artyboy123
Senior Member
Curious, why is there such a difference?
I want to know too
I haven't done any work in Vancouver on valuation, but I bet the buildable rate to acquire land is lower than Toronto, even if the end-user unit price is the same or higher. Land values might be higher here due planning policy around the growth centres; when you pack all demand in to a few smaller areas, you increase the land value. Not sure if Vancouver's planning rules are quite as containing when it comes to developable land.
The development industry often doesn't mention high land costs at their conferences.
But, I also agree with PE, our development industry here is not very creative and very conservative. Personally, I find their greed tacky, and ethical lapses (some of which you know about from recent news, but also hiring expensive lawyers and unethical appraisers to get to below-market values for taxation) to be problematic, since it shifts tax burden on to regular people. In short, they do not pay their fair share of taxes, so when they cry about taxes, just know in the background they are welfare recipients.
And now I will apologize for taking this thread off the rails, as per my MO.
I wrote my response based on my conversation with the development managers and architects from the city of Vancouver.
They still have a "board of variance" to appeal any municipal decision. However, the development approach in Vancouver is more of a round-table discussion per se. The objective is for all stakeholders all agree "Yup, this development is not an eyesore to the surrounding neighbourhood context.'
Compared to Toronto...i mean it's a whole different ball game.