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The BC Government just announced a MAJOR rezoning legislation - shifting single-family zoning across the province, to allow for multi-units and greater density.
Under what they are calling Small Scale Multi-Unit Housing ("SSMUH") zoning, municipalities with greater than 5,000 residents will now need to allow for 3-6 housing units on single-family/duplex lots, based on the size of the lot and proximity to rapid transit.
This follows Vancouver (and Victoria) enacting their own multi-family zoning plan, allowing for multiplexes in single-family zones. The BC Government's new legislation will allow for these cities that have already implemented similar changes, to maintain their own bylaws.
This will definitely have an impact on detached home property values - send me a text or give me a call at 604-787-5656 if you'd like to know how this will affect yours.
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ABOUT ME:
I am a real estate agent in Vancouver BC, licensed with Oakwyn Realty Ltd., and am currently working with new clients in Vancouver, Burnaby, New Westminster, Surrey, and other areas of the Lower Mainland of BC. Send me a message if you are looking to move to the area, I've lived in the Vancouver area for over 35 years and know all the ins and outs of the local market!
Please Note: The views and thoughts expressed in this video are my own thoughts & opinions, and this video is designed to be educational and insightful in nature. As every person's real estate journey is different, I recommend you connect with your real estate agent and/or mortgage broker of choice to get more specific real estate advice based on your personal situation and goals.
