Building major housing projects in Canada is a deeply complex and often misunderstood process — one that requires more than just permits and plans. It’s about aligning the vision, values, and needs of developers, cities, and the communities they aim to serve. And at the centre of that delicate balance is Gary Pooni, President of Pooni Group, a renowned Urban Planning and Land Development consultancy based in Vancouver. With nearly 30 years of experience, Gary has played a critical role in shaping some of the most significant developments across Metro Vancouver, Vancouver Island, the Sea-to-Sky Corridor, Alberta, and Ontario.

In this episode, we sit down with Gary to uncover the nuanced and often unseen world of urban planning in Canada why it seemingly takes an inordinate amount of time to build anything. With over 800 projects successfully guided through all stages of the development process in more than 25 Canadian municipalities, the Pooni Group has become the gold standard in bridging the gap between municipal regulations and private development.

Gary shares how his team helps developers navigate the red tape of rezoning, permitting, and compliance — particularly in markets like Vancouver, where the approval process for major projects can take years and often results in a stifled housing supply and elevated prices.

We ask Gary to shed light on why this process takes so long, what the biggest systemic bottlenecks are, and what practical solutions might look like. From there, we zoom out to a national lens, exploring the broader challenges that slow the pace of housing construction across Canada — and what must change if we’re serious about addressing affordability and supply.

But this conversation goes far beyond bureaucracy. We explore the future of Canadian cities and what urbanization might look like by 2050. Gary shares his bold predictions about how technology — particularly AI and robotics — will shape the way we design and build communities. He also discusses how the post-pandemic landscape has fundamentally shifted the office and retail sectors, and how the concept of “experience” is becoming the cornerstone of these spaces.

We also dive into demographic shifts — with millennials and downsizing boomers now dictating what types of homes are being built, what features matter most, and how planners need to adapt their strategies to meet evolving lifestyles and expectations.

Finally, Gary introduces his brand-new development course — a must for anyone looking to understand the ins and outs of real estate development in Canada. Whether you're a new developer, a seasoned investor, or a curious policy enthusiast, this course promises to deliver practical knowledge from one of the most experienced professionals in the field.

This episode is a masterclass in how real estate development really works in Canada — from behind-the-scenes negotiations to the visionary thinking needed to build the cities of tomorrow. Don’t miss it.

Join The Course Here:
https://laidleracademy.com/pooni-new-era-course

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Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

In this week we cover some of the most consequential turning points in Canada’s housing narrative to date including the breakdown of the Federal Conservative and Liberal housing plans. New home construction is collapsing at a national level—plummeting in cities like Vancouver by as much as 36% year-over-year—just as Canadians are being asked to decide who should lead the country through the next era of growth, or decline.

We begin with the Bank of Canada’s latest rate decision: after seven cuts in the last 12 months, the BoC held steady at 2.75%, citing uncertainty caused by the ongoing U.S. tariff war.

Governor Tiff Macklem emphasized that monetary policy can’t fix trade disputes but must focus on maintaining price stability. Although unemployment is rising and growth is slowing, the threat of inflation led the Bank to pause further cuts. At the same time, bond yields are surging, which could soon push mortgage rates higher, adding yet another affordability challenge for buyers.

Inflation data offered a brief reprieve, coming in at 2.3% for March—cooler than expected—thanks largely to lower gas prices. Shelter costs remain high but are decelerating, and rents continue to trend downward.

National home sales, however, paint a more sobering picture. Volumes fell 5% month-over-month and 9% year-over-year, making this past March the slowest on record since 2009. Despite that, prices have only dipped modestly—just 2.1% year-over-year by HPI, and 3.7% by average price—suggesting the market remains surprisingly resilient even as sentiment erodes.

But it’s the housing start data that really underlines the problem: Canada posted the lowest monthly housing starts in six years, and it’s getting worse. Toronto’s pre-sale condo market has all but collapsed. Sales are 88% below the 10-year average, and unsold inventory now sits at a staggering 78 months of supply! That's 6 years!

Developers are pulling out, projects are being cancelled or converted to rentals, and there’s zero profit margin left in many builds. As construction slows, a severe future housing shortage feels inevitable as the roller coaster continues.

Finally, we break down the election housing platforms of both the Liberal and Conservative parties. The Liberals plan to double annual home construction to 500,000, reintroduce tax incentives for rental construction, and create a new government housing agency—yet offer little in the way of realistic execution given Canada hasn’t built more than 270,000 homes in a single year in over four decades.

Meanwhile, the Conservatives propose slashing GST on new homes up to $1.3M, punishing cities that fail to meet housing targets, and offering financial rewards to those that exceed them. They aim to unleash supply by freeing up federal land and cutting red tape, though critics argue their platform lacks implementation details.

If housing affordability matters to you—and it should—then this episode is essential listening. We examine not only the data but the direction each political party is trying to take Canada. With construction grinding to a halt, affordability still out of reach for most, and developers hitting pause across the country, the decisions we make now will define the housing market for the next generation.

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Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

The spring market is all but dead in 2025. That much is clear. The traditional seasonal surge in home sales that typically arrives in March and April has simply failed to show up. Home sales across Canada remain at multi-decade lows, with April currently trending a shocking 33% below last year—an already sluggish benchmark in itself. The market remains paralyzed under the weight of higher interest rates and high home prices, both of which are now colliding with a wave of mortgage renewals, Trump-imposed tariffs, and an upcoming federal election. These compounding pressures have Canadians turning their attention away from housing, choosing caution and savings over real estate.

And yet, below the surface, the long-term trajectory of the Canadian real estate market is beginning to reveal itself. This episode dives deep into the undercurrents—employment, arrears, monthly payments, national inventory, and new housing construction—to show you where the market is heading next, even if you're not planning a move anytime soon. One revealing example is a recent court-ordered sale we just attended. Despite going through a complex legal foreclosure process, the property still attracted multiple offers and sold over asking—showing us that demand isn't dead, just dormant and highly specific.

But here’s where the tone starts to shift. Monthly mortgage payments have started to trend downward from their 2023 peak of $3,400, and if the Bank of Canada cuts rates to 2% as forecasted by many Banks, we could see payments fall by 30%. Combine that with the fastest wage growth in 25 years and the highest household savings rate in three decades, and you begin to understand why buyer intentions are beginning to creep back into the market —albeit modestly. Renters planning to buy are up from 17% to 19%, and existing homeowners considering a purchase rose from 14% to 16%. With sales at 30+ year lows, these early signs of returning confidence could be the start of the next upswing in the market cycle.

Inventory is also building. Active listings in February rose 13.1% year-over-year, and while we’re still below the long-term average, the trend is undeniable. In Toronto, March condo listings hit a record 5,500 in one month. The sales-to-new-listings ratio has dropped below 30% for the first time since 1991, and condo prices are already down nearly 5% year-over-year. Pre-sale condo activity has collapsed. In Toronto, only 152 new condos sold in the last month—down 95% from the 2022 peak. At this pace, new completions are projected to fall from over 30,000 in 2025 to fewer than 5,000 by 2029.

And yet, even this bleak data paints a roadmap. With fewer completions ahead, the pre-sale condo market may re-emerge as a viable opportunity once the correction has taken place—just not in 2025 and potentially not until 2027 or 2028. For now, returns are still negative, but improving, with cash flow losses narrowing and principal paydown delivering small but positive equity growth. As cycles go, we are in the trough. But every cycle turns, the question is when.

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Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

ome sales in Vancouver just hit their lowest point in six years, marking yet another painful milestone in what’s quickly becoming one of the most uncertain and volatile real estate markets in decades. And if you’re wondering why this is happening, just look at the bigger picture—consumer confidence in Canada just hit an all-time low. That’s right—lower than the depths of the Great Financial Crisis, and worse than the early pandemic panic.

Business confidence is in the same horrific state, and these weren’t even recorded after Trump’s tariffs took effect. With those now in place, pressure is mounting on the Bank of Canada as it faces a nightmarish economic puzzle: GDP is rising, inflation is expected to heat back up, the housing market is crumbling, and record levels of debt are coming due for renewal. Meanwhile, the March real estate data for Vancouver has just dropped, and we’re breaking down all the key metrics—from collapsing sales volumes to rising inventory to surprisingly resilient home prices—and analyzing what all this means for home values for the spring 2025 market.

Let’s talk inflation. March came in hot at 2.6%, a big jump from the previous month’s 1.9%, and far above expectations. Mortgage interest costs have fallen again for the 18th straight month, but inflation is now at a seven-month high, forcing the Bank of Canada into a tightening corner. And behind the scenes, 45% of businesses expect to raise prices more than 5% this year—double what it was just six months ago. While tariffs may warrant easing, inflation is pushing back hard, and markets no longer expect a rate cut in April. Meanwhile, GDP rose again—up 0.4% in January after a 0.3% climb in December—led by energy and mining. While the headline looks positive, remember: per capita GDP has been in decline for over two years. The BOC may take these numbers at face value, but it’s a fragile recovery at best.

South of the border, the U.S. Fed held its rate at 4.5% last month, with possible cuts later this year. But Powell made it clear: if inflation stays sticky, high rates could persist. Their GDP forecast was revised down and inflation up. The takeaway? If the Fed cuts, Canada could follow—especially as our economic risks grow and global trade uncertainty lingers. In the mortgage world, renewals are surging—up 110% year-over-year—and projections vary widely. BMO sees rates at 2% by end of 2026, while Scotia sees no cuts until 2027. The big banks don’t agree, but they’re all aligned on one thing: no hikes are coming. That’s welcome news for those riding variable rates or planning their next move.

New housing supply is in freefall. National housing starts dropped 4% month-over-month and 12% year-over-year, but BC is the epicenter of the downturn: starts plunged 22% just last month and are down 32% from last year. In Vancouver alone, they’re off by 18%. This comes at a time when building permits are at rock bottom—meaning even fewer homes will be built in the years to come. While inventory is high now, the longer-term risk is a devastating shortage. Just look at the national data going back to 1972: while population growth has doubled, housing completions have actually declined. CMHC now estimates we’ll be short 3.5 million homes by 2030. Add affordability and suitability issues, and we’re heading toward a full-blown housing crisis.

_________________________________

Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

Just over a year ago, Vancouver’s rental market was on fire. Rents were rising at record pace, showings were fully booked within hours, and competition was fierce. Fast forward to today, and it’s a very different story. Properties that used to rent in a single day are now sitting on the market for months. Rents are softening, vacancy is creeping up, and investors—especially small-scale landlords—are starting to feel the pressure.

In this episode, we explore the major shift in Vancouver’s rental market, digging into the economic forces and real estate dynamics that got us here. From high interest rates and inflation-fighting policies to rising construction costs and tariff threats, we break down how macroeconomic conditions have trickled down into a rental environment that’s finally showing signs of balance—or at least a pause.

We take a closer look at the impact of newly completed, purpose-built rental buildings and how they’re changing the game for mom-and-pop investors. In 2024 alone, over 17,900 new rental units have been registered—representing 44.4% of all new housing starts in BC. As these larger, professionally managed buildings come online, they offer better amenities, stronger tenant protections, and often more aggressive pricing and incentives to fill vacancies quickly. This puts significant pressure on individual condo landlords, many of whom now have to drop rents or risk sitting vacant for months.

We share real-world examples that paint a clear picture of this market shift. A 1,000 square foot, two-bed plus den in Yaletown that rented in just one day in 2022 for $3,500 is now listed at $3,400, has sat on the market for over 80 days, and may lease at $3,300—a 6% decline. A one-bedroom unit in Coquitlam that rented in 2 days for $2,300 in November 2023 just leased for $1,900 after 93 days and 33 showings—a 17% drop. Average days on market have risen from 32 to over 43 in the past year, and many units are receiving less than one showing per week.

This episode unpacks what all of this means for renters, landlords, and investors alike. The balance of power may be shifting toward tenants, with more options, lower prices, and better negotiating power than they’ve had in years. At the same time, investors are being squeezed by rising holding costs, taxes, and a softening rental environment. Even as mortgage rates show signs of easing, the gap between expenses and income is widening for many who purchased recently using high leverage.

We also examine whether purpose-built rentals are truly improving affordability, or simply creating a new class of high-end rental stock. While many of these buildings offer cost efficiencies, lower maintenance, and no risk of eviction due to landlord use or sale, they often come with premium finishes and luxury amenities that keep monthly rents high. Still, their existence could free up more condo units for first-time buyers and shift tenant demand in a meaningful way.

Whether you're a tenant looking to time your move, a landlord wondering how to stay competitive, or an investor rethinking your long-term strategy, this episode brings clarity to a rapidly evolving market. We break down what’s happening now, what’s likely coming next, and what you can do to stay ahead of the curve in Vancouver’s changing rental landscape.

_________________________________

Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

Welcome to The Vancouver Life Podcast! In this episode, we dive into the forces shaping the future of Vancouver’s real estate market with Josh White, the General Manager of Planning, Urban Design, and Sustainability for the City of Vancouver. Josh brings a wealth of experience from his time as Director of City and Regional Planning and Co-Chief Planner at the City of Calgary, and now leads Vancouver’s planning efforts at a time when housing supply, affordability, and urban development are more critical than ever.

We discuss the lessons he's learned from his time in Calgary and brought to Vancouver, and how the city is tackling some of its biggest affordability challenges. We dig into the complexities of Vancouver’s permitting process, why timelines under the City’s ambitious 3-3-3-1 Plan have been difficult to meet, and whether hiring more staff is really the solution. Josh sheds light on the city’s plan to streamline over 1,800 pages of policy documents into just 100 pages and what that will mean for builders and homeowners.

We also explore upcoming system changes that could cut permit times in half by allowing Development Permits and Building Permits to be processed in parallel. Josh shares his take on Bill 47 and how transit-oriented development is shaping the future. We tackle the long and often frustrating process developers face to rezone and build towers, why Vancouver’s city fees are among the highest in Canada, and how Development Cost Levies impact affordability and cash flow. We ask where these funds are being spent, whether there’s accountability in how they’re used, and discuss the city’s evolving stance on banning natural gas in new homes.

Josh also weighs in on Bob Rennie’s recent proposal to allow foreign buyers to participate in pre-sales with long-term rental commitments, and we talk about changes to REDMA that give developers more breathing room in today’s challenging market.

Lastly, Josh shares his vision for housing in Vancouver, how builders can help streamline processes at City Hall, the conversations happening around affordability, and how sustainability is built into every decision the city makes for the future. This is an in-depth conversation you won’t want to miss if you care about the future of housing in Vancouver.

Josh White joined the City of Vancouver in May of 2024, coming from Calgary where most recently he was Director, City and Regional Planning and Co-Chief Planner at the City of Calgary. There, he stewarded the adoption of a new housing strategy in collaboration with partners and led the creation of a simpler and more effective planning policy and regulation. During a period of extraordinary population growth for the city, Josh also oversaw strategic growth, growth funding and financing, and infrastructure planning for the municipality. In his tenure at the City of Calgary, he also initiated and led the significant transformation of the development approvals system, which resulted in improved planning outcomes,
benchmarked as among the most efficient in Canada.

He holds a master’s degree in urban and regional planning from Queen's University, and began his career in the private sector, serving a variety of private and public sector clients as a consultant with Urban Strategies in Toronto. Josh’s private sector experience also includes leading planning and approvals for Alpine Park, a progressive n

_________________________________

Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

The Bank of Canada cut interest rates this week for the 7th consecutive time, lowering the overnight rate to 2.75%—a level we haven’t seen since August 2022. But what really caught our attention wasn’t just the cut itself—it was what Governor Tiff Macklem said at the press conference. Macklem explicitly stated that tariffs are restraining household spending intentions, and in response, the BOC is acting to stimulate the economy. That’s right—he’s openly admitting that the Bank is working to revive spending, which in Canada, largely means propping up the housing market. This isn’t speculation. It’s policy. And it’s becoming increasingly clear that maintaining home prices is a top priority at the highest levels of government.

But what does this mean for Canadians, especially those with mortgages renewing this year? We ran the numbers: a homeowner who took out an $800,000 mortgage in 2020 at 1.8% will see their monthly payments jump by $927 if they renew today at a 4.39% fixed rate. That’s still 32% higher than what they were paying four years ago. While rate cuts are happening, they’re nowhere near enough to ease the burden of higher borrowing costs—at least not yet. On the inflation front, early warning signs are flashing yellow. The Raw Materials Price Index is up 11% year-over-year, the highest jump since 2022. The Industrial Product Price Index is also rising, historically a leading indicator of core inflation. And with 20% of businesses planning to hike prices by 6% or more this year, it’s possible that inflation could start creeping back up by Q4 2025. If that happens, we may not see as many rate cuts as the market is pricing in.

The uncertainty around tariffs is also crushing consumer and business confidence. The Index of Consumer Confidence has now dropped below Global Financial Crisis levels, meaning people feel worse about the economy today than they did in 2008. And with nearly 63% of Canadians saying it’s a bad time to make a major purchase, spending is slowing—bad news for businesses already holding back on investments. This hesitation is showing up in BC real estate sales as well. In February, home sales in BC fell 9.7% year-over-year, with average prices down 2.4%. The total sales volume hit just $4.8 billion, an 11.8% decline compared to last year. This is a major shift from the red-hot market we saw in 2021 and 2022, proving that even with rate cuts, buyers remain cautious.

Lastly, we take a deep dive into the growing wealth divide. Despite economic uncertainty, household net worth in Canada surged 1.4% in Q4 2024, adding $236.3 billion in wealth and bringing the total to $17.5 trillion. Over the past year, wealth climbed by 7.3%, even after adjusting for inflation. But here’s the catch: the top 20% of households now control 68% of all financial assets, a share that continues to grow. With interest rates coming down, asset holders will benefit the most, widening the wealth gap even further.

_________________________________

Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com

The impact of tariffs on the housing market is already being felt. Even before they were implemented, just the threat of tariffs was enough to put buyers on the sidelines. Now that they are in place, the effects are hitting fast. Toronto, often viewed as a key indicator of the condo market, saw sales drop 28% month-over-month in February—a month that typically sees an increase from January. Vancouver’s numbers reveal similar trends, with sales momentum reversing sharply after months of steady growth.

While headline GDP growth showed a stronger-than-expected 2.6% annualized gain in Q4, the real story lies in GDP per capita, which has declined for two straight years, confirming that Canada has been in a per capita recession for over 24 months. Job vacancies have also plunged to their lowest levels since 2017, leaving workers with the worst job prospects in seven years. Despite what the official numbers suggest, the economic reality is pointing towards a prolonged slowdown that could further weaken real estate demand. One of the few bright spots for homeowners is the declining 5-year bond yield, which has hit a three-year low of 2.6%. This drop has made mortgage rates more attractive for the more than 50% of borrowers set to renew in the next two years. However, with tariffs likely to slow GDP growth even further, it’s increasingly likely that the Bank of Canada will be forced to cut interest rates, possibly as soon as this spring, especially with an election on the horizon.

The latest February 2025 real estate stats for Vancouver confirm shifting market dynamics. Total sales came in at 1,815, down 12% year-over-year and 29% below the 10-year average. This is particularly notable because since October, sales had been higher than 2023 levels each month—until February, when the trend reversed. The level of uncertainty created by tariff threats and economic instability has pushed buyers to the sidelines, and now that tariffs are in place, it appears the spring market may not materialize in the usual way.

New listings rose 11% year-over-year to 5,066, marking a 12% increase above the 10-year average. However, February listings were actually lower than January, an unusual occurrence only seen six times in the past decade. The standout statistic here is condo inventory—February saw the highest number of condo listings ever recorded for the month, following a record-breaking January. This surge suggests a shift in buyer preference away from high-density living, as well as a growing supply of purpose-built rental housing, which is altering demand patterns. Inventory levels remain a key story, with active listings rising 32% year-over-year to 12,350, sitting 36% above the 10-year average. This places inventory at its highest February level in over a decade, though still below the 2012 peak of 14,875. The sales-to-active listings ratio stands at 15%, marking the 10th consecutive month in a balanced market, with detached homes at 10%, townhomes at 20%, and condos at 17%.

One thing is clear—Vancouver real estate is at a pivotal moment, and how policymakers respond in the coming months could shape the market for years to come.

_________________________________

Contact Us To Book Your Private Consultation:

📆 https://calendly.com/thevancouverlife

Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

www.thevancouverlife.com