{"id":16084,"date":"2020-07-15T11:11:00","date_gmt":"2020-07-15T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16084"},"modified":"2020-07-14T09:46:10","modified_gmt":"2020-07-14T16:46:10","slug":"metro-vancouver-residential-land-prices-are-seeing-high-values","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/07\/metro-vancouver-residential-land-prices-are-seeing-high-values\/","title":{"rendered":"Metro Vancouver Residential Land Prices are Seeing High Values"},"content":{"rendered":"<p style=\"text-align: justify;\">The value of residential land in the Lower Mainland is increasing much faster than the price of the strata homes the land is being bought for, recent sales suggest.<\/p>\n<p style=\"text-align: justify;\">The final piece of a North Vancouver residential land assembly closed April 30 at $17.5 million for a 0.66-acre site, which currently contains two detached houses and two duplexes.<\/p>\n<p style=\"text-align: justify;\">This represents a price per-square foot land price of $600, a projection of $26.1 million per acre.<\/p>\n<p style=\"text-align: justify;\">The floor-space-ratio (FSR 2.6) allowed on the Moodyville neighbourhood site, equals a price of $229 per buildable square foot, according to Klein Group of Companies, Vancouver, brokers on the deal.<\/p>\n<p style=\"text-align: justify;\">An investor had bought the property two years ago this month at $350 per square foot.<\/p>\n<p style=\"text-align: justify;\">The April sale is the last section of the 1.36-acre assembly that sold for a total of $30.8 million.<\/p>\n<p style=\"text-align: justify;\">The developer, Cascadia Green Development (1190462 B.C. Ltd.), has applied to the City of North Vancouver for a four-storey strata project of 181 residential units, with some retail use at ground level.<br \/>\nAccording to Klein Group, the land value would equate to $174,400 per strata suite.<\/p>\n<p style=\"text-align: justify;\">This is before construction costs, marketing, finance charges or other soft costs required to bring the homes to the market.<\/p>\n<p style=\"text-align: justify;\">Residential land prices are seeing similarly high values in the City of Vancouver.<\/p>\n<p style=\"text-align: justify;\">This February, before COVID-19 was declared a global pandemic, a quarter-acre residential site in Vancouver\u2019s Mount Pleasant neighbourhood sold for $6.6 million, or the equivalent of more than $25 million per acre.<\/p>\n<p style=\"text-align: justify;\">The 11,094-square-foot assembly in the 4600 block of Main Street has the potential to be developed into a six-storey residential building covering about 35,000 square foot. In this case, the land costs equate to roughly $188 per buildable square foot, according to Stanley Chiu, of Gammon International Real Estate Corp. which brokered the sale.<\/p>\n<p style=\"text-align: justify;\">Fraser Valley residential land prices are also creeping up but remain far below Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">In late February, an investor paid $4.26 million for a 28,100-square-foot (0.64-acre) site on 53 Avenue, Langley, or a land value of $150 per square foot. This represents a per-acre price of around $15 million.<\/p>\n<p style=\"text-align: justify;\">The site is zoned at FSR 1.7, with the potential for 51 residential strata units.<\/p>\n<p style=\"text-align: justify;\">Land sales remained strong across the Lower Mainland in the first three months of this year, despite the pandemic. There were 105 land sales in Q1 2020, an 11.7% increase from the 94 land sales in Q1 2019. The dollar value of land sales was $853 million in Q1 2020, a 15.8% increase from $737 million in the same time last year, according to transactions registered with the Land Title and Survey Authority of British Columbia.<\/p>\n<p style=\"text-align: justify;\">While land prices for potential condo projects are increasing by an average of nearly 16%, the median price of a Metro Vancouver condominium has fallen 0.4% in the past year to $633,241, according to a Re\/Max Canada price survey released July 9.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/07\/25-million-acre-residential-assemblies-resulting-strata-units-could-be-priced-well\" target=\"_blank\" rel=\"noopener noreferrer\">Metro Vancouver Land Sale Prices Go Stratospheric<\/a> by Frank O&#8217;Brien | Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of residential land in the Lower Mainland is increasing much faster than the price of the strata homes the land is being bought for, recent sales suggest. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/metro-vancouver-residential-land-prices-are-seeing-high-values\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16084","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Residential Land Prices are Seeing High Values &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/metro-vancouver-residential-land-prices-are-seeing-high-values\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Residential Land Prices are Seeing High Values &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The value of residential land in the Lower Mainland is increasing much faster than the price of the strata homes the land is being bought for, recent sales suggest. 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