As the November 2023 print edition of Western Investor rolls off the presses and across Western Canada this week, we present some of the paper’s listings that caught out eye.
Transit-oriented development
The collapse of a major Vancouver developer in 2022 has left a nine-lot residential land assembly close to the Nanaimo SkyTrain station under a court-order sale. The 29,403-square-foot (0.67-acre) TOD site at 2415 to 2483 East 26 Avenue is eyed for higher-density zoning by the City of Vancouver. Originally purchased in 2021 from separte owners for $29.6 million, it is listed at $20 million by Casey Weeks and the investment and land sales group at Colliers, Vancouver.
Bays of Diefenbaker resort
Imagine your own little piece of paradise on The Bays on Diefenbaker in spacious Saskatchewan. About a 90-minute (110 km.) drive from Saskatoon, and 10 km. from the golf courses of Elbow, Saskatchewan, the Bays on Diefenbaker is the newest resort on the Prairies, offering large lakefront and recreational-vehicle lots, with panoramic lake views, sandy beaches, plus forested and shoreline hiking trails and a large playground. Compared to B.C. and Alberta, lakefront prices are quite low. Lots start at $51,900, according to Gayland Panko of Panko & Associates, Moose Jaw.
Burnaby redevelopment site
Nearly an acre corner lot at 7268 Balmoral Street in Burnaby’s Edmond Town Centre has an older low-rise 56-suite multi-family rental property on site, where rents are below market values. Current zoning is RM-3, which has a base density of 1.1 FSR (floor space ratio) but density bonuses can increase to a maximum of 3.15 FSR. The property offers a “strong and secure holding income poised for value-add potential with a path to future redevelopment,” according to David Venance and team at Cushman & Wakefield, Vancouver. It is listed at $16.25 million.
Okanagan manufactured home park
A Millennial or others in B.C.’s Lower Mainland trying to get onto the real estate ladder may want take this step: an Okanagan seven-unit manufactured home park (MHP) priced less than a Vancouver condo. The Ranchero MHP in the lovely Salmon Arm-Shuswap Lake area covers one acre with long-term tenants and with most pad rentals below the market average. It requires no manager, according to broker Bill Summers of Lighthouse Realty, generates a 6.52 per cent capitalization rate and is priced at $459,900.
Western Investor, which carries the most varied commercial real estate listings in Western Canada, is on newsstands this week. See the digital edition at westerninvestor.com
