Hundreds of dwellings should come up for sale in the South Vancouver neighbourhood in the next couple of years.
Driving down Oak Street towards the airport, it’s impossible to miss the signs. Giant placards announce development plans and rezoning applications; single-family homes sit empty; and increasingly, townhouses with “sold out” stickers continue to pop up along the Oak and Granville corridor. Marpole, one of Vancouver’s oldest communities, is on track to become the fastest-densifying area in Vancouver. And that means there’s a lot changing. Located on the south of the city’s west side and bordered by Angus Drive, West 57th Avenue, Ontario Street, and the Fraser River, Marpole was previously known for its large single-family homes and quiet suburbia. Today, it’s a hotbed for development. The City has approved 15 rezoning applications in principle under the Marpole Community Plan, with eight applications enacted. If developed, these applications would see hundreds of new homes on the market in the next few years. The plan allows for significant development over the next 30 years, with higher-density living, a greater diversity of housing stock, and improved transit and services. It gives the green light for up to 8,690 new homes, including 835 rentals, 1,085 social housing units, and 6,800 privately owned homes. The main hotspots for development are the southern ends of Oak, Granville, and Cambie Streets. Already, though, housing demand outstrips supply. For example, developer Listraor has seven sold-out townhome developments in the Oak Street corridor. Listraor president Craig Rowland said all properties sold out during the pre-sale construction period. Rowland expects to release two more market condominium projects in Marpole in the next 18 months. “We anticipate starting 31 townhouses on Yukon Street south of 59th Avenue this fall and 36 townhouses on Oak south of 52nd Avenue next fall,” he said. Sales will commence when construction begins. And you can expect to see more townhouses and apartments coming soon. If developed, these applications would see hundreds of new homes on the market in the next few years. Homes currently available for pre-sale include 8888 Osler from Tria Homes, which are being advertised from $559,900 to over $1,190,000. The development should be completed by 2020. With demand showing no sign of slowing down in Marpole, expect to see more land assembly signs on your airport drive in the near future.