In Vancouver home ownership is very hard for some individuals with the prices of detached homes soaring higher and higher. It is a long standing Canadian custom for a family to eventually own a detached home in a nice neighbourhood. But with the demand, lack of available space and soaring prices, this dream is slowly fading away.
Here are some unique forward things ways to alleviate some of these ownership pressures:
Cottage homes and/or Pocket Neighbourhoods
These quaint little areas feature smaller detached homes on several normal lots around a shared community area. This particular idea reduces the carbon footprint on the overall area, using less space, and allows residents to own detached homes within a dense neighbourhood.
Sellable Laneway/Carriage Homes
Currently these secondary homes are only rent-able. With a price tag hovering around the $250,000 mark to start, they are not very common yet. But if these homes could be subdivided and sold as detached freehold homes it would help introduce a more affordable city living alternative.
Strata Basement Suites
Gaining a home ownership foothold in a saturated market it hard. Strata basements suites would provide an excellent way of gaining ownership, space and equity pertaining to owning. Currently basement and any additional suites are rent-able only. If the city were to allow this it would allow younger generations the ability to enter the market place and create additional value for properties with basement suites.