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James K.M. Cheng Architects Inc. has submitted a proposal to build 1,700 to 2,000 residential units at the existing Plaza of Nations site. The proposal will also include retail, office, hotel, restaurants, and cafes. Moreover, there will be a community centre, a daycare for 69 children, an ice rink, and sports science centre. The tallest building proposed is 30 storeys at a height of 87.5 metres.
The most daring feature of the proposal is the tall Skybridge building. This project will also require the removal of the vastly underused Plaza of Nations building, Edgewater Casino and the nearby two night clubs.
From City of Vancouver Proposal Page, the following major public benefits include, among others, the following:
Community Centre: the heart of the neighbourhood amenity facilities is the Community Centre which includes, among other things; day care centre for 69 children; community rooms; publically accessible ice hockey/skating rink that will be used by the community and as a training facility for the Canucks; and a sports science centre. In addition, all operating costs will be absorbed and indemnified by the applicant
False Creek Seaside Walkway and Bike Route: completion of the north side False Creek seaside walkway and bike route between Coopers Park Neigh- bourhood and the foot of the Georgia Street axis will be achieved. This adds 363m (1,190 ft) of finished seaside walkway and bike route to False Creek.
Civic Plaza: a major public outdoor event space is proposed on the water- front at the southerly apex of the site. This flexible space of approximately 4,500m (48,500 sf) will accommodate a wide range of audiences ranging from small gatherings up to 4,000 people. The event calendar will primarily be focused between spring and fall. It has the potential of accommodating a variety of neighbourly activities such as music, art shows, theatre presen- tations, and neighbourhood gatherings. The Civic Plaza replaces the original event space in the Plaza of Nations. This location gives uninterrupted south- erly views to the water and maximizes sun access.
Vancouver council open to increasing slots, table games at existing casinos
Vancouver city council voted this week to allow for applications to increase the number of slot machines and tables at the city’s two casinos, on the condition they be accompanied by an assessment of their social and economic impacts.
The request to amend the city’s 2011 gambling moratorium was made by the B.C. Lottery Corp., which told council the city’s population has increased 22 per cent in the past decade and that the amendment is a first step to allow BCLC to look at ways of expanding its two existing facilities — the Parq casino in Yaletown and Hastings Racecourse in East Vancouver — rather than building more casinos.
The city has contributed more than $172 million to non-market housing in the form of land
The City of Burnaby has a total of 1,040 non-market housing units, including rentals and co-ops, just built or in development on its land, according to a new city report, and there’s more on the way.
The city lands program for non-market housing, which was adopted in 2015, leases city-owned lands at a nominal rate to non-profit housing providers through a public request for proposals (RFP) process.
The city has contributed about $172.44 million as part of the program, including land, grants and on-and-off-site works, according to the report which accounts for 11 projects that recently completed or were in progress as of March 2024.
The assessed value of the land makes up more than $120 million of that $172-million total contribution for the 11 projects.
Household Financial Health and Housing Market Trends
According to the March 2024 Edge Report, current trends in debt service ratios and net worth may indicate areas of concern. The prevalence of static payment variable rate mortgages, household debt-to-GDP ratios, and Canada’s heavy reliance on real estate assets, may raise concerns about resilience.
In Q4 of 2023, debt servicing costs stayed stable, with the household debt service ratio holding steady at 15%. This ratio, which reflects the portion of disposable income allocated to debt repayment, remains significantly high, at levels not seen since 1990. A minor adjustment downwards from the previously reported peak of 15.2% in Q3 should be noted, however.
The federal government’s new Housing Plan, announced on April 12, 2024 and supported by Budget 2024, introduced a provision aimed at helping renters build credit by integrating rent payments into credit histories. It proposes amendments to the Mortgage Charter, encouraging collaboration among fintech companies, credit bureaus, and lenders to include rental payment data in credit scores.
The government calls on these agencies to create an ecosystem where renters can choose to include their rental payment history in their credit scores. It also expects lenders to prioritize comprehensive credit information, including rental payment history, in credit evaluations whenever feasible.
Federal Budget 2024: What are the proposed capital gains tax changes and how might they affect me?
The capital gains tax inclusion rate – today and tomorrow
Today, only 50% of the capital gain is taxable (this is known as the capital gains tax inclusion rate). This means that $50,000 of the $100,000 earned from the sale of the cottage in our example is added as income for that tax year.
Here’s an example:
Your regular income, earned from your full-time job, is $75,000
You make a $100,000 profit from the sale of your cottage (after you pay real estate fees, closing costs, etc.)
50% of the profit is taxable, which means you add $50,000 to your income during the tax year in which you realized this capital gain
$75,000 + $50,000 = a total income for that tax year of $125,000
The amount of tax you ultimately pay in that year will depend on your tax bracket and its marginal tax rate.
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