It happened and continues to happen on the Cambie Street corridor.
And it seems like it’s going to be the same for the Broadway area.
That thing is about how properties become more expensive after the City of Vancouver approved plans to introduce higher residential densities in these places.
Let’s take this single-detached home that listed this week.
On August 1, the property at 79 West 12th Avenue came on the market.
Its asking price is $6,280,000.
That’s a huge pile of money for a two-storey home with three bedrooms and two baths.
It’s almost three times or 2.9 times the property’s 2022 valuation of $2,139,300.
The Mount Pleasant listing provides an answer as to why this 45-year-old home has become more expensive.
“Developers, Investors Alert-- Broadway Corridor Plan project site, potential Land Assembly with neighbors to develop up to 20 storey mid to high-rise building with 5.5 FSR,” the offering states.
[FSR is floor space ratio, which is a comparison of much building space can be constructed in relation to the land.]
The listing also includes an image of a page from the city’s Broadway Plan featuring a 20-storey apartment building with a four-level podium.
“True rare opportunity for investment or development in prestigious Westside! POTENTIAL AMAZING VIEW TO FALSE CREEK, DOWNTOWN, QE PARK IN THE FUTURE NEW APARTMENT BUILDING!” the offering likewise stated.
Vancouver city council on June 22, 2022 approved the Broadway Plan.
The 30-year plan will provide what the city described in a media release as a “new roadmap … that will integrate new housing, job space and amenities with the Broadway Subway”.
Mayor Kennedy Stewart and six councillors voted in favour of the Broadway Plan, which covers area bounded by Vine Street, 16th Avenue, Clark Drive, and 1st Avenue.
Four councillors voted against, and these were the NPA's Melissa De Genova, COPE's Jean Swanson, TEAM for a Livable Vancouver's Colleen Hardwick, and the Greens' Michael Wiebe.
Hardwick is running for Vancouver city mayor in the October 15, 2022 municipal election.
The 79 West 12th Avenue was previously listed in January 2022 for $4,998,000.
This listing for the Vancouver real estate expired in April this year, without a sale.
After the June 22, 2022 vote by council approving the Broadway Plan, the same property is now listed higher for $6,280,000.