With changing times, single family accommodations are becoming lesser and lesser affordable. So, how can a city create homes for families? New West has taken the right steps to combat this by ensuring that new developments have units that are large enough to accommodate families. It is the first city in Vancouver to mandate a fixed number of three bedroom units per new development.
It’s now mandatory for all new development projects to have at least 30% of two and three bed room units. Owned projects should have at least 10% of three bedroom units. Rental projects should have a minimum of 25% two to three bedroom units and minimum of 5% should be three bed room units.
For many young families, a single family home becomes quite unaffordable. If the city has to grow, it has to ensure that residents get a favorable lifestyle and multi-family units can easily provide for that. Including high rises and traditional single family accommodations, New West ensures that families at all stages of life can afford and live in a neighborhood of their choice. The town is a mix and match of both styles of living making it an appealing place to look at for your next real estate investment.
Well, because of the lack of affordable units, many families look across the border, which in itself is a sign. Young families need not have to cross city borders to live a good lifestyle. Taking this as a challenge, the mayor hopes to provide the residents of New West a great urban life by placing restrictions on the development projects to build enough multifamily homes.
The two and three bed room units would be built on the lower floors of the buildings in order to address the affordability issue.
Other units with pent houses have a higher price associated with them. The policy also focuses on bringing the larger units to the lower floors in order to balance the prices and make housing an affordable affair in New West. Families of all sizes can now find comfortable homes within their budget. The city will benefit from such an arrangement with the ability to provide housing for a variety of ages and demographics.
This will also ensure that in this fast paced world, there is always space for families in our society. Even though the development industry expressed some concerns regarding such an arrangement, the mayor strongly believes that this is a good step towards the well being of the young and old families that have been home hunting for an affordable and comfortable living.
The law would be effective from Jan 2016 and all future development projects would require to comply with these laws.
The trend for single bedroom and studio units will now steadily shift towards multifamily units making the city more family friendly that caters to the needs of families of all sizes and demographics giving it a more friendly-neighborhood effect!
Naz Allahyari, is a full-time Vancouver Realtor® & Specializes in selling or buying a home in North Vancouver, West Vancouver, and as well as condos in Downtown Vancouver.
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