This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
It is no secret that real estate development is the single greatest catalyst for business growth, and a couple of Vancouver-area projects are taking it a step further by offering their locales novel services.
Vancouver’s Railtown district has not seen a new commercial building constructed in around 50 years, but Rendition Developments has entered the area with Bench, a 35,050 square foot, six-storey concrete building that will have a shuttle bus to Waterfront Station on the SkyTrain.
According to Brian Roche, Rendition’s president, the local neighbourhood is a mix of tech and gaming companies, architects, interior designers, furniture manufacturers, as well as a slew of other eccentrics and international companies. However, it has neither quick downtown access nor adequate parking.
“I think the shuttle service will be very popular,” said Roche. “The reason the shuttle was even contemplated is parking has always been a premium because most of the buildings are very old and sites have been very small, so they’re not conducive to underground parking.”
Railtown is an enclave of sorts just east of Gastown and close to the waterfront. Roche expects more development to continue building upon what Rendition started with Bench.
“We were the first ones in,” he said. “I bought the first land when the rezoning was talked about, and since we came in there have been half a dozen other developers who started coming in when they saw the potential in the area.”
In Port Moody, a Vancouver suburb of roughly 35,000, industry has been scarce. Most residents work in either Vancouver or Burnaby, but Panatch Group is trying to change that by working with the municipal government.
At 50 Electronic Avenue, a mixed-use development with two condo towers, the Port Moody Hub portion of the project will offer over 2,500 square feet of commercial space that the City of Port Moody will lease for 10 years—for nominal rent.
“We’re entering into an agreement with the city to give it to them for $1 a year for 10 years,” said Kush Panatch, founder and president of Panatch Group. “They will pay a little bit to help with the operating cost as any other tenant would in the building, but they’ll use it as a catalyst for one of two things: Pop-up art shops to provide local artists a platform to elevate the business side of their endeavour so that they get more exposure and sell their work, or to give them a shop or place for a limited period of time, like three or six months, and hopefully they carry on from there onto bigger and greater things.”
There will also be space allocated for what Panatch hopes are tech entrepreneurs who can use the Port Moody Hub as a springboard, but with the eventual intention of remaining in town and helping develop its economy.
“Hopefully they come in and use this space at little to no rent for six months to a year to build up their organization,” said Panatch, “and hopefully at the end of the transition they can move into another place in Port Moody and create more employment.”
The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.
Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.
This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
If you're looking to invest overseas, Turks and Caicos Islands boast some of the best financial and vacation-like benefits.
In a recent systems review from BoC, there is an increasing number of people at risk of financial vulnerability which could further affect the Canadian economy.
In the past, the ability to make good money in vacation investments was not always available to the average investor. Now, things are changing.
Canadian Real Estate Wealth and Neil Sharma sincerely apologize to Rompsen Investment Corporation and Rompsen Mortgage Limited Partnership.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”