Cadillac Fairview plans to develop a luxury hotel at the corner of Howe and West Georgia streets, where the Four Seasons Hotel formerly operated | Chung Chow
Hotel real estate investors are moving ahead with plans to buy and develop properties as they anticipate more people travelling for leisure and for business.
With severe cases of COVID-19 on the decline, governments are removing travel restrictions and helping the hospitality sector recover from its biggest business decline in decades, if not ever.
Cadillac Fairview Corp. Ltd. is one property owner eager to expand hotel operations.
It recently filed a development permit application with the City of Vancouver to build a luxury hotel at the corner of Howe and West Georgia streets, where the Four Seasons Hotel operated for more than 40 years until closing in early 2020.
Cadillac Fairview senior vice-president Tom Knoepfel told BIV that his company plans to own the hotel and contract a hotel brand to manage it.
The other empty marquee luxury hotel site in downtown Vancouver is at 1161 Georgia St. W., where the Trump International Hotel and Tower previously operated.
Owner Holborn Group’s CEO, Joo Kim Tiah, told BIV his company is not yet ready to provide information on that site’s future.
Toward the end of the pandemic, there was a surge in investor interest to buy hotels in B.C.
Colliers International data show 39 hotel real estate transactions valued at more than $1 million in 2021. That is the highest number of those deals in at least a decade.
Some owners wanted to exit the sector because it was in such a deep downturn, while other investors could see foresee a sector rebound, according to Russell Beaudry, senior director for hotels at Colliers International.
“In the year preceding the global pandemic, hotel owners had little reason to sell, since operating performance was so robust,” he told BIV.
Buyers for those hotels in 2021 spent about $453 million, which was the second-highest total in the past decade.
The only recent year investors spent more to buy hotels in B.C. was 2015, when buyers spent $759 million. That year was an anomaly because several large hotels – the Westin Bayshore, the Westin Grand and the Fairmont Hotel Vancouver – changed hands.
Beaudry expects heightened demand for hotel real estate to continue, and for developers to move ahead with building new supply.
Peterson Group and Coromandel Properties Ltd. announced March 8 that they spent an undisclosed amount to buy from Wall Financial Corp. a mixed-use project on three-quarters of an acre next to Oakridge Centre.
Peterson senior vice-president David Evans told BIV that the transaction value was less than $85 million, and that the hotel component of the project is about 40 per cent of the development, which also has a residential tower and retail space.
The site has been rezoned, but the new owners need to go through the development-permit process.
“We’re believers in the hospitality business,” Evans said.
Peterson is a part owner of the Shangri-La hotels in Vancouver and Toronto, the Fairmont Pacific Rim hotel in Vancouver, and the Carmana Plaza extended-stay hotel in Vancouver.
Another Peterson hotel project, at Metropolis at Metrotown, is in the early planning phases, Evans said.
“Peterson has a large real estate holding,” he said. “We have all different types of properties and hospitality is a core component.”
He said Peterson is “opportunistic” in its approach to acquiring real estate, and that adding more hotels to its portfolio is possible.
In addition to development companies working through the process to build new hotels, governments are buying hotels to convert into social housing, and investment companies are buying hotels to convert into condominium towers.
The B.C. government has bought hotels and converted them into social housing since at least the 1990s, but BC Housing was particularly active in 2021.
Its biggest deal was to spend $63.8 million for the Patricia Hotel at 403 Hastings St. E. and a nearby parking lot. Some other purchases included $4.9 million for a hotel at 956 Main St. and $6.8 million for one at 1012 Main St.
The Crown corporation also purchased the Vancouver Central Hostel at 1025 Granville St. and the Ramada Inn at 435 Pender St. W.
Developers have also been eyeing hotel sites for their redevelopment potential.
Capital (Canada) Trading Co. recently sold its iconic 1954-built City Centre Motor Hotel at 2111 Main St. to Nicola Wealth.
No one at Nicola Wealth was available to confirm plans for the site, but real estate watchers expect the company to redevelop the site with condominiums.
“They do have a development plan – that’s for sure,” Beaudry said. “It won’t be a hotel.”
Onni Group is another developer excited about the hospitality sector. It developed a 40-storey tower at 1335 Howe St. that boasts a 110-suite extended stay hotel known as Level Vancouver Downtown-Howe, which opened in February.
Onni has two other Level-branded hotels that have extended stay units: a 133-unit one at 1388 Richards St., and a 188-unit one at 1022 Seymour St.
Of those Seymour Street units, 20 are zoned to also allow nightly stays, and Onni is aiming to have the City of Vancouver rezone the entire property to allow single-night stays, according to Onni chief of staff Duncan Wlodarczak.
Onni also envisions building a new hotel next to the future Great Northern Way-Emily Carr station along the Broadway Subway, and Wlodarczak said his company is awaiting clarity from the city on guidelines for what exactly can be built on the site. •
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
