LAND & DEVELOPMENT

Could Your Property Be Worth More Than You Think?

Recent changes to BC's housing legislation have created new redevelopment opportunities for many residential properties throughout Metro Vancouver. Depending on your property's size, location, zoning, and proximity to transit, your land may now accommodate multiple homes where only one was previously permitted.

Whether you're thinking about selling now or simply planning for the future, understanding your property's development potential is an important first step.

Why This Matters

Across Metro Vancouver, neighbourhoods are changing.

Older single-family homes are increasingly being replaced with duplexes, multiplexes, laneway homes, and other forms of housing that better meet today's demand.

For many homeowners, this means their property's value may now extend beyond the existing house itself.

Land has become one of the most important factors influencing property value.

What Changed?

In 2023, the Province of British Columbia introduced Bill 44, the Housing Statutes (Residential Development) Amendment Act, to help address the province's housing shortage.

As a result, municipalities throughout British Columbia were required to update many of their zoning bylaws by June 30, 2024, allowing greater housing density on many residential lots.

While every property is different, many lots that once permitted only a single detached home may now allow several homes, subject to municipal regulations and site-specific conditions.

What Could Your Property Allow?

Depending on factors such as:

• Lot size

• Lot dimensions

• Current zoning

• Municipal regulations

• Access to sewer and water

• Proximity to transit

• Corner location

• Lane access

Your property may be suitable for:

✓ Duplex

✓ Triplex

✓ Fourplex

✓ Sixplex (certain transit-oriented areas)

✓ Laneway Home

✓ Secondary Suite

✓ Future redevelopment opportunities

Every property is unique, and a detailed review is required before determining development potential.

Why Homeowners Should Care

Even if you're not planning to redevelop yourself, builders and developers may value your property differently than a typical homeowner.

Understanding your property's redevelopment potential can help you:

Make better selling decisions
Plan future renovations
Understand your property's true market value
Evaluate offers from builders
Decide whether holding your property longer makes sense

My Land Review

One of the services I provide is a complimentary preliminary Land Review.

During this review, I examine factors such as:

✔ Lot dimensions

✔ Zoning

✔ Current municipal regulations

✔ Transit proximity

✔ Development activity in the neighbourhood

✔ Comparable redevelopment sales

✔ Potential redevelopment opportunities

My goal is not to sell you something, it's simply to help you better understand one of your largest financial assets.

Bill 44 at a Glance

Provincial Change

Small-Scale Multi-Unit Housing

Municipal implementation

Transit-Oriented Development

Reduced parking requirements

Housing planning

What It Means

More homes permitted on many residential lots

Required by June 30, 2024

Higher density near qualifying transit

In many transit-oriented locations

Municipalities must plan for 20 years of housing needs

Frequently Asked Questions

Does Bill 44 mean every house can become a sixplex?

No. Development potential depends on municipal regulations, lot size, servicing, transit proximity, heritage status, and many other site-specific factors.

Does redevelopment increase my property's value?

Not always, but in some cases redevelopment potential can significantly influence market value.

Can I build several homes and live in one?

Many homeowners are now exploring this option. Depending on the property and municipal regulations, it may be possible to build multiple homes, live in one, and sell or rent the others.

Should I renovate or redevelop?

Every property is different. A Land Review can help identify which option may make the most financial sense.

Get In Touch

Bradley Wattum

Mobile: 604-805-8885

Phone: 604-620-6788

bradley@bradleywattum.com

Office Info

Oakwyn Realty

3195 Oak St Vancouver, British Columbia V6H 2L2