Future buyers of new condos in downtown and surburban Vancouver could shell out more because of land scarcity, says study
A survey compiled by Colliers International in Vancouver says that the future price of condominiums, even in suburban Metro Vancouver markets, can be expected to increase because of escalating prices being paid for land, reports REW.ca’s sister publication Business in Vancouver.
The LandShare study found that land values have driven up the price-per-buildable square foot of new condo projects downtown, in Vancouver neighbourhoods and into the suburbs.
In downtown Vancouver, the average high-rise condominium being built or planned will carry a cost of from $190 to $250 per square foot due to land values, says the report.
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