Development Archives

Seriously! Not an April Fool’s joke
Coming soon: 11,784 new rental suites

Goodman Report
April 1, 2017

For the last 10 years, we at the Goodman Report have railed against the rental housing policies of Metro Vancouver – and in particular the City of Vancouver – relating to the glaringly insufficient new rental stock under construction. The track record of local politicians in creating an environment conducive to purpose-built rental construction had been dismal at best, a travesty at worst.

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The Rental Housing Crisis: So what else is new?

This article was written and published in the 2016 Year-End Goodman Report.

Have the proverbial lights finally flickered on at the corner of Vancouver’s West 12th Avenue and Cambie Street? And have our elected officials and their advisors (read: spin doctors) acknowledged at last that we are in the midst of a rental housing crisis?

Under unrelenting pressure from a vast body of our citizenry – including students, new families, seniors and employers – the news media, BC Housing, the Urban Development Institute, landowners and the odd, very irritating commercial realtor, Vancouver’s municipal leaders after years of ruling in a vacuum of denial have now changed their tune. Even Mayor Robertson, after eight years at the helm, has admitted as much. As quoted in an article in The Guardian by Ashifa Kassam, Robertson said he “wouldn’t have dreamed the [housing] crisis would get this intense” (November 21, 2016). The Mayor artfully deflected blame away from his office by claiming that the crisis was owing to the impact of global capital and the fact that the provincial and federal governments were not doing enough.

We disagree.

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New rentals are coming! New rentals are coming!

This article was written and published in the 2016 Year-End Goodman Report.

The shortfall in rentals hasn’t been merely a Vancouver problem. Municipal governments outside the city’s borders haven’t been coping well with their aging rental stock either. Though a bonanza for rental owners in terms of soaring valuations and sharply escalating rents, the dire shortage in the region has been disruptive, indeed disheartening, to segments of society needing affordability. These include students, young families and seniors, as well as employers looking to attract and retain talent. New supplies of market rentals would help ease these severe pressures.

And now?

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Train But No Gain? High-Density Transit-oriented Site Wasted

This article was written and published in the 2016 Year-End Goodman Report.

For the record, the Goodman Report is very supportive of responsible efforts by various levels of government to provide assisted or social housing for those in need. It’s clear to us, however, that the program put forward recently by the City of Vancouver for providing temporary modular housing is a reactive, poorly conceived solution to a deeply rooted problem.

Here’s what’s happening. To address the chronic non-market rental shortfall, Vancouver is currently installing on valuable City-owned land 40 temporary modular housing units of 250 SF each. While our politicians congratulate themselves on finding an approach to housing shortages and unaffordability, the manner in which they’re executing this program represents a misguided, wasteful use of high-density land and taxpayer money.

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UDI Breakfast Seminar: Realizing Rental in the Suburbs

Presentation by Cynthia Jagger, Goodman Report

What are the drivers and impediments for constructing purpose-built rental? What are the opportunities? How do we get there? Cynthia reviews the existing purpose-built investment market and its opportunities, rental rates, new policy areas and the process of “forward sales” using current case studies.

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UDI Pacific 2013 Annual Industry Forecast Luncheon

By Clark Wilson’s Commercial Real Estate Group, Clark Wilson LLP
Republished with permission from

At this year’s Annual Industry Forecast Luncheon of the Urban Development Institute – Pacific Region, 1100 guests heard moderator Diana McMeekin of Artemis Marketing coax a largely optimistic outlook from the panel of industry leaders, punctuated by some entertaining rants on world economic conditions, hysterical media and the prospect of political change.

Before moving onto more specific questions for individual panelists, the proceedings started with each being asked to answer the question “What’s in store in 2013?” for their respective areas:

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UDI Vancouver 2012 Annual Industry Forecast Luncheon

Sarah Jones, Shauna Towriss & Kyle Wilson, Clark Wilson LLP
Republished with permission from

January 2012

UDI kicked off its 40th year with yet another sold-out Annual Industry Forecast Luncheon. Don Forsgren, UDI President and President of Intracorp Projects Ltd., launched UDI’s “More Homes for More People” initiative, explaining that lack of “affordable” housing, particularly in the lower mainland, is damaging to individuals, families, and business.

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Unlocking Property Values

David & Mark Goodman

The question has come up from time to time from our readership as to how they can increase and/or unlock their property values. Many rental buildings are now between 40 and 60 years old and growing increasingly inefficient and costly to maintain. Often they are located in prime urban areas resulting in grossly underutilized land.  In these situations, the underlying properties may have greater value than present day value based on the Income Approach.  Value may be increased by improving density on the property. Many local municipalities, at times unbeknownst to owners, have implemented policies of densification in respect to multi-family housing. A timely review of your property may help to increase your ultimate asset value not currently reflected under the Income Approach.

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