In January 2021, the Straight reported about property listings on two streets near the Joyce-Collingwood Station.

The offerings were notable because a number of the asking prices were up to more four times the respective assessments of the properties.

But this shouldn’t come as a surprise with regard to lots on Payne and Ann Street.

These two blocks are located near the Joyce-Collingwood station, a major transit hub.

More important, the City of Vancouver approved in 2016 a new plan to increase density around the station.

This simply means is that properties with detached homes in the area can now be redeveloped into higher buildings.

As a result, what the Joyce-Collingwood Station Precinct Plan approved by the Vision Vancouver council in 2016 did was to increase land values.

To illustrate, real-estate site Zealty.ca has tracked four sales that were reported Tuesday (November 30) for a combined $13,231,348.

The properties were marketed as “vacant lot”, and sold at $3,307,837 each.

The listings for the four properties mentioned that these are part of a five-lot assembly at 5019-5039 Payne Street.

Also, that the Joyce-Collingwood Station Precinct Plan identified the area for 14 storeys.

The four properties were all sold on the same day on August 28 this year, but were only reported November 30.

Here are the details of the deals tracked by Zealty.

5023 PAYNE STREET

Sold price: $3,307,837

Asking price: $3,498,957

2021 assessment: $1,372,000

Price-assessment ratio: 2.41

5029 PAYNE STREET

Sold price: $3,307,837

Asking price: $3,498,957

2021 assessment: $1,345,000

Price-assessment ratio: 2.46

5033 PAYNE STREET

Sold price: $3,307,837

Asking price: $3,498,957

2021 assessment: $1,351,000

Price-assessment ratio: 2.45

5039 PAYNE STREET

Sold price: $3,307,837

Asking price: $3,498,957

2021 assessment: $1,189,000

Price-assessment ratio: 2.78