Why Vancouver is Getting So Unaffordable by Geraldine Santiago Realtor ® and Published Author


 In a 2017 report by 2013 Nobel Laureate economist Robert Schiller titled, “Why Cities are Getting So Unaffordable”, Schiller cited 92 cities whereby affordability was measured by real estate prices to income ratio. Hong Kong was shown to be the least affordable with the ratio of 18.1, Sydney at 12.2 and Vancouver at 11.8.


Interestingly enough, according to this report, cities such as New York, Montreal and Singapore were quite ‘affordable relative to incomes”. New York’s price to income ratio was 5.7, Montreal and Singapore at 4.8.


Using satellite data for major US cities, the study was confirmed by economist Albert Saiz of MIT, stating that ‘tighter physical constraints- such as bodies of water or land gradients that make properties unsuitable for extensive building tend to correlate with higher home prices.” Vancouver’s topography is such that it is unsuitable for extensive building in these two areas--bodies of water and mountains to the north.


So how do we address densification, affordability challenges in our city? Is land assembly an option? Attend our land assembly seminar on Saturday, September 8th. Go to www.landassembly.me

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8 Reasons Why Land Assembly Makes More Cents and Dollars by Geraldine Santiago 


Land assembly is a growing trend in and around metro Vancouver and you might want to consider selling your home along with your neighbours, especially if your property has any of these qualities:


  1. Tear down:  Your house, or the improvements on your property have little or almost no value to it.  In essence, it is a ‘tear down’. Even if you spend money to do a renovation- fix a bathroom or kitchen, it is better off selling the land for its value than to do a small renovation.  Selling your home as a land assembly will most likely get you more money.

  2. Finances:  You don’t have the money or the energy to attempt to upgrade, renovate or fix.  You are already stretched too much financially and fixing up your property to sell will be even more strenuous on your finances. You don’t have the funds to fix the roof, heating and plumbing systems are in desperate need of replacing, there are foundation problems and so on. In selling as a land assembly,  you won't have to do anything to your home: you don't have to declutter, repaint, repair or stage your home. You sell your property, "as is, where is". There are no open houses to the public or showings to disrupt your daily life. Developers will be looking at your land values and pay even more, despite your property's condition. 

  3. Irregular sized lot: If you have a property that is either too narrow, too small or you have an irregular shaped lot that is difficult to build on, selling your land assembly can give you a higher property valuation.

  4. One storey bungalow:  If your house is a small, one storey bungalow and in your neighbourhood properties are being built with two or three storey homes, your property is not utilizing its best and highest use (HBU). Therefore, you will definitely attract builders.  If it is a ‘stand alone’ sale, however, where you are not selling with your neighbours, you will not get as much money as you would if you sold with your neighbours on the block. 

  5. Lot size: In land assembly, it is your lot size is a tremendous factor. If you have a huge lot, a double lot size for example, selling your home as a land assembly with your neighbours can truly give you an edge in getting a higher value.

  6. Commercial district:  If your next door neighbour or a property on your block is designated CD commercial zoned, and you are in a residential zone, you should sell your home as a land assembly.  Having a CD commercial zoned property means that potentially a builder can have a mixed use site with both commercial and residential properties. 

  7. Busy or noisy street:  A typical home buyer stays away from purchasing on a main road because of traffic and noise.  If your property is on a main road, as a land assembly collective, it has a positive value because of its access.  Selling your home as a land assembly becomes more attractive to developers if you have a property on a main road with access to utilities and services.  In short, selling your home as a land assembly is prime if you own a property on a main road,  and you will command more money by selling your home as a land assembly. 

  8. Vacant lot: If you own a lot which is vacant, and unused with no plans for developing or building, selling your vacant lot as a land assembly collective could command a higher price than by selling your vacant land on its own.  This is exactly what developers are looking for and more so if your unused property, which is not maximizing or uttilizing its best and highest used is sold together as a collective in land assembly. 

If you are a homeowner thinking about selling your home as a land assembly, our seminar on September 8, 2018 at the RE/MAX Crest office from 11-1pm with industry experts will enlighten you on the process, the cost, timelines, how and if you qualify and more!  To pre-register, go to www.landassembly.me Don't miss this opportunity as we only do this once a year! 


Space is limited, please pre-register.

This is not a seminar for Realtors. 


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Get your free PDF copy of "How to Band Together (with neighbours) in Land Assembly" by Geraldine Santiago, Author and Realtor. 
 
*Find out about FSR
*Price Points
*OCP
*Deposits
*Zoning
*Timelines
*Realistic Expectations
*Dealing with neighbours
...and more 
 
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