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Metro Vancouver residential land prices may have already peaked | Vancouver Courier
Still, developers were paying eye-popping prices for high-density residential land in the second half of last year. The record price could be the $164.7 million that British-based Harlow Holdings Ltd. paid for just under an acre of land (43,255 square feet) in downtown Vancouver. A few blocks away, Vancouver’s Skyllen Pacific Development paid $58.7 million for a 30,226-square-foot Pendrell Street site zoned for a floor space ratio (FSR) of 2.75 (which means that more than 83,000 square feet of residences could be developed). 

On Vancouver’s tony west side, land zoned for high-density housing easily topped $40 million an acre last year. Colliers reported that, based on land values, the average cost for every buildable square foot for a residential development on Vancouver’s west side is now from $450 to $550 per square foot. That cost is just for the land and excludes construction costs and all soft costs, such as taxes, legal costs, development fees, marketing, financing and any developer profit.

Vancouver has by far the highest combined per-buildable-square foot costs and construction prices in Canada, according to Altus Group’s 2019 Construction Cost Guide. Altus estimates that Vancouver now requires an end-sale price a third higher than in second-place Toronto.

It  is not uncommon for new concrete condos in Vancouver to top $1,400 per square foot, and the average is $1,345 per square foot.

Suburban land values in Metro Vancouver also spiralled in 2018. In the second half of last year, Anthem Properties Corp. closed on a 1.5-acre residential site in Coquitlam near a SkyTrain station. It paid $40.5 million. Townline Homes Inc. paid $34.4 million for a high-density 51,529-square-foot parcel on North Road, Coquitlam, which pencilled to $148 per buildable square foot at an FSR of 4.5. 

Surrey provides some of the lowest-cost land for residential in the region, but it is not uncommon for high-density sites to sell for $10 million per acre or more. RDG Management Ltd. paid $30.6 million last year for 3.2-acre site in Central Surrey with an FSR of 3.5.; and a B.C. numbered company snapped up a 7.5 FSR site of nearly 1.5 acres on the King George Highway for $54 million late in 2018.
realestate  vancouver  housing  density 
march 2019 by badeconomist
Removing Uncertainty from Community Amenity Contributions | BC Chamber of Commerce
In 2014, one project was required to pay $148 million in community amenities. Along the Cambie Corridor, the CAC charges are $45 per square foot or $33,750 for a 750 square foot apartment. According to the Union of BC Municipalities, in 2000, developer contributions (Development Cost Charges and CACs) to municipalities were $100 million province-wide. This increased to $720 million in 2010 .(
vancouver  taxes  realestate  housing 
january 2019 by badeconomist
British Columbia Cracks Down on Dirty Money in Real Estate - Bloomberg
The government has also sought to bring more transparency to the murky property market after a study by Transparency International found that it’s not possible to identify who owns nearly half of Vancouver’s most expensive properties. This month, the province began demanding more information about beneficial property ownership in tax forms. The province plans to make the information available in a public registry and share it with tax authorities and law enforcement agencies.
bc  realestate  foreignownership  taxes  housing 
october 2018 by badeconomist
BOC-Housing Price Network Effects from Public Transit Investment: Evidence from Vancouver
Our results
show that rapid transit expansion projects affect housing prices across the transit network.
Importantly, these network effects include appreciation in parts of the network that are not in the
area where the expansion occurs. Therefore, LVC tax policies should be structured to reflect the
housing price appreciation across the entire transit network, and not focus solely on local
taxation in the area where the expansion occurs. Second, our results suggest that tax policies
whose structure is based on the direct effects of improved transit access may be successful in
capturing the majority of housing price appreciation from public transit investment.
vancouver  taxes  transportation  housing  realestate 
may 2018 by badeconomist
City of Vancouver looking to increase its $5.7-billion property endowment fund | Daily Hive Vancouver
The City of Vancouver’s current PEF asset distribution is as follows:

31% – Non-Market Housing: Properties whose primary use is below the market rate rental housing, including land leased to operators of co-operatives and non-market rental housing sites.
22% – Market Housing: Properties whose primary use is market rate housing including land let under leasehold strata agreements.
20% – Commercial Properties: Properties whose primary use is either industrial, retail, or office.
9% – Parking: Properties whose primary use is public off-street pay parking operated by the City or a City-designated operator.
10% – Civic Properties: Properties whose primary use is for temporary civic purposes.
8% – Land: Properties that are primarily unimproved, have no long-term encumbering commitment, or are held for future development.
vancouver  housing  realestate 
february 2018 by badeconomist
China’s international real estate shopping spree is officially dead - Business Insider
RT @KathyTGlobe: Question is if and when this will really hit #VanRE? via @bi_contributors
china  housing  realestate  foreignownership  bubble 
june 2017 by badeconomist
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