The City of Vancouver has just Devalued Your Home

The City of Vancouver has just Devalued Your Home 

Do you live a home built before 1940 and does it have character merit? If so the City of Vancouver has just decreased the value of your property by 10%. A typical 33’ x 120 single family lot in Vancouver is currently selling for over $1.5M. This conservatively equates to a $150,000 decrease in your property value. 

The question of whether your home was built before 1940 is pretty easily determined. You can look at building permit records and water connection records. The question of your home having character merit is harder to access and is very subjective. To do this the city has come up with a checklist with 7 items on it and if your home meets 4 of the 7 to potential to maximize the building lots potential is decreased by 10% unless you are able to preserve the character of the home which also decreases the land value because it is more expensive to save an old home than build a new one. 

For many older people living in Vancouver, their homes are their nest eggs. I can understand the desire to retain the character of a neighbourhood, but it should be up to the homeowner if they wish to save a home that in most cases is barely standing. I believe that neighbourhoods are made interesting by having a variety of building styles. If the city would like to decrease the size of the homes being built, then change the zoning bylaws. It seems very unfair to penalize people that live in older homes. 

I have a handful of buyers that understand how to best present information to the planning department and give you your best chance of avoiding having your home be assessed with character merit. If you would like to sit down to learn more about the process, please feel free to contact me. If you would like to download the checklist, please click on the link below. My name is David Setton and for more answers in real estate give me a call any time at 604-808-9796.