Vancity Credit Union has listed three prime properties for sale in Vancouver and Victoria, aiming to streamline operations while maintaining branch presence. The properties at 3395 West Broadway, 3305 Kingsway, and 3075 Douglas Street are marketed by Colliers as redevelopment opportunities with a sale-leaseback option. This model allows Vancity to stay responsive to member needs without closing the branches.
Amid rising online banking, credit unions, including Vancity, have seen more branch closures than banks. From 2019 to 2023, BC bank branches remained almost unchanged, while credit union locations decreased from 375 to 354.
Vancity has sold $14 million in real estate assets recently to simplify site ownership and reinvest in the credit union. The three listed properties have an assessed value of over $23.8 million, but the actual sale price is expected to be higher due to their development potential. Vancity is open to partnerships with developers to ensure the projects benefit the community and align with their values.
