Below is a brief snapshot of current resale condo inventory and average asking prices for newer condos (ie. two years old or newer, including assignment sales).
This analysis excludes townhouse and condos and does not break down woodframe versus concrete (hence East Vancouver pricing appears below Burnaby and Maple Ridge/Poco/Pitt Meadows is lowest).
Of note, while pre-sales activity remains sluggish overall, resales inventory for newer condos remains very low in most submarkets.
Coromandel Properties has completed on the acquisition of two lots at West 57th Avenue and Laurel Street in the Cambie/Marpole area of Vancouver for $44,000,000. The two lots comprise 1.3 acres and add to a land assembly that now totals 1.97 acres.
The lots in question include a large vacant, treed lot on West 57th, as well as a single family lot fronting Laurel Street.
The lots are connected to the separately owned Salvation Army Homestead site which will be similarly redeveloped in the future as part of a different development with a shared roadway dedication linking Laurel Street and Oak Street.
The lots form part of a ‘Unique Site’ designation in the Cambie Corridor Plan, which will allow rezoning for:
“new development (that) will include low- and mid-rise buildings that provide an active residential street interface. New connections through the site and an enhanced public realm along 57th Avenue will integrate the site into the mixed use community.
…Allow a range of housing types, emphasizing low-rise apartments or townhouses on the southern portion of the site and lower mid-rise buildings internal to the site.”
It is also anticipated that the heritage house at 7255 Laurel Street will be preserved and possibly relocated on site as part of a rezoning proposal.
No rezoning application has yet been made public nor density figures announced.
Admiral Operations Ltd. has applied to the City of Vancouver for a development permit for a new townhouse project located on the West side of Oak Street between West 55th Avenue and West 57th Avenue. The site comprises two single family lots, 7239 & 7255 Oak Street.
The proposal calls for two three-storey townhouses and rowhouse buildings. Details include:
one level of underground parking having vehicular access from the rear lane.
Under the site’s proposed RM-8AN zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
Two rezoning applications have been submitted by Spire Development under the City of Vancouver’s Affordable Housing Choices Interim Rezoning Policy for adjoining sites at Fraser Street and East 56th Avenue.
