A 0.48-acre two-lot residential land assembly in Vancouver’s Cambie Corridor has sold for the equivalent of more than $38 million per acre, bucking a trend that has seen land sales plunge this year compared to the first half of 2022.
The assembly at 4338-4362 Cambie Street has conditional rezoning approval for a 68-unit, six-storey multi-family building covering 58,893 square feet.
It sold for $18.25 million, according to Jamie Wallace of Oakwyn Realty, Vancouver, who brokered the deal with Goran Bucan of Sutton Group West Coast Realty.
The total assembly covered 20,847 square feet and each of the detached-house lots sold for just over $9 million.
The July 26 sale may mark a transition from the first half of this year, which saw sales of B.C. residential land fall 80 per cent from the same period in 2022, according to a report from Avison Young.
“Some proposed residential developments prior to the interest-rate hikes were no longer deemed financially viable,” Avison Young reported. “With few profitable development opportunities, prospective buyers have been preserving cash and are more selective on when and where to deploy capital.”
“Stricter financing terms and rising construction-related costs have impacted development in British Columbia, leading to reduced development appetite and lower yields for developers,” Jessica Toppazzini, principal and managing director with Avison Young in Vancouver, told Western Investor.
Even sales agent Wallace said the Cambie Street transaction went quicker than expected.
“To be honest, we were surprised by the level of interest we received when we first hit the market. It’s a tough land market out there right now and it isn’t easy to get buyers and sellers aligned on price expectations,” Wallace said. “We had three to four groups showing strong interest right from the start.”
