Investments in transit increase land values.
The Canada Line is one example.
The Broadway Subway Project in Vancouver is no exception.
Here’s one listing to illustrate.
The commercial property at 2331 Granville Street has a 2021 assessment of $16,724,300.
Most of the value of $16,686,000 is for the 90- by 120-foot lot.
A minimal amount of $38,300 is assigned for the two-storey building.
The building has a leasable space of 10,039 square feet.
Notably, the location is near the future South Granville Station of the Broadway subway that is currently under construction.
The listing for 2331 Granville Street makes sure potential buyers know of its strategic location.
“Unbeatable Westside location in close proximity to multiple new developments, major transit hubs and the future Granville/Broadway Skytrain station,” the listing declares.
The property is being marketed as "vacant land".
It’s a “prime redevelopment opportunity in the heart of Vancouver's rapidly growing South Granville neighborhood”.
The asking price is $30 million, almost double the 2021 assessment
As of its post, the 2331 Granville Street listing been on the realtor.ca site for 67 days.