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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The updated plans include an additional 24 storeys and 527 rental apartments, all within walking distance of the Eglinton Subway and planned Eglinton Crosstown LRT stop.

The key policies introduced this year — ranging from new zoning laws to federal housing initiatives — show promise in addressing Toronto's housing crisis and improving its transit options.

​The Madeira Manor site at 4330 Maywood Street (6677 Silver Avenue) in Burnaby was acquired by Thind Properties from Kirpal Group.

The penthouse sits atop 21 Dallas Road, right next to Fisherman's Wharf in Victoria.

For the last interest rate announcement of 2024 — slated for Wednesday, December 11 — the question is (once again) not will the Bank of Canada lower the rate, but by how much.

If one home simply won't cut it, why not try four, spread across a 39-acre estate nestled along the edge of the Niagara Escarpment?

There’s a lot of pessimism surrounding housing in Canada, but Goldstein speaks on the topic with an undertone of hopefulness and positivity. “The fact that we are having these conversations, I think, is so exciting,” she says.

The mixed-use development would deliver 620 residential units within walking distance of the Main Street Subway Station and Danforth GO.

It's time to say "Hello" to Ally Ballam, Advisor, Engel & Völkers Vancouver, who focusses on Vancouver, North Vancouver, Tri-Cities, and the Fraser Valley.

At a Committee meeting on Thursday, councillors adopted a number of items that tackle the missing middle, optimizing building guidelines, and addressing office vs. housing needs throughout the City.

The Ottawa-based developer secured new financing to clear $6.5M in debt and climb out of receivership in mid-September, but was ultimately denied in late-November.

An ongoing dispute between Peterson Group and Create Properties resulted in the Burnaby Lake Village project being placed under creditor protection in November.

Pending potentially damaging evolutions in political leadership, global conflict, and trade agreements, Royal LePage is predicting a return to stability in Canada's housing market come 2025, with prices appreciating at a steady rate.

The 8-storey Strada at 555 College Street in Toronto was developed in 2021 by RioCan and Allied Properties REIT.

A 49-storey, 631-unit mixed-use development from Fitzrovia was recently proposed for St Clair Avenue and Avenue Road and it's chock-full of interesting features and amenities.

Brivia Group also recently cut the social housing units at CURV and received approval to continue presales into May 2025.

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The Madeira Manor site at 4330 Maywood Street (6677 Silver Avenue) in Burnaby was acquired by Thind Properties from Kirpal Group.