A 20-unit building at 35 East 16th Avenue in Mount Pleasant has traded in a $6,750,000 deal. Sale details include:

• $336,250 per unit
• 3.3% cap rate

The 2026 assessment value of the property is $6,172,000, down from a peak in 2023 of $7.3 Million.

The property was listed and sold by Marcus & Millichap. The original list price for the property was $8,700,000.

A 20-unit building known as Capri Aparments and located at 520 North Nanaimo Street in the Grandview-Woodland area of East Vancouver has sold for $5,200,000 to New Chelsea Housing Society.

Details:

• 3-storey walkup built in 1969
• 12,319 SF site area
• 20 units (one bachelor, 18 one-bedrooms, one two-bedroom)
• 20 underground parking spaces
• $260,000 per unit

The building was sold by Dan Schulz and Chris Winkers of Macdonald Realty.

The 2026 assessment value of the property is $5,472,000.

A single-tenant TD Bank property located at 3960 Francis Road in Richmond has sold.

Details:

• 4,260 SF
• Leased until 2029 (1 x 5 years renewal option)
• $52.50 per SF NNN
• Sold for $5,250,000
  • $1,232/SF
  • 4.5% cap rate

The property had been listed for sale for $5,590,000.

The listing agent for the property was Marcus & Millichap.

When I first wrote about the Top 10 Land Deals in Metro Vancouver at the end of 2016, here is how I summarized the market:

“Residential development site sales in Metro Vancouver topped $4.5 Billion in 2016. It’s a staggering value only made possible by the confluence of a variety of local and international market forces including: incoming capital, a feverish residential real estate market, and a perceived lack of quality land available for sale. Each of these factors seemed to create the perfect storm in late 2015 and early to mid-2016 and have played a large part in driving land values to record highs.”

Nine years later, market conditions could hardly be more different. Capital is now scarce with few new entrants to our market, the pre-sale condo market is basically frozen, rental rents are finally plateauing amid rising completions and vacancy, and years late policy measures to increase housing supply has flooded the market with density in many areas.

But deals are still getting done. Some are strategic, some are opportunistic, some are long-term visionary.

Here’s a look at each of the 10 largest land deals in Metro Vancouver this year:

1. 1371 McKeen Avenue, North Vancouver

• Price:                  $143 Million
• Site Area:            28 acres
• Vendor:               Wesbild
• Purchaser:          Dream Industrial REIT & GIC

The goods:        For the second year in a row, the top land sale was an industrial site in North Vancouver. This waterfront industrial site on McKeen had previously been contemplated for an industrial subdivision and redevelopment but was rejected by the District of North Vancouver. The Property is currently occupied by multiple industrial tenants, totaling approx. 860,000 SF of rentable area. GIC is a Singapore based sovereign wealth fund.

The sale was brokered by CBRE’s National Investment Team.

2. Renfrew & Broadway Land Assembly

• Price:                  $100 Million
• Site Area:           3.1 Acres
• Vendor:              Land Assembly
• Purchaser:          Sightline Properties

The goods:      Sightline Properties completed this residential land assembly of 26 single family lots comprising two full city blocks on East Broadway and Kaslo Street in early 2025.

The site is located in the Rupert Renfrew Station Area Plan that was passed by Vancouver city council in 2025. Sightline subsequently submitted a rezoning application for the assembled site in June 2025, which calls for four towers up to 45-storeys, and 1,959 residential units including 1,386 condo units.   

3. 9150 Bentley Street, Vancouver

• Price:                   $62.9 Million
• Site Area:            5.1 acres
• Vendor:               Southgate Holdings Ltd.
• Purchaser:           Translink

The goods:        Translink acquired this site that they had previously leased next to their bus operations and maintenance centre in South Vancouver, to the West of the Arthur Laing Bridge.

4. 13200 Rice Mill Road, Richmond

• Price:                   $52 Million
• Site Area:            10.4 acres
• Vendor:            Jim Pattison Group
• Purchaser:           Provincial Government (BC Transportation Financing Authority)

The goods:        This was a strategic acquisition by the Province as a staging area for the construction of the Fraser River Tunnel Project.

5. 10387 Nordel Court, Delta

• Price:                   $39 Million
• Site Area:            14.9 acres
• Vendor:              Private Investor
• Purchaser:           Choice Properties REIT

6. 1485 Davie Street, Vancouver

• Price:                  $38.5 Million
• Site Area:           26,000 SF
• Vendor:             Court Ordered Sale
• Purchaser: Openform Properties

The goods:          This West End rental tower development site was previously slated for redevelopment by Align Properties before foreclosure proceedings were initiated by Bancorp in 2023. Openform was ultimately successful in buying the site in court in a structured deal with the site value at $38.5 million.

7. 1233 Derwent Way, Delta

• Price:                  $37.2 Million
• Site Area:           4.8 acres
• Vendor:              Private Investor
• Purchaser: Metro Vancouver

The goods:       Another strategic government purchase, Metro Vancouver bought this property on Annacis Island in March 2025 to allow for future expansion of the wastewater treatment plant. 

8. 1390 Sharpewood Drive, Coquitlam

• Price:                 $37 Million
• Site Area:          4.7 acres
• Vendor:             Gemex Development
• Purchaser:    Qualico    

The goods:         In August 2025, Qualico completed on the acquisition of this 4.7 acre site in Coquitlam for a new single-family subdivision, now branded as “Sharpewood Hills” a collection of 39 single family homes under their Foxridge Homes brand.

9. 2268 West 3rd Avenue, Vancouver

• Price:                  $31 Million
• Site Area:           21,000 SF
• Vendor:              Private Investor
• Purchaser:  Marcon

The goods:        In September, Marcon completed on the acquisition of this 21,000 SF Broadway Plan rental tower site at West 3^rd Avenue and Vine Street in Kits. The site has an active rezoning application for a 22-storey rental tower including 207 rental units.

10. 2308-2388 128^th Street, Surrey

• Price:                 $27.1 Million
• Site Area:           5.7 acres
• Vendor:              Private Investor
• Purchaser:          Qualico

The goods:       It’s second acquisition on this year’s list, Qualico picked up a 5.7 acre land assembly in South Surrey.

Joe Varing of Varing Marketing Group represented the Vendor.

Some notes from the above list:

• 5 of 10 were residential land deals
• 3 of the 10 sales were government buyers

How does 2025 compare to previous years? The total dollar value for the above 10 deals was $570 Million, well below the 10-year average of $909 Million.

Here’s the ‘Top 10’ list broken down by year:

Please contact me for further information on any of the above transactions, or if any questions, comments, or corrections to the article.

Happy Holidays!

A two-storey retail and office plaza at Burrard and West 3rd has sold. The site at 1855 Burrard Street is 12,311 SF and designated within the Broadway Plan for up to 20-storeys, 6.50 FSR.

The existing building is 9,756 SF and was built in 1988. Tenants include Waypoint Insurance and a Sushi restaurant. It includes 24 parking stalls.

Details of the sale:

• Purchase Price: $10,700,000
• Cap Rate: 3.7%
• Price per SF: $1,096 per SF
• Price per buildable SF: $134 (based on 6.50 FSR)

The building was listed and sold by Avison Young: https://d3k1yame0apvip.cloudfront.net/v2/client-10/082c2f525f5d6da/BurrardSt1855_WEB.pdf

This property sold previously in 2015 for $15,000,000 and then re-traded in 2018 for $25,000,000.