As volume of home sales has grown in Vancouver and seems to have abated in the recent months, demand for land of city’s residential which does not appear to be petering out, with single-family home near 35th Avenue and Cambie Street have been listed for eye-popping around $11 million.
According to B.C. Assessment, property’s listed values now is about twice of the price as this has been sold around 18 months ago.
This home listing came in wake of increased densification in Cambie Street. As many of the homes in this area have been purchased already for upcoming construction projects of condos, 485 W 35TH Avenue remains few properties to have not been slated for next development.
Tsur Sommerville, a professor at UBC Sauder School of Business said that remarkable prices surge like a tend to arise from the rapid development.
Sommerville told CBC News that they are increasing and rezoning densities, what’s this doing is basically giving sources of value adding to this increase can be observed in the transit corridors like Oak Streets and Granville.
“A piece of land when you build single family house then it might be a worth of around $2 million, but this same land, if you build six-storey rental apartment building or condo building, this might be worth of around $4 million.”
John Lopes, a former real estate agent expressed bewilderment in this listing.
Lopes said that he thinks that it is totally ridiculous. Somewhere there is going to be a break. But he doesn’t know when, but this will. It has always.