New Developments News

New Developments News

As of June 2024, the real estate market in Vancouver has seen a mix of development projects and economic factors influencing market conditions.Several key development projects are underway:

  1. Nicola Wealth is proposing twin rental towers on Main Street in Mount Pleasant, transforming the site previously occupied by the City Centre Motor Hotel.

  2. Westbank and Crombie REIT have increased the height, density, and unit count of their Broadway-Commercial Safeway project.

  3. Reliance Properties is proposing a 21-storey rental tower for a parking lot on W 10th Avenue, near the W Broadway and Granville Street intersection​ (STOREYS)​​ (rennie)​.

The market is facing challenges with some projects falling into financial difficulties:

  1. Align Properties' fourth project, consisting of two six-storey rental buildings on Baillie Street, has fallen into foreclosure.

  2. The Modus project by Centred Developments, which is 43% complete, is now under receivership due to cost overruns and insolvency​ (STOREYS)​.

On the economic side, buying activity remains subdued, with many anticipating interest rate cuts to stimulate the market. The latest data from Rennie Intelligence indicates a cautious outlook, with hopes that policy changes might soon positively impact the market​ (rennie)​.

Overall, while there are significant developments in the pipeline, economic challenges and financial issues with some projects are notable aspects of the current real estate landscape in Vancouver.


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