Knowledge, Integrity, Humour

Blog › February 2024

Vancouver City Council unanimously approves ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands Policy Statement


Skip to Content
 
 
 
 

Vancouver City Council unanimously approves ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands Policy Statement 

The MST Partnership and Canada Lands Company (MST-CLC) are pleased that Vancouver City Council unanimously approved the Policy Statement for ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands, which was developed in partnership with the City of Vancouver. 

Read more about the transformative nature of the ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands in the City of Vancouver’s news release, including quotes from Musqueam, Squamish, Tsleil-Waututh and Canada Lands Company leadership: 

 

ʔəy̓alməxʷ/Iy̓álmexw /Jericho Lands to become  
future complete community   

 

The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will become a new high-density, mixed-use, car-light community shaped by the culture of the MST Nations, after Vancouver City Council approved the Jericho Lands Policy Statement today.  

The Policy Statement sets directions for the redevelopment of the ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands, a 90-acre (36 hectare) site owned by the joint venture partnership of the xʷməθkʷəy̓əm (Musqueam Indian Band), Sḵwx̱wú7mesh (Squamish Nation), and səlilwətaɬ (Tsleil-Waututh Nation) (collectively the MST Nations) and Canada Lands Company (CLC).  

The redevelopment of the site will embrace its natural setting and be welcoming and inclusive to all, with approximately 13,000 new homes for around 24,000 residents, space for around 3,000 jobs, and a variety of community amenities, including about 30 acres (12 hectares) of parks and open spaces, and walking and cycling paths.   

Over the next 25-30 years, ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will develop to include:  

  • 13,000 new homes for 24,000 residents, which includes ~2,600 units of social housing and ~1,300 secured market and below-market rentals  

  • Space for a variety of commercial, light industrial and retail businesses accommodating around 3,000 jobs  

  • 259 childcare spaces for 0-4 years olds and 240 spaces for 5-12 year olds 

  • 20 acres (eight hectares) of park space 

  • 10 acres (four hectares) of public open spaces 

  • Community centre 

  • Arts, cultural and social spaces, including MST Nations’ self-determined spaces (e.g. artist studios, spaces for carving, food, dance, music, weaving or other activities, and spaces for ceremonies, healing, employment training, youth, elders, families)  

  • Non-traditional library (House of Learning) 

  • Renewal and expansion of Firehall #19 

  • Street upgrades, new walking and cycling connections, plazas, and transit integration  

  • Storm and potable water upgrades 

  • *New Vancouver School Board elementary school  

  • *Proposed UBCx Jericho Lands SkyTrain station 

 (* to be delivered in partnership with other agencies)  

Background 

The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands are a 90-acre (36 hectare) site in Vancouver’s West Point Grey neighbourhood, bounded by West 4th Avenue to the north, Highbury Street to the east, West 8th Ave/West Broadway to the south and Discovery Street/Trimble Park to the west. 

The Jericho Lands planning program was initiated by the City at the request of the landowners, the joint venture partnership between the MST Nations and Canada Lands Company (CLC). The comprehensive planning process began in 2019 and the Policy Statement was shaped through four phases of consultation with people across the city, xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) Nations’ members, and other stakeholders. 

The Policy Statement is a guiding document that establishes principles, objectives, and policies on topics including Reconciliation, land uses and density, building types and heights, community amenities, mobility, sustainability and infrastructure, ecology, parks and open spaces, and development phasing. Following Council’s approval of the Policy Statement, staff will prepare the Official Development Plan for the future redevelopment of the site which will take place in phases over the next 25-30 years. In parallel, staff will also begin working with the landowners on the rezoning of the first phase of development.  

Learn more at: shapeyourcity.ca/jericho-lands 

Quotes 

Mayor Ken Sim: 
“We’re excited that this major Indigenous-led project will reflect the MST Nations’ culture, history and deep connection to the land and bring new opportunities for the prosperity of future generations of the xʷməθkʷəy̓əm, Sḵwx̱wú7mesh, and səlilwətaɬ Peoples. The ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands will also play an important role in our city by becoming a livable, sustainable neighbourhood, with a significant number of new homes for a range of incomes and amenities centred on rapid transit.” 

yəχʷyaχʷələq-Chief Wayne Sparrow, xʷməθkʷəy̓əm: 
“Our people have been on these lands for thousands of years. To own them again and to be redeveloping them for the benefit of our people is us returning home. Along with our Squamish and Tsleil-Waututh relatives, we look forward to this opportunity to reclaim our heritage, revitalize our lands, and shape a future that reflects our values and aspirations.”  

Sxwíxwtn-Wilson Williams, Spokesperson and General Councillor, Sḵwx̱wú7mesh: 
“We are proud of our culture and look forward to sharing our way of life and worldview with all who will live in and visit ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands. With this new sustainable neighbourhood, we are creating modern Indigenous communities, offering a vibrant and inclusive environment for residents and visitors to thrive.”  

Chief Jen Thomas, səlilwətaɬ: 
“In returning our culture to these lands, we honour our ancestors and Elders who taught us our traditions and stories. The efforts we make today, together with our relatives Squamish and Musqueam, are a once-in-a-lifetime opportunity to generate wealth that can be invested into our community to improve the quality of life for not only the current generations, but also for the next seven generations to come.”  

Stéphan Déry, President and CEO, Canada Lands Company:  

“Canada Lands Company welcomes Vancouver City Council’s endorsement of the Policy Statement for the Jericho Lands. This project has been years in the making, working together with MST and the City, and through significant engagement and hearing from so many diverse voices, deeply connected to this land. This is a plan that will deliver so many benefits for the City of Vancouver, including much needed housing, and we are excited about what’s to come.”  

 
Next

ʔəy҆alməxʷ/Iy҆álmexw/Jericho Lands Policy Statement: A Major Milestone

 

Stay up to date with ʔəy̓alməxʷ/Iy̓álmexw/Jericho Lands.

 
Musqueam A Living Culture
 
Sḵwx̱wú7mesh Úxwumixw Squamish Nation
 
Tsleil-Waututh Nation People of the Inlet
 
Canada Lands Company
 
 
 


January 2024 Stats Report from Real Estate Board of Greater Vancouver


January 2024 Media Stats Package

While the Metro Vancouver market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

Download the January 2024 stats package.