STOREYS Year End Series: British Columbia

In 2023, the real estate world has seen both little change and lots of change.

On one hand, 2023 was a year when interest rates continued to increase, continued to dominate the conversion, and continued to dictate the market — for buyers, sellers, and developers, much like they did in 2022.

On the other, 2023 was also a year that saw all the new levels of government that entered office in late-2022 get to really dive into their work. On the provincial level, Minister of Housing Ravi Kahlon delivered a steady stream of actions and announcements throughout this year, showing that, if nothing else, our senior level of government is at least taking the housing crisis seriously. The same can be said for all the new municipal governments that were elected last fall and took real steps — whether you agree with them or not, and their effectiveness aside — towards doing what they were elected to do.

For builders, developments costs remain high, there remains uncertainty around numerous aspects of the industry, such as the office market, and many projects were forced to be put on pause, or worse. But success was nonetheless still available to be found, and some in real estate were able to find it.

With a new year comes a new beginning, and new hope, but before we get to 2024, it's only proper that we take a moment to reflect on the stories and people that made 2023 the year that it was.

STOREYS Year End Real Estate Series: British Columbia

Join us as we look look back at the most important issues, projects, newsmakers, and trends in our annual 'Year End' editorial series. This is the year that was in BC real estate.

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Many businesses and services will be closed on Thanksgiving Monday, while others will observe modified hours.

A recent report found that rates for development cost charges (DCCs) vary quite significantly from city to city.

The debts accrued during the planning approvals stage for a 10-storey mixed-use development set for Eglinton Avenue West.

With its cobblestone drive, pitched cedar roof, and brick chimneys, the home appears to be plucked from the pages of a fairy tale book.

Telus Garden sits at 510 W Georgia Street in Vancouver and was developed by Westbank and Telus, who then sold it to Greystone Managed Investments and Forgestone Capital.

​For more than two years, the GTA real estate market – from new builds to resale – has been on a downward trajectory. Has that finally changed?

The development is being proposed by Mission Group and is set for 1355 St. Paul Street, adjacent to the new UBCO Downtown tower currently under construction.

Toronto’s Western Beaches waterfront feels like afterthought, and a small shift in road placement and parking management could change that, writes architectural designer Brent Haynes.

Construction on the High Park site has not advanced since late 2023 when the trade contractors abandoned the project “due to liquidity challenges and other delays.”

The 1608-1616 W Georgia Street site in the West End of Vancouver was formerly home to a White Spot that was sold for $245 million in December 2017.

On Tuesday, the Government of Canada announced a new insured mortgage refinancing product that is causing some in the real estate industry to scratch their heads.

Somewhat jarringly, the product will allow eligible homeowners to access up to 90% of their property’s value, including the value added by the secondary suite, with a property value limit up to $2 million.

The updated plans from Hullmark would increase the original storey count from 15 to 18, while adding an additional 32 units, among other changes.

​Eliminating the stress test from renewals with a new lender not only makes things easier for borrowers, but facilitates more competition in the financial sector.

The proposed plans envision a soaring structure with student residences, residential units, and expanded institutional space.

​A revised rezoning application for Three Sixty was published on Friday and a housing agreement for The Reagan at Kora in Coquitlam is on tonight's council meeting agenda.

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For more than two years, the GTA real estate market – from new builds to resale – has been on a downward trajectory. Has that finally changed?

Eliminating the stress test from renewals with a new lender not only makes things easier for borrowers, but facilitates more competition in the financial sector.

A revised rezoning application for Three Sixty was published on Friday and a housing agreement for The Reagan at Kora in Coquitlam is on tonight's council meeting agenda.