Vancouver Real Estate Update: Key Moves and Market Shifts in Late June

July 7, 2026 - 02:16

Spotlight: The Surrey Arena Land Swap

Last week, the City of Surrey announced a major change of plans for its City Centre Arena and Cultural Event Centre. The project will now be relocated from a site next to Whalley Athletic Park to 10355 King George Boulevard, near Surrey City Hall and Surrey Central Station. This shift was made possible through a land swap agreement with Wesgroup Properties, which had acquired the original site in 2022 and was planning a mixed-use community called Civic District. The transaction, valued at $116.6 million, is a unique deal that deserves a closer look.

Above The Fold: Top Headlines

The Supreme Court has denied Montrose Properties' attempt to reopen the Cowichan Tribes ruling. Bonnis Properties has listed its landmark development at 800-876 Granville Street in Vancouver, either seeking a partner or a sale. The company is also facing a civil suit related to its 2024 sale of 2678 West Broadway and 2657 West 10th Avenue.

Surrey-based Mortise Group is facing a second insolvency, this time for the 93-unit Phase Two of its Nova project near the future Bakerview-166 Street Station. National Bank has placed the project under creditor protection. National Bank has also filed a receivership application against And-Co Offices, a coworking space owned by Arpeg Group.

UNITE HERE Local 40, the labour union for BC hotel and hospitality workers, published a report criticizing Vancouver's push for more hotel development. The union also filed a court petition challenging a Vancouver City Council decision from June 2 that creates a new floor area exclusion for downtown hotel projects.

NAIOP and all its chapters have rebranded as the Commercial Real Estate Development Association, or CREDA. The organization said the new name more clearly communicates the breadth of its members' work and the full scope of commercial real estate development they represent.

UBC's Housing Assessment Resource Project published its BC Public Lands Map, an interactive inventory of all government-owned land scored for housing potential.

Home sales saw a 9.6% year-over-year increase in June in Greater Vancouver. The Fraser Valley was not as fortunate, seeing a year-over-year decrease of 4.0%.

Slate Asset Management is facing yet another receivership pertaining to a commercial property in Calgary. This time it is Life Plaza, a 17-storey office building, and lender Timbercreek Financial has submitted a credit bid.

Also mentioned in this edition: Wesgroup, Westbank, Anthem Properties, CBRE, Lennard Commercial, Colliers, Marcus and Millichap, Beedie, and more.