Below is an update to some data we posted previously outlining activity and pricing for Downtown Vancouver condo resales. Sales volume was down 30% YoY in August 2012. For product less than 2 years old, the market has come off in terms of both pricing and sales activity. The majority of newer condo product downtown continues to trade in the bandwidth between $600 and $800 per sq ft.
Source: REBGV stats.
A 4-storey walkup apartment building located at 6353 Royal Oak Avenue near Metrotown has sold for $4,930,000. The property was built in 1968 and contains 29 one and two bedroom units. The sale price equals $170,000 per unit, and a 4.4% cap rate. The building had been listed for sale at $4,980,000.
A 41,000 SF waterfront development site in White Rock, B.C has been sold to a local developer for $7,700,000. The property was an assembly of multiple lots including the White Rock Mufflers site. The site is zoned CS-1 and could be redeveloped with a low-rise residential building with commercial at grade. A previous rezoning proposal included 84 residential units.
Local reaction to the sale was reported in the Peace Arch News last month.
City OKs Marine Drive development.
A proposed five-storey development on Marine Drive came one step closer to construction after receiving strong support at a City of North Vancouver council meeting Monday.
Despite questions about the mixed-use building’s density and its possible impact on a neighbouring creek, the project passed second and third readings, leaving the development one vote from adoption.
The property, located at 972 Marine Drive next to Heywood Park at Hamilton Avenue, would include 67 residential strata units above 4,200 square feet of commercial space.
