{"id":2367,"date":"2016-06-17T11:11:44","date_gmt":"2016-06-17T18:11:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2367"},"modified":"2016-06-14T16:00:55","modified_gmt":"2016-06-14T23:00:55","slug":"what-drives-high-cost-of-building-a-vancouver-condo","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/what-drives-high-cost-of-building-a-vancouver-condo\/","title":{"rendered":"What Drives High Cost of Building a Vancouver Condo"},"content":{"rendered":"<p style=\"text-align: justify;\">Construction costs for a typical highrise concrete condominium in Vancouver range from $210 to $270 per square foot, while a low-rise, four-storey wood-frame condominium would cost from $130 to $165 per square foot to build, according to the 2016 Construction Cost Guide prepared by Altus Group.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2370\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo-300x114.jpg\" alt=\"What drives high cost of building a Vancouver condo\" width=\"566\" height=\"215\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo-300x114.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo-768x293.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo-1024x390.jpg 1024w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/06\/What-drives-high-cost-of-building-a-Vancouver-condo.jpg 1050w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">However, the land component for a multi-family strata development could add from $200 to more than $400 per square foot of buildable space, depending on the location, according to a study of recent deals by RealNet Canada.<\/p>\n<p style=\"text-align: justify;\">An example is a 1.3-acre multi-residential site on West 8th Avenue in Vancouver bought by Delta Group in February for $70 million. The land is zoned for density equal to three times the site coverage or a total of nearly 170,000 square feet. The gross buildable square footage equals a cost of approximately $412 per square foot.<\/p>\n<p style=\"text-align: justify;\">Therefore, at this site, the cost of completing a highrise condo tower in just land and construction costs would be in the range of $660 per square foot. Building a high-quality, four-storey wood frame condominium project on the same site would require hard costs, for land and construction, of around $560 per square foot.<\/p>\n<p style=\"text-align: justify;\">Altus Group noted that its annual construction cost guide excludes so-called \u201csoft costs,\u201d including land, property taxes, community amenity contributions and other municipal fees, site servicing, legal fees, design, landscaping, advertising, marketing, broker commissions and any developer profit.<\/p>\n<p style=\"text-align: justify;\">A fall 2015 study done for the Urban Development Institute by Urban Analytics found that new concrete condominiums downtown were pre-selling for an average of $1,100 per square foot and topped an average of $825 per square foot on Vancouver\u2019s west side. \u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/6\/what-drives-high-cost-building-vancouver-condo\/\" target=\"_blank\">What Drives High Cost of Building a Vancouver Condo<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Construction costs for a typical highrise concrete condominium in Vancouver range from $210 to $270 per square foot, while a low-rise, four-storey wood-frame condominium would cost from $130 to $165 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/what-drives-high-cost-of-building-a-vancouver-condo\/\">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":[13],"tags":[],"class_list":["post-2367","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Drives High Cost of Building a Vancouver Condo &#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\/2016\/06\/what-drives-high-cost-of-building-a-vancouver-condo\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What Drives High Cost of Building a Vancouver Condo &#8226; 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