The value of residential land sales in Metro Vancouver has increased sharply in the past year with 550 transactions totalling $2.6 billion.

A report from Colliers International Canada reveals that the total is up $1.7 billion from the half-year mark of 2015 and a 200 per cent increase in medium density transactions pointing to long-term speculation on rezoning.

Colliers says that the high cost of land is being passed on to homebuyers with a record 22 active concrete residential projects selling above an average $1000 per square foot.

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