Planning-level opinion · September 13, 2026
Estimated value of the lower development parcel.
Indicated present land value
$1.30M–$1.55M
Recommended midpoint planning value $1,425,000
Proposed lower parcel only · 0.508 ha / 1.25 acres
Practical valuation assumption · 23–25 townhouses
The upper parcel and existing house are excluded
Value conclusion
A practical yield, not the theoretical maximum.
The range assumes the parcel can be created substantially in accordance with the City preliminary layout review. It does not assume final approval for 28–30 units.
| Valuation case | Density | Rate / unit | Indicated value |
|---|---|---|---|
| Lower bound | 23 units | $55,000 | $1,265,000 |
| Central case | 24 units | $60,000 | $1,440,000 |
| Upper present case | 25 units | $62,000 | $1,550,000 |
| Rounded present conclusion | 23–25 units | Blended | $1,300,000–$1,550,000 |
Market evidence
The appraiser’s benchmarks anchor the range.
Joe Gourdine, P. App., AACI of L. E. Rivard and Associates advised that listings represent an upper limit, not market value. His sales-based review reflected the softer market.
Probable built density
18–20 units per acre
22.5–25 units on 1.25 acres
Supported land rate
$55,000–$65,000 per unit
Applied by scenario
Unadjusted range
$1,237,500–$1,625,000
Density multiplied by unit rate
Central indication
$1,440,000
24 units at $60,000 per unit
Density and value sensitivity
How unit yield changes the indicated land value.
| Units | Units / acre | $55,000 / unit | $60,000 / unit | $65,000 / unit |
|---|---|---|---|---|
| 22 | 17.6 | $1,210,000 | $1,320,000 | $1,430,000 |
| 23 | 18.4 | $1,265,000 | $1,380,000 | $1,495,000 |
| 24 | 19.2 | $1,320,000 | $1,440,000 | $1,560,000 |
| 25 | 20.0 | $1,375,000 | $1,500,000 | $1,625,000 |
| 26 | 20.8 | $1,430,000 | $1,560,000 | $1,690,000 |
| 28 | 22.4 | $1,540,000 | $1,680,000 | $1,820,000 |
| 29 | 23.2 | $1,595,000 | $1,740,000 | $1,885,000 |
| 30 | 24.0 | $1,650,000 | $1,800,000 | $1,950,000 |
Adjustment analysis
What moves value.
MUS density potential
Positive
Ground-oriented multifamily zoning creates theoretical capacity near 30 units.
Planning and civil work completed
Positive
Preliminary layout review and accepted engineering reduce early uncertainty.
Slope and retaining requirements
Negative
Grading and retaining costs reduce the residual available for land.
Off-site and frontage servicing
Negative
18th Street, Pleasant Valley Road and utility work may be substantial purchaser obligations.
Approval and yield uncertainty
Negative
Parking, fire access, easements and the geotechnical envelope remain unresolved.
Soft 2026 market conditions
Negative
Lower sales volume and longer marketing periods increase absorption and financing risk.
Separate retained house parcel
Neutral to positive
The lower parcel can be evaluated independently, subject to clean servicing and easements.
Value by approval status
Certainty creates value.
Current planning position
$1.30M–$1.55M
Recommended present range, assuming 23–25 practical units.
Subdivision registered and key servicing fixed
$1.40M–$1.65M
Reduced entitlement and cost uncertainty may support the upper half of the range.
Development certainty for 28 units
$1.54M–$1.82M
Direct application of the supported $55,000–$65,000 range to 28 approved units.
Maximum 30-unit approval
$1.65M–$1.95M
Theoretical high case requiring confirmed buildability; not a present-value conclusion.
Reconciliation
Why the midpoint is $1.425 million.
The practical density opinion is more persuasive than the zoning maximum because it recognizes actual site design. A range of 18–20 units per acre produces about 23–25 homes. The midpoint closely corresponds with 24 units at roughly $60,000 per unit and approximately $1.14 million per acre.
Market cross-check
Public listings support caution.
Vernon development-land listings and North Okanagan housing statistics were used only as reasonableness checks. Public records do not disclose enough current arm’s-length sale detail to reproduce an appraisal-grade comparable-sales grid.