It's a Kitsilano RT-8. or a discretionary variation in the regulations. This means a discretionary review process, which can be quite time-consuming. In other words, it's a historical district where you can't touch shit. In other words, you can build condos or apartments there and your neighbors can't. Does that make it worth $4m? Dunno. But now people who aren't even aware of vancouver real estate know you can build condos in Kitsilano if you spend enough money. From a realtor perspective it's a win. Under RT-7 and RT-8, almost all development permit applications will involve a conditional use,
“You can put about 4,500 square feet of building there and you can divide it into four units,” he said. “Each unit you can have 1,100 to 1,200 square feet depending on how you allocate it.”