A bunch of single-family homes on the west side of Vancouver has come on the market as a single development site.
The land assembly at the southeast corner of West King Edward Avenue and Dunbar Street is selling for $39 million.
The listing by RE/MAX Real Estate Services states that the one-acre (0.4 hectare) location could “potentially be developed under the Secured Market Rental Policy”.
The said policy by the City of Vancouver provides various incentives for developers of market-rate rental housing.
These incentives include exemption from payment of development cost levies, reduction of parking requirements, and ability to build units as small as 320 square feet.
Developers are also allowed additional density for projects that go through a succesful rezoning application.
Are these market rentals affordable?
“Affordability will be achieved primarily through tenure, since renting is inherently less expensive than owning,” the City of Vancouver explains online.
“In addition, more market rental housing gives higher earning residents more options to choose from, lowering the pressure on demand for lower priced rental units,” the city states.
“Additionally, the Secured Rental Policy includes provisions for below-market rental housing in some cases. Under the policy, below-market rental units will serve households earning below $80,000 annually.”
The RE/MAX Real Estate Services listing for 3554-3594 West King Edward Avenue also identifies other development options.
These include “possible mixed-use zoning on Dunbar, market condominiums, Elders' residence, Commercial at grade or something entirely different”.
The listing, which shows an assembly of seven detached homes, started on May 19, 2021.
A check with B.C. Assessment showed that 3554 West King Edward, which is the home at the east side of the assembly, has a 2021 assessed value of $2,453,000.
Meanwhile, the home at the west side of the assembly, 3594 West King Edward Avenue, has a 2021 assessed value of $2,389,000.