Here is an update to some of the rezoning applications that have been advanced to public hearing at Burnaby City council this week:
7201 11th Avenue (Southgate City – Phase 2)
This proposal is the second phase of land to go through rezoning in Ledingham McAllister’s “Southgate City” master planned community in South Burnaby. The plan for this plot in the ‘Island Neighbourhood’ in the Southwest corner of the site includes:
- a 28-storey tower and two 4-storey lowrise buildings
- 321 units (213 in tower, 108 in lowrises)
- 84 one-bedrooms, 225 two-bedrooms and 12 three-bedrooms
- 354 underground parking spaces
- 307,037 SF of gross floor area
6695 Dunblane Avenue & 4909-4971 Imperial Street
This “L” shaped property is owned by Transca Development, who acquired the assembly of four Metrotown lowrise apartments in February 2016 for $28,700,000 and submitted an initial rezoning inquiry at that time. The 56,239 SF site sits in a very active development zone, with The Park, Met 1 and Met 2 all nearby. Transca is now seeking approval to move to public hearing with a high-density residential project under the RM-5s designation including:
- a 36-storey tower and 2-4 storey lowrise form
- 313 units
- total density of 5.11 FAR
- 6,225 SF of live/work (commercial space) 0.11 FAR
- 31 studios, 103 one-bedrooms, 112 two-bedrooms and 67 three-bedrooms
- 387 underground parking spaces
6668-6730 Dunblane Avenue & 6661-6709 Marlborough Avenue
Just across Dunblane Avenue to Transca’s applicaiton, Polygon’s application on Dublane, originally introduced in November 2015, is now headed to public hearing. Details of the proposal for the 7-lot, 54,085 SF assembly of duplexes and apartment buildings includes:
- a 38-storey tower with townhouses
- 263 units (255 in tower and 8 townhouse units)
- total density of 5.0 FAR
- 1 studio, 220 two-bedrooms, 42 three-bedrooms
Here’s a look at resales data for condo unit resales in the City of Vancouver. Not only have the last few months shown record sales activity, pricing has risen noticeably, from the low $400k range in 2013, to just under $600k in the spring of 2016.
Source: MLS Data
Here is a brief snapshot of the condo resales market since the start of 2016, shown as average price per SF broken down by sub-area/neighbourhood.
Source: MLS Data
The above chart reflects data on all MLS sales for condo units that were one year old or newer at the time of sale, and only includes neighbourhoods with sales in multiple buildings. Pricing is slightly distorted by product type; for example, all of the downtown condo product is concrete highrise which is more expensive, whereas all of Maple Ridge product is in lowrise or townhouse form that is much cheaper to build and sell. Nevertheless, some may find the average pricing stats interesting.
The market for pre-sales inventory is likely to track above the average resales in a given sub-market.
Here’s a quick look at the recent uptick in resales values and activity for Downtown Vancouver condos, which have reported to have taken quite an upturn over the last few months after having been relatively flat over the past few years.
Here is data derived from all Downtown Vancouver condo resales from 2011 to April 2016. A couple of observations:
- the average price YTD 2016 is $908 per SF (up from $761 for the same period 2015)
- Average sold price/list price ratio 2016 YTD is 1.03
The above data contains all downtown Vancouver condo resales. For simplicity, all luxury condo sales above $2,000 per SF were removed (approx. 40 sales).
Data source: MLS/REBGV data
Here is an interesting map from 1956 from the City of Vancouver Archives showing land value assessments by $/SF from 1954 assessments in Downtown Vancouver.
Granville Street was the prime area back then at over $24.00 per SF of land! Conversely, Coal Harbour and Yaletown were steals at less than $1.50 per SF. Of course, these areas were still primarily industrial areas and condos were simply an idea that wouldn’t take hold for another decade. Fast forward sixty years and land values in those ‘hoods have increased approximately 2000%.
(click on the map for a zoomed in view)
“Scope and content Item is a map showing land values in dollars per square foot for the downtown area bounded by Burrard Street, Robson Street, and Nicola Street in the west and Main Street in the east.”
Here is a snapshot of the current housing price index for the City of Vancouver:
Data Source: REBGV
The District of North Vancouver recieved a presentation last night showing the current status of rezoning, development and building applications in various areas. Here’s a snapshot: