What Makes a Good Development Site in Metro Vancouver Right Now

May 29, 2026

Not all development sites are created equal.

In Metro Vancouver and the Fraser Valley, land is scarce, regulations are complex, and the difference between a good site and a great one can be worth millions. Knowing what to look for — and what to avoid — is the foundation of smart land acquisition.

Here's what Taz looks for when evaluating a development site.

1. Zoning and Official Community Plan Alignment

The first question is always: what does the municipality allow here?

Current zoning tells you what can be built today. But equally important is what the Official Community Plan (OCP) designates for the area. If the OCP shows higher density than current zoning, there may be upzoning potential — which significantly increases land value.

Understanding the gap between current zoning and OCP designation is often where the opportunity lives.

2. Servicing

Is the site serviced? Does it have access to municipal water, sewer, gas, and hydro?

Unserviced land can still be developed — but the cost of bringing services in can be substantial and needs to be factored into your proforma from day one. Sites on the urban containment boundary present particular complexity here.

3. Site Constraints

Every site has constraints. The question is whether they're workable.

Topography — Steep slopes add cost and can limit buildable area

Environmentally sensitive areas — Riparian setbacks, watercourses, and protected habitat can significantly reduce usable land

Soil conditions — Contamination or poor bearing capacity affects foundations and costs

Easements and rights-of-way — These can restrict what you build and where

A Phase 1 Environmental Site Assessment is standard due diligence on any commercial or development land acquisition.

4. Comparable Land Sales

What has similar land sold for in this area? Land is typically valued on a per-unit or per-buildable-square-foot basis for development sites — not price per acre.

Understanding the comparable land sales — and the density assumptions that drove those prices — is essential to knowing whether you're paying fair value.

5. The Approval Pathway

How long and how certain is the path to a development permit?

Some municipalities are developer-friendly with clear, predictable processes. Others are slow, politically complex, and unpredictable. The approval timeline directly affects your carrying costs and project feasibility.

If a rezoning is required, understand the municipality's appetite for the proposed density before you acquire.

6. Market Absorption

What is the demand for the product you're planning to build? What are competing projects selling or leasing at? How many units are coming to market in the same area over your build timeline?

A site that works for a 40-unit townhouse project may not work for a 200-unit tower if the local market can't absorb that supply.

The Bottom Line

Development sites require a level of due diligence that goes well beyond a standard residential purchase. The upside can be significant — but so can the downside if you miss something fundamental.

If you're evaluating a development opportunity in Metro Vancouver or the Fraser Valley, Taz works with developers and landowners to stress-test acquisitions before they commit.

Book an Investor & Developer Consultation →

Be good to yourselves — because at the end of the day, we're all just trying to find our way home. Much love.

— Taz Cheema PREC, Impact Realty Group*