I also think it's because the land is held by someone not in the city who really doesn't give a crap because it's held for "future development". Usually means someone somewhere else is waiting for a stupid cheque from someone to let go of it.
Inner city is gentrifying fast. It's both good and bad.
I used to joke my condo downtown had a ceiling maybe of about $230k (1970 conversion). It's sitting past that at market right now with several units (exact layout) going for about $250,000 sold and it might still go up (or crash back down to what I paid). I'm astonished. Based on what rent is going for right now, I might actually be better off learning to be a landlord than selling it when buying a house (prefer latter though for less hassle).
HELLO HOTEL PAPA MAMA!
