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 sale of 820 Church Street in being brokered by Colliers, and the property is currently zoned for 38 storeys, 118,920 sq. ft of gross floor area, and 172 units.

On May 1, development charges on Toronto condos will increase 20.7% from their current rates, meaning the average one-bedroom and bachelor unit will now cost $44,774 in development charges (up from $37,081).

And when it comes to real estate, Whistler is all about luxurious cabins, cozy cottages, and chalet homes — such as 8349 Needles Drive, which is currently on the market for $3,799,000.

For those seeking to call a (sprawling) piece of cottage country all their own, newly listed 1161 Stephen Road encapsulates the best of what the region has to offer.

Budget 2024 documents reveal that the $1.5B Canada Rental Protection Fund will be launching with just $5M in its first year.

An investigation has found that Hira Custom Homes had previously “attempted to sell homes that were already under an Agreement of Purchase and Sale, unjustifiably increased prices, did not comply with conditions on its licence, and provided false information to both purchasers and the HCRA.”

The HCRA has revealed that Christopher Lamb and his former company Novel Condominiums “have been found guilty of 26 charges of selling new homes illegally,” and as a result, have been hit with a $150,000 fine.

​The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

Contessa Developments’ plans to bring a 22-storey purpose-built rental building to the site have forcibly come to a stand-still after receivership proceedings were initiated last summer.

New home sales in March were down 16% from March 2023 and 66% below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

​The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

The forthcoming master-plan community will comprise of four towers, and will jointly bring 2,364 new residential units to the site on Eglinton Avenue.

To kick off 2024, the presale market in Metro Vancouver has been a bit better than perhaps some were expecting, but also not great. So, what's next?

Toronto City Council approved a series of “updates” to RentSafeTO last week, and among those were new parameters for city inspections, a more hands-on system for tenant complaints, and increased fees for non-compliance.

Along with Jack Poole, David Podmore founded Concert Properties in 1989, then known as VLC Properties.

​If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.

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The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.