(Vancouver Real Estate News)
On July 10, the City of Vancouver announced a deregulatory policy to allow the construction of high-rise housing to address the city’s recent severe housing shortage.
The policy appears to be intended to allow for the rapid delivery of more housing,
instead of amending the city’s zoning code to waive rights to views of Vancouver’s main vistas – the North Shore mountains and Vancouver Harbor.
In the past, it has been difficult to build taller buildings due to viewing rights, or the shape of the building has been different, increasing construction costs.
This will make it easier to build high-rise housing, and we expect to see an increase in Vancouver new construction in good locations.
The City of Vancouver had 38 view cone policies, 14 of which are now being scrapped and the rest will be modified.
Housing supply plans and expectations
- 75,000 homes over the next 30 years: We plan to deliver up to 75,000 homes over the next 30 years by deregulating tall buildings.
- Up to 300,000 homes in 100 years: In the long term, we aim to deliver up to 300,000 homes over the next 100 years.
In addition to this policy of easing the construction of high-rise housing, various policies such as the expansion of the City of Vancouver’s government-backed loan program and the expansion of the use of wood in high-rise buildings, etc.
are expected to diversify the options in the housing market by creating many new releases, and the increase in housing supply is expected to stabilize house prices and create a favorable environment for home buyers and renters.
These various policies are coming out as housing costs such as house prices and rent in Vancouver have been rising recently.
I hope that they will be effective and everyone will be able to buy the houses they want.
You can check the Vancouver City Hall site below for more information.
https://vancouver.ca/home-property-development/protecting-vancouvers-views.aspx