Multi Unit Homes Vancouver
According to the Canada Mortgage and Housing Corp. and Statistics Canada, if you spend more than 30 percent of your monthly income on housing and utilities, you’re creeping into housing unaffordability. In Canada, approximately 3.3 million households — almost one in four — are within this threshold, especially in areas like Vancouver and Toronto.
Based on those numbers, Vancouverites are struggling to afford to not just buy, but also rent in Vancouver. According to the University of British Columbia’s economist, Tom Davidnoff, the most critical affordability issue lies within the rental market. With a lack of rental properties available and unobtainable rent costs, Vancouverites have nowhere to turn but to move elsewhere.
With the growing demand for condominiums, single family homes are becoming less popular. Due to this, single family homes tend to be on the market for a much longer period, and don’t offer as quick of a return on investment. With the majority of homeowners being baby boomers or seniors who are looking to downsize, they are now faced with the question, “What about my kids or family?”
We are now seeing a trend of homeowners turning their homes into multi-unit residences. This not only offers homeowners the ability to downsize, but also allows them to gain an income, and stay in their current home and neighbourhood. A multi-unit residence can also be a good option for families to live under the same roof, which might not have been attainable otherwise.
Converting a home into a multi-unit residence requires a knowledgeable professional. At FairTradeWorks, our Advisors are key to the success of our projects, especially when it comes to multi-unit projects. They are our clients’ single point of contact throughout their project. As their construction advocate, the Advisor manages the project from concept to completion. This concierge-style construction service allows clients the opportunity to bring their dream home to life without the hassle of chasing trades, applying for permits, understanding zoning regulations and requirements, and/or pricing different scopes of work and budgeting.
Our Advisors are there to answer questions, ensure trades are producing quality work, make sure the project is on schedule and on budget, and ensure our clients are up to date with how the project is coming along throughout the process.
By having an Advisor, this allows our clients to step back and let us take care of the rest.
Let us guide and navigate you through your multi-unit project! Call (604) 264-7366 to book a free consultation today!