BUSINESS IN VANCOUVER recently featured insights from Joe Varing of Varing Marketing Group ON DEVELOPMENT LAND INVENTORY, CHANGE IN COSTS & REVENUES FOR DEVELOPMENT IN THE LOWER MAINLAND, BC
The Market in One Glance:
- Inventory is surging: Raw land on the market is growing at a record pace.
- Bankability is tight: With revenues correcting and costs/fees rising, many deals don’t pass the banker’s test.
- Deals are scarce: New, firm land transactions are down ~85–90% from a few years ago.
- Pricing has corrected: Land values are ~10–30% lower, varying by submarket.
“It just doesn’t make sense right now to buy a piece of dirt and take it through multi-year entitlements.”
What Still Works: SSMUH on Single-Family Lots
Provincial legislation now enables duplexes, fourplexes, and sixplexes on single-family lots without rezoning. That removes entitlement risk and compresses timelines.
Why multiplex lots pencil:
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No rezoning → fewer variables and lower carrying risk.
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Faster starts → demolition to shovel-ready can be ~3–6 months (DP/BP path).
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Finance-friendly → predictable scope and timing.
“You know when your plane’s going to land and where it’s going to land.”
How We Can Help
Varing Marketing Group is actively advising on:
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Disposition strategies for raw land vs. SSMUH repositioning
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Buy-side targeting for bankable, near-term multiplex sites
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Pricing guidance aligned with current inputs and lender expectations
For clarification on any of the above topics or to discuss them more in detail, please reach out to us at [email protected] or by phone at 604.565.3478
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