Category Archives: Developments

Major Construction Projects Slated For Completion In 2016

Major Construction Projects Slated for Completion in 2016

In British Columbia, a major construction project is one that typically has over $15 million in capital costs, or $20 million in the Lower Mainland-Vancouver area. As it stands, the total value of all major capital projects proposed is $350.1 billion (June 2015). The projects currently under construction are valued at $72.3 billion, down from $81.7 billion reported in the first quarter of 2015.

While there are still a number of exciting new developments altering the architectural landscape in Vancouver in the coming years, buyers interested in new construction homes will have a wide array of options to choose from in 2016, as major projects throughout the province near completion. The data below summarizes the investment activity in BC for all major residential projects slated for completion this year with estimated capital costs in excess of $15 million. The residential dataset is obtained from The Province of British Columbia, and excludes projects below this threshold, therefore is not reflective of all investment spending.

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Major Construction Projects Slated For Completion In 2015

Major Construction Projects BC

In British Columbia, a major construction project is one that typically has over $15 million in capital costs, or $20 million in the Lower Mainland-Vancouver area. As it stands, the total value of all major capital projects, both proposed and underway, is $344 billion. The sharp increase of total inventory is mainly due to a number of LNG (Liquified Natural Gas) proposals. The projects currently under construction are valued at $83 billion, up from $63 billion in 2011, with the residential sector accounting for roughly $35 billion.

While there are still a number of exciting new developments set to alter the architectural landscape in Vancouver in the coming years, buyers interested in new construction homes will have a wide array of options to choose from in 2015, as major projects throughout the province near completion. The data below summarizes the investment activity in BC for all major residential projects slated for completion this year with estimated capital costs in excess of $15 million. The dataset excludes projects below this threshold, and therefore is not reflective of all investment spending.

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City of Vancouver Building Permit Values Soar to Highest Amount Since Pre-Recession Levels at $1.12 Billion

Vancouver-Building-Permits-Reach-Highest-Levels

“Low taxes, a highly-skilled work force, and reduced red tape at City Hall are helping us achieve the highest levels in building permit values since before the recession, including the construction of significant new rental housing,” – Mayor Robertson.

Vancouver is in the midst of a building boom. The City reports it is the 3rd year in a row that building permit values have exceeded a billion dollars in the first half of the year. The first half of 2014 recorded $1.12 billion in building permits, the highest amount since pre-recession levels. Here are the values of permits issued over the last 6 years:

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North Vancouver’s Harbourside Waterfront Development Given Greenlight by City Council

Harbourside Development Site, North Vancouver | Resider

The Harbourside Waterfront Development located in The City of North Vancouver, is the largest commercial/residential development proposal in recent years, and it has won approval from the City (5-2) to realize its vision. The site is currently a collection of lands already partially developed by Concert Properties, with zoning in place to allow for the final phase of adding commercial space. This will add roughly 300,000 square feet of commercial area along Harbourside Drive, providing an estimated 1,500 new jobs. The residential portion will house 800 strata and rental units. While Translink has no plans to run transit, a private shuttle linking the neighborhood with the Seabus terminal is in the works.

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