The END of Single Family Home Ownership
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- čas přidán 3. 08. 2024
- Could this be the end of Canadian dream of owning your own home with a white picket fence? Sure, we all talk about how unaffordable homes are, but what if there were no single family homes at all?
In today's video, Surrey real estate agent Steve Karrasch of Macdonald Realty explains changes being implemented in British Columbia that will automatically "UP ZONE" virtually all single family residential lots in the province to allow for 3, 4 or even 6 legal units.
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.
I wonder how this is going to affect bare land stratas that have single family homes on them. Can they force bare land stratas to become rat in cage scenarios too?
Great question!
I think this is great for housing availability. Many people will still be moving away to chase the dream they were sold, but this may make moving back later on more of a possibility.
I'm not sold on the success of this plex plan. The STR thing is already forcing people to offer alternative furnished rental options, I see this backfiring on Eby and Khalon.
The regular working class people who service the neighborhood, garbagemen, landscapers, gas station attendants, thousand other things i cant think of, need somewhere to live within the neighborhood.
All communities need some working class people, and these people will never b able to afford a single family home
I think this kills any last hope anyone has at buying their own home. You've just incentivized home owners to build and rent out to 3x as many families. We are entering a time where homeowners require new sources of income, and this will provide it. So that then means even less inventory coming up for the new home buyer to get into. Every single home property just became an investment property. And to get in will require more resources than the 25 year old first time buyer can even imagine.
@@nucks4cup75 based on how things are right now.
I share your opinion.
Time will tell how are future govt's deal with the future.
If the brain drain starts again like it did in the 80s our young and talented will seek a life in other countries.
Canada will lose all credibility on the world stage and just become a poor country that tourists like to visit in the summer.
I am a homeowner lucky enough to have no mortgage.
But i have to say, our only chance for a great country is too correct property values by 50%
I agree and disagree. I agree this will spur more investment as investors will covet any property they can make a profit on. The SFH lots that can be held for decades or repurposed now will jump in value.
I disagree that it will be harder to get in. The first time home buyer now has a chance to Airbnb their suite for at least 1.5x the LTR going rate, so the extra cashflow will lessen the burden for them. This will bring more buyers to the SFH market in all cities of BC. @@user-vi8ci2bi6b
Just because you're allowed to doesn't mean you're able to.
There will still be plenty of single family homes since most people don't have the means to tear down their home and rebuild.
It actually gives more powers to small developers who already buy lots to build duplexes, since it gives them more options to shop around, knowing every lot will be approved.
What I see is that most of these multi family won't actually come around until the next rate cutting cycle, but when the cuts start, there will be TONS of housing starts.
I live in Kelowna. I have a larger backyard so i enquired about making a carriage house. The guy rendered a model of storage shed looking structure, 402 sq ft and quoted me 350k. Steve is correct this will not do anything building costs are through the roof.
lol, that is crazy. I had a similar experience on 2 properties, and stopped the process short of building both times. The only hope they have is to build cheap box type 4,6 plexes. That will ruin the feel of the neighbourhoods, but that is the only chance to add housing units on the cheap.
You almost got scammed. The guy was probably factoring in 70% profit for himself
I have to say 70% profit is probly close. Lol
When theres lots of work homebuilders pad the profit, i married into a 3 generation framing family.
That could be built for half that, even at todays lumber prices of $100 for a sheet of 3/4 plywood
Dose your back yard have a lane? Do u know if a carriage house/ garden suite are allowed to be built, without a laneway with the up coming new changes province wide?
My 380 sq ft cabin cost me 30k
awesome information
Rentals will not be cheaper. If anything, it will encourage landlords to find the highest price similr unit in their neighborhood and price accordingly. THe housing crisis will last at least the next 25 years and rents will continue to escalate at about 15% a year compounded. The result will be higher income earners will rent them and the less affluent will be in social housing even though they earn 100K a year which will be a starting salary for people jsut graduating from university. Anyone earning minimum wage will be in deeply affordable social housing.
Crazy eh! We aren't far away from 40-50$ min wage
Yes. We are a group of families in Burnaby consulting with experienced folks. The numbers pencil nicely if you build a home to live in. Not so attractive as a business
Welcome East Clayton into every neighborhood of the province
Slowly.
In my opinion it will help as much as a hypothetical law to limit traffic speed to 30km/h in order to curb the traffic accidents
Oregon enacted something similar and it seems to have had a small impact. Recently, 2021, they voted to abolish parking requirements near transit! I know a couple of tree hugger, pot smokers that ride the bus to and from the cannabis shop that may not need to park a car.
Slow down!
Abbotsford says they'll prohibit strata titling 4plexes. It's not clear to me how they'll do that as the act only gives them approval powers for phased and bareland stratas, but there l the intent is to make it unaffordable to buy just one of the units in a 4plex and reduce the number that get built
Great news! Great video! How about a garden suite since some single family homes don’t have a lane way for a laneway house?
Allowed on all lots! 🤯
Park out front and walk to the suite around back@@SteveKarrasch
Not in the ALR.
does this also apply to Kerrisdale and Shaughnessy
Yep
NIMBYism capital of BC. Love to see 4 students per unit in a 6 plex in Kits, gonna be some fun times with the crotchety old neighbours. @@SteveKarrasch
Close to transit should mean a 15-minute walking distance at a fast moderate walk of about 2km.
I was thinking more like 500 feet. Otherwise every lot in a smaller town with bus routes will be all 6 plexes
In my personal opinion the issue is not so much a housing issue but an affordable housing issue. How is it Ok for a 3 bedroom basement suite in Surrey to cost $2400 a month???? A basement!!!!! We need to the government to regulate rental costs. This is absolutely absurd.
You are 100 % correct anything near transit is key.
We are going the Europe way. I’m the large cities most definitely.
Thanks Steve
Now we just need transit to expand to keep up with the inevitable increase in ridership.
That’s a Vancouver problem Toronto has it. It just needs it to be more efficient.
@@DTrent-uy1wl
Trent again you are 100 % stupid and wrong. no its not i have renters who pay.
talk to me in 6 months and see where renters are and people who don’t own.
Again you are talking out of your ass.
Not knowing anything
Long term dummy.
Please go get educated.
Owning is the way to go people who cant hold on is the problem.
Having realestate is not the problem.
Keep watching and you will see what happens by summer.
People who dont own will never own.
That is where we are at. Believe me.
Good luck loser.
This will destroy communities,infrastructure problems . What will the development charge per unit be. This is not cost effective and will only raise land value as all forms of intensification have. Take any neighborhood and just hypothicate this on paper and list the problems.
If you upzoned all the properties at once province-wide... are you sure it will drive lot prices up?
Not sure but pretty sure
Crazy. So a 3 floor house on a nice lot with a double car garage and alley access. 2 suites in the basement. Transfer the house garage into a bachelor suite with private entrance. Leave the main house as a high rental family space. Then build a garage laneway with 2 suites above it. 6 units? Crazy.... thats alot of income potential in Surrey with its nice basements.
especially when rents keep going up
Toronto should od this as well and require all new hi-rise units to be at least 50 stories and 1000 units of one bedroom. No more bachelors.
Will you still only pay property taxes if you live in a brand new home no plans to be building all these units will you still only be property taxes singles zone or multiple zone because your property now is not a single zone property will this effect single zone home in property taxes
Only time will tell.
Quick question. Ncp is done in brookswood Langley. Do you believe, with this new rule they will do surgery to old ncp
Yup
I foresee that will be parking issues for sure, which already showing some signs when BC allow people to build laneway houses for renting. It's try to solve 1 but create another one. what a joke, not total planning at all.
I am afraid it is all globally planned through the UN
and no paking is why there were bike lanes built everywhere according to plan. The plan is for 15 minute cities, own nothing, eat bugs and be happy (sustainability) Lets see how that goes over.
Will single property taxes go up to pay more taxes so your property now is a multiple multiple zone so you're going to be paying more taxes versus single zone
The secondary suites can still be restricted if there is a covenant on the property. That is through the LTSA not the Province or Zoning. The Covenant will have to be discharged.
"Close to transit" has already been defined, but they need to figure out what they mean by tranist corridors. the height/density is determined by proximity to a transit corridors.
Metro Vancouver will have different density rules than the rest of the province.
I think it's going to cause infrastructure problems. Our streets, water, sewage, and power grids were not designed for all properties to be multi family dwellings
good analysis, like Ravi said, not his problem. Oh but wait, it will be when the NIMBY"s show up and vote these Commies out.
Agreed
The power grids are already expecting massive problems managing solar panels and electric vehicles.
No, it will not. Look at how dense Hong Kong, Singapore Lebanon, Qatar and many other places are. Do you think a few multiplexes will cause a significant infrastructure problem for BC? Remember that BC is bigger than France, Germany and England combined. The only problem it can cause is parking and more cars on the road
@@m.b5777it's based on how the infrastructure is built no just about the fact that other places are more densely populated.
Maybe your thinking foggy. Lol the systems where not designed for the higher population
"so sure we end up with a lot of houses, we're just gonna end up with no places for kid to play, higher reliance on park spaces, ugly housing..." but it's roofs over peoples heads "I guess" .... it's hard to take your opinion on this seriously, when you think "reliance" on park spaces is a detriment to citizens, (i grew up in North Burnaby and the local park was a highlight of my childhood) or when you think that these changes are going to lead to uglier housing??? I hate to criticize people on their aesthetic taste because it ends up me just telling people they have bad taste, because they do. And they think that we should eliminate the chance for cheaper housing for the aforementioned aesthetic purity. Maybe if we want less ugly housing we shouldnt design our homes at Home Depot, but everyone thinks they can be their own Architect
It’s going to be very detrimental to anyone who has it happen on their street, slowly turning our communities into over crowded nightmares that haven’t been appropriately planned for. We won’t be able to recover from it either, once built it’s too late. Great video bud!
Probably true. Thanks for watching.
Great idea this new zoning, may now some blue collor workerswill be able to live in these neighborhoods and not only the rich people
Blue collars and 4 plexes.
@@SteveKarrasch exactly
Supply and demand.
Little supply and massive immigration!
sounds like we should buy and hold real estate in BC
Time to dump this government
lol, good luck in this tree hugging, Commie state of BC. There are a few pockets in the interior that have sane politicians. The rest of BC for the most part are lefty nutcases.
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You're the best!
One of many accelerating incentives for 15 minute cities ...
Hopefully people realize this. They are pigeon holing us into living like rats in cages, with no way to grow our own food.
I’m not liking the idea…. Always wanted my own house, so I may have to move
I know a guy that can help with that.
@@SteveKarrasch moving or buying a house? ;)
Both
You used to be able to buy a house at 16 years of age. I'm 33 and when I was in my twenties cashiers and hair dressers were still buying condos in beautiful neighborhoods by themselves. Its crazy they plan to make this problem 4x worse knowingly before starting to worry about undoing the damage. It doesn't matter if immigration helps the cpp because now your property taxes take up any retirement fund the Canadian government offers. This is not ethical.
Are they going nuts? Look on a map. Canada is hUge. Why don’t they build house outside of Vancouver?
Why didn’t we think of that?
No one wants to live far from amenities last time I checked. I wouldn't want to burn a tank of gas and hours on the road to drive my kid to swim club@@SteveKarrasch
To fix housing problem make more highways like US standard and connect to small towns move Industries and encourage our people to move there.Dividing house into small houses not going to solve this problem.
NA needs less highways, not more. Highways are huge money sinks that only induce more traffic, requiring a never-ending cycle of constant repairs with little revenue generated compared to higher density areas.
I'm looking forward to you getting Ravi back on!! Is he a buddy of yours? Seems like he should be dodging interviews now with all the non democratic laws Putin place!!
I'll subscribe to Karrasch Real Properties, TTSS, and TS channels...if you do succeed in getting him on.
Haha, just noticed when I typed 'put in place' it autocorrected to Putin, lol, how fitting.
Maybe you could get Eby on too, but that would be about a 1:1,000,000,000,000,000 chance. Or is he busy protesting NIMBYism with everyone else in Shaughnessy?
Tell him you are awaiting his return on TTSS
Ravi, we are all curious and excited about your next visit on TTSS! Don't leave all of our unique British Columbian perspectives unanswered. I'll think much more highly of your policies if you come on and answer some of the obvious concerns around tourism, mid term stays for patients, doctors and nurses who aren't thrilled about living in hotels remotely and of course our swim club parents who will have to rent 2 or 3 hotel rooms instead of a 2-3 bed STR for budgets sake. Please answer this post and give us a Yay or nay.
Maybe we should just build 500 story Arcologie Towers of 100,000 people or Hives underground of similar size. Humanity will then live in these hives and never venture outside.
are we becoming a 3rd world country
2nd world actually.
Let's downgrade our credit rating first. I almost have an 800 credit score with a schwack load of mortgage debt. Man, I wish I could print some money to pay it off and support my wife and kids. Oh shit I forgot, that's a luxury on the politicians have. Must be nice to put your vacation on the deficit
Can't believe people voted for this. Just because you're liberal doesn't mean you always vote liberal.
It was the NDP
@@SteveKarrasch maybe the solution but I strongly remember seeing Justin Trudeau say how we are welcoming all immigrants and even if they don't speak English they'll happily learn and all that stuff plus how we need to bring in more people to cover people's $12,000 CPP retirement that won't even cover the cost of their house taxes because now they're worth so much. I used to be primarily liberal lol.
Lol