There has been a monumental shift in Provincial Government policy in the Province of BC which will significantly alter residential neighbourhoods across the Province.
The BC NDP Provincial Government, under their “Homes For People” policy has enacted some very bold legislation!
On December 6th 2023, the BC Government passed bills 44, 46 and 47 which will radically change housing across the Province.
1.) Multiplexes on Single Family Lots:
What your neighbourhood could look like?
The NDP Provincial Government is effectively eliminating single-family zoning across the Province. They are now dictating some aspects of land use policy, which was previously under the individual Cities’ control. The priority is to pave the way to build more multifamily housing to address the housing and affordability crisis. The aim is to streamline the process and do away with lengthy delays in getting rezoning approvals from the Cities.
So what does this mean?
You will have multifamily homes interspersed with single family homes in traditional neighbourhoods.
Some people will hate the change and others will profit; some will benefit as their lots increase ( sometimes significantly) in value, and others will get new housing opportunities.
2.) Transit Oriented Neighbourhoods (TOA’s):
There are 104 Transit Oriented Area’s (TOA’s) that Cities will have to pre-zone to allow condos by June 30, 2024.
For Owners of properties in TOA’s it will have an almost instant impact on the price of your lot. The Province is intending to add 5,000 and 10,000+ condo units to every Bus Exchange, Skytrain
Station and WestCoast Express Stop. Ask me how to maximize the potential value of your single family home that is in a TOA.
I am getting a lot of inquiries about these changes.
There are a number of questions home owners are asking…
1. How many parking stalls are required on each 6 unit multiplex?
2. What are the height restrictions?
3. What is the Floor Space Ratio ( FSR)?
4. Can builders sell the units as strats lots… Or do they have to rent them out?
… and the biggest question ‘Will this impact my property value?’
So, how can I find out more about the BC Provincial housing mandates and how it will affect my property value?
Contact Lynn at 604-346-6801 or EMAIL
So that we can discuss your situation and what is your best course of action. Should you wait until June 30th to sell your home?
If you are wanting to redevelop your own lot or a Builder wanting to buy a lot for redevlopment, I invite you to schedule a no obligation consultation. There may be some opportunities to pick up a bargain before June 30th.
Finally, I am Co- hosting a FREE Webinar with Guest Speaker, Bill Laider on Jan 30, 2024 at 7pm REGISTER HERE
Join us to learn whether your property is excluded, how big each development can be, how the Province plans to address parking and traffic.. and a discussion on how these announcements may or may not affect your property value.
I was recently endorsed as a LaidlerTrusted Agent with access to over 1,110 licensed home builders, the process to calculate your proforma residual land value and the 21 step sales
process to market your Home, Land and Location.
Feel free to reach out if you have any questions or concerns.
Written by Lynn Le Drew, Personal Real Estate Corporation
Le Drew & Gatward Group
604-346-6801
lynn@nestpresales.com
Oakwyn Realty Ltd.
3195 Oak St, Vancouver, BC V6H 2L2