WARNING:
If you own a pre-1940 house in 2nd or 3rd Shaughnessy, Dunbar, Kerrisdale, Southlands, Arbutus Ridge, West Point Grey, Upper Kitsilano or part of Cambie which highlighted on the map,
the City of Vancouver is about to devalue that property significantly by restricting the size of house that could be constructed on it should the current owner or a new owner decide to replace the old house with a new one.
While promising that there would be no ' Down-Zoning' to prevent homeowners from building a new, larger house if so desired, the City is, in fact, proceeding with regulations (Interim Procedures 2014) that would severely limit what can be constructed. Buyers wishing to rebuild will not purchase your older house because of this limitation of the Interim Policy (2014) and you will not receive any compensation for this devaluation. It looks like the City is saying A, while doing B.
The owner of a newer house, will not escape the devaluation given that potential purchasers will be basing their offers on the discounted value of the older houses.
The City's ' Interim Procedures' policy which was introduced in June 2014 is a lose-lose situation for all house owners in all RS-3, RS-3A & RS-5 areas. It will take money out of the pockets of existing recent and older homeowners without contributing anything to the concept of ' affordable housing '.
The City plans to extend this nonsense Interim Procedures for another year.