Building to provide much-needed mid- and low-cost supply in the area
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A 21-storey residential tower is slated to arise at 1500 Robson Street in Vancouver’s West End, according to GWL Realty Advisors, which is developing the project.
The 128-unit purpose-built rental building will be erected in response to the area’s crippling housing shortage. One-third of the tower’s space will be allocated to two- and three-bedroom units for mid- and low-income families.
“We are proud to be increasing the supply and diversity of rental housing in the West End of Vancouver,” GWL Realty Advisors president Ralf Dost said. “This new development will provide the neighbourhood with desperately needed rental units – especially those suitable for families – in a professionally managed building with great amenities.”
“Developments like this one at 1500 Robson are adding much-needed supply to the downtown rental market,” Mayor Kennedy Stewart added during the project’s ground-breaking ceremony earlier this week.
The tower is the first development on the Robson corridor to be approved under the new West End Community Plan. Construction is scheduled for completion on early 2021.
Read more: Federal gov’t to boost investment on low-cost housing in Vancouver
A fresh analysis by real estate portal Point2 Homes found that two of the fastest-growing Canadian metropolitan markets (in terms of housing prices) are located in Greater Vancouver.
Over the past 5 years, 18 of the 83 large urban real estate markets in North America saw their home prices increase by 50% or more – and of the 18 hottest cities, 6 were found to be in Canada.
From December 2013 to 2018, Surrey, B.C. posted a massive 88% increase. This was followed by Vancouver at 68%, with its median residential purchase price of $1.032 million.
