In real estate news, the BC government has passed transformative legislation aimed at increasing housing density. This new law mandates multiplex zoning on all single-family lots and high-density development near transit areas in communities with more than 5,000 residents. Specifically, single-family lots larger than 3000 sq ft are now required to accommodate 4-6 units.
Additionally, the province has introduced transit-oriented development legislation. This policy stipulates a minimum building height of 8 stories, or more, depending on the proximity to a transit station. For instance, properties within 200 meters of a skytrain station must have a minimum of 20 stories. The province plans to designate around 100 transit-oriented development sites, with over 70 around skytrain stations, as illustrated in the map below (Source: Josh Messmer).
These legislative changes will likely reshape our neighborhoods in the coming years, especially once the housing market rebounds and construction activity increases.
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