Amid sustained demand, the accelerated pace of commercial development across Canada raises an important question: Are places dedicated for culture and the arts worth sacrificing for more industrial space in Canadian cities?
The phenomenon has become especially apparent in Vancouver. Strathcona Business Improvement Association executive director Theodora Lamb recently described the city’s situation as swiftly approaching “crisis levels.”
“Smaller tenants like artists and community services can no longer afford to keep their Strathcona roots, and the artist’s community is not immune to that,” Lamb explained, as quoted by the Vancouver Sun. “It’s losing what feeds the community, is what I would describe it as.”
Former senior planner for the City of Vancouver Michael Gordon agreed that the vigorous pace of industrial development has made space for independent artists rare.
“They really can’t afford to be in areas where condos are being sold,” Gordon said.
Over the past few years, Low Tide Properties has rapidly purchased assets in East Vancouver in pursuit of its goal to invest in “emerging neighbourhoods” and own $1.5 billion in the city’s real estate by 2026.
Among these acquisitions is an industrial space at 1305 Powell Street, which is being shared by two arts venues called Merge and Index.
The asset is now being “renovicted” by Low Tide, which bought the property in 2018.
“I think more than any space shutting down, this one is where the community is most affected by it,” according to Betty Mulat, co-founder of the Nuzi collective that focuses on the city’s black and queer communities.
“These real estate developers don’t understand the significance of these spaces,” Mulat added. “These spaces give people purpose. They give people meaning in their lives.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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