The Land Assembly Boom
Many homeowners in the Renfrew and Renfrew Heights area are currently and have been approached to sell their homes alongside their neighbors as a “land assembly”. The assembly is sought after by developers to redevelop the existing single family homes in multifamily condos or townhouses. Developers usually pay a premium for the opportunity and the homeowners often end up getting a higher than market pay day for their house. However, many of these “assemblies” in the area are NOT zoned for multifamily, and the City of Vancouver currently has no plans to rezone…. So either, builders are buying purely on speculation and holding these properties indefinitely … OR… they will be applying for Affordable Housing Interim Rezoning policy.
The main goal of the policy is either limit developers into developing 100% rental buildings or building units to be sold at 20% below market value. Being less profitable with more restrictions, and ambitious pricing from the home owners, you’ll see why most of these assemblies aren’t selling. The policy also has a 20-project cap, which in November 2016 the Vancouver Sun reports, 12 have already been accounted for.
So if you’re a potential seller interested in joining the frenzy or a buyer wanting to learn more, it’s best to do your research or give us a call for some more information.