Former owner Bene Group had proposed a 472,000-square-foot, mixed-use development for the 6851-6871 Elmbridge property in Richmond, B.C.
A 3.4-acre redevelopment site across from the waterfront and Olympic speed skating oval in Richmond, B.C., has been sold to Landa Oval Holdings Ltd., by Bene Group.
The $60-million property is currently the site of the two-building commercial Keybridge Centre at 6851-6871 Elmbridge Way.
“It’s a premier waterfront location that still has a lot of infill development which is taking place there right now. It is rapidly transforming with the river district that is being developed by Aspac,” said Bal Atwal, principal with Avison Young in Vancouver which brokered the transaction.
“There has also been some infill development in and around that area with the likes of Onni, Intracorp, Cressy – major developers in Metro Vancouver.
“This is the next piece that will likely get developed in the coming years.”
Landa Group of companies is a Vancouver-based firm which has focused on multifamily development projects in Metro Vancouver.
It has developed eight projects and currently has several others in various stages of planning and development, including the world’s tallest Passive House structure 1400 Alberni and the luxury 1650 Alberni multiresidential tower.
Mixed-use development planned
Bene Development, which is based in Richmond, had negotiated with the city to rezone the property for 472,000 square feet of mixed-use density. The plan included three residential towers up to 16 storeys as well as a hotel, retail, commercial, parks and public space.
“They had gone through several revisions on their plan and had gotten quite far along with the city on their application, but it didn’t come with a development permit in hand,” Atwal told RENX in an interview.
“With the decision to sell the property, with the new group coming in, there are likely to be some revisions to put their own stamp on it.”
The site is within walking distance of a SkyTrain station and downtown Richmond. It’s about 15 minutes from Vancouver International Airport and 30 minutes from both downtown Vancouver and the U.S. border.
Among the other developments in the area is the River Green master-planned community, a multi-phase development by Aspac which could see up to 2,600 residential units constructed adjacent to the Richmond Oval.
Onni Group also recently developed Ora, a grocery-anchored mixed-use residential building with 323 condos.
Sale affected by Metro Vancouver slump
The 6851-6871 Elmbridge property went on the market early in 2019, but when the Metro Vancouver market suffered a decline in real estate values, the original asking price needed to be adjusted.
“Pricing expectations were significantly higher at the time,” Atwal explained. “As the market started to adjust downward over the last six to 12 months, the pricing expectations started to adjust downward as well until we got to a stabilized number that made sense to the buyer and seller.
“I would say the interest started to pick up significantly near the start of the third quarter of 2019. We started to get a lot more inquiries and then as pricing expectations started to came down, it was just a matter of time.
“Late last year, we were able to get the property under contract which led to closing early this year.”
Bene had bought the site in 2014 for a reported $31.3 million.
One-third of density for commercial
Atwal said he current zoning allows for one-third of the total density to be commercial uses.
“I think one of the unique aspects of this site is it’s a great location for potentially a hotel or strata office development and there is flexibility to do either/or,” he noted. “It will be interesting to find out what the buyer’s plans are, which route they decide to go.
“Personally, I think it would be a fantastic location for a hotel.”
A combination of government policy initiatives, a generally more cautious mood in the market and a pullback in international investment pulled down real estate values in Metro Vancouver last year.
However, Atwal said deals such as this one point to something of a recovery in 2020.
“It does show that the market has started to turn around. We’ve had a bit of a dry spell over the last six to 12 months . . . (but now) we are starting to see a bit more traction,” he observed, citing continued strong market fundamentals.
“There’s lots of groups out there that have projects coming to an end in terms of their development pipelines (and) those developers are looking for new projects to take on. The demand is still there for the end products.
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.
