by Randall Mang, Real Estate Advisor, Engel & Völkers Vancouver Island –
The B.C. Government’s Bill 44 is paving the way for new housing density in many – but not necessarily all – Saanich Peninsula neighbourhoods. For property owners looking to take advantage, it is crucial to understand how their municipality is applying the new rules, and how to efficiently pursue development.
According to experts, Saanich Peninsula municipalities have shown varied responses to Bill 44. “Notably, the District of North Saanich says that since it is outside of the Urban Containment Zone, they will not adopt Bill 44,” says Doug Ko, principal at building consultancy TYKO Design. Conversely, the Township of Sidney now allows for the maximum under the legislation, “up to four units per lot, with some nuances such as the minimum property lot size required to get to three or four units,” says Ko.
He notes Central Saanich welcomes new housing in accordance with its Official Community Plan’s Urban Containment Zone. “In the Residential Neighbourhood Zone, up to four units are allowed. In the Residential Corridor (main travel corridors) up to eight units are permitted, depending on lot size,” says Ko.
Matthew Lindsay, a Victoria-based senior consultant in Deloitte’s Public Sector Transformation Practice, recommends taking a measured approach to development, starting with the municipal planning department. “Engage the planning department early. Ask how your vision aligns with the municipality’s plans. Municipalities often appreciate proactive collaboration and may offer valuable guidance.” Next, if the goal is to sell the units, he says developing a business plan that includes a financing strategy is key. “Consider options like self-financing, equity partnerships or pre-selling units. Consult with financial advisors to optimize your approach.”
The plan should also involve market research to identify in-demand housing types specific to the neighbourhood, says Lindsay. “What are the local needs: duplexes, strata units or other configurations?”
When it comes to undertaking a project, assembling a competent team will pay dividends, he says. “Ensure you have a qualified architect, engineer, general contractor and a dedicated construction project manager, who can streamline project execution, mitigate risk and navigate potential issues.”
For example, Ko highlights the comparative ease of stratification over subdivision. While subdividing a lot may involve changes to zoning, and public hearings, stratification can simplify processes by creating distinct ownership units within a property. “This method allows for quicker redevelopment while maintaining compliance with local regulations.”
Stratifying a lot nevertheless requires careful diligence. Lindsay and Ko both emphasize the importance of legal frameworks and covenants to safeguard against potential disputes and ensure all future parties can enjoy the property. Ko says it’s crucial to have a strata lawyer draft bylaws to ensure legal compliance.
As with all real estate matters, consulting professionals is a smart way go.
