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October 5, 2017

Increase your land value

Great news for homeowners who want to increase the their land value by creating laneway and duplex homes.

Vancouver city council have approved changes allowing more development on RS (single family zones) and RT (two family zones), meaning you can increase your land value. More affordable housing and the desire to protect heritage homes has influenced this change. This is a win-win for landowners and those of us looking to purchase more affordable homes.

Vancouver City Council’s – Two Approved Changes:

  1. RS (single family zones) is the lowest density regions and covers over 80% of vancouver’s land mass. Those in RS zones can now build, sell or rent laneway houses on their land. The catalyst for this change is to protect heritage homes. 
  2. In denser RT (two family zones in the Grandview Woodland and Mount Pleasant area) the number of homes on a standard 33-foot lot can increase from 2 to 3. This means you can have a duplex and a laneway house to sell or rent.

At the moment, heritage homes are being pulled down and replaced and create more affordable housing.  The changes n0w protect heritage homes. As a consequence, if a heritage home is demolished, the city will limit the size of the new house you are able to build.

What does this mean?

If your current home is on a RS or RT zone you are able to increase your land value. You can build a laneway home or turn your home into a duplex. This means, in effect those in RT zones could live in one element of your home, and sell or rent off the other two. Pay off your mortgage and possibly even make an income. As a result it means there will be more affordable housing available.

Act now

Find out more about these changes and how we can help you renovate/build to skyrocket your land value. Contact us at 778-379-4403 or get a free consultation here. 

 

Annabelle Wilson

Annabelle Wilson

Marketing Specialist
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