With nearly two decades in Vancouver’s real estate trenches, I’ve witnessed policy waves come and go. But nothing has sparked quite the transformation we’re now seeing with multiplex zoning.
When the City introduced its sweeping 2023 re-zoning to enable multiplex development—typically four- or six-unit buildings—in formerly single-family zones, I was cautiously optimistic. Pre-zoning, after all, often raises eyebrows. But by the end of 2024, the numbers spoke volumes: properties intended for multiplex redevelopment accounted for about one-third of all residential land sales. Assuming $1 billion in total land sales, that means roughly $330 million flowed into this new format—a striking shift in the market.
In my experience, average sale prices paint a nuanced picture. Across the city, multiplex land parcels were trading at about $2.45 million each. On Vancouver’s west side, in Shaughnessy, the bar was notably higher—about $4.4 million, while in East Vancouver’s Hastings–Sunrise, more activity was recorded with 27 sales averaging approximately $1.8 million.
What truly excites me is the shift in builder sentiment. I know of at least 20 multiplex projects currently under construction, all slated to hit the market later this year. Designers and builders are carefully watching how these first wave of properties perform—adding energy and expectation to the local industry.
From a construction standpoint, the appeal is undeniable. Multiplexes can be as straightforward as “slab-on-grade, concrete pad, no basement, three storeys”—a far simpler and faster build compared to townhomes or low-rise condos. As units sell within that tight two-year timeline, the financial model “pencils out” neatly.
Looking ahead, the potential is significant. If these initial projects perform well, the multiplex format is positioned to expand—not just across Vancouver, but province-wide. I’m closely watching the City’s efforts to streamline zoning even further. Proposals to allow subdividing large lots, fitting multiplexes on irregular parcels, or even lifting lot requirements—possibly drawing from Burnaby’s more generous approach—could unlock even more opportunity.
In short, what started as a bold zoning experiment has evolved—understanding, execution, and all—into a quietly powerful catalyst for densification in Vancouver. For someone like me, who thrives at the intersection of policy, markets, and development, it’s a compelling moment to be part of.
Imran Ali
The Ali Group
📧 [email protected]
📞 604-616-555
