Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
Vancouver city council’s vote to allow duplexes in most parts of the city’s single-family home areas could be easily reversed after the Oct. 20 election.
One independent mayoral candidate, Sean Cassidy, is already calling on city council candidates to reverse the duplex upzoning decision if elected. “If we are to create more affordable housing choices for Vancouverites without tearing our city apart, we need to restore citizens’ trust with proper neighbourhood-level engagement first,” he said in a news release.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
“Real estate developers, speculators and already high-income earners with high mobility will benefit the most from this upzoning. On the other hand, low to middle income families and renters living in affected single family home areas will be at risk of displacement in a low vacancy market with soaring housing costs.”
According to a statement from the city, “should a future council wish to reverse the effect of this recent bylaw change, they would need to instruct staff to prepare bylaws to remove duplex as a use and refer that change to a future public hearing.”