In Vancouver, the benchmark price of a single detached home remained at $1.6 million, despite changing market conditions. Unsurprisingly, this is still beyond the reach of most families, especially those looking to enter the market for the first time.
While townhouses in Vancouver certainly present a more affordable option, there just aren’t that many available. In fact, according to a recent report by a City of Vancouver staffer, townhouses currently comprise just 3% of residential properties in the city.
To increase the stock and supply of affordable properties, the city is looking at rezoning a number of properties to enable the development of new townhouses in Vancouver.
One proposed mass rezoning would cover a total of 279 single-family and two-dwelling lots in different areas in the Cambie corridor as well as the Grandview-Woodland neighbourhood. Most of the rezoning will take place between West 24th Avenue and West 30th Avenue, and provide the capacity for 1,656 units in both neighborhoods.
The city plans to monitor the impact on the housing market. If successful, additional zoning dedicated to the development of townhouses may be implemented elsewhere in the city.
The new plan could potentially provide an assortment of modestly sized housing at a variety of price points, which will make housing more accessible to those looking to enter the market. A public hearing is scheduled for early September. If approved, it could be another step to make housing more accessible and affordable in the city of Vancouver.