BC Government Announces Massive Changes to Zoning, Housing Supply Coming
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- Опубліковано 7 кві 2023
- The BC government has announced it will allow all single-family homes to be able to build duplex, triplex, and townhomes. They will override municipal zoning to allow missing middle housing to be built. They will also provide interest-free loans for building basement suites and introduce a flipping tax.
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We need this policy everywhere. No matter if it's NDP, Liberal, or Conservatives in power, we need to push them to do this.
No we don't need dictators removing zoning diversity and making all cities be the same crowded garbage. Want to live in a crowded area: move to a crowded area. Want cheaper homes: learn to build homes and start contributing. If you won't change yourself, don't force others to change for you. Forcing every city in the province to be changed to suit your needs is extreme dictatorship. How will you feel when it's a change you don't agree with and every single city is forced to follow it so there is not one place you can go to get away from it?
I tell my clients in the Victoria area that when they purchase a tear-down that they should be prepared to spend around $200k - $300k in costs associated with design, demo, permits, and site servicing. This is all before you even start building your house. It's still shocking to me that when you do some very simple math, new SFD developments quite easily approach $3 million when you factor in the land purchase, and yet, the municipalities have done nothing... I get the argument to maintain the form and character of the city, but you can easily do this with increased density, you just have to give us the opportunity! (Without going through rezoning for years...)
Millennial Realtor Re-Uncalls Bottom. More at 11.
You nailed it in the last 2 minutes regarding costs and inflation, why would any developer want to build in this environment. I’m not surprised by any of this.
Many of these infills merely take down an old $550k home and split it into 2 “skinny industrial modern” eyesores for $700k each. They don’t fit into the architecture of the Neighbourhood and are NOT an affordable housing solution. Municipal Govs love it cause they get 2 taxpayers without having to add any new services.
You know what isn’t an affordable solution, NOT building!
@@saretsky I agree. Unfortunately the lower Mainland housing market has become distorted beyond comprehension. I know Sr management/lower level executive professionals in the Engineering, Accounting, etc industries and they are raising young families in 2 bdrm apartments with almost no chance of getting into a SF home. What does that say for the blue collar crowd?? Meanwhile, Edmonton, Calgary, Saskatoon and Winnipeg are getting a wave of people looking for homes connected to economic reality. I sold my Edm home last year in 19 days with 4 competing offers (3 from Toronto people fed up)
I’m very excited to see this. Local lazy municipality has pissed off local people, provincial and even federal. Local city councils who are gatekeepers will be fired!
Wood construction is cheap but small scale projects sometimes are hard to make financial sense of. Here in Ottawa we are mostly seeing large scale concrete high-end/luxury rental construction. Small and medium size developers are selling their land approved for 4 to 12 units.
Excellent explanation .... I'd like to see you do a video with more detail on the gov creating an environment where investors are avoiding wanting to be landlords due to rent increases not matching the cost of owning. We have places in northern Ontario that were hit very hard by insurance and property tax increases (based on replacement value going up quickly) as well as utilities and all other landlord costs rocketing up - WHILE GOV restricted rent increases to nothing during COVID (while dropping heli money) then approx 2% finally after the massive inflation we've seen since 2020. Let's not forget the major increase in mortgage interest rates due to the business lockdown while heli drop $.
Yes this is definitely happening
The infills that Calgary and Edmonton allow are really great. I bought a unit in a newly built fourplex with an ex partner back in 2017 for $400,000. We were only a year and a half out of university at that time and it was a great house. Had a lil teeny yard, a garage, nice layout etc. great way to increase density while still really “maintaining” the neighbourhood feel as it blended in well with the surrounding single family homes. Hoping that we see such units come to Vancouver soon! That fourplex was built on a lot that formerly had a 1950s bungalow. I think the lot was 50x150’.
I don't know why Canadians are so scared of density. And fourplexes are not even that much more people. I was recently in Spain where everywhere there were 4 story buildings and the cities were so vibrant! Lots of shops, restaurants, greenspaces, transit etc. It was truely a livable city.
The fourplex might think they blend in but they don't. The dog shit on the sidewalk, the cigarette buts, the very late parties on week nights, the lack of parking on the street, the people who pull up and park on the street right beside you while pruning tree limbs, that increased 10 fold when the fourplex was built.
@@adabialynicka9188 I don't know why you're so scared to move to Spain or any other crowded area. If you want to live in a crowded area, go move to one. If you won't change yourself, don't expect others to change for you.
@@firstlast4229 change is coming. The single family zoning is coming to an end. I'm embracing the fourplexes. Sounds like you're afraid of the change
@@firstlast4229 Why not flip the question: Why are you so afraid of moving to the countryside? No neighbors close by out there.
It saddens me when one track minded people don't look at more indicators of what is really going on.
Go search bank of canada money aggregates.
The money supply is collapsing in a way not seen since the 1930s. Govt opening up more land is irrelevant folks. There won't be credit to buy anything. The money supply is dropping faster, deeper, and far worse than anytime in modern history. Credit will disappear except for those who back their loans with collateral.
About time to legalize basement suites, I hope it applies to just suites in general. If you're in a flood zone, there is no basement.
I lived in both Calgary and Vancouver, and I think the infills make a huge difference in Calgary. For many couples, that is their first home. Most have small yards and rear garages with Plenty of space to grow into with a family. Also usually they are in older inner city neighbourhoods close to transit or biking downtown. Most people I know in Calgary choose that vs buying a SFD way out in the new developments.
This is needed for Halifax Peninsula as well as the present Centre Plan basically limits height to 3 stories even along the transit system where there are lots of 10 story plus condo here and there but not everywhere like it is needed
Maximum density. The only reason the government is for this is because it fits into their 15-minute plan. How about the government making the financial environment better so people can thrive.
An excellent way to increase traffic density ,reduce vegetation and make suburbs less liveable.
Thanks Steve. Your perspective is always very enriching and thorough.
Zoning is a big problem for affordability, I am first time home buyer ,I bought house recently with partnership with friend ,higher price , I have lot of space in my back to build infill house to create income to pay monthly payments and extra place to rent out for needy people, but zoning says no
Awesome discussion, great info, explained so everyone can understand. I'm impressed. Just subscribed!
PS: after telling people "don't buy, prices will come down" for over a year, I picked up the keys to my new purchase last week.
Went from $2k a month renting a 2 bed condo in White Rock, to 2k/month for a 3 bed townhouse with garage and basement in Winnipeg, to a house half hour north of Winnipeg, with an 800 square foot shop, 2 blocks from a beach and boat ramp, with a $1k/month mortgage. My 20% DP on the house would be 5% down on a condo near Vancouver!
But the winter, you ask?
Hell, I'll be on the Gulf in Texas, ... or Mexico, or Panama.
So you left white rock and moved to the armpit of Canada?
@@T.dot. in all fairness white rock is not exactly beautiful
@@T.dot. white rock is so crowded, I hate it there. Winnipeg sounds much nicer.
The devil is in the details regarding greasy flippers...6% yes... but they are buying entry level homes, fixer uppers... The ones working class people used to buy because they were affordable and you could earn some sweat equity
Now those homes sometimes dont even hit the market or they are bid up and flipped with crappy work and cheap finishes
Exactly this . Was looking for a house a year ago , the majority i could afford (under a million) were dumps that needed at least $100k in work i just gave up and bought a condo .
Congrats on 30k subs!
Steve this is the best video you’ve done in a long time. Excellent info
Thank you sir
Steve, your channel should have waaay more subs....please put some Nitro in your algorithms. Your info is very good and important for all Canadians. Watching from Northern Ontario
Thank you ! Tell a friend haha
@@saretsky me and my friends ARE watching you 🫡🫡🫡
Good one
This is needed in Alberta too. Edmonton and Calgary are already doing the right thing.
Zoning deregulation is a good thing, I'm sick of the neo-liberal regulations that zoning are.
The cost of construction is still very high… land, development fees, land transfer tax, supplies, permits, zoning, the cost to pay a labourer….
Steve. From my understanding the new zoning regulations are for specific areas in specific cities. It’s not a blanket change for BC. True?
We will find out soon enough
I like the idea of building more townhomes. Building 4 plexus on single family lots...where is everyone going to park? Then on weekends when friends come over a nightmare. We don't have to look much further than Clayton Heights Surrey, B.C
Build transit why does everyone need somewhere to park??
More efficient closer to the city core. Remember this will be province wide.
Everyone living in condos will have serious social problems in years to come . Mark my words
We're leaving BC for Alberta because we can't afford to buy another place and live here. We are now mortgage free and can enjoy time with family out there without stress of debt.
where in BC did you live, and where in AB are you moving too? if you dont mind me asking. I moved to Kelowna from Calgary in 2020. Love it here...but feeling the squeeze of housing/rental pricing for sure.
@@francoisdegourville993 leaving Courtenay to Grande prairie Alberta. Bought a house for half the cost
I'm seriously thinking of moving to Alberta from BC. It's way to expensive here for housing, gasoline. And I'm an ECE worker and Alberta pays very well for them.
@@Aprilsdailychaos what is ECE WORKER?
@@inderveerbilling Early Childhood Educator. To work in a childcare center
Perfect hopefully this happens in Toronto.
People with big lots will profit big time.
If you vote for Chris Sky for Mayor, Toronto will get fixed-up, from builder-friendly rules and zoning, to lower crime rates.
@@bempey yeah not going to happen.
Where is the money coming from ? for buyers to afford the real estate pricing
Steve your videos are so insightful. You give historic context that’s instrumental in understanding what led us to this scenario of having so many condos being built. Great content!
Thank you 🙏🏻
Finally hopefully Toronto and Vancouver run with this. Seeing studios at almost $600k in Toronto is a pretty high barrier to entry for first time buyers
Those are 2 of the most expensive cities in the world. You don't have to live there. You can help bring the prices down by reducing the demand by moving elsewhere. You don't want to contribute to the solution though do you? You want the government to force people to help you so you don't have to help yourself?
@@firstlast4229 This is what I advise young people to do - to go where they are appreciated. But we're getting older and we need young people in our cities - Canada is aging and we need doctors and nurses and EMTs. If you're championing restrictive zoning and you're protesting development, you're voting for escalating social and economic dysfunction.
@@firstlast4229
Lol that's exactly what I did! I moved to Calgary last spring from Niagara/GTA; bought a townhouse and a condo. I'll probably move up to a new/newer detached house later this year, they start in the low $500's, so pretty reasonable. Several new communities are being built out here currently
@@CountSessine yes we do need more healthcare workers. And trades people. There are plenty of empty lots waiting for 'boots on the ground' in my area. Zoning isn't the hold up, it's labour. We don't need zoning changes, we need more schools. With a dictator attacking the middle and upper class, that will reduce the number of doctors that want to live here.
@@TheNewSchoolGamer good on you. Are you happy you moved? I'd get that detached while they are still available if I were you.
I live in BC, but set my sights on Alberta for my next property too. My BC apartment may be appreciating, but cashflow is more attainable in Alberta.
Vancouver is cash flow negative because prices rise faster than rents. Do you want appreciation or positive cash flow?
@@Observer168 - I care more about positive cash flow than appreciation. I bought a condo in Langley as my primary residence a few years because I was tired of renting and wanted to build equity.
Legislating an end to NIMBY sentiments is in my view solidifying Financial means, with many potential negative quality of life issues presenting inclusive of increased population densities pressures on parking, access to public services, schools, and on and on.
IMO, one needn't look further than past population migrations out of many US Urban settings to see potential similarities ?
Are we setting up a future Detroit et al experience ?
Of course, you are right
Great job, Steve.
This makes profit and greed priority over quality of life. Gen x's and prior paid for this city when it was possible to live on one full time income. The infastrucure is not ready for the proposed growth. Strata laws need a revamp!
hot dog my timing is amazing
I’m in Ontario they have this in Hamilton where you can build triplex and quadplex and they won’t bug you on the parking spaces but if you want the 4th unit that’s the unit that requires a parking spot. Lots of adus going to be popping up. I love it. Lots of construction it’s good for economy. I wonder if home values will increase because of the potential cash flow investment so I can see more corporations buying up areas and less available to buy as a mom and pop. Prob more competition coming .
Prices are going up for sure, all the "investors" are gonna crowd the market now
@@donm2067 there’s tons of opportunities if you think about it pretty well endless opportunity but we need listings. Lots of people today hoarding assets and not selling cause we’re all used to canadas strong housing market. People that in the past would have sold are now hanging on and renting the units out . Everyone seems to be doing it. So Steve’s stat about how only small percent of buyers sell within the 1-2 years after buying (flippers) is way down cause most are hoarding the house and renting it seeing as everyone knows it’s a good investment. This chokes out the supply which is bad . Opening up the zoning will get regular home owners who aren’t landlords thinking of making extra income and doing their place especially to help pay for inflation and rising mortgage costs. The real estate investing idea has been trending for the last 20 years and it keeps getting more popular . Seems like everyone’s doing it
@@b-rare would you like to know why 80% of people aren't selling?
@@donm2067 holding as investment . Even people that normally would sell their condo when buying single family are holding it now and renting it out . Everyone’s a landlord today
@@b-rare everyone I talked to, can't afford to move, even if they sell their house, unless the move to Saskatchewan or New Brunswick, it would be a lateral move at best.
Or Vancouver to Prince George.
It's 500k$ for a POS in Valemount
Did u just say 600 to build and 500/square foot… so 1100sq/fr cost for a condo? That number seems deeply suspect. $600sq/ft is crazy for building costs… are they using gold?
Also, I like the idea of opening up more housing by letting people split up homes. But isn’t this just going to creat more tiny living spaces again.. it would be the equivalent of adding an extra tower here or there per year.
Canada needs a comprehensive growth plan. Which means building on the land that was earmarked for development but is currently held by land bankers.
Spot on, Steve, particularly about the point about not having kids. Wife and I gave up on that years ago due to circus that has become the GTA and Metro Vancouver real estate. Our jobs are locked here, and the governments in this country - particularly Ottawa - have prioritized it seems just bringing in boatloads of people for their cash, no matter their net worth, in order to fill the tax coffers, while at the same time leaving your average millennial and younger income earner to scramble endlessly. Our neighbour lives in a one bedroom and has three kids. What a dysfunctional mess this country has become.
On top of the legalized basement grant, they should have a laneway home grant.
I don't know why Canadians are so scared of density. And fourplexes are not even that much more people. I was recently in Spain where everywhere there were 4 story buildings and the cities were so vibrant! Lots of shops, restaurants, greenspaces, transit etc. It was truely a livable city.
Move there then. I like my big yard and house.
@@tombrodzinski157 maybe you'll have to move once they build a bunch of 4 plexes all around you
The basement conversion to build suite in Ontario they say you have to rent it out to low income people. There’s always a catch. If BC is doing 5 years, after the 5th year what now? You’ll always be behind lol
Buy,buy ,buy
What about old rich people? They're only care about the value of their homes going up
Does this mean more developers will be buying out detached houses for premium to build townhouses and condos?
It’s already happening in Vancouver along busy streets like Kingsway, Broadway, 1st Ave and Nanaimo St.
Yes
Yes. Model has worked well in Calgary.
Steve, you're right as always about the situation on the ground. BC does need far more units with 3+ bedrooms for people to live in and apartments simply don't provide either the affordability per sqft or the space needed for young families.
Most critics, however, have pointed out how this policy is really only ground-breaking for small towns in BC. In many cities, policies already being contemplated are similarly placed to expand access to plexes and townhomes. This level of density will help in some small settings, but in the most expensive markets, and especially in the Lower Mainland it's already not enough.
Further, the land lifts that you predict will eat into the margins. We will soon see homes that are a little cheaper per sqft in a lot of places, but with much less (yet more expensive) land underneath.
I think most Canadians need to get real and recognize that no party, and no government, at any level (federal, provincial or municipal) has or will even contemplate policies that will make housing here "affordable" for average income earners. It's possible market mechanisms may kick in and undermine these policies at some point, but there's a better chance that our governments will simply sacrifice our competitiveness and GDP growth to maintain the status quo (as they are already doing).
For those of us who don't like this reality - either we get over it, or we leave. Simple as that.
can My dad rent the basement to mee under the the below market rent?
I am trying to move back home lol .. life is expensive
The housing crisis is not theresponsibilty of landlords. Examine the rto regs, and you will see how biased they are against landlords. With costs of property taxes, insurance, building supplies, and renovation by certified tradesmen skyrocketing, the landlord is limited by law to annual rent increases of less than 3 percent!??!! So you can rezone for density, but who is going to play landlord?
I had a developer who were trying to convert his 2 lots into a 4 unit building. We managed to design it despite all by laws but we were vetoed due to one close in the bylaw that wouldnt let us do it, it has to be 2 or 6 units but not 4. Which was idiotic. So the client gave up. Also because we couldnt even negotiate with the city as you only allowed to submit online and then wait a impersonal generic reply. It is ridiculous. But then they go on TV and social media complain that there is no housing available blaming greedy developers. When all it is is the bunch of commies in the city administration.
BC needs to get rid of or make changes to the owner builder program. There is too much red tape to build your own home. This, imo forces many people to pay very high prices to build a home and makes it unprofitable if you have to hire a builder.
some good news.
Is this for the whole province? Or just Vancouver
Whole province from what i gather. We will find out
@@saretsky thanks you!
2nd half of the 18 year cycle model suggests we would see more rapid growth in construction, this will not benefit people much because the land value uplift you correctly cite will spur a credit boom and eventual peak (2026/7) crash and GFC.
We are moving from undersupply to oversupply, because credit fuelled land speculation distorts the market in both directions in a boom and bust cycle.
Which is not to say upzonong is bad in and of itslef, far from it, but it will never fix affordability issues.
What about the masses of immigrants that continue to come ? The lower mainland will never keep up
Over supply provides space for growth
@@samoday2992 Immigration is a factor but it's vastly overplayed vs credit especially in terms of prices.
Look at Tokyo, apartment prices have exceeded 89 bubble peaks despite it's population falling since 2019 and being basically flat for the last decade before that. And Tokyo also constructs a lot, a YIMBY go to example.
Calgary s very different market . I live in Calgary for over 25 years. Housing market is based on oil price. It can drop for 6 to 8 years when the oil price drop . I invested on 4 houses before , but I have sold all in last years to take the profit . I do not trust Calgary market which is very unstable market. You will earn good rent when the oil price and economy good in Calgary . When it is down, the rent will drop a lot. Tenants will ask for the drop . You do but gain that much. No rent cap but it can fall crazy,
Taxing speculators / flippers is a W
I think it depends. Is it really smart to disincentivize fix and flippers? They have the resources to efficiently turn run down properties into quality homes. Most ppl don’t have the $ or the know how to pull this off. Seems they are just filling a need in the market. Even pure speculators help get projects off the ground by allowing developers to get financing.
I’m not a flipper/speculator and I don’t know anyone who is so this is mostly irrelevant to me but it seems maybe not as cut and dry as many assume. Plus, I don’t think getting rid of speculators/flippers will affect housing affordability materially anyway.
WOW. This may be the dam breaker between generations. It is so hard to see young people and mid-income people struggle to have a good life. And I agree with the kids thing. They are holding off because of home costs. Personally I would like to see the demographics in real time of Vancouver and Toronto. With China pulling back I believe the major Canadian cities will go through the New York malaise of the 70’s and 80’s . New York is already losing tax base now to Florida. Will Vancouver and Toronto follow this path?
Steve, I've always enjoyed your ability to discuss politics without blatantly choosing sides and I am now shocked to see you choosing sides with my most hated politician the extreme dictator eby. Do you think every single municipality should have their freedom of choice taken by big government? Do you think people who want to live in single family neighborhood should not have even one place they could move to for that? Not one area in the entire province?
Good points about tax & govt adding massive cost, contributing little actual skill/value, & creating a lot of problems.
But do challenge Steve's goal to apparently just focus on packing more & more people into Vanc, -cut every lot into 4Xetc Eventually you just destroy what is nice .. & create yet another HK SEA PORTL SEA SF NY etc.... very very crowded is saleable by realtors but not all that great- see the news. Infrastructure problems, crime, traffic, 4-plex living, charm is destroyed...
In reality policy should be getting young 'families' to locate to other areas as their fore-parents did to create their own cities... yes harder, but downtown of urban cities is not necessarily the place to demand that kids have yards to play in... BC is 50% bigger than entire UK - we need people to spread out vs all try to occupy the exact same space & have a temper-tantrum when they can't live in 'BeverlyHills' at 'Abbotsf price'.. Communism is about wanting what others have - but not wanting to pay that price
Most of BC is crown land
Families want their own homes.
Apartments and duplexes are shared homes.
What you want and reality are always two different things.
@@Observer168 Typical normie response.
@@thecanadian8719 nobody is entitled to own a detached house especially in Vancouver. If you want something, you must earn it. The homeless on Hastings are also asking for free housing while getting high all day long.
@@thecanadian8719 By normie, do you mean that he's (greedy and selfish) cause the word "normie" sounds too nice, lol
@@Observer168 OK, Boomer
Hey Steve are you based out of Calgary permanently?
Based in Vancouver
NIMBY
Charlottetown pei is going to be doing the same thing.
I agree about zoning changes. It needs to happen. It unfortunately will not stop the greed in flipping or always going for the maximum profit on a flip or new build. The greed will just get us back in to the same problem later on. My ultimate solution if too pressed would be to abandon dodge . The government greed on fees and rules is a huge problem... The greed will use up the room in lowering infrastructure fees.
greed is good. its the primary reason things get done.
Land in Vancouver is more valuable than gold. Now it’s even more valuable!
The land under the imperial palace was worth more than all of California.
Things change.
Vancouver is not even close to that yet.
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The missing middle is so easy Move to Florida….. why freeze the ass on the expensive iceland
Florida? Are you joking? It's widely known that Florida is full of trashy people
If it was that easy, brother. The US actually has immigration laws to keep us out.
If you want torches and pitchforks in the streets allow greedy landlords to raise rents and kick out tenants however they want. People in Vancouver are already paying well over 40% of their income towards rent. If you want an angry revolution like they have in France just push renters a little bit more.
I own an older 2 bdrm condo in a suburb of Vancouver and over 55% of my take home pay goes towards mortgage and strata...and I'm earning 85K
Calgary is doing just fine without rent controls. Same with most of the US
@@saretsky Yeah, well if you want someone to make your morning latte and cut your hair they have to be able to afford the rent, and in Vancouver that will not happen without rent controls. Wages are low here, and the cost of living is extremely high. Why should young people suffer so people like Steve Saretsky can make millions off his multiple properties so he can live the high life. The divide between rich and poor is obscene. Without some controls on the RENTIER CLASS there will be revolution. When people get desperate they revolt or turn to a extreme populist leader. This happened in germany about 9 decades ago. The results were very bad.
Rent control is good for a small minority of long term tenants whose LLs don’t sell, move family members in, etc. for all other tenants it translates into worse quality rental homes at higher rents compared to no rent control.
It's not like costs have gone up, property taxes, insurance, utilities, repairs. Why shouldn't the landlord support his tenants? They deserve it. The only landlords getting rich are the ones who own real slumholes they rent to junkies and shitbags. Your purchase cost is nothing, taxes are low and you can get almost market rent without having to fix a thing. If I could sell my rentals I would happily do it because it's not worth the money. And I have good tenants. My 4-plex made $2000 last year. That doesn't even cover what I would have earned on my labour if I just worked a little overtime. If I had to renew now my interest costs would go up $9000/year. Want to buy a rental?
Steve, you should acknowledge your bias as someone who chooses to live in one of the most expensive and crowded areas in the country. A lot of people hate crowded areas like that and we should be able to choose if we want high density or not. You make it sound like families in Vancouver have very little choices but you ignore the plethora of wonderful places across BC where they could afford a house for less than a condo in Vancouver.
Nobody is stopping you from moving to Terrace
@@James-vj5hz not even Terrace will be safe if dictator Eby gets his way. The people who are so unhappy with their situation that they are inviting this dictatorship, those are the people who should move. Change themselves instead of asking the government to force others to change.
I need a 3500 sq ft house for less than 500,000 not a 1500 sq ft townhouse
I wouldn't mind something under 500k$ that doesn't need 250k$ to bring up to code.
What you want and reality are always two different things.
@@Observer168 yeah no shit, but it's obvious that civil unrest will be the result of this.
The only way you’ll find this is if you move to a very small town and buy an old home
@@amosashurst7463 hi, I'm from a very small town, and that's a pipe dream
Just more social engineering by NDP
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Stop reorting fake news to get views please