In the second half of 2016, the Metro Vancouver residential land market saw 458 transactions worth nearly $2.9 billion, bringing the year-end total to just over $6.5 billion, a 116% increase from 2015.
- The start of 2017 saw a slight shift in transaction volume from high density to medium density, as a proportion of the whole
- The majority of the volume (83%) came from land that is currently (or potentially) zoned as medium to high density
- International investors and developers continue to target Vancouver’s residential land
- Unsurprisingly, price per square foot buildable has increased across all markets in Metro Vancouver as land prices continue to climb and zoning/density adjustments lag
- The City of Vancouver is pushing for increased medium density housing options in light of continued demand for high density from developers, and the majority of city development applications being for high density
- Successful strata wind-ups with less than 100% owner approval are becoming more common following the passing of Bill 40 in the summer of 2016
- Many of the larger Metro Vancouver municipalities are developing long-term plans to create localized, downtown core-type communities. The plans aim to embody the image and lifestyle of Vancouver’s longstanding downtown core, with residential, office, retail and entertainment asset classes densely blended within an attractive area to work, live and grow.
- The average transaction size in the second half of 2016 increased by 72% over the second half of 2015, and 26% over the first half of 2016
- Though the number of transactions in the second half dipped relative to the first, it still increased by 3.4% compared to the second half of 2015
( PDF Document 5.1 MB )