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$11 Million Price Tag For Modest Cambie Property Shocks Market

cambie property

Photo: Google Maps

Appearances can be very deceiving.

While it doesn’t look like much from the outside, this 35th Ave home is selling for a pretty penny – $11 million dollars to be exact.

As the only property that wasn’t sold to the developing projects around it, it holds an extremely high value. The home is located near Cambie Street at 485 – W 35TH Avenue near the Canada line. The popular area is almost completely bought up by developers planning to build condos.

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The plot of land is just 8,700 square feet, which isn’t much at all. Just over one year ago, in February of 2016, the house sold for $5.4 million – less than half of the current asking price.

$11 Million Ask: Reflective Of Growing Trend

Frighteningly, this kind of occurrence is said to happen more and more. As the population increases and demand for downtown property rises, the market will naturally move to this model. The Vancouver Sun spoke to a real estate expert at Simon Fraser University’s Beedie School of Business who told them that assemblies “are a natural way for the city to grow. With high demand for space, the only way developers can increase supply is through densification.”

Zoning rules for properties vary, and some do not allow for multiple units; however, the more individual units allowed on a given piece of land mean substantially more revenue for the owner.

Whether or not the owner’s $11 million dollar asking price is too high is yet to be determined.

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