{"id":6776,"date":"2017-08-28T10:10:31","date_gmt":"2017-08-28T17:10:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6776"},"modified":"2017-08-23T17:36:26","modified_gmt":"2017-08-24T00:36:26","slug":"vancouver-residential-sale-prices-reach-mind-boggling-heights","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/08\/vancouver-residential-sale-prices-reach-mind-boggling-heights\/","title":{"rendered":"Vancouver Residential Sale Prices Reach Mind-Boggling Heights"},"content":{"rendered":"<p style=\"text-align: justify;\">While home sales volume growth in Vancouver seems to have abated somewhat in recent months, demand for the city\u2019s residential land does not appear to be petering out any time soon, with a single-family home near Cambie Street and 35th Avenue having just been listed for an eye-popping $11 million.<\/p>\n<p style=\"text-align: justify;\">According to BC Assessment, the property\u2019s listed value is now nearly twice the price it sold for only around 18 months ago.<\/p>\n<p style=\"text-align: justify;\">The listing came in the wake of increased densification in Cambie Street recently. While many homes in the area have already been purchased for upcoming condo construction projects, 485 W 35TH Avenue remains one of the few properties to have not been slated for further development.<\/p>\n<p style=\"text-align: justify;\">UBC Sauder School of Business professor Tsur Sommerville said that remarkable price surges such as this tend to arise from rapid development.<\/p>\n<p style=\"text-align: justify;\">\u201cAs we\u2019re getting rezoning and increasing densities, what that\u2019s doing is basically providing a source of value,\u201d Sommerville told CBC News, adding that similar increases can be observed in other transit corridors like Granville and Oak Streets.<\/p>\n<p style=\"text-align: justify;\">\u201cA piece of land when you can only build a single family house on it might be worth $2 million, but that same land, if you can build a six-storey condo building or a six-storey rental apartment building, might be worth $4 million.\u201d<\/p>\n<p style=\"text-align: justify;\">Former real estate agent John Lopes expressed bewilderment at the listing.<\/p>\n<p style=\"text-align: justify;\">\u201cI think this is totally ridiculous,\u201d Lopes said. \u201cAt some point there&#8217;s going to be a break. I don\u2019t know when, but it will. It always has.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-residential-sale-prices-reach-mindboggling-heights-229816.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver Residential Sale Prices Reach Mind-Boggling Heights<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While home sales volume growth in Vancouver seems to have abated somewhat in recent months, demand for the city\u2019s residential land does not appear to be petering out any time &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/08\/vancouver-residential-sale-prices-reach-mind-boggling-heights\/\">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-6776","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>Vancouver Residential Sale Prices Reach Mind-Boggling Heights &#8226; 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