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Multiplexes Now Allowed | Vancouver BC, Housing Update
On Thursday, September 12th, Vancouver City Council finally passed the vote to allow Multiplexes to be built in the majority of the cities low-density housing areas. Known as the “missing middle”, these multiplexes will provide a middle ground between single family homes/half duplexes and townhomes/low-rise condo buildings.
This change has been in motion since February 2021. Many people have said that this change is too little too late. With current building costs as well as low FAR, it is unlikely that we will see many builders and landowners taking action on this opportunity.
Note *FAR = Floor Area Ratio |The percentage of allowable square footage in relation to the lot square footage.
The current FAR for most homes on single family lots sits around 0.7-0.85. With the proposed changes lots with multiplexes of 3-8 units would be allowed an FAR of up to 1.0. That being said many Vancouverites have also spoken out that a step is a step, no matter how small. In our opinion this change at the very least adds more options for anyone looking to create more housing in Vancouver.
All RS zoning will also become one zone to simplify Vancouver Zoning and expedite the process. Permit applications are now being accepted and are set to begin approvals in December according to the proposed timeline.
The process for approval is set to be in line with the 3-3-3-1 Framework established and adopted by the city of Vancouver in June 2023.
The framework of 3-3-3-1 is as follows:
- 3 Days to approve renovation permits (Including renovations to accommodate mobility and access-related challenges).
- 3 Weeks to approve single family home and townhome permits
- 3 Months to approve permits for professionally designed multi-family and mid-rise projects where existing zoning is already in place
- 1 year to approve permits for a high-rise or large scale project
While these are not a guarantied timeline they are the target set by the City.
It will certainly be interesting to see what homes come out of these changes. Many builders/developers are curious to learn what the combinations will look like and what will be the most effective and profitable mix. The government expects a small amount of residents to participate, around 200/year. Where we will see more significant impact is certainly in the provincial legislation regarding TODA (Transit Oriented Development Areas). Read more on our SkyTrain News Blog.
*Vehicle parking will not be required on these lots which means that the scarcity of parking will continue to increase. This is another reason why transit friendly properties offer significant value as personal vehicles are becoming less and less accessible and practical in Vancouver.
Three Reasons Why Buying Near a SkyTrain Station is a Smart Move
As we move towards a greener future, owning a car is becoming less and less necessary. We are seeing more and more people trade in their high insurance costs and lease payments for car share and a Translink Pass. For those who are willing to give up their car, the trade-off is usually that they want to be in close vicinity to the SkyTrain Station.
2. Resale & Rental Rates
Homes, Condos, and Presale Condos that are close to the SkyTrain station rent for more and sell for more, and rent quicker and sell quicker.
3. Supply vs. Demand
SkyTrain-Friendly Real Estate holds its value. As prices continue to increase, SkyTrain hubs become more and more desirable, and as demand builds, prices rise. Securing a piece of Real Estate in close walking distance to the SkyTrain station is a great way to mitigate risk in fluctuating markets.
Please note:*All information and marketing material is subject to change at anytime, and is for information purposes only. SkyTrain Condos does not represent the developer and this is not an offering for sale. Such an offering can only be made after filing a disclosure statement. E.&O.E. This information is for marketing purposes only and is subject to change.