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Market Research

Market Spotlight: Downtown Condo Resales

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

DT Condo Resales_Apr 2016 DT Condo Resales_Apr 2016_1The 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

April 4, 2016by david.taylor@colliers.com
Development

15-Unit Building Planned for Cambie & 32nd Ave

The Airey Group has submitted a rezoning application for a site at 618 West 32nd Avenue, at 32nd and Cambie. The plan for the 9,983 SF site is to rezone from RS-1 District to a CD-1 per the Cambie Corridor Plan. The proposal, entitled “Quarry” is for a 6-storey building that includes:

  • 15 residential units;
  • a building height of 71 ft.;
  • a total density of 2.46 FSR;
  • 25,367 gross buildable SF;
  • 29 vehicle parking spaces and 20 bicycle spaces.

618 West 32nd 618 West 32nd_1 618 West 32nd_2

The application describes the project as follows:

“The subject site is a large single family lot currently under firm contract, which double fronts Cambie Street and West 32nd Avenue. The Cambie Street frontage of the site is 124.99 feet and West 32nd frontage is 79.88 feet yielding a surveyed area of 9,983 square feet. The site is located immediately to the north of the Elizabeth, an existing 5 storey development fronting Cambie Street. The site slopes from the southeast approximately 8’-3” to the northwest.
The upper two levels of the development step back 8 feet from the lower levels on both the Cambie and the majority of the 32nd Avenue façades. Large decks wrap the east, north and west faces of the 5th floor. The western wall of the 6th floor is further setback to respond to and provide a more gentle transition to the existing single family residential urban fabric of the neighbourhood. This step back allows for an expansive, west facing rooftop deck for the single residential unit of this level. Large sheltering overhangs are provided at both the roof level and the western edge of the sixth floor to extend the use of the rooftop decks on both the fifth and sixth levels.”
The architect for the project is Shift Architecture.
April 4, 2016by david.taylor@colliers.com
Development

Multi-Tower Development Proposed for North Road

Onni is proposing a mixed-use development in the North Road area of Burnaby. The preliminary rezoning plan for the 3.47 acre site at 3355-3429 North Road calls for rezoning the site from CD and R2 to RM4s and C2 per the Lougheed Town Centre Plan guidelines. The proposed plan includes:

  • two concrete residential towers
  • an office tower at the corner of Cameron and North Road
  • a total density of 3.6 FAR
  • 1.3 FAR commercial density
  • total residential density of 544,044 SF

The site is currently improved with a 2-storey strip mall built in the 1980’s, and a vacant lot.

3355 North Road

April 4, 2016by david.taylor@colliers.com
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