WHAT IS A LAND ASSEMBLY?
A land assembly refers to the joining of adjacent neighboring properties to create a larger parcel of land.
WHY IS LAND ASSEMBLY GAINING POPULARITY?
The availability of development sites in Metro Vancouver have steadily decreased. In addition, population growth has increased demand for the land available for home construction. This has led municipalities in metro Vancouver to consider rezoning changes to increase density in what were traditionally single-family neighborhoods.
WHERE IS LAND ASSEMBLY HAPPENING?
The frequency of land assemblies are most common along main arterial roads. Sometimes neighboring property owners will agree to assemble their properties for the sale and in other situations real estate agents or developers will introduce the opportunity to potential sellers.
HOW DOES LAND ASSEMBLY BENEFIT OWNERS?
By selling a property as part of an assembly, owners are able to negotiate a sale price at a premium over current market value. Individual properties are worth more to a developer when combined with adjacent neighboring properties because of the increased densification of the site. Upon completion of the sale, sellers will almost always have the opportunity to lease their homes back from the buyer for an extended period of time at a preferential lease as they look for their new homes.
Properties listed on the open market are best and always benefit the owners the most. A longer listing period for land assemblies is recommended.
- Listing your property for sale
- Marketing your property for potential developers
- Offer negotiation (1-2 weeks)
- Assembly condition (2-3 months)
- Feasibility condition (2-3 months)
- Subject removal and deposit put in place
- Completion and possession