Land Prices in Vancouver Drive Need for Solutions
In the ongoing discussion of potential solutions for affordable housing options in Vancouver, a real wild card is the skyrocketing price of land. The average price for high-density zoned land in the Vancouver region reached $152 per square foot of buildable land in the last quarter of 2015.
In fact, demand is so strong the price jumped 12% in that quarter alone. With this as the foundation for any high density builds, affordability will continue to be an issue. Once again, with demand outstripping supply for anything based in dirt, we will need to see densification solutions.
These could (and should) include more laneway housing and secondary suites being approved, Jericho Lands now owned by First Nations being developed with some affordable housing options, and some of the many additional tweaks to the system that are being discussed.
Read the full article here: http://www.builderonline.com/newsletter/land-prices-surge-in-vancouver_c
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