Despite some challenges emerging for both buyers and sellers, new concrete condominium units continue to command strong presales as demand in the Greater Vancouver Area led to the absorption of much of this product. Although the number of land sales transacted over 2018 so far has decreased since the same period last year, total overall transaction volumes have increased by 9%. This reflects the higher prices recorded across most markets (on a per buildable square foot basis).
- Downtown Vancouver continues to see high-value transactions regardless of general market sentiment in the Lower Mainland, as the end-product commands a premium. In 2018 to date there have been five residential land transactions within the downtown core.
- The third and final phase of the Cambie Corridor Plan was approved by Vancouver City Council on May 1st. The plan addresses about 1,000 hectares within the area of 16th avenue to the Fraser River between Oak and Ontario streets. The plan does not include the major projects of Oakridge Centre, Oakridge Transit Centre, and Heather Lands, as those projects were approved as separate policies.
- The Broadway Corridor is the second largest employment centre in British Columbia. With the announcement of the Millennium Line Broadway Extension to Arbutus Street, the City of Vancouver Council has created the Development Contribution Expectation (DCE).
- Since the start of 2018, Richmond has experienced 11 residential land transactions, the majority of them being low density. The average sales price for low density land sales were $6.77 million, while the four high density sales posted an average of $20.643 million. The only year-to-date medium density land sale sold for $2.64 million.
- There have been 30 residential land sales in the Tri-Cities in 2018, totaling $239.7 million in value. Land assemblies within Burquitlam are significant, and transactions such as 559 Rochester Avenue, 715 Robinson Street, and 708 Edgar Avenue will dramatically increase activity.