Landshare Fall 2014

FALL 2014

LandShare ReportMetro Vancouver

The land market in Metro Vancouver continues on its upward trajectory, with developers continuing to be bullish on the market amidst growing awareness of land constraint issues. Overall, there has been a decrease in transactions, but sites have been trading at much higher values as some owners are being incented to sell.

MARKET SUMMARY

INTRODUCTION

Source: RealNet Canada Inc.

TREND TOWARDS LOWER DENSITYMedium- and low-density land sales in suburban Metro Vancouver have increased tremendously since 2013, accounting for almost 50% of the total land sales year to date. This was a significant increase from 2013, where medium- and low-desnity land sales accounted for only 33% of total land sales. This was largely due to the introduction of Official Community Plans (OCPs) such as those for Metrotown and Brentwood in Burnaby, and the City Centre Plans for Surrey and Richmond.

Developers have realized the growing demand for lower-density housing outside of suburan areas’ town centres and have begun acquiring land designated for wood frame and townhouse uses. Examples include Woodbridge Homes’ acquisition of 4.6 acres in the Deer Lake Park area in Burnaby for $23 million with plans to develop 161 townhouse units. In North Vancouver, Polygon Homes purchased close to five acres of land in the Deep Cove area for $13.3 million. Polygon has proposed to develop 80 units in three four-storey wood frame apartment buildings and 15 townhouse units. Finally, Zenterra Developments purchased a 7.6 acre site in the Grandview area of Surrey for $9.8 million. Zenterra has assembled a previously purchased site for the development of a 156-unit townhouse complex.

Colliers’ recently-released ‘Developer Survey’ documented 70 developers, ranking their interest for development sites of different densities on a scale from 1-5. Low-rise was the most popular choice with an average rating of 3.5, and townhouse development sites ranked the highest number of answers for ‘very interested’.

2014 MUNICIPAL ELECTIONSVancouver’s recent municipal election had the highest voter turnout in more than 10 years, with 44% of Vancouverites visiting the polling stations around the city. This figure is up from 34% in 2011, and surpassed the City’s goal of 40%. Gregor Robertson was re-elected as Mayor, defeating Kirk LaPointe by just over 10,000 votes. This came as a shock to some, as indications late in the campaign showed that Robertson’s bid for a third term may be challenged.

The composition of City Council stayed relatively the same, with an Vision Vancouver losing a seat and the NPA gaining one. Vision remains a majority, as six of the elected Councillors, as well as Mayor Robertson belong to the party. Since 2008, when Robertson was first elected as Mayor, Vision Vancouver has lost a seat in each election.

After reviewing the election results from the municiplities with heavily active development areas, such as Vancouver, Burnaby and Surrey, it is safe to say that the development trends in each area will likely remain on the same course.

The Metro Vancouver LandShare Report is a series of semi-annual reports on the land market in Metro Vancouver with a special focus on residential land. In addition to a comprehensive analysis of residential activity, we will share our insight into the trends that affect the land market in Metro Vancouver.

Medium DensityHigh Density Low Density Number of Deals

Tran

sact

ion

Volu

me

Tran

sact

ion

Valu

e (M

illio

ns)

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

800

700

600

500

400

300

200

100

02006 2007 2008 2009 2010 2011 2012 2013 Mid Year 2014

$679

$679

$412

$493

$604

$413

$163

$390

$139

$72

$168

$115

$235

$485

$180

$424

$753

$578

$437

$686

$543

$282

$578

$579

$305

$426

$586

METRO VANCOUVER LAND ACTIVITY

FALL 2014

MARKET SUMMARIES

Vancouver – Downtown 1

Vancouver – West 2

Vancouver – East 3

North Shore 4

Richmond 5

Burnaby/New Westminster 6

Tri-Cities: Coquitlam, Port Coquitlam & Port Moody 7

Surrey 8

TABLE OF

CONTENTS

HIGHLIGHTS

DEVELOPMENT & REZONING PERMITS

MARKET SUMMARY

VANCOUVER – DOWNTOWN

The West End Community Plan continues to be the main driver behind downtown land sales, producing record-breaking prices. Previously functional retail and office buildings have reached the end of their economic life, as we begin to see a renaissance of development in the West End.

» Bosa Properties recently purchased 1500 West Georgia from Morguard Investments for $120.5 million, representing a cap rate of 3.94%. The aggressively low cap rate can only be justified by the extra density that has been created by the introduction of the West End Community Plan.

» Port Capital Group purchased 1250 West Hastings in September for $13.1 million, representing a price per SF of $1,588 and a price per buildable SF of $265 based on a site size of 8,250 SF and a maximum density of 6.00 FSR (Floor Spce Ratio). This sale solidifies the upward trending Downtown land market as developers continue to purchase smaller sites for larger prices.

» The legitimacy of the approved development plan for Paragon Entertainment’s $535 million casino-resort to replace the existing Edgewater Casino is in question. Conflict-of-interest claims have been brought against Paragon’s recent hiring of Michael Graydon, who resigned as head of the B.C. Lottery Corporation just over a week prior.

NOTABLE NEW DEVELOPMENTS: » 1575 West Georgia Street and 620 Cardero Street: A rezoning application from

Bosa Properties to amend the existing CD-1 zoning by-laws to allow for a 26-storey building with 184 residential units, ground-level commercial space, three levels of office space and seven levels of underground parking. The proposed development will be 265 feet and represent a floor space ratio of 10.83.

» 1155 Thurlow Street: The rezoning application for the Central Presbyterian Churh was approved on July 15, 2014. The planned 206-foot, 22-storey mixed-used development consists of 168 market rental housing units, 45 non-market housing units, 2,365 SF of retail space and 21,956 SF designated for a church use. The rezoning increases the floor space ratio from 2.75 to 9.45.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot)

TOWNHOUSE APARTMENTWOOD FRAME

APARTMENTCONCRETE

Downtown Core N/A N/A $190-$265

Downtown East/Chinatown N/A $95-$105 $90-$175

* Site will be rezoned

KEY SALES

ADDRESS PURCHASER PRICE SIZE (SF) BASE FLOOR SPACE RATIO (FSR)

PRICE PER BUILDABLE SQUARE FOOT (BSF)

1. 1500 West Georgia Street Bosa Properties $120,500,000 43,230 - -

2. 1281 West Georgia Street Brilliant Circle Group $36,000,000 17,424 6.00 $344*

3. 1250 West Hastings Street Port Capital Group $13,100,000 8,250 6.00 $265

1FALL 2014

Granville

City Centre

Yaletown/

Waterfront

Burrard

Stadium/Chinatown

99

1A

Alberni St

Haro St

May & LorneBrown Park

Barclay St

Nelson St

Comox St

Pendrell St

Davie StBurnaby StHarwood St

W. Georgia St

Haro St

St

Nicola

St

Carde

ro St

Bidw

ell S

t

Denman

Stlfo

rd St

Jervi

s St

Bute S

t

Brough

ton S

t

Nicola

StCarde

ro St

ll St

Brough

ton S

t

Thur

low S

tBurr

ard S

t

Hornb

y St

Howe S

tGran

ville

St

Seym

our S

t

Richa

rds S

t

Homer

St

Bute S

t

Thur

low S

t

Burrard

St

Hornb

y St

Seym

our S

tRic

hards

St

er St

Hamilto

n St

Hamilto

n St

Burrard Bridge

Mainlan

d St

Cambie

St

Beatty

St

Expo

Blvd

Melville St

Dunsmuir StW. Georgia StRobson St

Smithe StNelson StHelmcken St

St.Paul’sH

Davie StDrake St

Pacific Blvd

Beach Ave

Pacific

Blvd

Pender St

Hastings St

Cordova St

Canada

PlaceCanada Pl

E. Commissioner

Water St

Pender S

Keefer St

Pender St

Expo BlvdGeorgia Viad

Dunsmuir Viad

Abbott St

Carrall St

Columbia St

Quebec St

W. Commissioner St

SunsetBeach

HarbourGreen Park

Powell

BC PlaceStadium

RogersArena

Bidwell

St

13

2

HIGHLIGHTS


MARKET SUMMARY

VANCOUVER – WEST

Land values continue to climb on the Westside as end-user and investor demand remains strong. The Cambie Corridor Plan continues to drive land values in the area, with developers purchasing sites for record prices. However, as under-improved land becomes scarce on the Westside and the Cambie corridor, the development community will be attracted to the added density in Marpole.

» In October, Canada Lands Company, in partnership with Tsleil-Waututh Nation, Musqueam Indian Band and Squamish Nations, purchased a portfolio of land from the Government of Canada. The majority, 73.28 of the 78.34 acres, of the land puchased is located on the Westside of Vancouver. The future use of the land is undetermined.

» The sale of 495 West 41st Avenue set a new record for price per buildable SF along the Cambie corridor. CM Bay Developments Ltd. purchased the former gas station for $402 per buildable SF, based on a C-2 zoning with a maximum density of 2.50 FSR. Within the Cambie Corridor Plan, the site has a designated density of 3.00-4.00 FSR and most industry experts believe that CM Bay purchased the site with an intention to rezone the property.

KEY SALES



1. 1424 West Broadway Qiji Investment Ltd. $14,300,000 15,625 3.00 $305

2. 4339 Cambie Street & 506 West 27th Avenue Prada Developments Corportation $8,960,000 20,428 2.60 $169

3. 495 West 41st Avenue CM Bay Developments Ltd. $15,800,000 15,714 4.00 $251

4. 398 West 63rd Avenue &7926-7992 Yukon Street Marcon Homes Ltd. $12,600,000 34,658 2.00 $181

5. 526-548 West King Edward Avenue Tianco Investment Group Inc. $11,250,000 26,801 2.50 $168

NOTABLE NEW DEVELOPMENTS: » 8175 Cambie Street, 519 SW Marine Drive and 8180-8192 Lord Street: Onni’s

application to rezone from C-1 and RS-1 to CD-1 has recently been enacted. Onni acquired the property from Wesgroup Properties for an estimated price of $38 million. The proposed development, called North West, will consist of two residential towers with one meauring 31 storeys and the other at 12 storeys, with 368 residential units and 14,693 SF of commercial space. Additionally, there is a 3-storey building with a 5,866 SF daycare, 4,499 SF community ammenity space, and 387 underground parking spaces proposed.



APARTMENTCONCRETE

West(Excluding Cambie Corridor) $235-$300 $135-$250 $175-$305

Cambie Corridor $245-$260 $150-$200 $140-$200

» 508 West 28th Avenue and 4439-4461 Cambie Street: RDG Management Ltd.’s rezoning application has been approved by council. Proposed is a six-storey, 74-foot residential building with a floor space ratio of 2.60 consisting of 65 market housing units with 82 underground parking spaces.

2FALL 2014

C.P.R

.

University of British Columbia

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

M i D

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

M i D

Main StMain St

Vancouvern vuv

W 57th Ave

Mai

n St

Gre at

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

W 4th AveCornwall St

Point Grey Rd

Mac

dona

ld S

t

Gran

ville

Str

eet

W Broadway

King Edward Ave

W 41st Ave

W 12th Ave

Marine Dr

W 16th Ave

1

2

4

5

3

HIGHLIGHTS


MARKET SUMMARY

VANCOUVER – EAST

After three years of preparation, the new Downtown East Side Plan was approved in March to mixed reviews. While the economics of the plan were predicted to put a strain on development, this has not been the case. That being said, most of the development has been in the form of ‘Microsuites’ which have been protested by supporters of the plan as the begining of a gentrification trend in the Downtown Eastside. The Kingsway corridor continues to see great end-user demand as developers continue to purchase land in areas like Norquay.

» The Kingsway Corridor continues to be a hotspot for residential land purchases, with seven transactions, totalling just under $46 million, occuring since 2012. The Mount Pleasant Community Plan and the Norquay Village Neighbourhood Centre Plan have acted as catalysts for redevelopment along the corridor. The plans promote a shift toward mixed-use development from what had been a predominantly commercial area.

» The continual gentrification push and new community and neighbourhood plans have driven the steady increase in residential land value within the area. Average price per acre paid for residential development sites increased by almost $2 million, representing an average increase of $46 in terms of price per SF.

NOTABLE NEW DEVELOPMENTS: » 275 Kingsway: Rezoning application in its second revision due to the applicant’s

desire to adjust the unit mix in order to meet the criteria for the Development Cost Levy waiver for the City of Vancouver. Proposed is a 138.5-foot mixed-use development consisting of ground-floor commercial space, 202 residential units, and 106 underground parking stalls, representing an overall density of 8.63 FSR.

» 105 Keefer Street and 544 Columbia Street: An open house was held on October 8, 2014 to review the application to rezone to a CD-1 zoning. The proposal calls for a 120-foot, 13-storey mixed-use development that includes: 137 residential units, commercial space on the ground and second levels, and three levels of underground parking, representing a total density of 7.92 FSR.



APARTMENTCONCRETE

Vancouver - East $100-$180 $65-$150 $105-$185

» After four years, Rize Alliance’s rezoning application for its project ‘The Independent’, located at Kingsway and East Broadway, has finally been approved and enacted.

KEY SALES



1. 2415-2469 Kingsway Thind Properties Ltd. $8,360,000 21,127 3.80 $104

2. 275 Kingsway Edgar Development Corp. $7,750,000 16,348 3.00 $158

3. 1312 & 1322 East 23rd Avenue Dickens Ecole Jardin Holdings Ltd. $2,700,000 12,197 1.20 $184

4. 1849 East 11th Avenue Intracorp Developments Ltd. $1,912,500 4,190 1.45 $314

3FALL 2014

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

VancouverCity Centre

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

VancouverCity Centre

Commercial

RupertRenfrew

GilmoreBrentwooTown Cen

VCC/Clark

Commercial

RupertRenfrew

GilmoreBrentwooTown Cen

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Granville

Waterfront

Vancouvern vuv

Eton St

Park

Dee

Grange St

Rupe

rt S

t

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

r

Clar

k Dr

tt

E 33rd Ave

E 12th Ave

Gre at Northern Wyman

St

Davie St

acific St

W 33rd Ave

Dr

Grandview Hwy

Mem

o rial Bridge

Com

mer

cial

Dr

E Hastings Street

E Broadway

Kingsway

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

Canada Wy

Gilm

ore

Ave

1

2

3

4

HIGHLIGHTS


MARKET SUMMARY

NORTH SHORE

Concern about end use absorption of higher-density projects have been trumped by strong pre-sales, encouraging developers to continue purchasing high-density land on the North Shore. Townhome product became more apparent in the market, mostly in the Lynn Valley and Deep Cove areas of North Vancouver. A number of landmark developments were approved in late 2014 that should set precedent for the revitalization of the three municipalities.

» The City of North Vancouver’s council voted down the City’s Official Community Plan (OCP) during its third reading in October of this year. The new OCP would have guided North Vancouver’s growth, transportation, environment and economy over the next 10 years. Those opposed to the OCP noted the restrictions against in-house secondary suites and coach houses, which could generate revenue for homeowners and create affordable housing options.

» Hollyburn Properties Ltd. has submitted a rezoning and development permit application to the District of West Vancouver regarding their rental apartment building located at 195 21st Street. Hollyburn Properties Ltd. has proposed the development of the underutilized portions of property into 42 purpose-built rental apartments in two low-rise buildings.

KEY SALES



1. Lot 45 & 46 Harbourside Drive, North Vancouver Concert Properties $21,784,000 182,021 2.05 $58

2. 303 Marine Drive, North Vancouver Darwin Properties $20,000,000 90,050 1.75 $127

3. 3829 & 3919 Dollarton Highway, North Vancouver Polygon Group $13,352,210 215,544 1.20 $52

NOTABLE NEW DEVELOPMENTS: » Lynn Valley Centre: The District of North Vancouver’s Council approved Bosa

Development Corp.’s rezoning application for the Lynn Valley Centre on July 7th, 2014 and the property has been rezoned. The proposed development will consist of 393 market residential units, six affordable rental units, and 50,000 SF of commercial space which includes a 41,000 SF grocery store and 871 underground parking stalls. The six buildings will range from four to 12 storeys, and will be developed in two phases.

» Lower Capilano Village: Council has approved Larco’s rezoning of their 4.4 acre site in the Lower Capilano area. The proposed development will be completed in four phases and consist of: 332 market condominium units, 74 market rental units, and 45 seniors rental units across a mix of building types including townhouses,



APARTMENTCONCRETE

North Vancouver $120-$140 $70-$110 $90-$160

6-storey low-rise apartments, and two towers ranging from 12 to 18-storeys. There will be 130,550 SF of commercial space, which includes a 125,000 SF mini storage business that will be below grade. In accordance with the Village Centre Plan, Larco will develop a 26,550 SF public community centre and a public park and plaza, both sized 8,000 SF.

4FALL 2014

Burrard Inlet

1

VancouverCity CentreVancouverCity Centre

Burrard

Granville

WaterfrontBurrard

Granville

Waterfront

man St

Davie Stcific

Marine Dr15th St

Stev

eout C

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E

W Esplanade

Lons

dale

Ave

Ches

terfi

eld

Ave

St G

eorg

es A

ve

W 13th St

Bra

W 3rd StE 3rd St

Harbourside DrHarbourside Pl

F

ell

Ave

E Keith Rat

e Br

idge

Highway

Tayl

or W

y

7A

Mt S

eym

our R

d

Deep

Cov

e Rd

Mt Seymour Pkwy

St

Berk

ley

RdE

Rive

rside

Dr

Hyannis Dr

Dollarton Hwyarton Rd 3

2

1

HIGHLIGHTS


MARKET SUMMARY

RICHMOND

Residential land sales showed a sizeable increase in the second quarter of 2014, and fluctuated for the rest of the year as investors and developers began purchasing medium-density sites outside of the T6 - Urban Core designation within the City Centre Plan. Sales of income-producing commercial properties within the ‘Town Centre Bonus‘ areas for long-term development plays seem to be the most popular choice for offshore investors.

» Steveston Secondary School, which closed in 2007, was recently sold to Polygon Homes for just over $41 million, providing Richmond School District No. 38 with funding that can be used for other capital projects throughout Steveston. The 13-acre site will be split into eight acres that will be sold to Polygon Homes and the remaining five acres will be reserved as a park.

» Richmond has seen a continual increase in land value over the past two years, with an acre of land selling for an average of $6.7 million, up more than $1 million per acre since 2012. The most desired types of land are designated for high and mid-rise residential, with the top four sales of this year totalling $123 million.

» Richmond condominium and townhouse prices have shown slight growth after a steady decline since 2011. Residential development has been dominated by concrete and wood frame apartment units, with townhouse construction comprising less than 7.0% of the total new units being built.

HIGHLIGHTS

NOTABLE NEW DEVELOPMENTS: » 7791-7811 Alderbridge Way: Hallmark Holdings Ltd. has submitted a rezoning

application to change the zoning from IR1 to CD in order to construct three towers of 11, 12 and 14 storeys consisting of 376 residential units.

» 5580 No. 3 Road: Beedie Living has applied for permission to develop a 15-storey residential tower with two-storey townhouse units on the podium level, totalling 139 residential units. There will also be commercial space at grade and underground parking.

» 7008 River Parkway: Onni Group has applied to develop 166 residential units in a six-storey wood frame apartment building over two concrete parking structures.



APARTMENTCONCRETE

Richmond $170-$200 $80-$90 $65-$100

KEY SALES

ADDRESS PURCHASER PRICE SIZE (SF) BASE FLOOR SPACE RATIO (FAR)


1. 3551-3651 Sexsmith Road &8331-8371 Cambie Road Polygon Group $42,053,889 402,343 2.00 $52

2. 6851-6857 Elmbridge Way Bene Development Ltd. $31,300,000 149,981 2.00 $104

3. 5600-5660 Cedarbridge Way PLLR 268 Holdings Ltd. $13,593,650 69,665 2.00 $98

4. 7231-7271 No. 4 Road Morrison Homes Ltd. $5,310,000 75,645 1.20 $58

5FALL 2014

C.N

.R.

99

AL

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

RichmondRi hichmoc

No. 6

Rd

No. 7

Rd

Vulc

an W

y

Bridgeport Rd

Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Railw

ay A

ve

Gilb

ert R

d

No. 1

Rd

Russ Baker W

y

Grant McConachie Wy Vulcan Wy

St Bridge

Arthur L

aing

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Ann

Cambie Rd

Alderbridge Wy

No. 5

Rd

No. 3

Rd

1

2 3

4

HIGHLIGHTS


MARKET SUMMARY

BURNABY/NEW WESTMINSTER

Burnaby continues to be one of the most demanded municipalities in the land market with 18 sales in the first half of 2014 totalling $70.7 million. The bonus density program that has been implemented in the four Town Centres has furthered demand for developable land in those areas. As end-user demand has remained constant, land that has been designated medium- or high-density multifamily residential continues to dominate land transactions in Burnaby.

» Intergulf Development Group recently assembled 6616-6668 Nelson Avenue and 6635 Dunblane Avenue in the Metrotown area for a total of $20.7 million, or $76 per buildable square foot. Intergulf plans to develop a 293 unit tower surrounded by 11 townhouse units.

» As of September 8, there were 102 residential and mixed-use rezoning applications under review in Burnaby, half of which were for properties located in the Metrotown and Brentwood Town Centres as well as the Royal Oak Urban Village. There are more than 11,000 residential units planned, with a multitude of retail and office space.

» Cressey Development Corporation has submitted a plan to develop its 2.7 acre site at 7350 Edmonds Street into a mixed-use community that includes a five-storey office building, three residential towers, and 214,000 SF of street-front retail space, supported by two underground parking structures. The development is planned to be split into three phases.

HIGHLIGHTS

NOTABLE NEW DEVELOPMENTS: » Southgate: Ledingham McAllister Homes Ltd. has submitted a Master

Neighbourhood Plan for its 48.16 acre site in Edmonds. The development will include 5.88 million SF of residential, up to 200,000 SF of commercial space, as well as 588,365 SF of non-market/affordable housing.

» The construction of Affinity by Bosa Developments has been completed. The development includes high-rise and mid-rise apartments, townhouse units and live/work units for a total of 289 residential units.



APARTMENTCONCRETE

Edmonds $90-$120 $80-$110 $65-$90

Brentwood $90-$100 $75-$90 $65-$90

Metrotown $110-$125 $90-$120 $85-$130

Lougheed/Burquitlam $100-$120 $65-$80 $60-$90

New Westminster $90 $30-$80 $40-$90

KEY SALES



1. 2316 Beta Avenue, 2311 Delta Avenue &4756 & 4828 Lougheed Highway Concord Pacific $62,091,000 1,012,680 N/A* -

2. 5092-5192 Canada Way &4981 & 4991 Claude Avenue Burnaby Woodbridge Homes Ltd. $23,000,000 198,738 0.90 $129

3. 4270 Dawson Avenue, Burnaby Hartanto Tjoa $15,018,000 116,305 1.58 $82

4. 6695 Dunblane Avenue Bbyproject 2 Ltd. $9,360,000 24,444 3.60 $106

Fraser River

.

1

7A

PoPo

ercial

RupertRenfrew

GilmoreBrentwoodTown Centre Holdom

Sperling/Burnaby Lake

Lake City Way Production Way/University

Braid

Sapperton

LougheedTown Centre

ercial

RupertRenfrew

GilmoreBrentwoodTown Centre Holdom

Sperling/Burnaby Lake

Lake City Way Production Way/University

Braid

Sapperton

LougheedTown Centre

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

Royal Oak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

Royal Oak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

Burnaby

C

NewwNewWestminsternststmWWestminst rW

Clarke

Rd

Como Lake Ave

Gate

nsbu

ry R

d

t Rd

G

116th Ave

Hartle

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Sprott StWinston StRu

pert

St

Hol

dom

St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

49th Ave E

Kerr

St

Ellio

t S

t

Kent Ave S

Grandview Hwy

Blue

Mou

ntai

n St

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Patullo Bridge

Bridge

Stewardson Wy

Colu

mbi

a St

Wy

Kingsway

stings Street

E Broadway

United Blvd

ay

St. Johns St

Will

ingd

on A

ve

Canada Wy

Gilm

ore

Ave

3

2

1

4

6FALL 2014

HIGHLIGHTS


MARKET SUMMARY

TRI-CITIES

It seems as though developers continue to wait to see the extent of the Evergreen SkyTrain line’s impact on the land market in the Tri-Cities. Out of the 40 transactions that have occurred since January, only six of them are located in areas designated for high-density development.

» The current Port Moody Official Community plan was adopted by City Council on October 14, 2014. The new plan will focus heavily on the development of Port Moody’s Inlet Centre and City Centre from mainly commercial into a high-density mixed-use area, while leaving the peripheral areas fairly unchanged. The plan also focuses on seven areas designated as ‘Evergreen Line Sub-Areas’ where a mix of residential and commercial development is encouraged, as well as the maintaining and development of public ammenity space.

» The Maillardville Neighbourhood Plan was adopted by council on April 1, 2014. The plan calls for a walkable, highly livable neighbourhood that features a high -density, mixed-use Neighbourhood Centre, unique residential districts, new commercial and employment growth opportunities and a variety of recreational and culturual activities.

HIGHLIGHTS

NOTABLE NEW DEVELOPMENTS: » 515 Austin Avenue, Coquitlam: A pre-application has been submitted for the

rezoning of 515 Austin Avenue from RM-5 to RM-6. The proposed development will consist of a 102-unit, 17-storey residential tower with two townhouse units at grade.

» 3200 - 3216 St. Johns Street, Port Moody: Berezan Developments have proposed a seven-storey, mixed-use development that will include 121 residential units and 53,265 SF of commercial space. Council is currently reviewing the application.



APARTMENTCONCRETE

Coquitlam $39-$41 $30-$65 $60-$80

Port Coquitlam $30-$40 $30-$50 N/A

Port Moody N/A $55-$70 $35-$80

KEY SALES



1. 509 & 513 Clarke Road, Coquitlam Magusta Development Group $7,128,000 38,630 2.50 $74

2. 2713 - 2725 Clarke Street, Port Moody Aragon Properties Ltd. $6,400,000 34,920 2.50 $75

3. 515 Austin Avenue, Coquitlam Austin Square Developments Ltd. $6,280,000 23,178 3.00 $80

4. 571 & 577 Clarke Road, Coquitlam Marcon Homes Ltd. $5,300,000 27,500 2.50 $77

7FALL 2014

C.P.R.

1

7

Port Moody

CoquitlamCentral

PortCoquitlam

Port Moody

CoquitlamCentral

PortCoquitlam

ke City Way Production Way/University

LougheedTown Centre

ke City Way Production Way/University

LougheedTown Centre

Port MoodyM ody

PortPortPoCoquitlamCoquitlamit

Coquitlamuit

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Pitt

Rive

r Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave

Gaglardi Wy

Rd

ston St

Blue

Mou

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Bedw

ell Bay Rd

Simon FraserUniversity

Brunette Ave

ghne

ssy S

t

Barnet Highway

Lougheed Highway

St. Johns St

1

3

2

4

HIGHLIGHTS


With dwindling end-user absorption within Surrey’s City Centre, land value continues to decrease as investors and developers attempt to sell their land. End-user demand won’t increase significantly until the sale price of the finished product decreases, as it is too similar to suburban markets that are closer to Vancouver. Until then, land values for concrete product will continue to remain stagnant or decline, however, wood frame and townhome product is begining to trade at or above concrete values.

» There has been a shift away from high-density development in the City Centre area as medium- and low-density land sales dominate the market. These sales are driven by the increasing demand for woodf rame and townhouse product in South Surrey and White Rock as end-user demand for concrete condominium in the City Centre area dwindles.

» Linda Hepner was elected as the City of Surrey’s mayor in a landslide victory on November 15, 2014. The Surrey City Development Corporation’s future was solidified with the win, as Hepner defeated the government-run development corporation’s two largest critics. The decisive win suprised polling predictions, however, her economic track record and business-focused platform was a clear advantage over her opponents.

NOTABLE NEW DEVELOPMENTS: » 16272 24th Avenue: Mosaic Home Ltd. has submitted an application to rezone

16272 24th Avenue from RA to RM-30. The proposed development will consist of 94 townhouse units.

» 13399 103 Avenue: The rezoning application is in the final approval stage, to rezone the property from RF to CD, which will be based on RMC-150 zoning. This is in order to develop a 37-storey, mixed-use tower which will include approximately 374 residential units, along with 4,284 SF of ground-level commercial space.

AVERAGE LAND SALES RANGE (Price per Buildable Square Foot or as Specified)


APARTMENTCONCRETE

City Centre $20-$40 $15-$40 $18-$35

Newton $1,200,000-$1,400,000 per acre $15-$25 N/A

Cloverdale $1,000,000-$1,200,000per acre $15-$25 N/A

South Surrey $1,800,000-$2,000,000per acre $25-$40 $65-$80

MARKET SUMMARY

SURREY

KEY SALES

ADDRESS PURCHASER PRICE SIZE (SF) BASE FLOOR SPACE RATIO (FSR) PRICE PER ACRE

1. 5750 Panorama Drive Fairborne Homes $20,516,000 654,750 - $1,367,733 per Acre

2. 15250 28th Avenue Lakewood Management Ltd. $9,500,000 244,877 - $1,693,401 per Acre

3. 16272 24th Avenue Mosaic Home Ltd. $8,340,000 218,250 - $1,668,000 per Acre

4. 13550 105th Avenue Bosa Properties $4,147,580 59,364 3.50 $20

8FALL 2014

SOUTHERN RAILWAY

99

y

152n

d St

40th Ave

160t

h St

160t

h St

64th Av

8th

St

24th Ave

28th Ave

0th

St

Cres cent

R

d 32nd Ave

40th Ave

Colebrook Rd

6th Ave

148t

h St

64th Ave

68th Ave

Fraser River

99A

SappertonSapperton

ter

ColumbiaScott Rd

Gateway

SurreyCentral

King George

ter

ColumbiaScott Rd

Gateway

SurreyCentral

King George

y

148t

h St

76th Ave76th Ave

Scot

t Rd

120t

h St

h Ave

40th

St

44th

St

52nd

St

84th Ave 12

8th

St

h Ave

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Port Mann Bridge

Patullo Bridge

Colu

mbi

a St

King

Geo

rge

Hig

hway

Fraser Highway

1

32

4

This report has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/ or its licensor(s). © 2014. All rights reserved. *Personal Real Estate Corporation.

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Landshare Fall 2014

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