Lot prices in certain areas of the city are being re-examined. The city is looking at adjusting the prices of lots in the neighbourhoods of Colonial Park and Hill Industrial to stay competitive in the current market.
On the east side, a number of lots ranging from the 3000, 3100, 3200 and 3300 block of 41 avenue, and the 4100 block of 31 street are to be considered for readjustment. On the west side, various lots from the 6100, 7000, 7100 and 7200 blocks of 62 street, the 6100, 6200, 6300 and 6400 blocks of 70 avenue, and lots from the 6200, 6300, 6400 and 6500 blocks of 73 avenue.
The city’s administration says lot prices were set in early 2015. A recent review has found that residential lot prices are uncompetitive in today’s market, by about 5-10 per cent. The review also found that industrial lots should have a greater spread between superior and inferior lots, by about 10-20 per cent. Mayor Gerald Aalbers is open to adjusting the prices saying it’s about keeping competitive.
“We did that earlier with Parkview, and now we’ve asked the land division to take a look at the rest of the remaining lots the city has for sale. Because you can overprice your vehicle, you can overprice your house and you can overprice your house. We just need to be competitive,” says Aalbers.
The move to adjust any more lot prices to current market values will be brought to a future city council meeting. Attributes of the individual lots will also be taken into consideration.