Do the City’s community planning processes actually fuel speculation and threaten the very affordability City official claim to be seeking? As a case study, look at what appears to be expectations of significant upzoning (increases in permitted density) to result from the Cambie Corridor Phase 3 planning process currently underway. The message on a For Sale sign on West 27th Avenue for a ‘Proposed Redevelopment Site’ advertises not only ‘Cambie Phase 3’, but also claims that the site is an ‘excellent holding property’. Are the benefits of increased density — which prominent “experts” and pundits claim is needed to moderate housing prices — constantly being negated by windfall profit-taking?
The Cambie Phase 3 process is still ongoing. What are the impacts on property prices for the sites that are potentially impacted by policy changes? Could property lot assemblies and sales be influencing the Phase 3 process? Stay tuned.