The Canadian Real Estate Association’s CEO Michael Bourque said that the mayor of Vancouver’s proposal to allow up to six homes per lot ” is the best idea for new supply that [he’s] heard.
Bourque is rallying behind the idea because he thinks that simply allowing landowners to build more homes on their lots will incentivize them and help with the housing supply issue.
He says that he thinks an idea like this could spread across the country and help out in more than just B.C., according to a report from Storeys.
This idea of allowing more than one home to be built per lot has been floating around the world. New Zealand, another country undergoing a housing crisis, recently instituted a similar rule to allow a family to develop up to 50 percent of their land to build additional housing units.
While these homes might help some people, they’re likely not the silver bullet to fix all the housing problems. For context, a Global News report says that these smaller homes typically sell for around a million in cities like Toronto and Vancouver. While this is still less than a $2 million or $4 million home that might have been placed there, it will still be an expensive house.