year.
Drukarsh sits on the board alongside other real estate leaders, including Christopher Alexander (Former President of RE/MAX Canada), Matthew Campoli (Agent at The Agency and host of Priced To Sell podcast), Daniel Foch (Chief Real Estate Officer at Valery.ca and co-host of The Canadian Real Estate Investor podcast), Brooke Hicks (Broker at Royal LePage and co-host of The Canadian Homefront podcast), Adam Price (Former Director of Realtor Technology at Peerage Realty Partners), Dorian Rodrigues (Partner at PSR Brokerage and Founder of The Rodrigues Group), and Peter Torkan (Founder of The Agency Toronto and star of Luxe Listings Toronto).
Howard Drukarsh, Co-Founder, Right at Home Realty
Drukarsh says the response to Hyyve within his (expansive) agent network has been “totally positive.” As for what speaks to him about the platform, and what prompted him to join the Advisory Board, he points to the way the platform puts control in the hands of the sellers — and opens up the network of agents available to them.
“Traditional listing presentations are in-person and limited to a few agents that the seller knows, or knows of, in their neighbourhood. Now, the choice is expanded,” Drukarsh explains. “And the business model — offering agents a way to secure the listing by paying the seller upfront for the right to market the property — assures the seller that the agent is committed to success.”
Meanwhile, he says, “agents get a source of serious sellers, which is the ultimate goal for an agent.”
Alexander, who joined the Board in March, shares he's encountered some scepticism to Hyyve in his network, something he chalks up to the premise being unfamiliar. He credits Hyyve for being the first seller-focused lead platform that “has some legs” in his 15 years in the industry.
“Some agents have expressed concern that it’s simply a commission-based ‘race to the bottom.’ Plainly put, it’s not,” says Alexander. “The platform gives agents a chance to demonstrate their value. It's been proven over and over again that sellers aren't just interested in the cheapest deal, they want to work with an agent that's credible, trustworthy, experienced, and can get the job done, and you don't accomplish that just by cutting your commission.”
Christopher Alexander, Former President, RE/MAX Canada and Active Consultant, RE/MAX Europe
One of the reasons Alexander's on board with Hyyve is because he sees it giving agents a more direct return on investment than traditional marketing avenues would. “With Hyyve, you can place a bid on a listing, and if you win the listing, that's a direct ROI. And if you don't win the listing, you get your money back,” he adds. “So I see that it has a potential to be a much more efficient form of advertising spent.”
As innovative as Hyyve might be, the platform is not meant to replace the traditional real estate model — in fact, Hyyve is hands-off once the agent-seller relationship has been established. The listing agreement is signed through the platform, and Hyyve steps back, holding any upfront funds in trust. This ensures all parties remain focused on selling the home. Hyyve is designed to enhance what has long been the status quo in real estate — where sellers typically rely on referrals, which aren’t always a recipe for success. By introducing transparency, competition, and accountability into the selection process, the platform elevates the traditional model without disrupting it.
“I think the average consumer who has bought and sold real estate doesn’t really understand how much work goes into getting a home sold in a slower, uncertain marketplace like we're in today,” says Alexander. “And when you have a platform that allows you to showcase all of what you do to get homes sold — like showcasing your average days on market if it’s better than the average, your average list-to-sale ratio if it's better than the average, your unique marketing plans that get homes sold faster than the average — it has the potential to be a much more efficient way to win business.”
It’s a better way to go about the first step ahead of the traditional home sales process, giving homeowners and homebuyers more control, and giving agents exposure to listings they may not have otherwise been privy to, says Thomas. “It makes for a more rewarding, informed, measured, and transparent experience.”
In a city known for its architectural ambition, few addresses exude the sense of poise found at 221 Forest Hill Road.
Tucked into one of Toronto’s most prestigious neighbourhoods, this custom-built estate is as much an ode to old-world craftsmanship as it is a contemporary showpiece. Conceived by a dream team of local luminaries — including JTF Homes, Lorne Rose Architecture, and interior designer Dvira Ovadia — the home is a study in elegance, symmetry, and thoughtful consideration.
From the curb, the property’s presence is immediately cinematic. Its stately limestone façade, symmetrical proportions, and gently arched windows recall the refined romance of the French countryside. Weathered-blue shutters lend a painterly touch, while a turreted corner and sweeping loggia gesture toward chateau-style grandeur.
The grounds, designed by Fitzgerald and Roderick, carry through the sense of cultivated grace, with manicured gardens, a lap pool, and a private sports court unfolding in serene sequence.
Inside, the residence is a masterclass in materiality and proportion. The main level opens with soaring ceilings and a spiral staircase that appears sculpted from air. Chevron-laid white oak floors and tailored wall treatments guide the eye from one room to the next, each moment anchored by hand-picked finishes and natural textures.
A formal dining room, scaled for 20 guests, flows effortlessly into a designer kitchen where hand-painted Portuguese tiles meet bespoke millwork by Emanuele Furniture Design. Just beyond, the family room invites unhurried living — with a hand-carved fireplace and French doors that dissolve the line between indoors and out.
The primary suite offers a moment of quiet majesty. Here, vaulted ceilings and arched accents set the tone for a space that feels both private and palatial. An intimate fireside lounge adds to the atmosphere, but the crown jewel is a two-storey dressing room, inspired by couture ateliers and connected by a spiral staircase beneath a glowing chandelier. The ensuite bath, finished in stone and sculptural fixtures by Shirley Wagner, completes the suite’s spa-like sensibility.
The two-storey dressing room is nothing short of theatrical. With its spiral staircase, chandelier, and boutique-like layout, it transforms a private routine into a daily ritual of luxury.
Downstairs, the home’s lower level takes leisure seriously: a rec room, games lounge, gym, sauna, and home theatre offer comfort and escape in equal measure.
Whether you’re hosting dignitaries or retreating in solitude, this Forest Hill address offers a bespoke backdrop — and a lifestyle — that’s as rare as it is refined.
A rendering of the Burnaby Lake Village master-planned community. / Hariri Pontarini Architects
The Burnaby Lake Village master-planned project has officially exited creditor protection, according to filings in the Supreme Court of British Columbia, resolving a conflict between the two local developers that partnered on the project.
Burnaby Lake Village is set for the 19-acre property at 6800 Lougheed Highway in Burnaby, directly adjacent to the Millennium Line SkyTrain's Sperling-Burnaby Lake Station, where Peterson and Create Properties were planning nearly 6,000 new homes across 14 mixed-use buildings between the heights of 12 and 25 storeys.
The partners — who owned the property through 1112849 BC Ltd. and Sperling Limited Partnership — had received final approval for their master plan rezoning application and Phase One of the project was advancing through the approval process by the time the project was placed under creditor protection on November 28, 2024.
The lender on the project was a syndicate comprised of RBC, TD Bank, BMO, and Scotiabank, who sought to place the project into creditor protection under the Companies' Creditors Arrangement Act (CCAA) after internal conflicts between the two developers resulted in Sperling Limited Partnership defaulting on their $210,000,000 loan agreement with the syndicate, as first reported by STOREYS on November 29. The amount owed as of November 21 was $207,601,972.89 plus interest.
In a press release at that time, Peterson said that it had the ability and intention to repay the debt owed to the RBC-led syndicate, but that Create Properties refused to provide consent for Sperling Limited Partnership to do so or to seek a loan extension. That appears to have been the final straw that forced the lenders to step in and take action.
After the partnership was formed in 2018, conflicts between the two partners began emerging around Fall 2023, including disagreements about how to move forward with the project and its budget. The partners eventually sought out mediation, then arbitration, the latter of which was stalled because the two sides could not agree on the terms of the arbitration process.
Timeline Snapshot
Nov 28, 2024 – Project placed under creditor protection
Feb 6, 2025 – Peterson completes buyout
June 23, 2025 – Peterson enters new credit agreement
July 3, 2025 – Project exits creditor protection
The partnership defaulted on their loan in September and Peterson subsequently called a meeting to approve a plan to issue additional units in the partnership, in order to raise capital. This led to more conflicts with Create Properties, who believed Peterson was trying to dilute Create's stake and push them out.
Both sides acknowledged that they would no longer be able to work together and that the partnership should be dissolved.
Shortly after the project was placed under creditor protection, the court-appointed Monitor began planning a formal sales process. Before the sales process was approved by the Supreme Court, however, Peterson and Create Properties reached an agreement that would see Peterson buy out Create's stake in the project.
According to court documents dated from before the buyout, Peterson's equity in the project amounted to $35,292,000, while Create Properties' equity amounted to $33,908,000, which translated to a 51% and 49% ownership split.
Court documents do not provide details about the buyout, except that the transaction was completed on February 6 and that Peterson now owns 100% of Sperling Limited Partnership. Reached for comment, both Peterson and Create Properties declined to share financial details about the buyout.
Since the buyout, Peterson has also secured refinancing. According to court documents, Peterson entered into a new credit agreement on June 23 with the existing lender syndicate for a new land loan facility with a two-year term in the amount of $207 million that will payout and replace the existing loan with the lenders. The new loan agreement also includes a $19 million pre-development loan facility and a $13 million letter of credit facility.
The Monitor notes that one of the conditions of the new loan agreement is the termination of the creditor protection proceedings, which was granted by the Supreme Court on July 3.
Create Properties
Although Peterson and Create Properties are now no longer partners, they remain neighbours, as Create Properties owns the 14-acre site next door at 7000 Lougheed Highway, after acquiring the site for $151 million in 2021. They have advanced their own master-planned project called Burnaby Lake Heights, which is set to include over 3,500 homes across 12 buildings.
A rendering of Create Properties' Burnaby Lake Heights (left) and the 6800 Lougheed Highway site now solely-owned by Peterson (right). / Create Properties
The Burnaby Lake Heights project has advanced about as far as the Burnaby Lake Village project has: the master plan rezoning application has been granted final approval from the City of Burnaby and Phase One is currently making its way through the approvals process.
Create Properties has launched a project website for the first building, Forest Walk One, but it's unclear when the project will proceed.
In April, Create Properties also received a notice from the landlord of their head office that they have defaulted on their lease agreement and failed to pay the sum of $25,782.40, according to an image of the notice that was shared with STOREYS. Create Properties' head office was located at 1580-505 Burrard Street in Vancouver and the landlord is Hudson Pacific Properties, who said in the notice that they were terminating the lease and asked Create Properties to vacate the premises and turn in their keys.
The company remains operational, but at least three staff members that held leadership positions have left the company this year.
A massive new master-planned community planned directly north of the Gardiner Expressway in Etobicoke aims to deliver 7,360 new housing units, alongside 64,501 sq. ft of commercial space, a 49,998-sq.-ft elementary school, and around 2.5 acres of public parkland.
An Official Plan Amendment application was filed by Fig Tree Construction Ltd. in late June seeking the height and density increases necessary to redevelop 1255 The Queensway in Etobicoke with the proposed master plan.
If constructed, the development would span more than 18 acres and comprise 15 towers with heights ranging from 12 to 65 storeys, dramatically transforming what is currently a low-rise commercial plaza containing three single-storey retail buildings, including the Kipling-Queensway Mall, and 542,985 sq. ft of surface-level parking. Divided into six development blocks and two park blocks, the ambitious project would occupy the southeast corner of The Queensway and Kipling Avenue.
Much of the surrounding area has historically been home to a mix of lower-rise industrial, commercial, and residential buildings, but in recent years the neighbourhood has welcomed newer mid- and high-rise residential and mixed-use buildings, as well as new parklands.
There are numerous high-rise development applications currently approved or under review in the surrounding area, the most substantial of which include a 50-storey mixed-use tower at 5359 Dundas Street West, a 49-storey mixed-use tower at 25 Mabelle Avenue, and an 18- to 46-storey master-planned community that would be located directly east of the proposed development at 1025 The Queensway.
These proposed developments, alongside the expansive Fig Tree Construction project, will be supported by a wealth of transit options, including existing TTC bus routes and both Kipling and Mimico GO stations, which are within a 10- and 15-minute bus ride from the site. In particular, 1255 The Queensway is located directly between the Kipling Avenue and Islington Avenue onramps to the Gardiner Expressway, providing motorists with easy access to Downtown Toronto and Highway 427 and beyond.
Proposed and approved developments in the surrounding area/StudioJCI
Finalized renderings have yet to be shared, but preliminary site design and 3D modelling from Toronto-based architecture firm Studio JCI help demonstrate how the proposed community at 1255 The Queensway could take shape.
The designs show the development would spread across six development blocks and contain two public parks, in addition to a number of new roadways. The blocks are generally laid out in a backwards C shape, with blocks C, A, and B flowing west to east along the north half of the site, Block D in the middle-east of the site, and blocks F and E located in the southeast corner. Directly to the west of Block D would be the smaller 10,910-sq.-ft Park B, while the larger 97,359-sq.-ft Park A would be located in the centre of the development.
As for the roads, the development would contain three new streets and one private road between blocks B and D. Street A would run north to south, connecting The Queensway to Caven Street after curving west, and Street C would jut south from Street A to provide access to blocks E and F. Street B would start at The Queensway and curve around Block A to connect with Street A.
As you move from the eastern edge of the site to Kipling Avenue, and from The Queensway in the north to the Gardiner Expressway, the building heights generally increase, with some of the tallest located directly on these major roadways. Block C, for example, fronts onto Kipling and would contain a 65- and 45-storey building with a five-storey podium, while blocks A and B front onto The Queensway and have significantly lower heights due to the lower-rise buildings located on the north side of the roadway.
Site layout/Studio JCI
Block A features a five-storey podium with a 12-storey element along The Queensway and 40- and 37-storey towers in the southern portion of the block. Similarly, Block B would have a 12-storey element in the north and 33- and 30-storey towers in the rear.
Moving to the eastern edge of the site, Block D would front onto the new Street A and private road and would contain the proposed elementary school with adjoining 26,199 sq. ft of outdoor space. This building would feature a two-story portion containing the nearly 50,000-sq.-ft school, a seven-storey podium, and 42- and 38-storey towers.
Finally, Block F would consist of a seven-storey podium with 42- and 48-storey towers fronting onto Street C, alongside Block E, which would contain three towers with heights of 55, 50, and 47 storeys atop a shared seven-storey podium with a one-storey element facing the Kipling Avenue onramp.
In terms of landscaping, planning materials envision nature-filled streetscapes and design elements, including tree-lined streets, public parks, hardscaped courtyards, planter boxes, and green roofs.
Looking ahead, the developer intends to move forward with a Zoning By-law Amendment and Site Plan Application, at which time more detailed architectural and landscape renderings would be be released. While it's still early in the application process, the plans thus far for 1255 The Queensway seem they would completely transform the site, intensifying development in an emerging growth area and supplementing the housing needs of an expanding city with over 7,000 new units.
Canadian rents continued to slide in June, with the most pronounced declines reported in BC and Alberta and in Canada's largest cities. Driving the decline is a combination of low immigration and over supply leading to higher vacancy rates and longer vacancy terms, under which landlords are beginning to cave.
“Rent decreases at the national level have been mild so far, with the biggest declines mainly seen in the largest and most expensive cities," said Shaun Hildebrand, President of Urbanation. "However, it appears that the softening in rents has begun to spread throughout most parts of the country.”
At the national level, rents fell 2.7% year over year to $2,125 in June, according to the latest rent report from Rentals.ca and Urbanation. June marked the ninth month in a row to see annual decline, and the report reveals that sliding rents were driven largely by secondary market units.
The secondary market (i.e., not purpose-built rental apartment buildings) saw condo apartment rents fall 4.9% and single-family home and townhome rents drop 6.6%, while the primary market (purpose-built rental apartment units) experienced a lesser dip of 1.1% on a year-over-year basis. Purpose-built rentals have also seen more marked growth over the past three years, with asking rents up 24.6%, compared to a 1.6% increase for condos and a 0.2% dip for homes and townhomes.
According to today's 2025 Mid-Year Rental Market Update from the Canada Mortgage and Housing Corporation (CMHC), both purpose-built rental and secondary market landlords are struggling to fill units, but the latter group is more likely to respond by lowering rents while the former is more inclined to use measures like incentives to fill units, hence the discrepancy in year-over-year rent declines between purpose-built and non-purpose-built rentals. At the same time, CMHC reports that some operators have said they may need to lower rents in the coming years as they continue to compete with a well-supplied secondary rental market.
For now, purpose-built rental completions remain well above 10-year historical averages in most markets, creating a build up in supply. And meanwhile, immigration continues to slow, further driving down rental rates as newcomers, especially temporary foreign workers and international students, typically rent upon arriving in Canada as opposed owning.
According to CMHC, regions most impacted by slowing immigration include Vancouver, Toronto, and Halifax, while international student caps are generally hitting marks in BC, Ontario, and Nova Scotia. In light of current realities, CMHC predicts vacancy rates will continue to climb over the course of 2025.
Coming back to the Rentals.ca and Urbanation data, BC and Alberta saw rents fall further than any other provinces last month, posting 3.1% year-over-year declines each, followed by Ontario at 2.3%. Meanwhile the Prairies were calling last month as rents in Saskatchewan jumped 4.2% year over year, making it the only province to see an annual increase.
On the municipal level, four out of Canada's six largest cities experienced yearly rent declines, with the exception of Edmonton and Ottawa, which both posted "modest increases" of 0.6% and 1%, respectively. Bringing up the rear, according to the report, were Calgary, Vancouver, Toronto, and Montreal at -7.9%, -7%, 4.7%, and 2.3%, respectively.
Across unit types, one- and two-bedrooms struggled the most in June, with both seeing rent drops of 3.5% year over year, while three-bedroom purpose-built apartments rose 4.4% year over year to an average of $2,755, which according to the rent report was the strongest performing segment last month.
Asking rent for shared accommodations continued to decline in June as well, with rents falling 5.1% annually to $939. In Ottawa, where there is a shift to more expensive co-living units, rents rose 12.8%, while Vancouver drove the overall decline with a 11.6% drop.