A very telling, quite neutral article about Michelle Yu and her specialty of land assemblies by Christopher Cheung in the Vancouver Courier.
There are three Vancouver Specials near the old Little Mountain social housing complex on Main Street. The specials were built in 1979 and were assessed at about $1.4 million each. But as a set, they sold for more than $10 million, according to Western Investor in December. That’s more than double what they would’ve fetched if sold separately.
These assemblies are for multi-family buildings on arterials, empowered by Vancouver zoning, and the land cost is totally out of control – in this case 250% of the current appraised land value, which will be passed on in the sale price or as rent.
Can anyone reading this still believe that the replacement of these sorts of detached houses, which provide homes for extended families, students in suites and shared-accommodation arrangements, will provide affordable new housing geared for people who earn their living in Vancouver-level wages?
Or is the game now just to provide more small housing units in the hope the price will eventually drop?