A planned land assembly deal in Vancouver has resulted in 43 homes being listed for sale on one street.
The properties are on East Broadway and are all listed at well above their assessed value, Global News reports. One owner, whose home is valued at $2 million has listed her home at $3.4 million.
Vancouver planner and architect Michael Geller thinks it’s wishful thinking, questioning whether the cost of the land would make developing homes that would be affordable, especially as zoning means the new homes would have to be listed at 20 per cent below market value.
“Just the cost of the land alone for a one-bedroom apartment would be $200,000, then you add in the cost of construction,” he told Global News.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: