More than 1,700 owners of detached housing lots in Vancouver’s Cambie Corridor could have their property rezoned for multi-family housing under the city’s Phase 3 Cambie Corridor approved by council this week.
For some owners, it could mean a windfall price in Vancouver’s slowing detached market, where west sales are down 34% from a year ago.
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Land assembly agents say there has been a lot of interest from local house owners and developers in the potential for higher-density zoning.
“There is a lot of traction,” said Jerry Lee, a land assembly and acquisition analyst with London Pacific, a real estate company experienced in land assemblies. Lee expects the action to heat up now that the Phase 3 plan has been approved.