New UBC study finds 25% of Vancouver homes could be torn down by 2030
VANCOUVER — An architecture professor at the University of British Columbia says about a quarter of detached homes in Vancouver could be torn down in just over a decade.
Joseph Dahmen has created a tool that forecasts how many homes could be demolished in the city by 2030 — victims of the recent surge in property values.
Dahmen’s tool estimates what he calls relative building value, which is how much a home is worth relative to the value of the land it sits on.
His research finds older homes have lower values when compared with land prices, and a falling relative home value means it stands a greater chance of being razed and replaced.