Connect With Us To Talk Real Estate: 📆 calendly.com/thevancouverlife _________________________________ In this engaging and informative video, Dan and Ryan from the Vancouver Life Real Estate Group welcome back Bill Laidler, a multifamily developer with over 500 doors under construction, to discuss the transformative Small Scale Multi-Unit Housing Initiative, also known as the Multiplex Plan. Bill, a pioneer in this initiative, shares his extensive expertise on how each municipality in BC is adopting the legislation and reveals which ones might be holding back. Bill's previous video on this topic is the most watched of all time on this channel, proving the massive interest in this game-changing legislation. Bill Laidler dives into the current status of the Multiplex Plan implementation across various cities, highlighting the loopholes some municipalities are exploiting and those fully embracing the new zoning laws. He provides valuable insights into how the family-oriented housing crisis in Metro Vancouver can be addressed through this initiative, aiming to provide more homes with front doors, backyards, and three bedrooms, allowing local families to stay in their communities. The conversation shifts to why developers and builders are moving away from single-family homes towards multiplex developments. Bill explains how this transition reduces sale prices and opens the market to local purchasers who can afford homes in the $1 million to $1.5 million range. He also discusses the significant costs and city fees associated with development, including potential million-dollar expenses for city fees and offsite upgrades, and how these impact land values and project feasibility. Bill explores whether the current four to six-unit limit is sufficient to meet the growing demand for housing in Vancouver andl debate if more substantial changes are needed, such as increasing the unit limit or focusing on family-sized homes. Bill also breaks down the complexities of property tax implications for homeowners with properties in transit-oriented areas (TOAs) and explains what homeowners can expect in the coming years. Bill teases an upcoming event with the Mayor of Burnaby, offering an in-depth look at the city's adoption of the multiplex zoning laws. This event is an excellent opportunity for those eager to learn more about the new regulations and their potential impacts. For those looking to dive deeper, Bill offers additional resources and programs, including a six-week intensive course designed for homeowners, realtors, investors, and developers to understand everything about development potential in the multiplex space, from acquisition to feasibility studies and equity raising. Join us for an in-depth discussion on the future of housing in BC, packed with expert insights and practical advice to help you navigate this new landscape. Whether you’re a homeowner, investor, or simply interested in the evolving real estate market, this video is for you. Connect with Bill www.laidleracademy.com Event Tickets laidleracademy.com/hurley
The FourPlex plan... the bank or financing entity gets the first one, local, provincial and federal governments get the second one (fees, permits, taxes, GST and PST and land transfer tax), the third one pays for construction materials and the fourth one gets split between labour costs, legal fees, marketing fees and more GST on top of those. There's virtually nothing left for the developer who took the risk and built the thing. I guess this happens when the people who are in charge of fixing the housing crisis are the same people who are causing it.
Unfortunately the noble gesture to stimulate the housing initiative is putting the cart before the horse. More work on the Strata Property Act for better consumer protection, more support for the CRT who handles strata cases, more support for the courts and better strata insurance options are needed before we scale. Small stratas are one of the most vulnerable as they cannot afford a strata manager, yet they must uphold all the red tape of operating the strata. Many will not follow the SPA until there’s a dispute among owners and then they’ll realize they’ve not been following the SPA and have a mess of a situation. There are plenty of strata tailored solutions now for helping self-manage, but the laws and legal systems need further work before we can scale.
I see this as a gateway to very unliveable cities. What consideration has been given to infrastructure such as water, sewer, parking, roads, and transportation? None that I am aware of. It seems to me that serious restrictions on immigration are needed if we are ever able to dig our way out of this housing crisis.
Looking forward when the sewer systems cant handle 3 times as much flow they were not designed for. In addition added traffic and electrical systems being completely slammed. There is OVER 65% more houses for sale then there was last year SHORTAGE is NOT AN ISSUE. Enjoy the additional property taxes ! Say thanks to the NDP and Liberals for this. Burnaby just added another 50k addtional fees to building developers per unit and who do you think they are going to PASS That on to ? BC is COOKED!
I moved from Tampa to Santa Clara a few months ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.
well you could put a downpayment on a home and as well diversify as much as you can into Ai, energy and big pharm. stocks like Pfizer and JnJ, ASML, MLM and S&P 500 ETFs. I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I making a whooping $738k in Q4 last year
There are many advisors to choose from. But I work with 'Leah Foster Alderman' and we've been working together for years and she's fantastic. You could check her if she meets your requirements. Just research the name. You’d find necessary details to work with
we dont have the capabilities to deal with the sewage, we are already on water restrictions, theres no parking and the transit system is already overwhelmed. its time to cut back, not expand
@@izzy2116 The 15-minute city is an urban planning concept in which most daily necessities and services, such as work, shopping, education, healthcare, and leisure can be easily reached by a 15-minute walk, bike ride, or public transit ride from any point in the city. Please explain to me, like I'm a 5 year old, how that takes away peoples freedom?
@TheVancouverLife you do realize, moving beyond your alloted neighbourhood will promote a penalty. The idea of the 15 minute city is that there isnt movement beyond as your needs are contained fully within. I enjoy going to other communities in my car...2 dogs and a husband accompany me. Biking hiking ...whistler would b out of question. So if this is no problem for you...moving to 15 minute city is great for you...more like a retirement village actually. Walking biking or transit only
@@TheVancouverLife I think you need to take your rose coloured glasses off , maybe talk to someone who knows more than you do about this before you give this bad advice.
Is it a joke that Vancouver going to compete with world class cities? No way! Vancouver is a narrowed minded village where people hate foreign buyers, restrict foreign investments, rip affluent families to subsize drug junks. Putting 4-6 units on the same lot simply makes local cities collect property tax 4-6 times more! As long as Canadians can move freely, there will be no affordable housing because low housing price will drive more population to Vancouver or BC thus pushing house price high again. Any government planned interference into a free market will fail eventually. Affordable housing sounds like a Utopia story.
The bottom line is housing has never been affordable. One has always had to work long and hard to pay for it. The idea that quality housing was ever easy to own is a meme. There's always some place nicer than the place you're living in that's outside of your financial grasp.
City fees, permit approval timeframes, and interest rates are a huge portion of a developer's bottom line. Not to mention other developer bourne costs such as PMT's and rainwater detention tanks to help alleviate stress on an aging city infrastructure. Don't expect the plex plan to cause a significant change in the Vancouver market both as a buyer of the product and even as an owner with property to sell. I see too many owners listing their properties for north of $800/ buildable SF...even close to $1000. Developers all have their own parameters and equations to do quick math and won't prod further. I myself would not want to be stuck in an apartment in the city forever, so duplexes and multiplexes are the next viable step up, as SFH's are out of reach for most. On the other end of the spectrum, I see a lot of downsizers getting into this product type as well for ease of life and less home maintenance once the kids move out. The city just needs to streamline the process much quicker and intake less fees to further incentivize developers to build.
It has always been the biggest impediment to building in every community ...the politics in each city hall prove to hobble builders while they whine about lack of resources or other lame reasons for their curtailing building moving forward. It's shameful truly.
They aren't out of reach, they've been stolen. Rich get richer. Nothing new here. FYI, the avg income in 1980 was 25k. For that you got a house, 2 cars, a boat, skidoo, seadoo, dirtbikes, 5 kids, nearly stay at home wife. The last generation really f*cked us over.
So a SFD lot that would qualify for 6 units in Burnaby, would incur $1M in govt fees? Who gets what in fees? Just insane. Even if a family wants to construct multi generational units, they won’t be able to due to costs. Unbelievable.
We're working on buying a single family home lot and building 8 units on it in Burnaby and the Property Purchase Tax, Permit Fee and City Charge (Engineering Pre-Application, Demolition and Building Permit), Total City Development Cost Charges, ACC / Bonus Density Payment, School Site Acquisition Charge, Regional DCC for Transit, Total Regional DCC (VSA - Step 1), BC Hydro, Gas, Tel Application Fees and Property Tax comes to over $850,000.00
@@TheVancouverLife $850K, so say $1.4M in pretax income. Disgusting when I think about it. Thanks for those detailed numbers. Eye opener. I have a rental SFD in Bby that qualifies for 6 units. Was hoping to build for my two adult sons to live and rent other units. My napkin math will be way off. Hurley needs to hear these numbers. Generational families will likely not be able to stay in Bby. I think I’ll attend your SFU forum. Info our there is not giving people the real story.
@@dinoa9608 We work with developers who specialize in partnering with home owners to do exactly what you're planning. Please reach out if you'd like to explore what that can look like as it's a feasible method to partner with a group that finances the project and allows you to build for yourself and family. dan@thevancouverlife.com
Well first of all the crown owns about 97% of the land in Canada. Also, large parts of Canada are uninhabitable but the other truth is that there’s only so much infrastructure in the major metros, so they can only grow so fast. It’s a function of credit, materials, labour cost (and skill) and demand to be in the areas where jobs exist.
City fees and taxes make up around 30% of the cost of a new home. That's a large part. Plus the red tape delays (2 - 3 years to get condo building permits) adds tremendous cost to housing as well.
As a home owner in a quiet "suburb" , I am very against this movement. I dont want the noise and traffic of 8 families living next door to me, and plexes invading quiet neighborhoods. On vancouver Island, mid island, we already have significant water shortages spring to fall. The NDP have lost my vote . As well, Trudeau and his liberals have put Canada in such a state of debt that we may never get out of it.
the only constant is change; the choice for many municipalities will be either gentle density, or blight due to lack of taxation base to sustain maintenance of infrastructure. Suburbs full of SFH homes are notorious for being subsidized by commercial and denser properties in the municipality. Enjoy your suburban experience while you can, because the demographics and economy may no longer be able to support it as-is for much longer. This is a sober look at the economic realities of urbanism, before we even broach the topic of people voting for populist housing measures.
Wait what??? You are arguing that housing affordability shouldn't be the prime goal ? The main purpose of cities should not be to become playgrounds of the rich, it should be to create a labor pool of all sorts of skilled workers thus becoming a magnet for companies looking for skilled workers. Essential for that is affordable housing. Exorbitant housing costs leads to companies being forced to pay exorbitant salaries to keep their employees properly housed. And exorbitant housing costs leads to companies leaving, and skilled workers also leaving along with the companies, and then the companies that stay complaining that there are not enough workers. Cities are the main source of GDP in developed countries. Listening to the NIMBYs and keeping house very expensive hurts Canada's GDP and definitely makes us much less competitive.
THERE IS NO SHORTAGE....%67 MORE HOUSES ARE FOR SALE THAN LAST YEAR!! TEXAS is doing great by the way ..10 million people city would be a dystopian dumpster fire the way the country and city runs anything!
Not everyone can live in condos - blanket statistical statements don't really paint a clear picture. There's a huge surge in condo listings (throughout the country) and that's because end users need a different kind of housing. Much to the video's take, we discuss how we need more diverse housing - not just "more' housing
The multiplex model sounds a lot like Latin America. In urban areas of Latin America you don't really see much single family house neighborhoods. Other than the large estates you see very high density and most dwelling have multiple shared walls. I think this is necessary for Canada because we want to support rapid population growth. People will have to live somewhere.
We don’t need more houses or condo. The community only needs affordable houses. Even the developers build lots of units, people still can’t live in because too expensive. Lots of taxes added on
Taxes, development fees, development cost charges, offsite improvements, permit costs... affordability is something the country (not just Vancouver) has always struggled with.
Lot size and FSR will determine unit size and configuration. 3 storey triplexes are becoming more common. $1.7m for 1,500 sqft would be East Vancouver, south of 22nd type of areas. Definitely not 'cheap' in comparison to most of the rest of the world. The rate of multifamily units coming to market won't significantly change prices. Definitely don't expect this type of inventory alone to be a market mover.
most of my neighbors in surrey have added on suites and rented out without permit , city bilaw has posted stop work order several times and they finished the projects
There are thousands of unauthorized suites across the lower mainland with tenants in them. Basically political suicide to kick tenants out so we don't see very much pushback. It's the neighbours who make official complaints that results in any action.
@@TheVancouverLife to be honest I'm thinking about doing the same thing but how do I get the cheat sheet that you guys where mentioning do I have to wait until after the 18th?
providing too much rental stock in the smaller apartment side of the equation is going to give an oversupply in a few short years. May just cause a race to the bottom in rent prices with the big corporate landlords with too many noisy wood frame purpose rentals. Does this give Ravi a win?? Not sure, when most families want to buy a home with a yard.
That’s not going to be a problem with the million plus people coming into the country each year thanks to Trudeau’s immigration policy. We can’t build as fast as the population growth
@@stevenvanderheide6472 An abundance of the wrong kinds of rentals can certainly be a bad thing - it won't allow for diverse communities or families with multiple kids to thrive but rather continuously push them out. Positive inventory is a must but building the right kinds of products to meet the needs of the community is what we're talking about
Experiences from all the cities around the world pointed to more condo . Stop holding on to the outdated belief that a single family home should be with a back yard. There are fundamentally not enough fair priced urban land to built enough houses if we want to live like our grandparents.
can you explain what fundamentally changed that allowed the previous generations to enjoy the suburban lifestyle (on a single income to boot), that now has you convinced there is not enough fair priced urban land? I could see your criticism apply to geographically constrained areas (Metro Vancouver), but for other urban areas the fundamental issue is lack of political will and all kinds of regulatory capture that have created the current housing crisis and departure from the "Canadian dream".
The TOA in Mission covers the whole historic Downtown & many homes are included. BIA did not notice the 23 Dec. 2023 legislation. Missiin City has not complied with 30 June deadline. They have an extension. Little information has come forth from the municipality or business associations here. I am grateful for your work and guest today.
Thanks for your feedback. Lots of moving pieces here as each municipality has their own take on the legislation. We'll continue to report as the updates become available.
Historically that has been what cities made the easiest to build, and the main reason why the 'missing middle' exists. That is slowly starting to change now.
@@TheVancouverLife is there a standard design 4 plex prototype out there that one can look at? I’m a few years away but my 1960s smaller house, bigger lot is a prime candidate and I’d love to see what is possible.
@freezerlunik - Cubans may own more than one dwelling. In Soviet Russia people were guaranteed an apartment, but corruption meant that they often got booted. Private ownership is banned in North Korea. Nice try.
