Quote:
Originally Posted by bcedhk
My point is that most cities already have a multiplex zoning in place before SSMUH. It has clearly been proven to be a failed housing choice option, which lead to SF owners holding onto their property or trying to sell them at inflated prices, to which most developers see no value in given mounting high risk and interest rate.
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Most GVRD cities did not have a multiplex policy in place before SSMUH - only Vancouver and Coquitlam did and even then it was for triplexes in the most limited of circumstances. Some cities had a laneway policy but only Vancouver has had it for more than 5 years. It's simply not true that it's a failed housing choice because it didn't exist and what did exist didn't play on a level playing field.
Case in point - Vancouver's blanket duplex policy reduced the amount of housing you could built on a lot to .7FSR compared to .86FSR when a detached home was built. That's a lot of potential lost profit there but there's enough demand for 3 bedroom units that there's been significant construction of duplexes under this policy (I don't have the numbers in front of me).
Norquay Village (around Kingsway/Earles/Slocan) is one of the few examples of multiplex/townhouse type zoning actually working. The city rezoned that area to allow for duplexes, triplexes, and stacked townhouses and practically every single development there since that happened has been one of those homes - nobody has been building detached in that area at all. (the aerial view in the video is of Norquay with all the stacked townhouses).
Quote:
Originally Posted by bcedhk
There's plenty of 3 bedroom units for sale in the high rise market. People are being picky and not willing to spend 1 to 1.3 million on those units because they all want ground-oriented THs or duplexes.
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What's your measure of "plenty"?
East Vancouver for sale:
- 1 bedroom condos: 225
- 2 bedroom condos: 199
- 3 bedroom condos: 46 ($650k-$1.6m), (885sf to 1327sf)
- 3 bedroom townhouses: 57 ($700k-$3m) (924sf to 2000sf)
- 3 bedroom duplexes: 120 ($1.1m to $2.4m) (1000sf to 2000sf)
- 3 bedroom houses: 64
So 3 bedroom condos represent 16% of all available 3 bedroom units in East Van - is that your definition of "plenty"? They are a quarter as plentiful as 2 bedroom condos as well.
Between $1m and $1.25m there are a total of 36 units of any kind of housing available for sale with 3 or more bedrooms while there are a total of 1,409 houses for sale across all of East Van.
The numbers get better in places like Surrey but to say that 3 bedrooms condos are plentiful compared to other 3 bedrooms seems like a real stretch.