Densification debate accelerates, but will it boost Vancouver sales?

With the recent steady rise in home prices and rent in Vancouver, Canada, the burden of housing costs has increased significantly.
According to the press release, one in four Vancouver renters are spending more than half of their income on rent.

So in Vancouver, there’s a lot of different policies that are coming out to try to get more houses built and sold.

More recently, the City of Vancouver and the Province of BC are creating new rules to push for more housing density, including in Vancouver’s upscale residential neighborhood of Shaughnessy.
Densification, which allows multiple homes to be built on an existing single-family lot, is one way to build more Vancouver homes.

The vote to densify the Shaughnessy neighborhood passed at a public hearing on June 18, with all eight council members present at the meeting voting in favor.

Among the things that were passed was a development plan for First Shaughnessy, which is part of a heritage conservation area.
While we don’t have any specific development plans or news of Vancouver sales yet, we expect to see a variety of sales in the near future.
In particular, the Shaughnessy neighborhood is located just down the street from downtown Vancouver, so it’s a great location.

For reference, the Greater Vancouver area includes Coquitlam, Vancouver City, Burnaby, and Surrey, and is the third largest city in Canada, behind Toronto and Montreal.
However, Vancouver has an area of 115.18 km², compared to the city of Toronto’s 631.1 km² and Montreal’s 825.56 km².

Also, in terms of population growth over the past year, Vancouver grew by 9.7% compared to Toronto +5.5% and Montreal -22.5%, and the cost of housing is rising in line with this, and the pressure to densify around transportation hubs in Vancouver is likely to increase. Hopefully, we will see more Vancouver condos for sale in the future, which will help solve Vancouver’s housing problems with this population growth.