Opportunities for property owners in Vancouver

New Zoning Changes in Vancouver can increase property value for homeowners in various areas of Metro Vancouver. Recent legislative changes in British Columbia, specifically the enactment of Bill 44, have opened up significant opportunities for homeowners. The City of Vancouver has revised its zoning bylaws in areas previously designated for single-family homes (RS-1 and similar). These changes now permit the development of duplexes, triplexes, and higher-density multiplexes, depending on the size and location of the lot. As a result, developers are actively seeking properties in these re-zoned areas and, in many cases, are willing to pay above market value.

Key Points of Bill 44 and Related Multiplex Legislation:

• Increased Density: New zoning allows for higher density on single-family lots, making your property more attractive for development.
• Higher Floor Space Ratio (FSR): The allowable FSR has been increased, meaning developers can build larger, multi-unit structures on your lot.
• Pre-Zoning for Multiplex: Many areas have been pre-approved for multiplex developments, streamlining the approval process and making redevelopment faster and easier.
• Prime Location: Properties near transit-oriented areas (TOAs) and key growth corridors are especially sought after, further increasing their appeal.
• Environmental and Sustainability Goals: The City of Vancouver’s focus on densifying urban neighbourhoods also aligns with its sustainability initiatives, reducing urban sprawl and encouraging walkable, transit-oriented communities. This makes the policy change a win for both housing supply and environmental goals.

If you are a homeowner and have considered downsizing or relocating, now is an ideal time to explore your options. Whether you're thinking about selling or simply want to know how these changes could impact your property's value, contact me today for more information.