The City of Vancouver’s newly approved amendments to the Broadway Plan promise significant benefits for the city’s multi-family housing sector, according to Mark Goodman and Ian Brackett, principals of Goodman Commercial.

The veteran brokers co-authored a new report that provides a detailed analysis of the changes spurred by provincial Transit-Oriented Area (TOA) legislation, the removal of certain view cones, and lessons learned from the plan’s initial implementation phase.

“These revisions, while incremental, mark a pivotal step toward addressing Vancouver’s housing crisis,” stated Goodman and Brackett. “We are hopeful that the amendments will allow for the delivery of more new homes, both market and below-market, to meet growing demand.”

Among the key modifications are:

• Elimination of tower-per-block limits near SkyTrain stations: This change is expected to allow for increased density in areas closest to transit hubs. The report notes that the city can now assess proposals based on built-form guidelines rather than arbitrary limits.
• Height flexibility: Developers can now propose towers up to six storeys taller in certain areas, allowing for reduced podium massing, larger setbacks, and additional green space at street level.
• Increased density for residential and commercial areas: Developers of properties near SkyTrain stations and within commercial corridors like Main Street and South Granville can now pursue higher densities and taller structures. However, the report cautions that “high existing property values are expected to limit the viability of rezoning for rental towers.”

Despite the promising changes, the report emphasizes the challenges that remain, particularly for medium-density projects.

“Underlying property values are too high – and densities still too low – to incentivize developers to undertake assemblies in these areas,” the authors noted.

The revisions are projected to accommodate an additional 14,000 residents (11,500 households) and 3,000 jobs over the next 30 years, significantly surpassing the original forecast.

Goodman and Brackett concluded by highlighting the importance of tailored advice in navigating the complexities of the revised plan:

“In an already complex plan, there are now even more nuances to consider when evaluating a property.”

Pictured: Mark Goodman of Goodman Commercial

Photo: Courtesy of Goodman Commercial