The Vancouver Business Thread

[GenWhy?]

Governments are hillarious:

October 21 Public Hearing: "Modernizing Business Licence Land Uses and Policies – Amendments to the Zoning and Development By-law, Downtown Official Development Plan By-law and Licence By-law"

"Arcade was introduced as a conditional use in the Zoning and Development By-law in 1989. Arcades were associated with school absenteeism, youth loitering, and delinquency and regulations were introduced to address these issues. Arcade was added as a conditional use to select commercial zones; businesses with arcade machines were subject to Arcade Guidelines. Arcades are sometimes combined with other uses such as Neighbourhood Public House. In November 2023, the Arcade Guidelines were repealed as they were difficult to administer and enforce. However, following this, many of the initial 1989 Zoning and Development By-law restrictions on Arcade remained in place, including limits on where Arcades could be located and the number of machines a business could install. Businesses with 4 or more arcade machines are required to obtain a development permit for an Arcade. This may be in addition to other required approvals for uses such as Neighbourhood Public House or Retail Store, where arcade machines are co-located with these uses. "

https://council.vancouver.ca/20250916/documents/rr1.pdf

[jollyburger]

Cologix uses similar hub and spoke models in Montreal, where it has 12 data centres, and Vancouver, where it has five — with a sixth soon to be added.

“Vancouver has been one of the fastest-growing metros in Canada for us over the last few years and we're going to continue to strengthen and bolster our position there,” Maskell said.

Cologix has a full growth pipeline in Toronto, Vancouver and Montreal through both expansion and continued investment in existing facilities, according to Maskell.

https://renx.ca/cologix-develop-acquire-expand-canada-data-centres

British Columbia proposes new power rules for AI, data centres, prioritizes jobs
The changes tabled by Energy Minister Adrian Dix on Monday would also make the current ban on cryptocurrency connections permanent.

The competitive process for AI and data centres is expected to be launched in January with 300 megawatts of power for AI and 100 megawatts for data centres available every two years.

"The allocation framework allows for the paced growth of these sectors and avoids mistakes we've seen in other jurisdictions where growth has outpaced infrastructure, resulting in higher costs for everyday residential customers," Dix told reporters Monday.

"We won't make that mistake. We will prioritize the projects that provide the best, greatest benefit to British Columbians."

https://www.biv.com/news/british-columbi...i-data-centres-prioritizes-jobs-11371404

[jollyburger]

Hootsuite laying off hundreds of staff; 20% of workforce

"Today, we made the difficult decision to restructure our organization, reducing our global workforce by 20 per cent," Hootsuite said in its email Monday to BIV.

"Hootsuite wouldn’t be what it is today without the dedication of our people. Each person leaving the business has made a difference and we’re grateful for their impact. We’re committed to managing this transition with care, and are supporting departing and remaining employees through the process."

The company said that its success "depends on building an organization where decisions happen faster, ownership is clearer and teams are empowered to act with accountability."

With today's changes, it added, "we’re investing in our future: enabling better focus and execution to support our enterprise growth priorities and show up even stronger for our customers."

https://www.biv.com/news/technology/hootsuite-laying-off-hundreds-of-staff-20-of-workforce-11405954

[gaviscon]

Amazon is cutting 4% of its corporate workforce.
Wonder how much of this impacts the Vancouver office

https://www.cbc.ca/news/business/amazon-14000-corporate-layoffs-artificial-intelligence-9.6956357

[jollyburger]

B+H Architects looks like they are in CCAA proceedings as well

(a) BHA’s financial performance has suffered in recent years due to challenges in the
private real estate market in Canada, uncertainty in the United States market,
delayed collection of accounts receivable and pressures from tariffs and
increasing interest rates;
(b) BHA is the subject of an arbitral award (the “Arbitral Award”) in the amount of
approximately $25 million in favour of Al Sadiyaat Development & Investment
Sole Proprietorship Company LLC (“SDIC”), which BHA is unable to pay. SDIC
has advised of its intention to commence enforcement proceedings in Canada; and
(c) BHA previously received funding indirectly from its 49% shareholder, Surbana
Jurong Holding (Canada) Ltd. (“SJHC”) of the Surbana Jurong Group (“SJ”);

BHA is both cashflow insolvent and balance sheet insolvent.

https://www.ksvadvisory.com/experience/case/BHA

Not sure if they still have a Vancouver studio or not.

[Changing City]

Originally Posted by jollyburger

B+H Architects looks like they are in CCAA proceedings as well





https://www.ksvadvisory.com/experience/case/BHA

Not sure if they still have a Vancouver studio or not.

I think they're on W 1st. The Vancouver office designed 402 W Georgia (occupied by Amazon) and 601 W Hastings in recent years. The Vancouver office was initially called B+H Bunting Coady when they merged with that Vancouver company in 2010.

[officedweller]

Not sure where to put this:

Toronto developer offering Aeroplan points as a move-in incentive.

Canada’s largest purpose-built developer, Fitzrovia, recently partnered with Chexy, a Toronto-based fintech company, to provide that option to both current and prospective tenants at all of its buildings throughout the Greater Toronto Area.

Once a lease agreement is signed, tenants can receive between 5,000 to 50,000 Aeroplan points as a bonus. Then, with monthly rental payments, residents can earn up to two Aeroplan points for every dollar paid.
...

https://www.cp24.com/local/toronto/2025/...points-as-a-move-in-incentive-heres-why/

[whatnext]

Quelle surprise.

Vancouver real estate brokerage fined $149K for laundering, terrorism links
Amir Ali
Nov 21 2025, 11:37 am

A Vancouver real estate brokerage was hit with an administrative penalty of $149,886 for non-compliance relating to money laundering and terrorism.

According to a news release from FINTRAC, LeHomes Realty Premier was penalized for “non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.”

FINTRAC mentions six specific violations relating to the file, including “failure to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.”....

...“Real Estate is all about buying and selling property. Wrong! To LeHomes Realty Premier, real estate is about serving real people with real needs and providing real value,” the website’s About Us section states.

The About Us page for the Vancouver real estate brokerage features several grammatical and formatting issues.

“Real Estate with us means as a buyer or seller, you experience the excellence of my proven track record,” the website says....

https://dailyhive.com/vancouver/vancouver-real-estate-brokerage-fintrac

[jollyburger]

Vancouver’s condo market is all but dead, and developers of purpose-built rental apartments are concerned that the rental market could also slow to a crawl if demand drops off.

Several factors are at play, including a drop in immigration levels and job uncertainty. That, combined with the high cost of construction, means that many rental developers need government support to continue to build rental housing.

“For the last six months, eight out of every 10 calls that we’re getting from property owners are developers that are in trouble, that are pivoting,” said Mark Goodman, principal broker at Goodman Commercial and publisher of The Goodman Report. “We’re getting a lot of these calls where they’re underwater. And they’re not sure; maybe they’re going to pivot from condo to rental or from rental to condo. Or they’ll say, ‘We may consider renegotiating with the city for higher density; we’ll build some inclusionary housing,’ something along those lines.

“It’s very difficult to make a rental site pencil out.”

The developer entered into a deal this year to sell a nearly complete apartment building to BC Housing, for $50.6-million, contingent on the city giving BC Housing a grant of $1.4-million to cover fees that the developer had paid to the city. The 81-unit project, at 3077 Maddams St., off Knight Street on the city’s east side, was originally intended to be market-rate rental housing. Developers routinely pay development fees when the project is market rate, and they wouldn’t normally be refunded.

The need for the grant money to close the deal rankled ABC Vancouver Party councillors earlier this month at a council meeting. They questioned why the city should help finance a BC Housing deal when they weren’t privy to the deal or the terms.

In an e-mail, Mr. MacDonald said the project was always intended to be sold upon completion, as far back as 2019, when Fabric Living had first approached the city. He said he’s still in discussions with the city.

Asked whether he would make a profit from the sale to BC Housing, he responded: “If we can find a pathway for the grant to be funded, we would achieve an acceptable risk-adjusted return relative to the six years of investment.”

Although it appears as if a lot of rental housing is coming online in the next couple of years, he believes much of it will sit “on the sidelines” until the market improves and it makes financial sense for developers to move forward. He believes construction starts for new rental units will decline in the next 24 months and create a supply issue by 2028.

https://www.theglobeandmail.com/real-est...lders-slowing-demand-government-support/

[whatnext]

Sounds like the price of inputs need to drop. Land, material, labour and importantly development fees. Funny that Eby and the NDP didn’t legislate an end to the usurious municipal fees.

…Vancouver has the dubious distinction of having the country’s highest development charges for high-rise buildings, though the city disagrees.

That’s according to a Wednesday report from The Conference Board of Canada, which found that development charges potentially add $125,600 to an 800-square-foot condominium in Vancouver, or $157 per square foot.

Compare that to St. John’s in Newfoundland and Labrador, where development charges are $1,600 per high-rise unit, or $2 per square foot…

https://www.biv.com/news/real-estate/van...lopment-charges-says-think-tank-10364117

[Changing City]

Originally Posted by whatnext

Sounds like the price of inputs need to drop. Land, material, labour and importantly development fees. Funny that Eby and the NDP didn’t legislate an end to the usurious municipal fees.

…Vancouver has the dubious distinction of having the country’s highest development charges for high-rise buildings, though the city disagrees.

That’s according to a Wednesday report from The Conference Board of Canada, which found that development charges potentially add $125,600 to an 800-square-foot condominium in Vancouver, or $157 per square foot.

Compare that to St. John’s in Newfoundland and Labrador, where development charges are $1,600 per high-rise unit, or $2 per square foot…

https://www.biv.com/news/real-estate/van...lopment-charges-says-think-tank-10364117

But you express contempt for the high density luxury condo tower developments that pay the higher CAC development fees that the Conference Board identified, tolerate the market rental (that pay reduced CACs, although the Conference Board didn't seem to realize that) and favour social housing (that pay no CACs at all). So what's your problem? You want to pay higher property taxes to cover the entire cost of additional facilities that the new residents generate a need for?

[Migrant_Coconut]

Sorry, how many people live in St John's, again? ... And how many want to live there? ... Okay, and how many floors does their tallest building have?

(crickets)

Yup, that's what I thought.

[whatnext]

Originally Posted by Changing City

But you express contempt for the high density luxury condo tower developments that pay the higher CAC development fees that the Conference Board identified, tolerate the market rental (that pay reduced CACs, although the Conference Board didn't seem to realize that) and favour social housing (that pay no CACs at all). So what's your problem? You want to pay higher property taxes to cover the entire cost of additional facilities that the new residents generate a need for?

Or the cities could just reign in their spending. What’s your explanation for the huge explosion in municipal fees?

[Changing City]

Originally Posted by whatnext

Or the cities could just reign in their spending. What’s your explanation for the huge explosion in municipal fees?

Those numbers quoted are not fees. (Fees have gone up, but that's Council's attempt to keep property taxes lower.) They're 'development charges' which in Vancouver are a combination of Development Cost Levies (DCLs) and Community Amenity Contributions (CACs) which apply only to rezoning , and are often paid 'in kind' (providing social housing in the podium of a condo tower, for example). DCLs are adjusted based on inflation. CACs are based on a proportion of the additional value generated by the space added from a rezoning, over and above the base zoning.

You should know all this, the same system has been in place for many years. There is an annual report that explains the DCL rate setting, and the CACs generated in kind and in cash. There's a reason for Vancouver achieving higher value contributions than other jurisdictions, but it's not that Vancouver is greedier and is forcing condo prices higher. It's because developers up to now have been able to sell condos at high prices, so the land lift is greater than in most other places. The value of the social housing units will be higher too, so the CAC to develop them in projects like The Landmark will be recorded as a large sum of money. Without CACs developers would make greater profits - you would be very naive to think they would reduce the price they would try to achieve.

The falling condo prices in the recent past means the land lift from rezoned new projects less, so CACs will be smaller, and the City will have a smaller development contribution to provide facilities. The system isn't perfect, but it also isn't the main reason why development isn't going ahead at the moment. Duet, on Broadway, is nearly complete, and has still just been placed in receivership, and that development didn't pay any CAC as it was built to zoning.

[WarrenC12]

Originally Posted by whatnext

Or the cities could just reign in their spending. What’s your explanation for the huge explosion in municipal fees?

Ken Sim is that you?

[NewfBC]

Originally Posted by whatnext

Quelle surprise.

Vancouver real estate brokerage fined $149K for laundering, terrorism links
Amir Ali
Nov 21 2025, 11:37 am

A Vancouver real estate brokerage was hit with an administrative penalty of $149,886 for non-compliance relating to money laundering and terrorism.

According to a news release from FINTRAC, LeHomes Realty Premier was penalized for “non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.”

FINTRAC mentions six specific violations relating to the file, including “failure to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.”....

...“Real Estate is all about buying and selling property. Wrong! To LeHomes Realty Premier, real estate is about serving real people with real needs and providing real value,” the website’s About Us section states.

The About Us page for the Vancouver real estate brokerage features several grammatical and formatting issues.

“Real Estate with us means as a buyer or seller, you experience the excellence of my proven track record,” the website says....

https://dailyhive.com/vancouver/vancouver-real-estate-brokerage-fintrac

I wonder will they change their company name again.. like they did when something similar last happened?

Ron.

[SFUVancouver]

Originally Posted by NewfBC

I wonder will they change their company name again.. like they did when something similar last happened?

Ron.

What is New Coast called these days?

[NewfBC]

Originally Posted by SFUVancouver

What is New Coast called these days?

LeHomes!

Ron.

[CanSpice]

Originally Posted by NewfBC

LeHomes!

Ron.

Next up: LeNewCoast!

[jollyburger]

One growing office is in nearby Vancouver, across the Canadian border, where Microsoft’s workforce has more than doubled from its pre-pandemic level. Smith said increasing headcount there will become more attractive to Microsoft if the US government goes forward with plans to charge $100,000 for the H-1B visa applications often used to bring tech talent from abroad.

Decisions in Washington state could play a role as well: Vancouver would also be in line for more jobs if state tax policy were to “go off the rails,” Smith said.

“You don’t have to look far to find Vancouver,” he said.

https://www.bloomberg.com/news/articles/...b-loss-in-seattle-from-progressive-taxes