Metro Vancouver. LandShare Report FALL 2014

Transcription

1 Metro LandShare Report FALL 0

2 MARKET SUMMARY INTRODUCTION The land market in Metro continues on its upward trajectory, with developers continuing to be bullish on the market amidst growing awareness of land constraint issues. Overall, there has been a decrease in transactions, but sites have been trading at much higher values as some owners are being incented to sell. TREND TOWARDS LOWER DENSITY Medium- and low-density land sales in suburban Metro have increased tremendously since 0, accounting for almost 50% of the total land sales year to date. This was a significant increase from 0, where medium- and low-density land sales accounted for only % of total land sales. This was largely due to the introduction of Official Community Plans (OCPs) such as those for Metrotown and Brentwood in Burnaby, and the City Centre Plans for Surrey and. Developers have realized the growing demand for lower-density housing outside of suburban areas town centres and have begun acquiring land designated for wood frame and townhouse uses. Examples include Woodbridge Homes acquisition of.6 acres in the Deer Lake Park area in Burnaby for $ million with plans to develop 6 townhouse units. In North, Polygon Homes purchased close to five acres of land in the Deep Cove area for $. million. Polygon has proposed to develop 80 units in three fourstorey wood frame apartment buildings and 5 townhouse units. Finally, Zenterra Developments purchased a 7.6 acre site in the Grandview area of Surrey for $9.8 million. Zenterra has assembled a previously purchased site for the development of a 56-unit townhouse complex. Colliers recently-released Developer Survey documented 70 developers, ranking their interest for development sites of various densities on a scale from -5. Low-rise was the most popular choice with an average rating of.5, and townhouse development sites ranked the highest number of answers for very interested. Transaction Value (Millions) $,000 $,800 $,600 $,00 $,00 $,000 $800 $600 $00 $00 $0 METRO VANCOUVER LAND ACTIVITY $8 500 $679 $9 $05 00 $75 $686 $578 $5 $6 00 $679 $60 $6 00 $85 $7 $90 $578 $5 $579 $ $ $ $68 $9 $5 $ Mid Year 0 $ $ Transaction Volume 0 MUNICIPAL ELECTIONS s recent municipal election had the highest voter turnout in more than 0 years, with % of ites visiting the polling stations around the city. This figure is up from % in 0, and surpassed the City s goal of 0%. Gregor Robertson was re-elected as Mayor, defeating Kirk LaPointe by just over 0,000 votes. This came as a shock to some, as indications late in the campaign showed that Robertson s bid for a third term may be challenged. The composition of City Council stayed relatively the same, with an Vision losing a seat and the NPA gaining one. Vision remains a majority, as six of the elected Councillors, as well as Mayor Robertson belong to the party. Since 008, when Robertson was first elected as Mayor, Vision has lost a seat in each election. After reviewing the election results from the municipalities with heavily active development areas, such as, Burnaby and Surrey, it is safe to say that the development trends in each area will likely remain on the same course. The Metro LandShare Report is a series of semi-annual reports on the land market in Metro with a special focus on residential land. In addition to a comprehensive analysis of residential activity, we will share our insight into the trends that affect the land market in Metro. Source: RealNet Canada Inc. High Density Medium Density Low Density Number of Deals FALL 0

3 TABLE OF CONTENTS MARKET SUMMARIES Downtown East North Shore 5 Burnaby/New minster 6 Tri-Cities:, Port & Port Moody 7 Surrey 8

4 MARKET SUMMARY VANCOUVER DOWNTOWN The End Community Plan continues to be the main driver behind downtown land sales, producing recordbreaking prices. Previously functional retail and office buildings have reached the end of their economic life, as we begin to see a renaissance of development in the End. Bosa Properties recently purchased 500 Georgia from Morguard Investments for $0.5 million, representing a cap rate of.9%. The aggressively low cap rate can only be justified by the extra density that has been created by the introduction of the End Community Plan. Port Capital Group purchased 50 Hastings in September for $. million, representing a price per SF of $,588 and a price per buildable SF of $65 based on a site size of 8,50 SF and a maximum density of 6.00 FSR (Floor Space Ratio). This sale solidifies the upward trending Downtown land market as developers continue to purchase smaller sites for larger prices. ox Gilford ell Cardero Haro Denman Bidwell Nicola Sunset Beach Broughton Cardero Pendrell Davie Burnaby Harwood Beach Bridge Bidwell Bute Nicola Nelson Comox Thurlow Pacific Blvd Broughton Barclay May & Lorne Brown Park W. Georgia Alberni Jervis Hornby. Paul s H Bute Haro Drake Pender Hornby Davie Seymour W. Commissioner Thurlow Richards Melville mer Harbour Green Park A Helmcken Robson Howe Nelson Yaletown/ Roundhouse W. Georgia Smithe City Centre Richards Hamilton Mainland Canada Pl Dunsmuir Pender Hastings Seymour Hamilton Canada Place Cordova Homer Cambie Beatty Expo Blvd BC Place adium Pacific Blvd E. Commissioner adium/ Chinatown Dunsmuir Viad Rogers Arena Water Abbott Keefer Carrall Georgia Viad Expo Blvd Sc Powell S Columbia Quebec Pender S SPACE RATIO (FSR) PRICE PER BUILDABLE SQUARE FOOT (BSF). 500 Georgia reet Bosa Properties $0,500,000, Georgia reet Brilliant Circle Group $6,000,000 7, 6.00 $*. 50 Hastings reet Port Capital Group $,00,000 8, $ Georgia reet and 60 Cardero reet: A rezoning application from Bosa Properties to amend the existing CD- zoning by-laws to allow for a 6-storey building with 8 residential units, ground-level commercial space, three levels of office space and seven levels of underground parking. The proposed development will be 65 feet and represent a floor space ratio of Thurlow reet: The rezoning application for the Central Presbyterian Church was approved on July 5, 0. The planned 06-foot, -storey mixed-used development consists of 68 market rental housing units, 5 non-market housing units,,65 SF of retail space and,956 SF designated for a church use. The rezoning increases the floor space ratio from.75 to 9.5. Downtown Core N/A N/A $90-$65 Downtown East/ Chinatown N/A $95-$05 $90-$75 FALL 0

5 th C.P.R. MARKET SUMMARY VANCOUVER WEST Welch Land values continue to climb on the side as end-user and investor demand remains strong. The Cambie Corridor Plan continues to drive land values in the area, with developers purchasing sites for record prices. However, as under-improved land becomes scarce on the side and the Cambie corridor, the development community will be attracted to the added density in Marpole. st Upper Queens Mathers Inglewood Fulton 5th Southborough Dr Denman evens Dr Capilano 5th Larson Harbourside Dr Harbourside Pl W th esterfield W rd In October, Canada Lands Company, in partnership with Tsleil-Waututh Nation, Musqueam Indian Band and Squamish Nations, purchased a portfolio of land from the Government of Canada. The majority, 7.8 of the 78. acres, of land puchased is located on the side of. The future use of the land is undetermined. The sale of 95 st nue set a new record for price per buildable SF along the Cambie corridor. CM Bay Developments Ltd. purchased the former gas station for $0 per buildable SF, based on a C- zoning with a maximum density of.50 FSR. Within the Cambie Corridor Plan, the site has a designated density of FSR and most industry experts believe that CM Bay purchased the site with an intention to rezone the property. Wesbrook Mall NW University of British Columbia SW W th W 0th Point Grey W 6th Crown Dunbar Blenheim Macdonald Cornwall Arbutus reet Davie Pacific W th Yaletown/ Roundhouse Olympic Village King Edward W rd W st W 9th Oak 5 Cambie adium/chinatown King Edward Oakridge/st E st Langara/ 9th Broadway/ B City Hall E th W 57th W 57th E rd Fraser Knight SPACE RATIO (FSR) PRICE PER BUILDABLE SQUARE FOOT (BSF). Broadway Qiji Investment Ltd. $,00,000 5,65.00 $05. 9 Cambie reet & 506 7th nue. 95 st nue. 98 6rd nue & Yukon reet King Edward nue Prada Developments Corportation CM Bay Developments Ltd. $8,960,000 0,8.60 $69 $5,800,000 5,7.00 $5 Marcon Homes Ltd. $,600,000, $8 Tianco Investment Group Inc. 875 Cambie reet, 59 SW ive and Lord reet: Onni s application to rezone from C- and RS- to CD- has recently been enacted. Onni acquired the property from Wesgroup Properties for an estimated price of $8 million. The proposed development, called North, will consist of two residential towers with one measuring storeys and the other at storeys, with 68 residential units and,69 SF of commercial space. Additionally, there is a -storey building with a 5,866 SF daycare,, SF community amenity space, and 87 underground parking spaces proposed. $,50,000 6,80.50 $ th nue and 9-6 Cambie reet: RDG Management Ltd. s rezoning application has been approved by council. Proposed is a six-storey, 7- foot residential building with a floor space ratio of.60 consisting of 65 market housing units with 8 underground parking spaces. (Excluding Cambie Corridor) No. Railway Moncton Francis Williams $5-$00 $5-$50 $75-$05 Robertson eveston Hwy Dyke Cambie Corridor $5-$60 $50-$00 $0-$00 No. Gilbert ham Island W 70th No. Oak Bridge Garden City Cambie No. SE N Kent Bridgeport Shell No. 5 George Mas W Knight Bridge FALL 0 rthur Dr

6 th 6B MARKET SUMMARY VANCOUVER EAST Inglewood E 9th After three years of preparation, the new Downtown East Side Plan was approved in March to mixed reviews. While the economics of the plan were predicted to put a strain on development, this has not been the case. That 5th said, most of the development has been in the form of microsuites which have W th been protested by supporters of the plan as the begining of a gentrification trend in the Downtown Eastside. Harbourside Harbourside The Pl Dr corridor continues to see great end-user demand as developers continue to purchase land in areas like Norquay. The Corridor continues to be a hotspot for residential land purchases, with seven transactions, totalling just under $6 million, occurring since 0. The Mount Pleasant Community Plan and the Norquay Village Neighbourhood Centre Plan have acted as catalysts for redevelopment along the corridor. The plans promote a shift toward mixed-use development from what has been a predominantly single-storey commercial area. The continual gentrification push and new community and neighbourhood plans have driven the steady increase in residential land value within the area. rage price per acre paid for residential development sites increased by almost $ million, representing an average increase in price per SF of $6. Wesbrook Mall 75 : Rezoning application in its second revision due to the applicant s desire to adjust the unit mix in order to meet the criteria for the Development Cost Levy waiver for the City of. Proposed is a 8.5-foot mixed-use development consisting of ground-floor commercial space, 0 residential units, and 06 underground parking stalls, representing an overall density of 8.6 FSR. 05 Keefer reet and 5 Columbia reet: An open house was held on October 8, 0 to review the application to rezone to a CD- zoning. The proposal calls for a 0-foot, -storey mixed-use development that includes: 7 residential units, commercial space on the ground and second levels, and three levels of underground parking, representing a total density of 7.9 FSR. After four years, Rize Alliance s rezoning application for its project The Independent, located at and East Broadway, has been approved and enacted. SPACE RATIO (FSR) PRICE PER BUILDABLE SQUARE FOOT (BSF) Thind Properties Ltd. $8,60,000,7.80 $0. 75 Edgar Development Corp. $7,750,000 6,8.00 $58. & East rd nue. 89 East th nue NW SW W th W 0th Crown Point Grey Dunbar Dickens Ecole Jardin Holdings Ltd. Intracorp Developments Ltd. No. Blenheim Railway st W 6th Macdonald Moncton Upper Queens Mathers Francis Williams No. 5th Cornwall Arbutus eveston Hwy Dyke Fulton Gilbert Southborough Dr reet Davie Denman Pacific City Centre Olympic Village Yaletown/ Roundhouse Broadway/ City Hall W rd W 9th Oak evens Dr W 70th King Edward Oakridge/st adium/chinatown VCC/Clark Broadway E th Commercial E Broadway Renfrew Nanaimo North 9th $,700,000,97.0 $8 $,9,500,90.5 $ Garden City Cambie No. Capilano Welch Bridgeport Shell SE N Kent E rd E st Fraser Larson W 57th W 57th No. W th King Edward W st Oak Bridge Cambie No. 5 Chesterfield Knight Delta - East $00-$80 $65-$50 $05-$85 George Massey Tunnel 60th Hopcott Tyne Rupert Joyce Boundary Eton Gilmore Patterson Vantage Wy Grange Metrotown Imperial Rumble Progress Wy 80th Mt Seymour Pkwy Parker Brentwood Holdom Deer Lake Pkwy Nelson Royal Oak Marine Wy Byrne Royal Oak Cu Bu Burn FALL 0 W 7nd Knight Bridge Lonsdale Georges W rd E rd E Keith No. 6 No. 7 No. 8 Nelson No. 9 obertson Braemar E Grand Blvd E Esplanade Nanaimo McGill Dundas Venables st Lynn Valley Brooksbank E Hastings reet Renfrew 9th E Kerr Annacis Rupert Iron Workers Memorial Bridge 7nd Lillooet Kent S W side Dr Grandview Hwy E side Dr Berkley Old Dollarton Huston 76th Gilmore Willingdon Hyannis Dr Dollarton Hwy Holdom Sprott North Fra

7 th th MARKET SUMMARY NORTH SHORE Wesbrook Mall Concern about end-use absorption of higher-density projects have been trumped by strong pre-sales, encouraging developers to continue purchasing high-density land on the North Shore. Townhome land sales became more apparent in the market, primarily in the Lynn Lake Valley and Deep Cove areas of North. A number of landmark developments were approved in late 0 that should set precedent for the revitalization of the three municipalities. The City of North s council voted down the City s Official Queens Community Plan (OCP) during its third reading in October 0. The new OCP would have guided North s growth, transportation, Mathers environment and economy over the next 0 years. Those opposed to the OCP noted the restrictions against inhouse secondary suites and coach houses, which could generate revenue for homeowners and create affordable housing options. Hollyburn Properties Ltd. has submitted a rezoning and development permit application to the District of regarding their rental apartment building located at 95 st reet. Hollyburn Properties Ltd. has proposed the development of the underutilized portions of property into purpose-built rental apartments in two low-rise buildings. Inlet NW ADDRESS Roundhouse Cornwall PURCHASER PRICE SIZE (SF) University of British Lot 5 & 6 Harbourside Drive,. Columbia North SW st SPACE RATIO (FSR) PRICE PER BUILDABLE SQUARE FOOT (BSF) Brentwood Concert Properties Broadway/ $,78,000 Commercial 8,0.05 Town $58 Centre. 0 ive, North Darwin Properties $0,000,000 90, $7. 89 & Dollarton, North Lynn Valley Centre: The District of North s Council approved Bosa Development Corp. s rezoning application for the Lynn Valley Centre on July 7th, 0 and the property has been rezoned. The proposed development will consist of 9 market residential units, six affordable rental Templeton units, and 50,000 SF of Centre commercial space which includes YVR a,000 SF grocery store and 87 underground parking stalls. The six buildings will range from four to storeys and will be rait Of Georgia developed in two phases. Lower Capilano Village: Council has approved Larco s rezoning of their. acre site in the Lower Capilano area. The proposed development will Alderbridge be completed Wy in four phases and consist of: market condominium units, 7 market rental units, and 5 seniors rental units across a mix of building types including townhouses, FALL 0 W th Wesbrook Mall W 0th NW SW Crown VANCOUVER INTERNATIONAL AIRPORT BC RAIL Point Grey Dunbar Airport No. Blenheim English Bay ilway st W 6th W th Macdonald Sea Island Upper Queens Inglewood Fulton 5th Francis Arbutus W 0th C.P.R. ilbert Crown Aberdeen Lansdowne Brighouse Southborough Dr reet Davie Denman Pacific Point Grey Dunbar No. Blenheim City Centre E 9th Inlet adium/chinatown Venables Polygon Group $,5,0 5,5 9th.0 Joyce $5 Railway st W 6th City Centre Olympic Village Macdonald Capilano Upper Mathers Inglewood Fulton 5th adium/chinatown Cornwall Yaletown/ Bridgeport City Hall W rd W 9th Oak W 70th King Edward Francis Arbutus Oakridge/st Langara/ 9th n City No. Gilbert Southborough Dr reet Davie Denman Pacific evens Dr W rd W 9th Oak Knight W 70th 6-storey low-rise apartments, and two towers ranging from Edmonds to 8-storeys. There will be 0,550 SF of commercial space, which includes a 5,000 SF mini storage business that will be below grade. In accordance with the Village Centre nd Plan, Larco will develop a 6,550 SF public community centre and a public park and plaza, both sized 8,000 SF. Broadway E th Gilmore Nanaimo North 9th Sprott Patterson Burnaby Metrotown Imperial North $0-$0 $70-$0 $90-$60 Garden City Cambie No. Capilano 5th W th Welch Harbourside Dr Harbourside Pl Nanaimo E rd SE N Kent Bridgeport E st W 57th W 57th elta Thruway No. W th King Edward W st VCC/Clark Broadway E th SE N Kent Bridgeport E st W 57th W 57th No. evens Dr W th King Edward W st Oak Bridge Cambie Capilano 5th W th Welch Harbourside Dr Harbourside Pl Cambie No. 5 Fraser Larson E rd Chesterfield Oak Bridge Knight Bridge Lonsdale Georges W rd E rd E Keith Cambie No. 6 Braemar E Grand Blvd E Esplanade Nanaimo No. 7 McGill No. 5 Larson Fraser E Broadway Renfrew North Dundas st Lynn Valley Brooksbank E Hastings reet Renfrew 9th E Kerr Chesterfield er - Delta Thruway No. 8 Knight Knight Bridge Lonsdale Georges W rd E rd Annacis Rupert Iron Workers Memorial Bridge Tyne Lillooet Rupert Joyce E Keith Boundary No. 6 W side Dr Grandview Hwy Kent S Nelson Braemar Patterson E 9th E Grand Blvd E Esplanade Eton Nanaimo No. 9 No. 7 Brooksbank McGill Lynn Valley Dundas E Hastings reet Metrotown Imperial Rumble Venables Renfrew 9th E Nelson Kerr Royal Oak E Broadway Annacis 9 E side Dr Berkley Old Dollarton Gilmore Willingdon Grange Hyannis Dr Mt Seymour Pkwy Parker No. 8 Rupert Iron Workers Memorial Bridge Dollarton Hwy Tyne Lillooet Kent S Boundary W side Dr Grandview Hwy Holdom Deer Lake Pkwy Marine Wy Byrne Holdom Royal Oak Curtis Nelson Berkley Eton Grange Rumble Huston E side Dr Old Dollarton Sperling Gilmore Sperling/ Burnaby Lake Gilley North Fraser Wy Mt Seymour Deep Cove Derwent 7A Willingdon Gerald No. 9 Hyannis Dr Lougheed Trans Canada Queensborough Bridg Cliveden Mt Seymour Pkwy Dollarton Hwy Parker Deer Lake Winston Pkwy Nelson 9A Royal Oak Byrne Holdom Burn Royal Oak Cu Simo Un Lake City Way Sprott Marine New Wy minster e Alex Fraser Bridge Wy A 6th Barnet Hig Nordel Wy Gag 0th A 8t ewardson Wy North Fra

8 6B MARKET SUMMARY RICHMOND E rd Residential land sales showed a sizeable increase in the second quarter of 0, and fluctuated for the rest of the E st year as investors and developers began purchasing medium-density sites outside of the T6 - Urban Core designation within the City Centre Plan. Sales of income-producing commercial properties within the Bonus areas for long-term development plays appear to be the most popular choice for offshore investors. eveston Secondary School, which closed in 007, was recently sold to Polygon Homes for just over $ million, providing School District No. 8 with funding that can be used for other capital projects. The -acre site will be split into eight acres that will be sold to Polygon Homes and the remaining five acres will be reserved as a park. Wesbrook Mall has seen a continual increase in land value over the past two years, with an acre of land selling for an average of $6.7 million, up more than $ million per acre since 0. The most desired types of land are designated for high and mid-rise residential, with the top four sales of this year totalling $ million. condominium and townhouse prices have shown slight growth after a steady decline since 0. Residential development has been dominated by concrete and wood frame apartment units, with townhouse construction comprising less than 7.0% of the total new units being built. NW SW W th W 0th Crown AL Point Grey Dunbar YVR Airport W 6th No. Blenheim Railway Macdonald Sea Island Centre Francis Williams Cornwall Arbutus Templeton Gilbert reet Aberdeen Lansdowne Brighouse W 57th W 57th avie Pacific W rd W 9th Oak W 70th No. W th King Edward W st Oak Bridge Bridgeport Garden City Cambie Cambie No. SE N Kent Bridgeport No. 5 Fraser E th Knight Knight Bridge No. 6 No. 7 Dundas E Hastings reet Nanaimo Venables st Renfrew E Broadway 9th E Kerr Annacis Gran Ke No. 8 Hopcot B Sexsmith Road & 8-87 Cambie Road SPACE RATIO (FAR) PRICE PER BUILDABLE SQUARE FOOT (BSF) Polygon Group $,05,889 0,.00 $ Elmbridge Way Bene Development Ltd. $,00,000 9,98.00 $ Cedarbridge Way PLLR 68 Holdings Ltd. $,59,650 69, $98 ham Island No. Road Morrison Homes Ltd. $5,0,000 75,65.0 $58 Moncton eveston Hwy Robertson No. Dyke Shell George Massey Tunnel W Delta 60th La Arthur Dr 6th Alderbridge Way: Hallmark Holdings Ltd. has submitted a rezoning application to change the zoning from IR to CD in order to construct three towers of, and storeys consisting of 76 residential units No. Road: Beedie Living has applied for permission to develop a 5-storey residential tower with two-storey townhouse units on the podium level, totalling 9 residential units. There will also be commercial space at grade and underground parking. $70-$00 $80-$90 $65-$00 7B Deltaport Wy 5rd B 8th 5nd 56th 6th 7008 Parkway: Onni Group has applied to develop 66 residential units in a sixstorey wood frame apartment building over two concrete parking structures. FALL 0 Causeway th 6th Point Roberts 6th Boundary Bay 5 st

9 th 6B Mariner Wy MARKET SUMMARY BURNABY/NEW WESTMINSTER North Burnaby continues to be one of the most coveted municipalities in the land market with 8 sales in the first half of Mathers Inglewood E 9th 0 totalling $70.7 million. The Fulton bonus density program that has been implemented in the four s has furthered demand for developable land in those 5th areas. As end-user demand has remained constant, land that has Welch Harbourside Dr been designated medium- or high-density multifamily continues to dominate land transactions in Burnaby. Harbourside Pl Intergulf Development Group recently assembled Nelson nue and 665 Dunblane nue in the Metrotown area for a total of $0.7 million, or $76 per buildable square foot. Intergulf plans to develop a 9 unit tower surrounded by VCC/Clark townhouse units. As of September 8, there were 0 residential and mixed-use rezoning applications under review in Burnaby, half of which were for properties located in the Metrotown and Brentwood s as well as the Royal Oak Urban E rd Village. There are more than,000 residential units planned, with a multitude of retail and office space. Cressey Development Corporation has submitted a plan to develop its.7 acre site at 750 Edmonds reet into a mixed-use community that includes a five-storey W 70th N Kent office building, three residential towers, and,000 SF of street-front retail space, supported by two underground parking structures. The development is planned to be built in three phases... 6 Beta nue, Delta nue & 756 & 88 Lougheed Canada Way & 98 & Claude nue Burnaby Southgate: Ledingham McAllister Homes Ltd. has submitted a Master Neighbourhood Plan for its 8.6 acre site in Edmonds. The development will include 5.88 million SF of residential, up to 00,000 SF of commercial space, as well as 588,65 SF of non-market/affordable housing. Affinity by Bosa Developments has been completed. The development includes high-rise and mid-rise apartments, townhouse units and live/work units for a total of 89 residential units. adium/chinatown Broadway E th Edmonds $90-$0 $80-$0 $65-$90 Brentwood $90-$00 $75-$90 $65-$90 Metrotown $0-$5 $90-$0 $85-$0 Lougheed/ Burquitlam SPACE RATIO (FSR) PRICE PER BUILDABLE 96th SQUARE FOOT (BSF) Concord Pacific $6,09,000,0,680 N/A* 88th - Woodbridge Homes Ltd. $,000,000 98, $9. 70 Dawson nue, Burnaby Hartanto Tjoa $5,08,000 6,05.58 $ Dunblane nue Bbyproject Ltd. $9,60,000 Delta,.60 $06 FALL 0 Wesbrook Mall NW SW W th W 0th Crown Point Grey Dunbar No. Blenheim Railway st W 6th Macdonald Moncton Francis Williams Robertson Upper Queens No. 5th Cornwall Arbutus eveston Hwy Dyke Gilbert ham Island Southborough Dr reet Davie Denman Pacific W rd W 9th Oak Garden City Causeway No. 7B Deltaport Wy Bridgeport Shell E st W 57th W 57th No. evens Dr W th King Edward W st Oak Bridge Cambie Cambie Capilano No. 5 Fraser Larson W th SE 5nd George Massey Tunnel Arthur Dr 6th 5rd th Chesterfield W Knight Knight Bridge Lonsdale Georges W rd E rd B 8th 56th Point Roberts E Keith No. 6 6th Braemar E Grand Blvd E Esplanade Commercial Nanaimo Boundary Bay No. 7 McGill Dundas st E Broadway Renfrew Nanaimo 6th Lynn Valley Brooksbank E Hastings reet Venables Renfrew 9th 9th E Kerr 60th Hopcott Tyne Rupert Joyce C.N Boundary Eton Gilmore Patterson Vantage Wy 6th No. 8 Annacis Rupert 7nd Iron Workers Memorial Bridge 7nd Lillooet Grandview Hwy Kent S W side Dr Nelson Grange Metrotown Imperial Rumble Huston 76th Progress Wy Ladner Trunk Road E side Dr Berkley Old Dollarton Gilmore 80th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Parker Brentwood Dollarton Hwy Holdom Deer Lake Pkwy Nelson Royal Oak Marine Wy Byrne Holdom Sprott Royal Oak Curtis Sperling/ Burnaby Lake Mt Seymour Sperling Burnaby Gilley North Fraser Wy Edmonds Deep Cove Derwent Fraser $00-$0 $65-$80 $60-$90 New minster $90 $0-$80 $0-$90 7A Gerald Lougheed Trans Canada Queensborough Bridg Cliveden nd 6th Lake City Way New minster e Alex Fraser Bridge Wy Annacis 0th Barnet Winston Nordel Wy Gaglardi Wy ewardson Wy Simon Fraser University 0th Production Way/ University 8th 6th Queens th New minster Columbia 80th 7nd Kitson Pkwy Bedwell Bay 8th Lougheed North Sapperton Columbia Scott 0th Braid Scott Port Moody Clarke Patullo Bridge 9nd 58th Bayview th ation Como Lake Blue Mountain Newton 8th Gatensbury Scott April Gateway Sunnyside 00th King George 8th 56th nd 8th 76th 6th Cres cent th 0th 6th Ioco. Johns United Blvd R. Po Surrey Central East White Rock 0th Heritage Mountain Blvd Linton Hartley King George Colebrook 0th 6 0th Austin Grosvenor 08th 0th 00th nd Brunette th 8th North Bluff Land Port Mann Br 8th Frase 76th 7nd 68th 8th st

10 th 6B Mariner Wy MARKET SUMMARY TRI-CITIES Dunbar oint Grey No. Blenheim Railway st 6th Macdonald Moncton Developers continue to wait to see the extent of the Evergreen SkyTrain line s impact on the land market in the Tri- Cities. Out of the 0 transactions that have occurred since January, only six of them are located in areas designated for high-density development. Francis Williams Robertson Upper Queens Mathers Fulton Inglewood No. 5th The Port Moody 5th Official Community plan was adopted by City Council on October Welch, 0. The new plan will focus heavily on the development of Port Moody s Inlet Centre and City Centre from primarily commercial to a high-density mixed-use area, while leaving the peripheral areas fairly unchanged. The plan also focuses on seven areas designated as Evergreen Line Sub-Areas where a mix of residential and commercial development is encouraged, along with the maintaining and development of public amenity space. adium/chinatown The Maillardville Neighbourhood Plan Venables was adopted by council Parker on April Curtis, 0. The plan calls for a walkable, highly livable neighbourhood that features a high Cornwall Arbutus Gilmore -density, mixed-use Neighbourhood Centre, unique residential Brentwood districts, new E th Renfrew Rupert Sperling/ commercial and employment growth opportunities and a variety of recreational Burnaby Lake and cultural activities. eveston Hwy Royal Oak PRICE PER BUILDABLE Rumble SPACE RATIO (FSR) SQUARE FOOT (BSF) SE Edmonds 6th W 70th New N Kent Magusta Development minster Marine Wy Columbia. 509 & 5 Clarke Road, $7,8,000 8,60 Scott.50 $7 Group New Bridgeport Clarke reet, Port Moody Aragon Properties Ltd. $6,00,000,90 0th.50 0th $ Austin Alderbridge nue, Wy 55 Austin nue, : A pre-application has been submitted for the rezoning of 55 Austin nue from RM-5 Delta to RM-6. The proposed development will consist of a 0-unit, 7-storey residential tower with two townhouse units at grade. VCC/Clark Broadway Commercial E Broadway Austin Square Developments Ltd Johns reet, Port Moody: Berezan Developments have proposed a seven-storey, mixed-use development that will include residential units and 5,65 SF of commercial space. Council is currently reviewing the application. Nanaimo North 9th Joyce Patterson Metrotown Imperial Holdom Burnaby $6,80,000,78.00 $ & 577 Clarke Road, Marcon Homes Ltd. $5,00,000 7, $77 88th 88th Dyke Gilbert ham Island Southborough Dr reet Davie Denman Pacific W rd W 9th Oak Garden City No. Shell E st W 57th W 57th No. evens Dr W th King Edward W st Oak Bridge Cambie Cambie Capilano Harbourside Dr Harbourside Pl No. 5 Fraser Larson W th E rd Chesterfield George Massey Tunnel W Knight Knight Bridge Lonsdale Georges W rd E rd E Keith No. 6 Braemar E 9th E Grand Blvd E Esplanade Nanaimo No. 7 McGill Dundas st Lynn Valley Brooksbank E Hastings reet Renfrew 9th E Kerr 60th No. 8 Annacis Rupert Hopcott Tyne Boundary Eton Vantage Wy 7nd Iron Workers Memorial Bridge 7nd Lillooet Grandview Hwy Kent S W side Dr Nelson Huston 76th Progress Wy Ladner Trunk Road E side Dr Berkley Old Dollarton Gilmore Grange 80th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Dollarton Hwy Deer Lake Pkwy Nelson Royal Oak Byrne Holdom Sprott Gilley North Fraser Wy Mt Seymour Sperling Deep Cove Derwent Gerald Lougheed Trans Canada Queensborough Bridg Cliveden e nd Alex Fraser Bridge Wy 6th Annacis 0th Barnet Lake City Way Winston Nordel Wy Gaglardi Wy ewardson Wy Simon Fraser University 0th Production Way/ University 8th 6th Queens th minster Bedwell Bay 8th 80th Lougheed North Sapperton Columbia Scott 0th Braid Scott Port Moody Clarke Patullo Bridge 96th 9nd Como Lake Gatensbury April Gateway Sunnyside 00th King George Ioco C.P.R. Surrey Central East Port Moody Heritage Mountain Blvd Linton Austin Panorama Dr 7nd Newton Surrey 68th Landsdowne Dr Kitson Pkwy 6th $9-$ $0-$65 $60-$80 Port $0-$0 $0-$50 N/A 58th Port Moody N/A $55-$70 $5-$80 ation Blue Mountain 8th 56th nd 8th 76th. Johns United Blvd Hartley King George Grosvenor 0th Colebrook Brunette 08th 00th th Port Mann Bridge 8th 76th 7nd 8th Central Fraser 5nd Johnson 7 Port Port 56th Pinetree Wy Shaughnessy Mary Hill Bypass 60th Woodland Pipeline 60th Shaughnessy Pitt 96th 80th 6th Broadway 08th Perimeter 68th Coast Meridian Prairie Woolridge Cedar Dr Burns Lougheed 76th Pacific Pitt Meadows 9nd Harvie 8th 7nd 60th 56th Fraser Wy Cloverdale 9nd 9nd Cole Arthur Dr B 6th 6th 0th 0th Pacific FALL 0 7B Deltaport Wy 5rd 8th 5nd 56th Bayview th 8th Cres cent th 0th nd 8th 5nd 60th 68th nd 8th th 7 8th 9nd

11 th 6B 6B Mariner Wy 00th Dr ncouver s ood Fulton 5th y ornwall l d Arbutus C.P.R. Templeton onachie Wy Baker Wy yke Gilbert Aberdeen Lansdowne Brighouse estham Island Crown Dunbar 5th W th MARKET Welch SUMMARY SURREYW 70th 7A 0th With dwindling end-user Cambie absorption within Surrey s City Centre, values continue to decrease as investors and developers City Centre Port Moody Venables Parker Curtis University Yaletown/. Johns Roundhouse Central attempt to sell their land. End-user demand won t increase significantly until the sale 96th price of the finished product Olympic Village Gilmore Brentwood 9nd Broadway/ Commercial Broadway Holdom decreases, City Hall as it is too E similar Broadway Como Lake to suburban markets that are closer to. Until then, land Port values for concrete E th Rupert Lake City Way Production Way/ University Port product King will continue to remain stagnant or decline, however, woodframe Lougheed and townhome product 8th is begining to trade 7 9th at or above E rd concrete values. Langara/ Imperial Royal Oak There has been a shift away from high-density development Delta in the City Centre W 70th Rumble area as medium- and low-density land sales dominate the market. These sales are SE Edmonds New N Kent driven by the increasing demand for woodframe and townhouse 60th product minster South Marine Wy Surrey and White Rock as end-user demand for concrete condominium in the City Centre area dwindles. Bridgeport Edward Linda Hepner was elected as the City of Surrey s mayor on November 5, 0. The Surrey City Development Corporation s future was solidified with the win, as Hepner defeated the government-run development corporation s two largest critics. No. Oakridge/st 9th Garden City No. Blenheim S Railway Macd Inlet adium/chinatown Moncton Robertson Bridgeport Shell Francis Williams E st No. Arbutus eveston Hwy W 57th W 57th Hwy Southboro reet Davie Denman Pacific W rd W 9th Oak No. evens Dr W th King Edward W st Oak Bridge Cambie Capila Cambie Harbourside Dr Harbourside Pl No. 5 Fraser Larson Chesterfield Dyke Gilbert reet ham Island King Edward W rd W st W 9th Oak Garden City 7B Deltaport Wy 5nd th George Massey Tunnel Arthur Dr Point Roberts 6th Boundary Bay Deer Lake Pkwy Burnaby Port Moody New minster Causeway Cambie No. N Kent Bridgeport Eton Tyne Shell E st W 57th W 57th VCC/Clark George Massey Tunnel No. Oak Bridge E rd No. 5 Fraser SE 6th W 5rd Knight Knight Bridge y B 8th 56th No. 6 Na No. 7 9th E 6th Kerr Annacis Hopcott Tyne Boundary Vantage Wy 6th No. 8 Rup Kent S 7nd 7nd Nelson Grange Imperial Rumble Huston 76th Progress Wy Ladner Trunk Road 80th No. 9 Surrey 0th White Rock SPACE RATIO (FSR) Pitt Meadows Surrey PRICE PER ACRE Panorama Drive Fairborne Homes $0,56,000 65,750 - $,67,7 per 56th st Acre Cloverdale W Knight Knight Bridge Lonsdale Georges W rd E rd E Keith No. 6 Braemar E 9th th nue Lakewood Management Ltd. $9,500,000,877 - $,69,0 per Acre 7 E Grand Blvd E Esplanade Nanaimo No. 7 Renfrew Nanaimo North McGill Dundas st Lynn Valley Brooksbank E Hastings reet Renfrew 9th E Kerr Delta 60th No. 8 Annacis Rupert Hopcott Joyce Boundary Patterson 9 Vantage Wy 7nd Iron Workers Memorial Bridge 7nd Lillooet Grandview Hwy Kent S W side Dr Nelson Huston 76th Progress Wy Ladner Trunk Road E side Dr Berkley Old Dollarton Gilmore Grange Metrotown 80th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Dollarton Hwy Deer Lake Pkwy Nelson Royal Oak Byrne SOUTHERN RAILWAY Holdom Sprott Sperling/ Burnaby Lake Burnaby Gilley North Fraser Wy Mt Seymour Sperling Deep Cove Gerald Lougheed Trans Canada Queensborough Bridg Cliveden Derwent e nd Alex Fraser Bridge Wy 9A Annacis 0th 6th Barnet Winston 9 ewardson Wy Nordel Wy Nelson Royal Oak Marine Wy Byrne Simon Fraser Gaglardi Wy 0th 8th 6th Queens th New minster B.N.R. Indi Sprott Columbia 80th Kitson Pkwy Bedwell Bay 8th 7nd Gilley North Fraser Wy North Sapperton Columbia Trans Canada Queensborough Bridg Cliveden Braid Clarke Patullo Bridge Scott 0th Derwent e Alex Fraser Bridge Wy Fraser Scott 58th ation Blue Mountain 96th 9nd 88th Newton Annacis 0th Scott Winston 6th April ewardson Wy Gatensbury 00th 8th 56th 8th 76th Nordel Wy Gateway Sunnyside United Blvd nd 6th 6th King George 0th Ioco C.P.R. A Surrey Central 8th East 6th Queens Heritage Mountain Blvd Linton th Hartley King George Colebrook 80th 7nd Kitson Pkwy 0th 8th Austin Grosvenor Brunette 08th 0th 00th th North Columbia Patullo Bridge Landsdowne Dr 8th Scott 0th Port Mann Bridge 8th 76th 7nd 68th Panorama Dr Scott Fraser Bayview th 5nd Johnson 88th 58th ation Blue Mou Newton 56th 8th 8th Gate 00th nd 76th SOUTHERN RAILWAY United Blvd 6th Cres cent th 6th 0th Lin Hartley King George 56th Pinetree Wy Shaughnessy Mary Hill Bypass 60th Woodland Pipeline 60th Shaughnessy Pitt 88th 80th 6th 08th Colebrook 0th 96th 0th 68th 0th Austin Coast Meridian Grosvenor Broadway Perimeter 08th 00th nd Brunette Prairie th Woolridge 8th North Bluff B.C. RAIL Ma Cedar Dr Port Mann Bridge 8th 76th 7nd 68th 5 Fraser 8th Burns Lougheed 76th Pacific 5nd 9nd 5nd Mary Hill Bypass 56th Shaughnessy SOUTHERN RAILWAY 60th 0th 0th 7nd Buena Vista 7 60th 8th 60th PITT MEADOWS AIRPORT Harvie 8th 60th Fraser Wy 7 Pitt 96th 88th 80th 6th 9nd 9nd 08th 0th Harris 68th Broadway Perimeter Richardson McNeil 68th Pitt Meadows Hammond Colebrook 00th 7nd Woolridge Dewdney Trunk Golden Ears Bridge Logan 5rd Av C FERRIES TERMINAL AWWASSEN. 67 th nue Mosaic Home Ltd. $8,0,000 8,50 - $,668,000 per Acre th nue Bosa Properties $,7,580 59,6.50 $0 7B Deltaport Wy 5nd Arthur Dr 6th 67 th nue: Mosaic Home Ltd. has submitted an application to rezone Causeway th 67 th nue from RA to RM-0. The proposed development will consist of Point Roberts 9 townhouse units. 6th Boundary Bay 6th 6th BOUNDARY BAY AIRPORT 0 nue: The rezoning application is in the final approval stage, to st 5rd B 8th 56th rezone the property from RF to CD, which will be based on RMC-50 zoning. This is in order to develop a 7-storey, mixed-use tower which will include approximately 7 residential units, along with,8 SF of ground-level commercial space. Mud Bay Bayview th 0th AVERAGE LAND SALES RANGE White Rock North Bluff (Price per Buildable Square Foot or as Specified) City Centre $0-$0 $5-$0 $8-$5 Newton 8th Cloverdale South Surrey Cres cent th 0th 0th 0th nd 8th 5nd $,00,000-$,00,000 per acre $,000,000-$,00,000 per acre $,800,000-$,000,000 per acre 0th Buena Vista 60th 8th B.N.R. CANADA U.S.A. 68th 7nd Pacific 76th nd 8th th 0th 6th Campbell 0 Boundary $5-$5 N/A $5-$5 N/A $5-$0 $65-$80 8th 9nd th A 76th FALL 0 8

12 Colliers International 85 Offices 5,800 EMPLOYEES 5,800 Brokers 80,000 Lease/Sale Tranactions in 0 $75 billion in transaction volume in 0.6 billion SF managed CONTACT INFORMATION Kirk Kuester Executive Managing Director Brokerage DIRECT: kirk.kuester@colliers.com James Lang Market Intelligence Manager DIRECT: james.lang@colliers.com Dan Chatfield Market Intelligence Coordinator DIRECT: dan.chatfield@colliers.com Investment Team: John Boer* Hart Buck Robert Down Morgan Dyer* eve Fame* John Gee Simon Lim* Kelvin Luk Marshall Macleod* George McLachrie Sam Nakhleh* Oliver Omi Scott Peters Casey Pollard* Jas Sandhu Matt Saunders* Sheldon Scott* David Taylor Cecilia Tse* Casey Weeks* Downtown Office 00 reet, 9th Floor, BC V6C R6 MAIN FAX This report has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/ or its licensor(s). 0. All rights reserved. *Personal Real Estate Corporation.