“The reality is that if I am going to sell this property or rent it out in the future, I would need to start building to accommodate my clients’ clients,” she says. “And I doubt that I will be able to do that.”
A house with more than 50 units is considered a condominium, but it has to be listed in the city’s market order, which is made up of all housing properties sold in Greater Vancouver and is the only form of land title information the city will require applicants to provide. The property would qualify if it meets the city’s housing affordability and inclusionary housing standards, as well as the city’s “condo” definition.
“Our criteria is that the property must have more than 50 units, must be affordable to those making below 40 per cent of the median income for the Vancouver region, and it must have at least 20 per cent of the units to be low-income affordable,” says David Llewellyn, director of the city’s rental board.
When it comes to rental properties, Llewellyn says he has had numerous interactions with clients who feel the city has been too strict in determining who qualifies as a client and who has a right to be there.
“If I’m going to rent a unit out to somebody else, I’m going to go all out to get the best possible deal for that person,” he says. “When we have the information on a property, it’s not about what we say.
“If you’re trying to get someone to share a room with you, there’s not an unreasonable demand for 20 per cent of the units being affordable to people making below the median income.”
If you’re willing to pay $700,000 for a single-family home, and the average monthly rent in the Lower Mainland is $900, you can get a condo for $3,600 more. (Photo: Submitted)
A quick glance at the zoning in Vancouver would be enough to tell you that the city has a lot of buildings with zoning restrictions restricting how many units a building can have. But a quick look at the zoning in Vancouver would be enough to tell you that the city has a lot of buildings with zoning restrictions restricting how many units a building can have.
For example, there’s a 15-storey mixed-use building on the downtown waterfront, but the zoning rules prevent it from having five units or more — or the number of parking spots the current owners
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