Has Zoning Been Eliminated?

Category: Education and Learning, Home Purchase,

Article Summary: The BC Government is going it alone and has introduced legislation to force municipalities to allow for higher density.

The cost of housing isn’t *strictly* a supply and demand issue but it is heavily heavily negatively impacted by the number of units available for sale/rent (IE, yes, supply is the number one major factor in the rising cost of real estate).

“Anyone looking for a place to live in a community they love knows how hard it is – and outdated zoning rules are making that even harder,”

said Premier David Eby.
He goes on to say:

“Constructing mostly high-rise condo towers or single-family homes means B.C. isn’t building enough small-scale multi-unit homes that fit into existing neighbourhoods and give people more housing options that are within reach. That’s why we’re taking action to fix zoning problems and deliver more homes for people, faster.”

Mr. Eby is mandating that all municipalities with 5,000 people or more must allow:
-3-4 dwelling units on single family lots, and
-Up to 6 dwelling units on larger single family lots

The new rules require local governments to update zoning bylaws to permit this change. This is a welcome change when many NIMBYers (Not In My Back Yard) stifle any potential change a city or potential mayoral party wants to enact. Basically, the BC government is telling municipalities that they don’t have to worry about zoning and have to “police” what can and cannot be built with regards to small scale multi-unit housing.

The full news brief can be found here.

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Rates Held! No rate increase Dec. 6

Category: Education and Learning,Home Purchase,

Good Morning Amazing Partners, Great news! No rate increase.  Although, this was suspected and expected. Bottom line: Overall inflationary risks have continued to recede in Canada after dominating the economic landscape for the past two years, and the risks are gradually becoming more equally weighted with downside growth risks (we’re expecting the economy to shrink). Currently softer trends […]

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A 5-Year Fixed May Be a Bad Idea!

Category: Education and Learning,Home Purchase,

A 5-Year Fixed May Be a Bad Idea! Summary: Long-term mortgages have higher penalties than shorter term mortgages or variable mortgages, and these penalties would outweigh any benefit of refinancing to a lower rate in the future. The term you choose right now will affect much more than your interest rate. A specific mortgage term, […]