GREENFIELD VS INFILL
DRIVERS OF FUTURE DEMAND This summer, Canada, Mexico and the United States will host the 23rd FIFA World Cup, bringing throngs of supporters to stadiums across the region. It’s a high point for Canada’s position as a global destination, but June and July are already busy months for hotels. The Vancouver hotel market won’t be as impacted as it was when the Taylor Swift Eras Tour visited in December 2024, states Carrie: “There’s not much you can add to occupancy during the FIFA period, but there will be advantages in terms of the average rates that hotels are able to charge.”
Balancing growth in Edmonton
Katrina Rowe President, Cantiro Communities
As new data questions the true cost of greenfield development and residents push back against densification, Edmonton finds itself at a crossroads. Katrina Rowe, President, Cantiro Communities explains.
Even if supply picks up, there is little danger of oversupply in the city, states Carrie.
“If you look at everything being discussed in the pipeline, you would likely expect an overshoot and oversupply. But I don’t think that’s going to happen — the lending market will keep that in check. “The lending environment is historically conservative, and there is a small enough pool of lenders that while there may be 40 different sites in Vancouver that have worked towards considering a hotel, it’s unlikely that even a quarter of those could find a financing partner. “The nature of the asset class is that, as long as demand is on a positive trajectory, we’re probably always going to be a little bit short of supply relative to demand.” Going forward, Carrie is bullish about the sector, despite geopolitical events: “I see the geopolitical situation ultimately benefiting Vancouver because it is seen as a safe destination. And we’re optimistic about what the international market will do in 2026 and beyond, particularly now that Canada is once again an approved destination for China. “Things like geopolitical events and operating costs are beyond the control of operators. They just have to be nimble enough to manage them when they come up.” ■ Alex Gray
Every time the greenfield versus infill debate flares up in Edmonton, I’m reminded we’re asking the wrong question.
Urban growth generally takes two forms: extending development into new areas within the city (greenfield) or adding housing within existing neighbourhoods (infill). Local governments tend to see infill as a more efficient way to increase housing supply in the long run, but existing residents can often view these new developments as detrimental to their neighbourhood.
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In Edmonton, the debate has been contentious since the introduction of a brand-new zoning bylaw. Earlier this year, there was a two-
“Traditional lenders that previously hadn’t been in the space are considering the hotel space to a greater degree. There’s also interest from international buyers, especially south of the border.” Underscoring the sector’s favourability are some notable developments in Vancouver, says Carrie. This includes the new 30-storey Marriott hotel featuring Moxy Vancouver Downtown (263 rooms) and Element Vancouver Downtown (132 rooms) in the heart of Vancouver’s entertainment district, set to open in summer 2028. “This is a different product type in downtown Vancouver,” states Carrie. “It’ll be the first micro-hotel combined with an extended-stay brand.” Other notable developments include Bosa Properties’ redevelopment of the former Listel Hotel site on Robson Street in Vancouver’s West End into a mixed-use project. It will feature residential units and a luxury hotel branded as part of the Unbound Collection by Hyatt. Germain Hotels and Reliance Properties are converting an office building into a 180-room boutique hotel under the Le Germain brand, expected to open in 2029. “It’s really a market where developers with expertise are the ones who are bringing these projects to fruition,” says Carrie.
day public hearing on the city’s zoning regulations, with arguments heard from both sides. But the question isn’t should it be one or the other; it’s how do we do both?
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