Today Vancouver's City Council rejected the staff report which proposed four sites in Downtown Vancouver be redeveloped into condo buildings over 40 storeys.
Instead they will allow two fifteen storey buildings in the Victory Square neighbourhood and some others in Chinatown South.
view my recent post on the topic
As our city grows the demand for accommodation Downtown will grow. City Council passed a moratorium on all but one third of the Downtown Peninsula (east to cambie street bridge) last year. The one third that will be permitted to have new condo projects must be mixed use. Long term effect on cost of Downtown condos? Prices will go up and housing will be less affordable. The new buildings would have obstructed the view corridors of surrounding buildings.
Did council make a right or wrong decision?
Currently on the table at City Hall are two staff reports pertaining to 1) the future of the city's 27 view corridors and whether they should be retained. The second pertains to the Historic Area Height Review (Gastown, Victory square, Chinatown and Main/Hastings).
Brent Toderian, Chief City Planner, reports that in recent years many buildings have been permitted to intrude into the view corridor space, breaking the promise of Eco-Density and allowing developers to have exceptions.
In a recent survey 53% of the public told the city they'd accept a higher building policy and City Staff has proposed 4 possible buildings for redevelopment -a 40 storey building on Burrard and Drake, a 70 storey building at the Bay parkade near Georgia, Seymour and Richards. A 50 storey building on Georgia and Cambie (the old bus depot site) and a 40 storey building at the end of Georgia in northeast False Creek. These buildings would have to "exhibit exceptional architectural excellence and superior environmental performance whilst still maintaining important views to the mountains".
From REBGV
After beginning the year at near record low sales levels, buyers' confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007. The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008."Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009," Scott Russell, REBGV president said. "Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009
Vancouver real estate analysis for False Creek North bucked the trend and saw listings up from 111 to 133, the first month in 2009 that listings increased. Sales down from 36 to 17. Days on the market down from 42 to 34. The average selling price and $psf were both due to more sales at the bottom end. The average supply of condos in this waterfront n'hood more than doubled to 7.8 months.
Listings - 133 four listed under $400,000 and 13 listings between $400,000 & $500,000. 24 listed between $500,000 and $700,000. 41 listed between $700,000 and $1 million. 36 listed between $1 & $2 million (up from 26 last month) and 15 listed over $2 million. 13 condos did not sell (up from 7 last month) and 6 were re-listed at the same or higher prices, indicating sellers are pushing the market prices.
Least expensive $320,00 for a small l bedroom. Most expensive The Penthouse at 1000 Beach avenue listed at $12,980,000
Currently on the table at City Hall are two staff reports pertaining to 1) the future of the city's 27 view corridors and whether they should be retained. The second pertains to the Historic Area Height Review (Gastown, Victory square, Chinatown and Main/Hastings).
Brent Toderian, Chief City Planner, reports that in recent years many buildings have been permitted to intrude into the view corridor space, breaking the promise of Eco-Density and allowing developers to have exceptions.
Vancouver condominium specialist. Waterfront neighbourhoods of Coal Harbour, Kitsilano, Downtown, False Creek North, Coopers Landing, West End & Olympic Village. Marketing Vancouver since 1981. A bou
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