Quote:
Originally Posted by logan5
It's almost like OPEC price fixing, where a limited amount of land gets released for development, so of course prices stay high.
By the end of the year there should be a new land use policy in place that will allow 4,5, and 6 ownership units, and 8 rental units on all house lots in the City of Vancouver, and the BC government will enact a policy that will allow multiple units on any house lot province wide. This opens up a lot of land for development, and should help to lower housing costs. That's the hope anyways.
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Toronto just legalized 4-plexes city-wide - with one key problem: They did not increase the allowable zoning envelope.
There remains no new actual GFA constructable.
It may allow more units to reach the market as now you can build three 1,000sf units instead of a single 3,000sf unit... but the price per SF will likely remain pretty similar between the two, so if it didn't pencil as a SFH redevelopment, it likely won't pencil as a triplex or quadplex.
I would be surprised if more than a few hundred homes a year are created from the policy shift.
Toronto's housing construction target is about 30,000 units annually. A
long way to go for that.
Multiplexes legalization is a small bit to help, but it's a small bit of a wider solution.
The real solutions involves actually upzoning large tracts of the city to densities above what exists currently and making permitting processes quick and painless for that development.