There has been significant land transaction activity in the Surrey City Centre area recently which led us to question where current concrete residential values are today, and where they are heading.

Recently, several highrise residential projects including Park Place and Ultra have been in pre-sales (Park Place is nearing completion, while Ultra is in the excavation stages). Several more tower projects are in various stages of planning and approval, with many developers taking a long-term view of the area and it’s growth potential.

New concrete residential highrise projects are typically averaging $380-400 per sq ft with a focus on price points that indicate value for both first-time buyers and investors.

An analysis of all concrete resales for buildings less than 10 years old suggests that concrete residential unit prices are moving up closer to new sales and the spread between new and old product is being reduced. A reduced spread is present in more mature markets such as Vancouver and Burnaby. The current average for resales is now over $350 per sq ft.

Source: MLS

The District of West Vancouver is currently in the public consultation process of a plan to revitalize the centre of the municipality, centred around the Ambleside area.

Objectives of the plan include the following:

• Revitalize Ambleside through the development of the 1300 Block;
• Relocate the inadequate police station from the 1300 Block and the Fire Hall on 16^th Street and Fulton Avenue to a new integrated police and fire post-disaster facility on the Municipal Hall property; thereby, allowing the 1300 Block and the Fire Hall site to be developed to their full potential;
• Enliven the Municipal Hall area and enhance streetscapes through place-making and the development of municipally owned lands with housing; and
• Generate sufficient revenues from the sale or lease of the municipally owned lands in the 1300 Block and in the Municipal Hall area to pay for the Public Safety Building
• with surplus funds applied to the Endowment Fund or public amenities.

In 2011, West Vancouver Council have held several meetings and information sessions, with the budget for the study approved June 6, 2011. It is expected that the plan will conclude some time in 2012.

Further information can be obtained at the District of West Vancouver’s website for the plan.

Source: City of West Vancouver