550 Transactions worth over $2.6 Billion
Throughout the first half of 2016, the Metro Vancouver residential land market saw 550 transactions worth over $2.6 billion, which is an increase of approximately $1.3 billion compared to mid year 2015. With a 200% increase in medium density land transactions, it is apparent a number of purchases have been based on long term rezoning speculations.
- Rising land prices have resulted in higher sale prices passed on to consumers; there are currently a record 22 active concrete residential projects selling above an
average of $1,000 per square foot.
- Provincial government recently passed new legislature granting strata owners the ability to terminate their strata corporation based on a 80% voting threshold (instead of unanimous). Moving forward, we expect strata winds ups to become more prevalent in the residential land market, particularly in neighborhoods with an aging housing stock.
- The Grandview-Woodland Community Plan has been approved after a 2-year community engage process with the Citizen’s Assembly; the new plan will assuredly boost residential land activity in a Grandview-Woodland area that has stayed relatively quiet in recent years.
- The Burquitlam/Lougheed Neighborhood Plan is undergoing review ahead of the Evergreen Line completion; Coquitlam City Council is expected to make its decision on different land use options within the Plan sub-areas in Q1 2017.
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