Settlement reached, to expropriate Regent and Balmoral hotel in Downtown Eastside for housing

Settlement reached, to expropriate Regent and Balmoral hotel in Downtown Eastside for housing

  • Community
  • Economy
  • Real Estate
  • Vancouver
December 9, 2020

The City of Vancouver announced that it has reached a settlement with the owners of Regent and Balmoral hotel (located on the intersection of Main and East Hasting) to expropriate the downtown properties. The process began on November 1st, 2019 when the city passed a unanimous vote to acquire the buildings for $1 each.

No detail was given at the time when the city of Vancouver announced settlement. However, the government valued the properties at approximately $3.2 million dollars each building during last year’s vote. The owner claimed they received offer up to $25 million dollars for both buildings.

The two old age buildings subject to hundreds of city standards-of-maintenance bylaw violation and fire-bylaw infraction over the years. The buildings are outdated and was not properly maintained which pose risk to its resident and surround infrastructure. To renovate or re-build the two properties will be an expensive project.

This is the first time the City of Vancouver expropriate a property for public use. There are many reasons why the city made such a move. As mentioned, the building is poorly managed and can be hazardous and Vancouver needs more housing for those who is having difficulty finding an affordable home. I think the main reason is the city is attempting to reform the Downtown Eastside neighbourhood. East Hasting is dominated by homeless people, a place where people avoids attending. All buildings in the neighbourhood are caged and worries about break-ins. This is the perfect opportunity for the city to re-invent the area. Working with the China-town revitalization plan, it can transform Downtown Eastside to a valuable location.

“Bringing the Regent and Balmoral into public ownership marks a hopeful new beginning for residents of the Downtown Eastside and something all residents should be proud of,” Stewart said. “Downtown Eastside residents will be at the centre of creating a new vision for these two sites, and indeed the entire community."

B.C.'s attorney general and housing minister, David Eby, said the agreement was "welcome news".

“For too long, people had to live in sub-standard living conditions in these buildings. The acquisition of these properties is welcome news and I would like to commend the City of Vancouver for their efforts,” Eby said. “We look forward to working with the City to turn these buildings into the kind of homes people will be proud to live in for years to come.”

"In 2021, the City and BC Housing will conduct a robust engagement process that ensures low-income residents can and do participate in the visioning of these sites."

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.