Here’s a look at resales data for condo unit resales in the City of Vancouver. Not only have the last few months shown record sales activity, pricing has risen noticeably, from the low $400k range in 2013, to just under $600k in the spring of 2016.

Source: MLS Data

Here is a brief snapshot of the condo resales market since the start of 2016, shown as average price per SF broken down by sub-area/neighbourhood.

Source: MLS Data

The above chart reflects data on all MLS sales for condo units that were one year old or newer at the time of sale, and only includes neighbourhoods with sales in multiple buildings. Pricing is slightly distorted by product type; for example, all of the downtown condo product is concrete highrise which is more expensive, whereas all of Maple Ridge product is in lowrise or townhouse form that is much cheaper to build and sell. Nevertheless, some may find the average pricing stats interesting.

The market for pre-sales inventory is likely to track above the average resales in a given sub-market.

City of North Vancouver Council will be considering a draft Housing Action Plan (“HAP”) that has been prepared by CitySpaces Consulting.

The concept for the HAP was first brought forward in 2015 as a way to explore new housing policies to encourage more options and enhance affordability, with particular focus on renters, seniors and low to moderate income families.

Some of the specific policy and regulatory actions being proposed in the HAP include:

Family-Friendly Housing Policy

• Increase the number of family-friendly units within new multi-unit residential
  development projects
• Amend the Zoning Bylaw to require a minimum percentage of three or more bedroom units in all new multi-unit residential development.

Density Bonus and Secured Low-End of Market Rental

• To secure low-end of market rental units in new multi-unit residential development projects
• Update the Density Bonus and Community Benefits Policy to permit a 1.0 FSR density bonus to eligible rental housing in exchange for 10% secured low-end of market rental (10% below CMHC average)
• 100% purpose built rental not required to have low-end of market rental.

Housing on the Frequent Transit Network

• Encouraging the development of new rental housing and reducing construction costs for purpose built rental housing and non-market housing within close proximity to the Frequent Transit Network
• Reduced Parking Policy pilot project – 25% reduction for rental, 75% reduction for non-market if sites located within 400 metres of Frequent Transit Network.

Rental Revitalization Tax Exemption Bylaw

• Preserve the existing rental supply and improve livability of existing rental and social housing through a new Rental Housing Revitalization Tax Exemption Bylaw which would apply to new construction to be exempt from property taxes for up to 10 years depending on eligibility criteria

Fee Simple Townhouses

• Making townhouses more affordable and encourage movement of moderate-income households up the housing continuum and to alleviate pressure on the rental supply
• Create templates for Party Wall Agreements and Service Easement Agreements
• Explore areas to pre-zone for Fee Simple Townhouses

Explore Repurposing Bungalows

• Intensifying single detached lots while retaining neighbourhood scale and character; and reducing demolition waste and to bolster the existing coach house initiative
• Relocation of old bungalows to repurpose as coach houses
• Incentives for owners to repurpose bungalows

A copy of the full report can be downloaded here.