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East Vancouver city block sells “very close to” $32 million

Rare block-big sale of development land provides insight into the future price of condominiums in the neighbourhood
Earles - main image 2 (1)
Full city block on Earles Street in East Vancouver sold for condominium development. | Goodman Commercial Inc.

The recent rare sale of an entire city block in East Vancouver provides insight into the ascension of new condominium prices, even in the southeastern fringe of the city.

The 5000-block of Earles Street in the Norquay Village neighbourhood, measuring 58,821 square feet (1.35 acres), sold “very close to” the asking price of $31.9 million. The site was assessed for 2022 at $22.6 million.

The January 2021 sale price is roughly the equivalent of $544 per square foot just for the land, a price that must be captured in the price of the new condo units planned for the property.

The site is currently occupied by six detached houses but is zoned for condominium construction, and is development permit ready, according to Mark Goodman of Goodman Commercial Inc., of Vancouver, who brokered the deal with partner Cynthia Jagger.

The buyer was a local residential developer, Goodman said.

Plans envision the construction of two four-storey buildings comprising a total of 130 market condominium units over two levels of underground parking. At its 1.96 FSR (floor space ratio) zoning, the buildable square foot pencils to $277 per square foot.

Still, because of the rising price of new low-rise condominium prices in East Vancouver, this price appears viable for a developer.

“The condo market is very strong now compared to 2018 to 2020 – end unit values have increased substantially which, in turn, increased the land value. For example, East Vancouver wood-frame condo sales range from $1,100 to $1,200 [per square foot] depending on location,” Goodman explained.

Porte, a local developer, recently launched its low-rise project ‘Grafia’ near Victoria Drive and East Broadway at about $1,175 per square foot and it is 50 per cent sold out, he noted.

“These new project launches are signalling strength again for pre-sale projects,” Goodman said.

According to MLA Canada, which tracks the pre-sale condo market in Metro Vancouver, the average price of a new condo increased 12.5 per cent in 2021, compared to a year earlier. In December 2021, 54 per cent of the new condos released in seven separate projects pre-sold in the month.  (Pre-sales are strata units that are sold before the construction is complete, often even before construction has started.)