Explore what an official plan is in Canadian real estate, how it guides municipal growth, and why it’s essential for development and land use planning.
An official plan is a long-term policy document created by a municipality that outlines its vision for land use, growth, and development over a set planning horizon.
Why Official Plans Matter in Real Estate
In Canadian real estate, an official plan guides decisions about zoning, infrastructure, housing, transportation, environmental protection, and economic development. These plans are approved by municipal councils and reviewed by provincial authorities.
Key elements of an official plan may include:
Designated land uses (residential, commercial, industrial)
Areas for intensification or urban expansion
Policies on heritage conservation or environmental protection
Future road networks, transit corridors, and amenities
Developers and investors consult official plans to assess the long-term potential of a site. Landowners may apply to amend an official plan if they seek to change how their property is used. Public consultation is usually required for major updates.
Understanding a municipality’s official plan helps homeowners and stakeholders anticipate changes, navigate development approvals, and align projects with local planning objectives.
Example of an Official Plan
A developer proposes a mid-rise apartment project on land zoned for single-family homes. They must request an amendment to the city’s official plan to proceed.
Key Takeaways
Guides land use and development policy.
Adopted by municipalities and approved provincially.
Land assembly is the process of acquiring and consolidating multiple adjacent parcels of land under one ownership, typically for redevelopment or. more
A joint venture in real estate is a partnership between two or more parties to develop, own, or operate a property or project, sharing risks, costs,. more
Infill development is the process of building new housing, commercial buildings, or amenities on vacant or underutilized land within existing urban areas.. more
Inclusionary zoning is a municipal planning tool that requires or incentivizes developers to include a percentage of affordable housing units in new. more
Impact fees are charges levied by municipalities on new developments to offset the cost of additional public infrastructure and services required by. more
A rendering of the two towers proposed for 1045 Haro Street in Vancouver. / MCMP Architects, Chard Development
Vancouver-based Chard Development has submitted a rezoning application for a site they acquired last year under receivership, according to a rezoning application provided to STOREYS that has yet to be published by The City of Vancouver.
The subject site of the proposal is 1045 Haro Street in the West End of Vancouver, between Burrard Street and Thurlow Street, about one block away from Robson Square. The site is currently occupied by a seven-storey rental building with 160 units and a three-storey commercial building at 830-850 Thurlow Street. The two properties have been consolidated into a single legal parcel and BC Assessment values the property at $85,273,900 in an assessment dated back to July 1, 2024.
The property was previously owned by a group of partners under Haro-Thurlow Street Project Limited Partnership, who were planning a 55-storey tower and 15-storey tower with a total of 450 strata condominiums, 66 rental units, 42,000 sq. ft of retail space, a 49-space childcare facility, and a new public plaza.
As first reported by STOREYS, the project was placed under receivership on January 11, 2024. However, the proceedings moved very quickly and 1045 Haro Street was acquired by Chard Development in August 2024 for $85,000,000. Chard had made a previous offer to buy the property in 2023, prior to the receivership. The 2024 transaction was completed via a reverse vesting order (share sale), thus the property is still held under Harlow Holdings Ltd.
The 1045 Haro Street site in Vancouver. / MCMP Architects, Chard Development
Chard Development is now seeking to rezone the site from DD (Downtown District) to CD-1 (Comprehensive Development) and has proposed a 26-storey tower and a 25-storey tower inclusive of a shared eight-storey podium. The proposed project would reach a maximum height of 262 ft and has a total proposed density of 10.78 FSR.
The proposal would provide a total of 542 rental units, including 137 two-bedroom units and 53 three-bedroom units. (The number of studio units and one-bedroom units was not specified, but totals 352.) The proposal represents a net increase of 383 rental units and Chard says eligible tenants of the existing building will be offered the right of first refusal to re-establish their tenancy in the new building at 20% below the market rate. Current asking rents in the building are around $2,100 for a studio unit, $2,400 for a one-bedroom unit, and $3,100 for two-bedroom units, according to unit listings on the building website.
Of the 542 rental units, 22 will be provided as below-market rental units that would be operated by the Young Women's Christian Association (YWCA), which Chard has an extensive relationship with. According to their rezoning application, 1045 Haro Street would represent their fifth partnership with YWCA. The proposal for 1045 Haro Street also includes a 37-space childcare facility that will also be operated by the YWCA.
A rendering of the two towers proposed for 1045 Haro Street in Vancouver. / MCMP Architects, Chard Development
A rendering of the two towers proposed for 1045 Haro Street in Vancouver. / MCMP Architects, Chard Development
Residential amenities are expected to include a coffee shop integrated with the lobby, meeting rooms, co-working stations, a bike maintenance station, dog grooming station, spa suite with sauna, lounges, a fitness centre, half of a regulation-size basketball court, communal dining space, and rooftop patios.
Beyond the residential component is the inclusion of 24,292 sq. ft of retail space that will be home to a grocery store, as well as 1,925 sq. ft of additional retail space. A public plaza is also planned along Haro Street, where the street curves and transitions to Smithe Street.
The amount of parking that would be provided is unclear, but the application notes that the number has been "intentionally reduced to promote alternative modes of transportation and minimize car usage." In exchange, 14 on-site car share vehicles with dedicated parking spaces will be provided, along with a three-year membership for Mobi — the bike sharing service — and a one-year public transportation pass for all residents and retail staff.
A rendering of the podium of the building proposed for 1045 Haro Street in Vancouver. / MCMP Architects, Chard Development
A rendering of the podium of the building proposed for 1045 Haro Street in Vancouver. / MCMP Architects, Chard Development
"Architecturally, the project respects the existing urban fabric while introducing modern elements," said Musson Cattell Mackey Partnership Architects in the rezoning application. "The six-storey brick-clad podium harmonizes with neighbouring structures, such as the Le Guernesey apartments, maintaining a consistent street-level aesthetic. The two residential towers, characterized by alternating white metal panels and dark window mullions, incorporate setbacks on the upper floors to reduce visual mass and preserve sightlines, adhering to the city's View Protection Guidelines. The integration of a glass-enclosed, timber-structured basketball court between the towers not only provides recreational opportunities but also serves as a distinctive architectural feature visible from key vantage points, reinforcing the development’s role as a community landmark."
The new proposal by Chard is significantly smaller in height from the original proposal for a 55-storey storey tower, but the City of Vancouver had previously described that proposal as having "significant non-compliance." Accounting for this, when the property was made available via court-ordered sale, CBRE marketed the property as having the potential for two towers around 21 storeys.
"This rezoning application represents a commitment to fostering a vibrant, inclusive, and sustainable community in Vancouver’s West End," said Chard Development President & CEO Byron Chard in a statement provided to STOREYS. "By prioritizing diverse housing options, enhancing public amenities, and thoughtful urban design, the project aims to contribute meaningfully to the city’s growth and livability while addressing the evolving needs of residents."
The City of Vancouver has yet to publish the rezoning application, thus the Q&A period for the project is currently unknown.
Starting on Thursday, July 31, 2025, Toronto landlords will be required to obtain a Rental Renovation Licence from the City in order to evict tenants to do renovations. The move follows similar bylaws passed in Hamilton and London and is meant to protect tenants from bad faith evictions, or so-called 'renovictions.'
There's data to suggest renovictions — where tenants are evicted under the guise of renovations, allowing landlords to clear the unit and increase rents — have been on the rise across Ontario, and especially Toronto, for some time. According to research from ACORN, there was a 300% increase in the number of N13 notices (eviction notices for demolishing, renovating, or converting a rental unit) issued in the province between 2017 and 2022, and Toronto had the highest amount of all other municipalities. It’s unclear how many of those notices were issued nefariously, although the sharp increase coinciding with dramatic rises in rental rates and operating costs for housing providers in recent years suggests it’s a significant share.
Incentivizing evictions that are in bad faith comes down to a lack of vacancy control mandated at the provincial level, some argue. In Ontario, rental dwellings first occupied after November 2018 are not subject to rent control under vacancy control guidelines. Meanwhile, those occupied before November 2018, stop being subject to vacancy control guidelines after a sitting tenant turns over. This not only makes renovictions more appealing to bad-actor landlords, but also depletes affordable housing stock over time.
Manager of Policy at the Canadian Centre for Housing Rights (CCHR), Sara Beyer, says Toronto's new Rental Renovation Licence bylaw is a way to add a layer of tenant protection that's missing from the province's current system.
"The province is responsible for mediating the relationship between landlords and tenants through things like rent control and provisions for tenants when they are displaced," Beyer tells STOREYS. "But there are a lot of gaps in the provincial framework that the City has been trying to fill over time, and this new bylaw is an example of that."
Sara Beyer, Manager of Policy at the Canadian Centre for Housing Rights (CCHR)
In order to obtain a licence, Toronto landlords are now required to submit building permits and approvals, have a certified architect or engineer verify that an extensive renovation is required, provide temporary replacement housing or compensate with rent-gap payments should a tenant express the desire to return to the unit, or provide three-month's rent and a moving allowance should they not want to return. Landlords will also have to pay a $700 application fee and ensure they obtain an N13 from the Province prior to applying for the licence with the City. Once the City receives a complete licence application, the tenant must then be notified of the landlord's intentions.
For tenants who have been served an N13, the City's website provides information on landlord responsibilities under the new bylaw, steps to take if you intend to return to the apartment, how to report a violation, and links to get legal help.
The bylaw is intended to weed out bad-faith evictions, but Tony Irwin, President & CEO of the Federation of Rental-housing Providers of Ontario (FRPO), argues that provincial rules already exist that look out for tenants, including having a notice period, compensation, and right to return to the renovated unit. "FRPO believes the province is the appropriate jurisdiction to consider any additional requirements," he tells STOREYS.
It should be noted, however that while evicted tenants have the right to compensation and to return to their unit and pay the same rent once renovations are done (also know as right of first refusal), landlords sometimes ignore these rights, leaving tenants to either take the issue up with the infamously backlogged Landlord Tenant Board (LTB) and begin apartment hunting for what will most likely be a less affordable unit.
This is because, for many tenants kicked out of affordable units, whether justifiably or unjustifiably, Toronto's lack of affordable housing options means there are few viable avenues for rehousing.
"In Ontario, for every new affordable unit that is built, we lose about 15 existing affordable units in the private sector, due to things like excessive rent increases, conversions, and demolitions of affordable housing," says Beyer. "[...] We have so few affordable options available, both in the private rental market, but also in the community housing sector. So when people lose their homes, there's really few options out there, and that's very connected to the increasing rates of homelessness that we're seeing across the city."
For Irwin's part, he feels the new bylaw misses the mark when it comes to preserving tenants' rights. "Toronto's new renovation bylaw does not add any significant new protections for residents but will discourage investment and could delay necessary renovations, especially when combined with uncertainty around the current economic climate."
Tony Irwin, President & CEO of the Federation of Rental-housing Providers of Ontario (FRPO)
Instead, he advocates for Toronto to focus on growing the rental supply, thereby increasing housing options for Torontonians and improving affordability. "We encourage the City of Toronto to prioritize policies that encourage investment in new and existing rental housing, such as streamlining approvals, supporting infill development, and reducing fees and taxes," says Irwin.
He shares that, while the FRPO encourages landlords to carry out renovations at turnover, the majority of Toronto's aging rental buildings are more than 40 years old. He says that complicating the renovation process could have far-reaching impacts.
"Sometimes vacant possession is necessary for critical repairs or upgrades, particularly in aging properties," says Irwin. "Adding more administrative layers and costs to this process risks making it harder to maintain or improve older buildings. The result may be that needed work is delayed or that units stay off the market longer, reducing available housing."
But the greater solution, says CCHR's Beyers, may lie in having a more effective process for addressing needed repairs and maintenance throughout a building's lifetime.
"When we don't have robust monitoring and enforcement in place to hold landlords accountable for keeping units in a state of good repair — which they are legally required to do — it also kind of helps to carve out the path [for landlords] to say, 'Oh, well, you know, these units are are in such a poor state of repair that we have to do these renovations.,'" says Beyers. "If rental units are kept in a state of good repair, tenants really shouldn't have to leave their their units altogether. [...] It's pretty rare that full vacancy would actually be required for renovations to take place."
The Hudson's Bay store at Fairview Park in Kitchener, Ontario. / Dana Kenedy, Shutterstock
The Hudson's Bay Company (HBC) and its senior lenders have officially filed a motion in Ontario Superior Court seeking court approval for its proposed lease transaction with Central Walk, the company chaired by BC-based, Chinese billionaire Ruby Liu.
After the Hudson's Bay Company filed for and was granted creditor protection under the Companies' Creditors Arrangement Act (CCAA) on March 7, all of the stores it was operating — under the Hudson's Bay, Saks Fifth Avenue, and Saks OFF 5th brands — were liquidated and eventually closed, while stakeholders began the process of seeking out bids for Hudson's Bay's leases.
The lease monetization process consisted of two phases. After the first phase, 18 parties submitted bids pertaining to 65 individual leases (with overlapping interest in certain locations). The bids were then whittled down to 12 parties for 39 individual leases. At the end of the process, Hudson's Bay and the court-appointed Monitor entered into an agreement with Central Walk for 28 of the leases.
These lease sales have been contingent on consent from the landlords and last month Ruby Liu was able to secure consent and court approval to acquire three of the 28 leases through Ruby Liu Commercial Investment Corp. for $2 million each with a grand total of $6 million. However, those three leases were for locations within the three malls — Tsawwassen Mills, Woodgrove Centre, and Mayfair Shopping Centre — in British Columbia that Central Walk owns, so landlord consent was a foregone conclusion.
Regarding the remaining 25 leases, Liu has had much more trouble securing consent, with many opposing the transaction. Most vocal of the landlords has been Cadillac Fairview (CF), the real estate subsidiary of the Ontario Teachers' Pension Plan and one of the largest owners and operators of large regional malls in Canada. In a court filing last week, CF said it was "resolutely opposed" to the transaction, calling Liu an "untested anchor tenant" with "a deeply flawed retail concept." Despite not receiving approval, Liu has been holding a series of hiring fairs for employees and vendors in Toronto, according to invitations sent to STOREYS.
Ruby Liu's Business Plan
Ruby Liu at a hiring fair in Toronto this month. / Linda Qin, LinkedIn
According to Cadillac Fairview, Ruby Liu had also initially failed to provide full details of Central Walk's business plan. However, according to court documents, the company has now done so.
"Central Walk has committed to making an initial equity investment of $375 million to fund the Business Plan and the operations of its stores," said Franco Perugini, SVP of Real Estate & Legal for Hudson's Bay in an affidavit. "Of this amount, approximately $120 million is dedicated to renovations that will revitalize and upgrade the existing premises, including with respect to physical upgrades, exterior renovations, lighting, signage, flooring, HVAC, washrooms, accessibility, and technology systems."
Perugini went on to say that both he and Lou Ampas, the Divisional Vice-President of Construction for Hudson's Bay, will be joining Central Walk's real estate team, subject to court approval of the transaction, adding that they together have over 50 years of relevant experience. Other Hudson's Bay employees that are expected to join Central Walk include Mithun Sinharoy as COO and Lei Wang as VP of Sourcing and Procurement.
"As part of a coordinated transition, Central Walk estimates that it will need to hire approximately 1,800 employees across the 25 re-launched department stores," Perugini added. "To date, over 1,100 resumes, including 700 from current and former employees of Hudson’s Bay, have been received. More than 300 first round interviews have been completed."
Regarding the overall vision, Perugini said that Central Walk "intends to operate its stores in a manner consistent with how Hudson’s Bay has historically operated its stores" and that their vision "is that its stores will be a lifestyle focused, integrated department store with a unique shopping experience."
"Central Walk is contemplating three categories of stores: (a) flagship; (b) platinum; and (c) standard," he said. "This strategy is intended to permit Central Walk to serve a wide range of demographics thereby mitigating potential weakness in any one category. The estimated renovation timeline for the Flagship stores is twelve months. The estimated renovation timeline for the Platinum stores and Standard stores is six months."
"Central Walk has and continues to leverage relationships with former suppliers of Hudson’s Bay and create new supplier partnerships to source quality product offerings," he said, speaking on the supply chain component of the business plan. "To date, Central Walk has received signed expressions of interest from over 60 suppliers. These suppliers include leading Canadian and global fashion, wellness, home, and lifestyle brands, demonstrating wide-ranging support from suppliers to supply the Central Walk department stores."
"Central Walk’s vision is that its stores will appeal to an audience across all ages and demographics, with a broad range of product categories, while ensuring all such products and store operations will comply with the applicable CW Lease requirements. Upon closing of the CW Transactions, Central Walk will proceed to begin issuing purchase orders for products. Suppliers have advised that the fulfillment timelines range from one to six months. Given the expedited timelines, priority will be placed on sourcing local products and suppliers with existing inventory on hand to ensure sufficient merchandise is available for store openings."
The Central Walk Bid
The Hudson's Bay store at the Hillcrest Mall in Richmond Hill, Ontario. / JHVE Photo, Shutterstock
To date, full details of the transaction have also not been revealed in court documents, but a list of the 25 leases and the prices were finally disclosed in court filings this week. The proposed transaction, which the business plan is contingent on, is set to be heard by the Ontario Superior Court on August 28 and 29.
Central Walk's bid, again made through Ruby Liu Commercial Investment Corp., is $69.1 million for the 25 leases. Although there are 25 leases, there are just nine landlords. The landlords, the total price allocated for their leases, and the amount of leases are as follows:
Cadillac Fairview / $23,300,000 / 7 leases
Primaris REIT / $8,299,999/ 5 leases
Morguard / $13,999,999 / 4 leases
Oxford Properties / $7,166,668 / 3 leases
Ivanhoe Cambridge / $6,000,000 / 2 leases
Triple Five / $3,833,334 / 1 lease
QuadReal Property Group / $2,833,333 / 1 lease
Cushman & Wakefield / $1,833,333 / 1 lease
Westcliff / $1,833,334 / 1 lease
The complete list of the 25 locations, the individual purchase prices, the sizes of the properties, the monthly rent, the lease expiry dates, and the landlords are as follows:
On Wednesday morning, the Bank of Canada (BoC) announced they are keeping the policy rate steady at 2.75% for their July decision. This follows two consecutive holds from the Bank in April and June. The BoC has delivered a total of 225 basis points (bps) worth of cuts since June 2024 — more than any other global central bank — including half-point cuts in both October and December of last year. But today's decision reflects ongoing caution amid persistent inflation, elevated uncertainty surrounding trade policy, and a still-cooling job market.
In a statement, BoC Governor Tiff Macklem cited the fact that the Consumer Price Index, at 1.9% at last count, is a tick lower than target, but that there continues to be evidence of underlying pressures. He also spoke trade disruptions, but credited the Canadian economy for "showing some resilience so far."
"At this rate decision, there was clear consensus to hold our policy rate unchanged. We also agreed that we need to proceed carefully, with particular attention to the risks and uncertainties facing the Canadian economy," Macklem said. "These include: the extent to which higher US tariffs reduce demand for Canadian exports; how much this spills over into business investment, employment and household spending; how much and how quickly cost increases from tariffs and trade disruptions are passed on to consumer prices; and how inflation expectations evolve."
Leading up to today’s announcement, economists with Canada’s ‘Big Five’ banks were by and large calling for a rate pause, pointing to "easing recession fears" based on recently released business and consumer surveys. "This week’s releases don’t shift the dial for the Bank with July’s rate decision now essentially locked in – the employment report sealed a hold," wrote TD Economist Maria Solovieva in a report from Friday. "The real question now is whether it stays on hold in September and beyond. For now, markets are only pricing in half a cut by year-end."
For their part, TD economists are now predicting a benchmark rate of 2.25% by the third quarter and through to at least the end of 2026. In TD's camp are economists with CIBC — calling for a rate of 2.50% in September and 2.25% by December — and BMO — calling for a rate of 2.25% by October and through to the end of 2025.
Meanwhile, updated forecasts from economists with Scotiabank and RBC indicate that the BoC won't be cutting again in its upcoming three meetings. Economists with Scotiabank have long called for a series of holds through 2025, which would keep the policy rate steady at 2.75% — where it’s been since March and the early days of trade war fears. Further easing won't come until 2026, according to Scotiabank, and then they are forecasting just a 25-basis point cut to 2.50% at some point in the year.
RBC’s forecast has the benchmark interest rate staying at 2.75% — potentially until the end of 2026. “The central bank was already approaching the end of its easing cycle. It opted to pause at the last two policy meetings after an earlier and more aggressive easing cycle over the past year,” said Economist Claire Fan in a June 12 report. “Near term growth has shown resilience and future inflation after the recent upside surprises is still uncertain. Fiscal support is stepping up, and better able to provide timely, targeted, and temporary support needed to address the immediate impact of tariffs.”
Wednesday's statement from Macklem additionally highlights the release of the Bank's July Monetary Policy Report (MPR), which does not present "a conventional forecast for growth and inflation" — as was the case in April — as tariffs continue to be too unpredictable.
"So, we present three scenarios. The first is what we’re calling our current tariff scenario — it presents a view of how growth and inflation would evolve if the trade arrangements currently in place or agreed were to remain. The other two scenarios examine how things could play out if tariffs escalate, or if they de-escalate from where they are now. These three scenarios are designed to capture the uncertainty about US trade policy," he said. "I want to underline that the lack of a conventional forecast does not impede our ability to take monetary policy decisions. But the unusual degree of uncertainty does mean we have to put more weight on the risks, look over a shorter horizon than usual, and be ready to respond to new information."
The next interest rate decision is scheduled for Wednesday, September 17. A full 2025 schedule can be found here.
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BREAKING: Bank Of Canada Holds Interest Rate Steady For Third Time
The percentage of Greater Toronto Hamilton Area (GTHA) landlords offering incentives continued to tick up in the second quarter, nearly doubling the amount offering incentives a year ago. From free months of rent to straight cash, Urbanation's Q2-2025 rental market report finds more and more landlords are getting creative about filling units.
65% of GTHA landlords were offering incentives last quarter, up from 36% in Q2-2024. This follows similar findings from Q1 where the percentage of buildings offering incentives had more than doubled, from 31% in Q1-2024 to 63%.
Across the GTHA, 39% of buildings were offering up to 1.5 months of free rent in Q2 and 24% were offering two months, up from 25% and 4% of buildings a year ago, respectively. On top of that, STOREYS has spoken to landlords and industry experts who say things like furniture store gift cards, complimentary wifi, free car washes, discounted moving services, and free virtual healthcare are all up for offer.
What Rental Incentive Would You Most Like To Receive?
But, not surprisingly, GTHA landlords aren't offering the signing perks out of the goodness of their hearts. In reality, the growing prevalence of incentives is the result of high vacancy rates stemming from lower immigration, a historic increase in rental and condo completions, and low turnover rates.
In the GTHA, vacancy rates jumped from 2.7% to 3.5% year over year in Q2, but the scope of the increase varied depending on region. In Toronto, the vacancy rate increased from 2.7% to 3.2% last quarter, while the 905 Region saw a jump from 2.8% to 4%.
At the same time, more product continues to come online, with Q2 seeing a 77% annual increase in purpose-built rentals reaching occupancy, at 3,156 new units, and the number of condo rentals listed for rent reaching 24,918 units — a 13% year-over-year increase and a new all-time high, topping numbers seen during the "COVID-induced turnover" in 2020, according to Urbanation.
In fact, Q2 saw a record high of 18,119 leases signed, but this still wasn't enough to keep up with supply. As a result, the ratio of leases-to-listings fell to a five-year low of 73% and rents have been on the decline. Last quarter, condo rents fell 4.5% year over year to $3.79 per sq. ft ($2,589 for 683 sq. ft) and, when adjusted for incentives, purpose-built rental rents declined 6.4% from incentive-adjusted Q2-2024 rates to $3.56 per sq. ft ($2,431 for 683 sq. ft).
In terms of unit types, rents for condo studio fell the farthest last quarter, dropping 6.0% annually to $4.87 per sq. ft ($1,920 for 395 sq. ft), followed by one-bedrooms, which fell 4.9% to $3.93 per sq. ft ($2,333 for 594 sq. ft).
“The GTHA rental market continued to face supply challenges from record high condo completions and rising purpose-built rental deliveries. However, strong underlying demand helped to keep market conditions fairly balanced," says Shaun Hildebrand, President of Urbanation. "The decrease in rents over the past year reflect increased competitive pressures and population growth slowing from the 2022-2024 boom. While supply will remain high for the rest of the year, a drop in condo completions starting next year and a lack of growth in rental construction starts should soon lead to higher rents.”
Providing a glimpse into this future scenario are last quarter's construction start numbers. According to Urbanation, there has been little change in the number of starts since the high of 5,307 units in the first half of 2021. In comparison, the first half of 2025 saw 3,446 starts, proceeded by 3,625 in 2024 and 3,355 in 2023. This remains above the 10-year average of 2,819 units.
A rendering of Marine Gateway 2 near Marine Drive Station in Vancouver. / Perkins&Will, PCI Developments
A decade after they completed the Marine Gateway mixed-use hub, Vancouver-based PCI Developments is now ready to move forward with the sequel: Marine Gateway 2.
Located directly adjacent to, and integrated with, the Canada Line SkyTrain's Marine Drive Station, Marine Gateway is bounded by SW Marine Drive on the north, Yukon Street on the east, the Marine Drive Station bus loop on the south, and Cambie Street on the west. The mixed-use complex is home to a 36-storey residential tower, a 27-storey residential tower, and a 14-storey office tower all above 260,000 sq. ft of retail space and public space.
Marine Gateway is now home to a Cineplex, T&T Supermarket, Fitness World, Winners, WeWork, Shoppers Drug Mart, and many others. The project has won awards and is often considered one of the earliest examples of the transit-oriented mixed-use hubs that are now commonplace and the focus of PCI Developments, which is also currently developing mixed-use hubs around Great Northern Way-Emily Carr Station and VCC-Clark Station.
Marine Gateway 2 is set for 8530 Cambie Street, a similarly-sized 5-acre parcel located immediately to the south that's currently occupied by the Docksteader Subaru car dealership and a Volvo Sales & Service Centre. BC Assessment values the property at $68,442,000 in an assessment dated back to July 1, 2024, and the property is held under 8530 Cambie Holdings Corp. PCI Developments acquired the site in 2014 alongside Triovest.
The 8530 Cambie Street site in Vancouver, directly adjacent to Marine Drive Station. / Perkins&Will, PCI Developments
A sketch of Marine Gateway (left) and Marine Gateway 2 (right). / Perkins&Will, PCI Developments
For Marine Gateway 2, PCI Developments is seeking to rezone the site from I-2 (Industrial) to CD-1 (Comprehensive Development) and the proposed project would reach a maximum height of 451.8 ft and have a total floor area of 1,161,538 sq. ft, which translates to a density of 5.33 FSR, according to a copy of the rezoning application provided to STOREYS. PCI Developments submitted the application in late-June, but the application has yet to be published by the City of Vancouver.
The residential component will include twin 43-storey towers, a 10-storey mid-rise building, and a seven-storey mid-rise building. The two high-rise towers will be located on the western side of the site, along the SkyTrain guideway. The seven-storey mid-rise building will be located between the two high-rises, while the 10-storey mid-rise building will make up most of the eastern half of the site. All together, the residential component includes exactly 1,000 rental units, split between 800 market rental units and 200 below-market rental units that would be provided at rates 10% below CMHC's city-wide average rent.
Each of the two 43-storey towers would provide 380 units, while the 10-storey mid-rise building would house 204 units and the seven-storey mid-rise building would house 36 units. The overall suite mix for Marine Gateway 2 is 248 studio units, 395 one-bedroom units, 283 two-bedroom units, and 74 three-bedroom units. The average gross sizes of the units are 406 sq. ft for studio units, 535 sq. ft for one-bedroom units, 729 sq. ft for two-bedroom units, and 1,000 sq. ft for three-bedroom units.
A rendering of Marine Gateway 2 at 8530 Cambie Street from along Cambie Street. / Perkins&Will, PCI Developments
An aerial rendering of Marine Gateway (south) and Marine Gateway 2 (north). / Perkins&Will, PCI Developments
Similar to its predecessor, Marine Gateway 2 would also include a significant non-residential component. Of the 1,161,538 sq. ft of total proposed floor area, 125,841 sq. ft will be retail space and 256,407 sq. ft will be industrial space. The industrial space will include both large-bay units and small-bay units. Notably, some of the industrial space will technically be underground as a result of the topography of the site.
As PCI Developments President Tim Grant told STOREYS in a previous interview, Cambie Street is approximately one storey higher than Yukon Street. From Cambie Street, there will be one level of industrial space below ground and one level above ground. From Yukon Street, however, both levels are above ground. Retail uses are proposed above the industrial component. As a result of this, the entirety of Marine Gateway 2 will appear to be sitting atop a podium.
Additionally, Marine Gateway 2 will also include a large 1.44-acre elevated park. The park will be located atop the industrial space along Cambie Street. In their application, PCI Developments and Perkins&Will, the architect of this project and of many of PCI's other projects, said that the site is one of the last opportunities in the neighbourhood for a park and will also serve as "a buffer from the industrial workhorse at grade to the recreational and residential community above." This park will be open to the public.
A side view of Marine Gateway 2 and the layout and elevations of the industrial and retail space. / Perkins&Will, PCI Developments
A rendering of the elevated park at Marine Gateway 2. / Perkins&Will, PCI Developments
Furthermore, Marine Gateway 2 will include 7,650 sq. ft of childcare space (not including outdoor childcare space) and 2,000 sq. ft of space for a seniors' centre. In terms of parking, a total of 507 vehicle parking spaces and 1,912 bicycle parking stalls will be provided in a single-level underground parkade.
"Marine Gateway 2 proposes a new typology that successfully combines industrial, recreational, and residential uses in a unique and responsive way, creating a new urban model for the wider city," said the applicants in their rezoning application. "It is necessary for us as planners, city makers, and architects to think broader and determine how we can respond to the big issues of our time – the retention of true industrial space, the housing crisis, and environmental sustainability. Our design solution coalesces diverse uses to integrate industrial resiliency, enhance community with privately owned park space, provide livable rental homes, and leverage nearby rapid transit to support growth and foster community in this evolving neighbourhood."
"Building upon the success of Marine Gateway 1, its second phase will create a complete transit community, where people can live, work, and gather," they added. "The site is a gateway to Vancouver and when experienced from the Canada Line is an opportunity for an architectural expression welcoming visitors and citizens to the city and region. This multifaceted context needs to be carefully considered to provide essential industrial and flex commercial space, community recreation, and livable housing all essential for the city’s continued economic vitality."
The applicants note that the existing site and its use as a car dealership employs 55 people and that Marine Gateway 2 could accommodate over 1,500 jobs. The redevelopment would also not result in any renter displacement, as the site currently does not include any residential uses.
The City of Vancouver has yet to publish the rezoning application, but is expected to do so in the coming days.
Sitting pretty just two minutes from the mainland, 6 Taylor Island 26LM is about as close as it gets to having it all.
This island property off Gravenhurst’s shore delivers a curated blend of classic Muskoka charm and contemporary cottage luxury — all without sacrificing a single creature comfort. It’s a rare listing that manages to tick nearly every box: sweeping shoreline, sunset views, a fully renovated main cottage, and a boathouse that doesn’t just meet expectations, but clears them by a mile.
Let’s start at the water’s edge. With more than 300 feet of hard-packed sandy shoreline, the lot offers both shallow beach access and deep water off the dock — a mix that’s ideal for paddleboards, cannonballs, and simply dipping your feet in. A newly built 3-slip boathouse handles toys with ease, while its 1,050 sq. ft rooftop deck (more on this later) takes care of lounging, dining, and next-level dockside entertaining.
Set on over an acre of gently sloping land, the entire property has been extensively landscaped. Newly installed granite steps and pathways create a seamless flow from one outdoor zone to the next, including a volleyball/badminton court, a lakeside barrel sauna, and a fire pit lounge framed by lush perennials.
Everything’s been designed for durability and low-maintenance elegance — the kind of setup that invites long summer days without demanding a full-time caretaker.
Up at the main cottage, things get even better. The nearly 5,000 sq. ft abode has been meticulously renovated and reimagined with laid-back luxury in mind. A soaring great room sets the tone, with 15-foot vaulted pine ceilings and expansive windows that flood the space with natural light. A well-appointed kitchen — complete with built-in coffee and wine bar — makes hosting feel effortless, while the adjoining Muskoka room brings in the breeze with screened vinyl windows, perfect for evenings that stretch late into the season.
With five bedrooms and four bathrooms, the cottage was clearly designed to accommodate a crowd. The primary suite is a standout, offering floor-to-ceiling windows with elevated lake views, a walk-in closet, and a spa-style ensuite. Meanwhile, the walkout lower level adds extra breathing room, thanks to 10-foot ceilings and a separate family room that’s ideal for movie nights.
If that’s not enough space to stretch out, a brand-new two-storey accessory building steps in to fill the gap. Offering more than 1,000 additional square feet, it includes a 625 sq. ft studio that can function as a private gym, home office, guest suite, or creative retreat. Like the rest of the property, it’s ready to go from day one — no to-do list required.
The rooftop deck above the boathouse is hard to beat. At over 1,000 sq. ft, it’s more than just a place to dock and dry off — it’s a bona fide outdoor living room. With enough space for loungers, dining furniture, and sunset views for days, it’s the kind of feature that turns a great property into a Muskoka showstopper.
Whether you’re after quiet weekends or full-family gatherings, this island escape is built to deliver. It’s private, polished, and move-in ready — a rare turnkey package in one of Muskoka’s most desirable corners.
Big news broke this past weekend from First National Financial Corporation — the parent company of First National Financial LP, an originator, underwriter, and servicer of residential and commercial mortgages. Off the top: the firm has announced that they have “agreed to be acquired by Birch Hill Equity Partners and Brookfield, with existing shareholders Stephen Smith and Moray Tawse maintaining minority ownership.”
A press release from First National from Sunday further specifies that the arrangement is “definitive” and that the acquisition will be controlled by a new entity known as Regal Bidco Inc. It adds that Regal will “acquire all of the outstanding common shares of the Company, other than the Rollover Shares, for $48.00 per Share in cash.”
At present, Smith and Tawse hold approximately 37.4% and 34% of the shares of the company respectively, and will unload around two-thirds of those “for cash consideration.” As for the minority ownership piece, it appears that the remaining one-third of those shares will be retained as equity in the newly structured company
“As a result, on closing of the Transaction, Messrs. Smith and Tawse are each expected to maintain an indirect approximate 19% interest in First National, with Birch Hill and Brookfield holding the remaining approximate 62% interest,” the release says. “The Transaction is not subject to any financing condition and is expected to close in the fourth quarter of 2025, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.”
In addition, the release says, the purchase price “implies an aggregate total equity value of approximately $2.9 billion, inclusive of the Rollover Shares, and values the Company at a 16.5x price-to-earnings multiple based on the Company’s reported trailing twelve months net income attributable to common shareholders as of March 31, 2025.”
CEO of First National, Jason Ellis, states in the release that, “Birch Hill and Brookfield bring significant expertise in the Canadian financial services industry, and we are excited to partner with them to grow our platform, drive innovation, and deliver for our customers, employees and institutional partners."
Other details of the acquisition include that the Transaction has come as part of a “robust strategic review process led by the Company’s financial advisor, RBC Capital Markets, which included outreach to a broad pool of potential buyers and resulted in multiple acquisition proposals, of which the proposal submitted by the Purchaser offered the highest value to Shareholders.” It also says the all-cash price was around 15.2% and 22.8% to the 30 and 90-trading day volume weighted average trading price, respectively — as of this past July.