{"id":26883,"date":"2025-12-09T11:11:37","date_gmt":"2025-12-09T19:11:37","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26883"},"modified":"2025-12-05T12:08:54","modified_gmt":"2025-12-05T20:08:54","slug":"vancouver-new-multiplex-zoning-takes-away-buyers-from-luxury-listings","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/12\/vancouver-new-multiplex-zoning-takes-away-buyers-from-luxury-listings\/","title":{"rendered":"Vancouver New Multiplex Zoning Takes Away Buyers from Luxury Listings"},"content":{"rendered":"<p style=\"text-align: justify;\">Multiplex zoning is sowing confusion about luxury home values in Vancouver, some Realtors say.<\/p>\n<p style=\"text-align: justify;\">\u201cNobody knows what anything\u2019s worth anymore because they basically made every property in Vancouver a potential redevelopment,\u201d said Andrew Carros, chief operating officer with Engel &amp; V\u00f6lkers Vancouver, a franchise with high-end listings.<\/p>\n<p style=\"text-align: justify;\">Legislative changes allowing multi-unit housing on single-family lots are contributing to a buyer\u2019s market in some luxury neighbourhoods, he said, pointing to low sales-to-active-listings ratios in October in Point Grey (0.11), Shaughnessy (0.05), Coal Harbour (0.07) and West Vancouver (0.08).<\/p>\n<p style=\"text-align: justify;\">These ratios measure supply and demand, and ratios below 0.12 generally indicate downward pressure on home prices\u2014a buyer\u2019s market.<\/p>\n<p style=\"text-align: justify;\">\u201cThey don\u2019t know what they\u2019re buying. What if the house next door gets sold and they put six units up there? Why am I paying X amount of money to have a single-family house but everybody\u2019s saying that the best use of this property would be multi-family?\u201d Carros said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt makes it very confusing or it basically takes a lot of confidence away from buyers.\u201d<\/p>\n<p style=\"text-align: justify;\">Kingsley Ma, area vice-president with Re\/Max Canada, said \u201cif you\u2019re looking to pay a significant amount for a luxury home, typically those buyers are not looking for multiplex neighbours that are right beside you.\u201d<\/p>\n<p style=\"text-align: justify;\">He added : \u201cThey pay more for luxury for a particular reason, not so much to live with stratas right beside them. So in that sense, yes it does take an impact on the luxury homes.\u201d<\/p>\n<p style=\"text-align: justify;\">Realtor Jesse Dean Cook of Smeaton Cook Real Estate Group, Royal LePage Sussex said it\u2019s unclear whether developers will take on such projects.<\/p>\n<p style=\"text-align: justify;\">\u201cThat\u2019s quite a risk for them to take in a luxurious market. Like, who\u2019s your buyer? What\u2019s going to be your profit profile? Are you as a developer willing to do that?\u201d he said.<\/p>\n<p style=\"text-align: justify;\">There haven\u2019t been many multiplex development applications yet, and they are highly unlikely to replace view properties and waterfront properties, Cook said.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the most part, the clients that we have looking or selling, they\u2019re not interested in a four- or sixplex on their property in a luxurious enclave,\u201d he said.<\/p>\n<p style=\"text-align: justify;\"><strong>Luxury Sales Steady<\/strong><\/p>\n<p style=\"text-align: justify;\">Local governments in BC were required by Bill 44 to change their zoning bylaws to broadly allow multiplexes\u2014residential buildings with up to six units\u2014on single-family lots.<\/p>\n<p style=\"text-align: justify;\">The luxury market seems to be holding up despite the arrival of multiplexes onto the scene.<\/p>\n<p style=\"text-align: justify;\">Luxury sales in the Lower Mainland, though volatile from month to month, are not far from their 10-year average while the rest of the market remains rather weak with sales across the Lower Mainland trending about 20% &#8211; 25% below the 10-year average, said Brendon Ogmundson, chief economist with the British Columbia Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">October sales-to-active-listings ratios for the region even indicate a seller\u2019s market in neighbourhoods including Kitsilano (0.28), Fairview (0.32), Lynn Valley (0.21), Kerrisdale (0.22) and Central Lonsdale (0.21).<\/p>\n<p style=\"text-align: justify;\">A ratio above 0.20 means it\u2019s much more likely that prices are rising well in excess of inflation\u2014a seller\u2019s market, Ogmundson explained.<\/p>\n<p style=\"text-align: justify;\">Carros of Engel &amp; V\u00f6lkers said the region\u2019s buyer\u2019s markets are predominantly the high-end luxury markets.<\/p>\n<p style=\"text-align: justify;\">\u201cThat\u2019s the market that the government wanted to go after, right?\u201d he said.<\/p>\n<p style=\"text-align: justify;\">It\u2019s a double whammy because multiplex projects may not currently be viable due to a soft market and high permitting, construction, infrastructure and legal costs, he said. Unoccupied units may also be subject to vacancy taxes.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s very hard to make a decision in Vancouver based on how the federal, provincial and city [governments] have been targeting these higher-end homes in the first place,\u201d he said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/vancouvers-high-end-listings-wobble-as-multiplex-zoning-blurs-luxury-value-11562120\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s High-End Listings Wobble as Multiplex Zoning Blurs Luxury Value<\/a> by Jami Makan | BIv<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multiplex zoning is sowing confusion about luxury home values in Vancouver, some Realtors say. \u201cNobody knows what anything\u2019s worth anymore because they basically made every property in Vancouver a potential &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/12\/vancouver-new-multiplex-zoning-takes-away-buyers-from-luxury-listings\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,13],"tags":[],"class_list":["post-26883","post","type-post","status-publish","format-standard","hentry","category-homeselling-homebuying","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver New Multiplex Zoning Takes Away Buyers from Luxury Listings &#8226; 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