Iconic Hudson's Bay Company department store buildings across Canada are being sold to developers for conversion into residential condominium units [1, 2].
The transition marks a significant shift in urban land use as historic retail hubs are repurposed to address housing needs. These sales follow the bankruptcy of the Hudson's Bay Company (HBC) in 2025 [1].
Property deals for major buildings were signed in April 2026 [2]. The bankruptcy last year placed these properties into receivership, which prompted developers to seek out the under-utilized retail spaces for residential redevelopment [1, 2].
In Vancouver, the Onni Group is the developer acquiring the downtown property [3]. Similarly, a Calgary-based redeveloper has reached a deal to acquire the historic building located in downtown Calgary [4].
The conversion of these sites represents a broader trend of transforming large-scale commercial real estate into housing. Because the buildings are historic, the redevelopment process may involve balancing modern residential requirements with the preservation of architectural heritage [1, 4].
These acquisitions are part of a wider liquidation process following the 2025 bankruptcy [1]. The move allows the receivers to recoup value from the real estate assets while providing developers with prime downtown locations for high-density residential projects [2].
“Iconic Hudson's Bay department-store buildings are being sold and will be redeveloped into residential condominium units”
The conversion of HBC properties reflects the ongoing decline of the traditional department store model and the urgent demand for urban housing. By shifting these massive footprints from retail to residential, cities like Vancouver and Calgary are adapting their downtown cores to a post-pandemic economy where experiential or residential use outweighs large-scale physical retail.
