Metro Vancouver

LandShare Report
FALL 2014

MARKET SUMMARY

INTRODUCTION
The land market in Metro Vancouver continues on its upward trajectory, with developers continuing to be bullish
on the market amidst growing awareness of land constraint issues. Overall, there has been a decrease in transactions,
but sites have been trading at much higher values as some owners are being incented to sell.
TREND TOWARDS LOWER DENSITY

2014 MUNICIPAL ELECTIONS

Medium- and low-density land sales in suburban Metro Vancouver

have increased tremendously since 2013, accounting for almost
50% of the total land sales year to date. This was a significant
increase from 2013, where medium- and low-desnity land sales
accounted for only 33% of total land sales. This was largely due to
the introduction of Official Community Plans (OCPs) such as those
for Metrotown and Brentwood in Burnaby, and the City Centre Plans
for Surrey and Richmond.

Vancouvers recent municipal election had the highest voter turnout

in more than 10 years, with 44% of Vancouverites visiting the polling
stations around the city. This figure is up from 34% in 2011, and
surpassed the Citys goal of 40%. Gregor Robertson was re-elected
as Mayor, defeating Kirk LaPointe by just over 10,000 votes. This
came as a shock to some, as indications late in the campaign showed
that Robertsons bid for a third term may be challenged.

Developers have realized the growing demand for lower-density

housing outside of suburan areas town centres and have begun
acquiring land designated for wood frame and townhouse uses.
Examples include Woodbridge Homes acquisition of 4.6 acres in
the Deer Lake Park area in Burnaby for $23 million with plans to
develop 161 townhouse units. In North Vancouver, Polygon Homes
purchased close to five acres of land in the Deep Cove area for $13.3
million. Polygon has proposed to develop 80 units in three fourstorey wood frame apartment buildings and 15 townhouse units.
Finally, Zenterra Developments purchased a 7.6 acre site in the
Grandview area of Surrey for $9.8 million. Zenterra has assembled
a previously purchased site for the development of a 156-unit
townhouse complex.
Colliers recently-released Developer Survey documented 70
developers, ranking their interest for development sites of different
densities on a scale from 1-5. Low-rise was the most popular choice
with an average rating of 3.5, and townhouse development sites
ranked the highest number of answers for very interested.

The composition of City Council stayed relatively the same, with an

Vision Vancouver losing a seat and the NPA gaining one. Vision
remains a majority, as six of the elected Councillors, as well as
Mayor Robertson belong to the party. Since 2008, when Robertson
was first elected as Mayor, Vision Vancouver has lost a seat in each
election.
After reviewing the election results from the municiplities with
heavily active development areas, such as Vancouver, Burnaby and
Surrey, it is safe to say that the development trends in each area will
likely remain on the same course.

The Metro Vancouver LandShare Report

is a series of semi-annual reports on the

METRO VANCOUVER LAND ACTIVITY

$2,000

land market in Metro Vancouver with a

800

$1,800

700

special focus on residential land. In

$424

600

$437

$1,400
$1,200

$282
$679

$493

500
$305

$1,000

400
$753

$800
$600

$679

$604

$426

$390
$412

$413

2007

High Density

Source: RealNet Canada Inc.

$72

$578

$543

$579

$586

$168
$139

2006

300
200

$485

$0

FALL 2014

$578

$163

$400
$200

$686

$235

2008

$115

$180

2009

2010

Medium Density

100
0

2011

2012

Low Density

2013

Mid Year 2014

Number of Deals

Transaction Volume

Transaction Value (Millions)

$1,600

addition to a comprehensive analysis of

residential activity, we will share our
insight into the trends that affect the land
market in Metro Vancouver.

TABLE OF

CONTENTS

MARKET SUMMARIES

Vancouver Downtown

Vancouver West

Vancouver East

North Shore

Richmond

Burnaby/New Westminster

Tri-Cities: Coquitlam, Port Coquitlam & Port Moody

Surrey

MARKET SUMMARY

VANCOUVER DOWNTOWN
The West End Community Plan continues to be the main driver behind downtown land sales, producing recordbreaking prices. Previously functional retail and office buildings have reached the end of their economic life, as we
begin to see a renaissance of development in the West End.

HIGHLIGHTS

Ha

Harbour
Green Park
W. Commissioner St

St
te
Bu

St
low

t
ou
ym

St
er
m
Ho
St

ar
ds
ch

St

Ri

n
ilto
m
Ha

m
uir
Vi
ad
Rogers
Arena

Be
vd atty
S
Bl

Expo

lan
in

Ma

St
n

Exp

oB

Georgia Viad

lvd

BC Place
Stadium

Ha

lvd

St
er

St

ns

cifi

St

Ri
ch

Se

St

ilto

ck
en

ar
ds

St

ym

May & Lorne

Brown Park

St

lm

rS

Dr
ak
e

He

St

ou

rn

by
S

vie

St

St

Da

Pender S
Stadium/ Keefer
Chinatown

Du

lso

cB

lvd

St

St

St
le
vil

t
by
S
Ho

St

Ne

Bu

cifi

Ho
ge

rid

B
rd
rra

Bu

ith

rra
rd

ur
Th

ve
hA

Pa

St

City Centre

Sm

rn

St

low

St

Powell

Granville

Quebec St

Gr
an

St

te
Bu

St. H
Pauls

rw
oo

St

Se

St

St

Water
S

rS

ur

Ha

Sunset
Beach

rg
ia

so

St

ab
yS

uir

eo

Ho
w
e

rn

W
.G

bie

on
rv

rra
rd

St
n
to
gh
Bu

Ro
b

er

St

Carrall St

Br
ou

St

om
mis
sion

rd
ov
a

St

ns

Bu

St
co
la
Ni

ox

gs

rS

Du

St

vie

ac

$535 million casino-resort to replace the existing Edgewater Casino is in question.

Conflict-of-interest claims have been brought against Paragons recent hiring of
Michael Graydon, who resigned as head of the B.C. Lottery Corporation just over
a week prior.

St

Da

Be

The legitimacy of the approved development plan for Paragon Entertainments

ro

E. C

Co

in

de

Columbia St

dr
ell

Co

st

Ha

yS

Waterfront

Ha
Pe
n

Burrard
1A

Th

rd
e
Ca

Pe
n

St

Abbott St

representing a price per SF of $1,588 and a price per buildable SF of $265 based
on a site size of 8,250 SF and a maximum density of 6.00 FSR (Floor Spce Ratio).
This sale solidifies the upward trending Downtown land market as developers
continue to purchase smaller sites for larger prices.

rc
la

St

lle

99

Je
n

Pl

lvi

is

Br
ou

St

gh
t

t
ll S
St

lso

ro

Port Capital Group purchased 1250 West Hastings in September for $13.1 million,

ada

Me

St

St

co
la

Ca
rd
e

ro

Ni

St

St

rg
ia

iS

da
na
Ca lace
P

Can

eo

rn

Ba

Ne

er S

W
.G

Al
be

St

St

Pen
d

Ca

Bi
dw
el l

nm
an

St

lfo

rd

St

St

St

De

Investments for $120.5 million, representing a cap rate of 3.94%. The aggressively
low cap rate can only be justified by the extra density that has been created by
the introduction of the West End Community Plan.

ro

Bi
dw
el l

Bosa Properties recently purchased 1500 West Georgia from Morguard

cB

Pa
Yaletown/

KEY SALES
ADDRESS

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

1.

1500 West Georgia Street

Bosa Properties

$120,500,000

43,230

2.

1281 West Georgia Street

Brilliant Circle Group

$36,000,000

17,424

6.00

$344*

3.

1250 West Hastings Street

Port Capital Group

$13,100,000

8,250

6.00

$265

* Site will be rezoned

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
1575 West Georgia Street and 620 Cardero Street: A rezoning application from
Bosa Properties to amend the existing CD-1 zoning by-laws to allow for a 26-storey
building with 184 residential units, ground-level commercial space, three levels of
office space and seven levels of underground parking. The proposed development
will be 265 feet and represent a floor space ratio of 10.83.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

Downtown Core

N/A

N/A

$190-$265

Downtown East/
Chinatown

N/A

$95-$105

$90-$175

1155 Thurlow Street: The rezoning application for the Central Presbyterian Churh
was approved on July 15, 2014. The planned 206-foot, 22-storey mixed-used
development consists of 168 market rental housing units, 45 non-market housing
units, 2,365 SF of retail space and 21,956 SF designated for a church use. The
rezoning increases the floor space ratio from 2.75 to 9.45.

FALL 2014

MARKET SUMMARY

VANCOUVER WEST
Land values continue to climb on the Westside as end-user and investor demand remains strong. The Cambie
Corridor Plan continues to drive land values in the area, with developers purchasing sites for record prices.
However, as under-improved land becomes scarce on the Westside and the Cambie corridor, the development
community will be attracted to the added density in Marpole.

HIGHLIGHTS
1
W 10th Ave

Main St

Broadway/
City Hall

W 12th Ave

Vancouver
n 2uv
v

King Edward Ave

King
Edward

W 33rd Ave

Oakridge/41st Ave

Cambie St

W 49th Ave
Oak St

W 57th Ave

Granville Street

W 41st Ave

Langara/
49th Ave

Main St

W Boulevard

Blenheim St

along the Cambie corridor. CM Bay Developments Ltd. purchased the former gas
station for $402 per buildable SF, based on a C-2 zoning with a maximum density
of 2.50 FSR. Within the Cambie Corridor Plan, the site has a designated density of
3.00-4.00 FSR and most industry experts believe that CM Bay purchased the site
with an intention to rezone the property.

Dunbar St

Gr
e at

W Broadway

W 16th Ave

eD

Yaletown/
Roundhouse

Cornwall St

Arbutus St

University of
British Columbia

rin
Ma

The sale of 495 West 41st Avenue set a new record for price per buildable SF

rey Rd

Olympic Village

Crown St

Musqueam Indian Band and Squamish Nations, purchased a portfolio of land from
the Government of Canada. The majority, 73.28 of the 78.34 acres, of the land
puchased is located on the Westside of Vancouver. The future use of the land is
undetermined.

Point G

W 4th Ave

Macdonald St

In October, Canada Lands Company, in partnership with Tsleil-Waututh Nation,

.
C.P.R
M i

KEY SALES
ADDRESS

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

1.

1424 West Broadway

Qiji Investment Ltd.

$14,300,000

15,625

3.00

$305

2.

4339 Cambie Street & 506 West 27th Avenue

Prada Developments
Corportation

$8,960,000

20,428

2.60

$169

3.

495 West 41st Avenue

CM Bay Developments
Ltd.

$15,800,000

15,714

4.00

$251

4.

398 West 63rd Avenue &

7926-7992 Yukon Street

Marcon Homes Ltd.

$12,600,000

34,658

2.00

$181

5.

526-548 West King Edward Avenue

Tianco Investment Group

Inc.

$11,250,000

26,801

2.50

$168

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
8175 Cambie Street, 519 SW Marine Drive and 8180-8192 Lord Street: Onnis
application to rezone from C-1 and RS-1 to CD-1 has recently been enacted. Onni
acquired the property from Wesgroup Properties for an estimated price of $38
million. The proposed development, called North West, will consist of two
residential towers with one meauring 31 storeys and the other at 12 storeys, with
368 residential units and 14,693 SF of commercial space. Additionally, there is a
3-storey building with a 5,866 SF daycare, 4,499 SF community ammenity space,
and 387 underground parking spaces proposed.

508 West 28th Avenue and 4439-4461 Cambie Street: RDG Management Ltd.s
rezoning application has been approved by council. Proposed is a six-storey, 74foot residential building with a floor space ratio of 2.60 consisting of 65 market
housing units with 82 underground parking spaces.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

West
(Excluding Cambie Corridor)

Cambie Corridor

FALL 2014

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

$235-$300

$135-$250

$175-$305

$245-$260

$150-$200

$140-$200

MARKET SUMMARY

VANCOUVER EAST
After three years of preparation, the new Downtown East Side Plan was approved in March to mixed reviews.
While the economics of the plan were predicted to put a strain on development, this has not been the case. That
being said, most of the development has been in the form of Microsuites which have been protested by supporters
of the plan as the begining of a gentrification trend in the Downtown Eastside. The Kingsway corridor continues to
see great end-user demand as developers continue to purchase land in areas like Norquay.

St
an

Granville

l
ria

ge

W 12th Ave

Broadway/
City Hall

1st Ave

Commercial

Broadway

E 12th Ave

ing

sw

ay

King
Edward

Gilmore

Park

Brentwoo
Town Cen

E Broadway
Rupert

Renfrew

3
K

Vancouver
n uv
v

King Edward Ave

VCC/Clark

Wy

Gilmore Ave

Gr
e at Nor
t hern

Grandview Hwy
Canada Wy

Rupert St

Olympic Village

Venables St
Renfrew St

Main St

Commercial Dr

Clark Dr

Yaletown/
Roundhouse

Willingdon Ave

E Hastings Street

Stadium/Chinatown

Nanaimo St

have driven the steady increase in residential land value within the area. Average
price per acre paid for residential development sites increased by almost $2
million, representing an average increase of $46 in terms of price per SF.

Dundas St

Vancouver
City Centre

Eton St

rid

The continual gentrification push and new community and neighbourhood plans

McGill St
Waterfront

Burrard

St t
S
vie
Da cific
a

with seven transactions, totalling just under $46 million, occuring since 2012. The
Mount Pleasant Community Plan and the Norquay Village Neighbourhood Centre
Plan have acted as catalysts for redevelopment along the corridor. The plans
promote a shift toward mixed-use development from what had been a
predominantly commercial area.

Dr

The Kingsway Corridor continues to be a hotspot for residential land purchases,

M em o

HIGHLIGHTS

1 Nanaimo
29th Ave

W 33rd Ave

Dee

E 33rd Ave
Joyce

Gran

E 41st Ave

ge S

Oakridge/41st Ave

W 41st Ave

KEY SALES
ADDRESS
1.

2415-2469 Kingsway

2.

275 Kingsway

3.

1312 & 1322 East 23rd Avenue

4.

1849 East 11th Avenue

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

Thind Properties Ltd.

$8,360,000

21,127

3.80

$104

Edgar Development Corp.

$7,750,000

16,348

3.00

$158

Dickens Ecole Jardin

Holdings Ltd.

$2,700,000

12,197

1.20

$184

Intracorp Developments
Ltd.

$1,912,500

4,190

1.45

$314

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
275 Kingsway: Rezoning application in its second revision due to the applicants
desire to adjust the unit mix in order to meet the criteria for the Development Cost
Levy waiver for the City of Vancouver. Proposed is a 138.5-foot mixed-use
development consisting of ground-floor commercial space, 202 residential units,
and 106 underground parking stalls, representing an overall density of 8.63 FSR.

105 Keefer Street and 544 Columbia Street: An open house was held on October
8, 2014 to review the application to rezone to a CD-1 zoning. The proposal calls for
a 120-foot, 13-storey mixed-use development that includes: 137 residential units,
commercial space on the ground and second levels, and three levels of underground
parking, representing a total density of 7.92 FSR.

FALL 2014

After four years, Rize Alliances rezoning application for its project The
Independent, located at Kingsway and East Broadway, has finally been approved
and enacted.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

Vancouver - East

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

$100-$180

$65-$150

$105-$185

MARKET SUMMARY

NORTH SHORE
Concern about end use absorption of higher-density projects have been trumped by strong pre-sales, encouraging
developers to continue purchasing high-density land on the North Shore. Townhome product became more apparent
in the market, mostly in the Lynn Valley and Deep Cove areas of North Vancouver. A number of landmark
developments were approved in late 2014 that should set precedent for the revitalization of the three municipalities.

on

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ve
rs
id

application to the District of West Vancouver regarding their rental apartment

building located at 195 21st Street. Hollyburn Properties Ltd. has proposed the
development of the underutilized portions of property into 42 purpose-built rental
apartments in two low-rise buildings.

arton Rd

Mt Seymour Pkwy

Dollarton Hwy

m
an

St

Burrard Inlet

Rd

Deep Cove Rd

e
rid
g
ate
B

Harbourside Dr
Harbourside Pl

ur

Dr

W 13th St
W
EK
3rd
eit
h R
sp St
l an
E3
ad
e
rd
St
E

Welch St

Mt Sey
mo

15th St

Ri

e Dr

Ma
rin

Berkley Rd

Fe Ave
La ll
rs
on
Rd

Taylor Wy

ay

lvd

hw

Hollyburn Properties Ltd. has submitted a rezoning and development permit

Hig

nis
an
Hy

Plan (OCP) during its third reading in October of this year. The new OCP would
have guided North Vancouvers growth, transportation, environment and economy
over the next 10 years. Those opposed to the OCP noted the restrictions against
in-house secondary suites and coach houses, which could generate revenue for
homeowners and create affordable housing options.

Chesterfield Ave
Lonsdale Ave
St Georges Ave

The City of North Vancouvers council voted down the Citys Official Community

Ed

ge

Bra

Delb
roo
k

St
ev
e

t
ou

HIGHLIGHTS

Waterfront

vie

Da

Burrard

St

cifi
c

Vancouver
City Centre

St

Granville

7A

KEY SALES
ADDRESS

PURCHASER

PRICE

1.

Lot 45 & 46 Harbourside Drive,

North Vancouver

Concert Properties

$21,784,000

2.

303 Marine Drive, North Vancouver

Darwin Properties

$20,000,000

3.

3829 & 3919 Dollarton Highway,

North Vancouver

Polygon Group

$13,352,210

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

2.05

$58

1.75

$127

1.20

$52

182,021
90,050
215,544

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
Lynn Valley Centre: The District of North Vancouvers Council approved Bosa
Development Corp.s rezoning application for the Lynn Valley Centre on July 7th,
2014 and the property has been rezoned. The proposed development will consist
of 393 market residential units, six affordable rental units, and 50,000 SF of
commercial space which includes a 41,000 SF grocery store and 871 underground
parking stalls. The six buildings will range from four to 12 storeys, and will be
developed in two phases.

6-storey low-rise apartments, and two towers ranging from 12 to 18-storeys.

There will be 130,550 SF of commercial space, which includes a 125,000 SF mini
storage business that will be below grade. In accordance with the Village Centre
Plan, Larco will develop a 26,550 SF public community centre and a public park
and plaza, both sized 8,000 SF.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

Lower Capilano Village: Council has approved Larcos rezoning of their 4.4 acre
site in the Lower Capilano area. The proposed development will be completed in
four phases and consist of: 332 market condominium units, 74 market rental units,
and 45 seniors rental units across a mix of building types including townhouses,
FALL 2014

North Vancouver

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

$120-$140

$70-$110

$90-$160

MARKET SUMMARY

RICHMOND
Residential land sales showed a sizeable increase in the second quarter of 2014, and fluctuated for the rest of the
year as investors and developers began purchasing medium-density sites outside of the T6 - Urban Core designation
within the City Centre Plan. Sales of income-producing commercial properties within the Town Centre Bonus
areas for long-term development plays seem to be the most popular choice for offshore investors.

Bridgeport

y
Vulcan W
Bridgeport Rd

Vulcan Wy

99

Cambie Rd

Aberdeen

Wy

r
ke
Russ Ba

Alderbridge Wy

Richmond Ann

Lansdowne

River Rd

Westminster Hwy
Granville Ave

No. 7 Rd

Brighouse

Williams Rd

No. 6 Rd

No. 5 Rd

C.N.R.

No. 4 Rd

Garden City Rd

No. 3 Rd

Gilbert Rd

Railway Ave

Francis Rd

Fraser - Delta Thruway

Riichmo
Richmond
ch

Blundell Rd

No. 1 Rd

steady decline since 2011. Residential development has been dominated by

concrete and wood frame apartment units, with townhouse construction
comprising less than 7.0% of the total new units being built.

Arth

with an acre of land selling for an average of $6.7 million, up more than $1 million
per acre since 2012. The most desired types of land are designated for high and
mid-rise residential, with the top four sales of this year totalling $123 million.

Richmond condominium and townhouse prices have shown slight growth after a

Wy

Grant McConachie

ur L

Sea Island
Centre

Bridge

Richmond has seen a continual increase in land value over the past two years,

Templeton
YVR
Airport

e
idg
Br

Homes for just over $41 million, providing Richmond School District No. 38 with
funding that can be used for other capital projects throughout Steveston. The 13acre site will be split into eight acres that will be sold to Polygon Homes and the
remaining five acres will be reserved as a park.

AL

St

Steveston Secondary School, which closed in 2007, was recently sold to Polygon

aing

HIGHLIGHTS

KEY SALES
ADDRESS
1.

3551-3651 Sexsmith Road &

8331-8371 Cambie Road

2.

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FAR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

Polygon Group

$42,053,889

402,343

2.00

$52

6851-6857 Elmbridge Way

Bene Development Ltd.

$31,300,000

149,981

2.00

$104

3.

5600-5660 Cedarbridge Way

PLLR 268 Holdings Ltd.

$13,593,650

69,665

2.00

$98

4.

7231-7271 No. 4 Road

Morrison Homes Ltd.

$5,310,000

75,645

1.20

$58

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
7791-7811 Alderbridge Way: Hallmark Holdings Ltd. has submitted a rezoning
application to change the zoning from IR1 to CD in order to construct three towers
of 11, 12 and 14 storeys consisting of 376 residential units.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

Richmond

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

$170-$200

$80-$90

$65-$100

5580 No. 3 Road: Beedie Living has applied for permission to develop a 15-storey
residential tower with two-storey townhouse units on the podium level, totalling
139 residential units. There will also be commercial space at grade and
underground parking.

7008 River Parkway: Onni Group has applied to develop 166 residential units in a sixstorey wood frame apartment building over two concrete parking structures.

FALL 2014

MARKET SUMMARY

BURNABY/NEW WESTMINSTER
Burnaby continues to be one of the most demanded municipalities in the land market with 18 sales in the first half
of 2014 totalling $70.7 million. The bonus density program that has been implemented in the four Town Centres
has furthered demand for developable land in those areas. As end-user demand has remained constant, land that
has been designated medium- or high-density multifamily residential continues to dominate land transactions in
Burnaby.

ed H
ig

sC

Rd

Production Way/
University
Lougheed
Town Centre

da

Hig

hwa

Braid

United

Metrotown

8t

ia S

ve
hA

mb

ve
hA

Wy

Fr
tu
ll

Columbia

New
w
e
Av
Westminster
W
estminst
stm anst
rQueens
rdson
ew
St

r
By

e
Av

as

er

r
R iv e
116th Ave

Bridge

Scott Rd

New
Westminster

22nd St

Rd
ne

y
W

G
Gateway

tR
d

rR
d

Hartle
th

10

6t

Edmonds

Marine Wy

Rive

Blvd

Sapperton

Kent A
ve S

Gilley Ave

Royal Oak Ave

Marine Dr

Kingsway

Wy

Nelson Ave

Royal Oak

da

Rumble St

na

Imperial St

St

Ca

Kerr St

Patterson

Boundary Rd

Lake City Way

6t

Tyne St

ana

Burnaby

4t

ge S

hwa

Gatensbury Rd

ghe

Winston St

Tr
an

Deer Lake Pkwy

C
Como Lake Ave

Joyce

El l i
ot St

Wy

Blu
e

Rupert St

Sprott St

Nanaimo

Cressey Development Corporation has submitted a plan to develop its 2.7 acre site

ar
di

Mountain St

Sperling/
Burnaby Lake

Lou

Canada Wy

Gran

Po

St. Johns St

Holdom

Grandview Hwy

29th Ave

Simon Fraser
University

Gerald Ave

Sperling St

Curtis St

Rupert

49th Ave E

at 7350 Edmonds Street into a mixed-use community that includes a five-storey

office building, three residential towers, and 214,000 SF of street-front retail
space, supported by two underground parking structures. The development is
planned to be split into three phases.

Brentwood
Town Centre

E Broadway

Nanaimo St

under review in Burnaby, half of which were for properties located in the
Metrotown and Brentwood Town Centres as well as the Royal Oak Urban Village.
There are more than 11,000 residential units planned, with a multitude of retail and
office space.

Holdom St

Gilmore Ave
Gilmore

Renfrew

As of September 8, there were 102 residential and mixed-use rezoning applications

Willingdon Ave

1st Ave
ercial

Parker St

gl
Ga

Renfrew St

Venables St

Cla
rke

ge

6635 Dunblane Avenue in the Metrotown area for a total of $20.7 million, or $76 per
buildable square foot. Intergulf plans to develop a 293 unit tower surrounded by 11
townhouse units.

ay

7A

North Rd

Eton St

rid

Intergulf Development Group recently assembled 6616-6668 Nelson Avenue and

Dundas St

stings Street

Colu

HIGHLIGHTS

KEY SALES
ADDRESS
1.

2316 Beta Avenue, 2311 Delta Avenue &

4756 & 4828 Lougheed Highway

2.

5092-5192 Canada Way &

4981 & 4991 Claude Avenue Burnaby

3.

4270 Dawson Avenue, Burnaby

4.

6695 Dunblane Avenue

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

Concord Pacific

$62,091,000

1,012,680

N/A*

Woodbridge Homes Ltd.

$23,000,000

198,738

0.90

$129

Hartanto Tjoa

$15,018,000

116,305

1.58

$82

Bbyproject 2 Ltd.

$9,360,000

24,444

3.60

$106

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
Southgate: Ledingham McAllister Homes Ltd. has submitted a Master

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

Edmonds

$90-$120

$80-$110

$65-$90

Brentwood

$90-$100

$75-$90

$65-$90

The construction of Affinity by Bosa Developments has been completed. The

Metrotown

$110-$125

$90-$120

$85-$130

development includes high-rise and mid-rise apartments, townhouse units and

live/work units for a total of 289 residential units.

Lougheed/
Burquitlam

$100-$120

$65-$80

$60-$90

New Westminster

$90

$30-$80

$40-$90

Neighbourhood Plan for its 48.16 acre site in Edmonds. The development will
include 5.88 million SF of residential, up to 200,000 SF of commercial space, as
well as 588,365 SF of non-market/affordable housing.

FALL 2014

MARKET SUMMARY

TRI-CITIES

It seems as though developers continue to wait to see the extent of the Evergreen SkyTrain lines impact on the land
market in the Tri-Cities. Out of the 40 transactions that have occurred since January, only six of them are located in
areas designated for high-density development.

we
l

Be
d

St. Johns St

Coast Meridian Rd

ne R
d

Burns Rd

Cla

Victoria Dr

Prairie Ave

Coquitlam
uit

rke

ipeli

Coquitlam
Central

Rd

ar
di
Wy

sd

Cedar Dr

Port Moody

n e Dr
ow

Simon Fraser
University

Lan
d

Blvd
ntain
ou
M

ghness
yS

Rd

C.P
.R.

Shau

ighw
ay

Johnson St

Barn
et H

Dr

Pinetree Wy

Panorama
Her
i

nd P

April

Rd

Ioco

gl
Ga

Como Lake Ave

Lo

Broadway St

ug

he

ed

Hig

hw

ay

Pitt

ghn

ett
run

St

River Rd

ve
eA

Rd

Ki

ng
sw
Po
Port
ay
Av
e
Coquitlam
it

ess
y

Austin Ave

Blu
e

ston St

Mariner Wy

Lougheed
Town Centre

Port
Coquitlam

Linton St

Production Way/
University

Gatensbury Rd

ke City Way

Mountain St

The plan calls for a walkable, highly livable neighbourhood that features a high
-density, mixed-use Neighbourhood Centre, unique residential districts, new
commercial and employment growth opportunities and a variety of recreational
and culturual activities.

Port Moody
M ody

t ag e

The Maillardville Neighbourhood Plan was adopted by council on April 1, 2014.

d
tR
Eas

October 14, 2014. The new plan will focus heavily on the development of Port
Moodys Inlet Centre and City Centre from mainly commercial into a high-density
mixed-use area, while leaving the peripheral areas fairly unchanged. The plan also
focuses on seven areas designated as Evergreen Line Sub-Areas where a mix of
residential and commercial development is encouraged, as well as the maintaining
and development of public ammenity space.

d
ay R
lB

Woo
dla

The current Port Moody Official Community plan was adopted by City Council on

Sunnyside Rd

HIGHLIGHTS

KEY SALES
ADDRESS

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER BUILDABLE

SQUARE FOOT (BSF)

1.

509 & 513 Clarke Road, Coquitlam

Magusta Development
Group

$7,128,000

38,630

2.50

$74

2.

2713 - 2725 Clarke Street, Port Moody

Aragon Properties Ltd.

$6,400,000

34,920

2.50

$75

3.

515 Austin Avenue, Coquitlam

Austin Square
Developments Ltd.

$6,280,000

23,178

3.00

$80

4.

571 & 577 Clarke Road, Coquitlam

Marcon Homes Ltd.

$5,300,000

27,500

2.50

$77

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
515 Austin Avenue, Coquitlam: A pre-application has been submitted for the
rezoning of 515 Austin Avenue from RM-5 to RM-6. The proposed development
will consist of a 102-unit, 17-storey residential tower with two townhouse units at
grade.

3200 - 3216 St. Johns Street, Port Moody: Berezan Developments have proposed

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

Coquitlam

$39-$41

$30-$65

$60-$80

Port Coquitlam

$30-$40

$30-$50

N/A

Port Moody

N/A

$55-$70

$35-$80

a seven-storey, mixed-use development that will include 121 residential units and
53,265 SF of commercial space. Council is currently reviewing the application.

FALL 2014

MARKET SUMMARY

SURREY

With dwindling end-user absorption within Surreys City Centre, land value continues to decrease as investors and
developers attempt to sell their land. End-user demand wont increase significantly until the sale price of the finished
product decreases, as it is too similar to suburban markets that are closer to Vancouver. Until then, land values for
concrete product will continue to remain stagnant or decline, however, wood frame and townhome product is begining
to trade at or above concrete values.
HIGHLIGHTS

Hartley Ave
Sapperton

R iv e

r
116th Ave

Columbia

64th Av

SO

UT

HE

RN

Bridge

Scott Rd

ILW
AY

6th Ave

108th Ave

Gateway

Sc
ott

Rd

RA

d
rR

n
ve
os
Gr

ter

Linda Hepner was elected as the City of Surreys mayor in a landslide victory on

Colebrook Rd

104th Ave

Surrey
Central

100th Ave

148th St

100th Ave
King George

96th Ave

40th Ave

40th Ave

Hig

hw

ay

32nd Ave

Cres

99

152nd St

24th Ave

0th St

8th St

76th Ave

52nd St

44th St

76th Ave

40th St

Scott Rd

28th Ave

160th St

h Ave

er

ce
nt

84th Ave

h Ave

Fra
s
King George Highway

88th Ave

132nd St

92nd Ave

128th St

99A

120th St

November 15, 2014. The Surrey City Development Corporations future was
solidified with the win, as Hepner defeated the government-run development
corporations two largest critics. The decisive win suprised polling predictions,
however, her economic track record and business-focused platform was a clear
advantage over her opponents.

68th Ave

64th Ave

160th St

tu
ll

er

148th St

t
Colu
mb
ia S
P

s
ra

area as medium- and low-density land sales dominate the market. These sales are
driven by the increasing demand for woodf rame and townhouse product in South
Surrey and White Rock as end-user demand for concrete condominium in the City
Centre area dwindles.

e
Bridg
t Mann
Por

There has been a shift away from high-density development in the City Centre

KEY SALES
ADDRESS
1.

5750 Panorama Drive

2.

PURCHASER

PRICE

SIZE (SF)

BASE FLOOR
SPACE RATIO (FSR)

PRICE PER ACRE

Fairborne Homes

$20,516,000

654,750

$1,367,733 per Acre

15250 28th Avenue

Lakewood Management Ltd.

$9,500,000

244,877

$1,693,401 per Acre

3.

16272 24th Avenue

Mosaic Home Ltd.

$8,340,000

218,250

$1,668,000 per Acre

4.

13550 105th Avenue

Bosa Properties

$4,147,580

59,364

3.50

$20

DEVELOPMENT & REZONING PERMITS

NOTABLE NEW DEVELOPMENTS:
16272 24th Avenue: Mosaic Home Ltd. has submitted an application to rezone

AVERAGE LAND SALES RANGE

(Price per Buildable Square Foot or as Specified)

16272 24th Avenue from RA to RM-30. The proposed development will consist of
94 townhouse units.

13399 103 Avenue: The rezoning application is in the final approval stage, to
rezone the property from RF to CD, which will be based on RMC-150 zoning. This
is in order to develop a 37-storey, mixed-use tower which will include approximately
374 residential units, along with 4,284 SF of ground-level commercial space.

FALL 2014

TOWNHOUSE

APARTMENT
WOOD FRAME

APARTMENT
CONCRETE

City Centre

$20-$40

$15-$40

$18-$35

Newton

$1,200,000-$1,400,000
per acre

$15-$25

N/A

Cloverdale

$1,000,000-$1,200,000
per acre

$15-$25

N/A

South Surrey

$1,800,000-$2,000,000
per acre

$25-$40

$65-$80

Colliers International

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CONTACT INFORMATION
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Investment Team:

Managing Director | Vancouver Brokerage

DIRECT: +1 604 661 0814
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Market Intelligence Manager | Vancouver
+1 604 661 0868
james.lang@colliers.com
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