How Bill 44 Will Impact Homeowners and BC’s Housing Market in 2024
The housing landscape in British Columbia is poised for a significant transformation with the introduction of Bill 44. This comprehensive legislation seeks to encourage housing development by reducing bureaucratic procedures, thereby enabling quicker construction of new homes. Here, we will dissect the details, benefits, and broader impacts of Bill 44 on homeowners, investors, and renters alike.
Understanding BILL 44
BILL 44 is a pioneering housing initiative designed to expedite the creation of housing across towns and municipalities in Canada. A key element of this bill is the promotion of “Gentle Densification,” a development approach that allows homeowners to maximize the utility of their single-family dwellings. It opens up avenues for homeowners to become developers themselves, altering the dynamics of property development and utilization within urban environments.
The Concept of Gentle Densification
Gentle densification refers to smaller-scale developments in urban localities that are less intrusive yet enable an increased density of housing. This is particularly significant for areas where traditional development approaches such as highrises may not be feasible or desired due to their extensive visual and infrastructural impact.
Benefits for Homeowners
Bill 44 extends multiple advantages to homeowners, particularly when it comes to family and financial considerations.
Bringing Family Together
With the costs of assisted living facilities soaring, BILL 44 offers a more cost-effective solution. By enabling the construction of detached Accessory Dwelling Units, families can provide elderly members with their own space while keeping them close and circumventing the high fees associated with external care facilities.
Supporting the Next Generation
The rising difficulties young adults face in securing their own place can be alleviated with BILL 44. Parents can now offer their children the option of living in newly developed units, aiding them during a period when entering the property market is increasingly challenging.
Mortgage Strategies to Offset Costs
Homeowners facing mortgage renewal amidst rising interest rates may find relief in BILL 44. Opting for a Home Equity Line of Credit (LOC) allows the construction of rental suites on their properties. The potential rental income could notably exceed the monthly cost of borrowing, providing a buffer against current mortgage pressures while enhancing property value.
Impact on Renters
The introduction of BILL 44 is set to have a broad impact on the rental market in Delta and all of British Columbia, giving hope to those on the hunt for a place to stay. By making it easier for new developments to increase the housing options available, renters will soon have more choices. As more of these properties pop up, it’s expected to push older places to lower their prices, making things more competitive. This shift should eventually lead to a more balanced rental market, making it simpler for renters to find homes they can afford. The increased variety and affordability of rental housing could be a game-changer, offering some much-needed breathing room and choices for renters all across the province of BC.
Conclusion
BILL 44 marks a significant step forward in tackling housing shortages in British Columbia. Its emphasis on quickening development timelines, fostering Gentle Densification, and empowering homeowners to venture into property development has far-reaching implications. For homeowners, there’s potential for maintaining closer familial ties and generating supplementary income. For investors, BILL 44 carves out a new avenue for establishing real estate assets, while renters can anticipate a more diverse and accessible rental market.
The crux of BILL 44’s success lies in its ability to incentivize construction, leverage private property, and streamline the process of turning homes not just into living spaces, but also into sources of wealth and security. As this bill is put into action, its influence on the micro and macroeconomic facets of BC’s housing sector will be profound and, most importantly, community-focused.
In conclusion, BILL 44 represents a compelling model for housing policy, where regulatory simplification catalyzes growth and affords all stakeholders, from homeowners to investors to renters, an opportunity to reap the benefits.
If you have any questions about Bill 44, feasibility, design, permitting or construction related to the development of your property, please give us a call. We can show you how we can implement Bill 44 to enhance your property and your goals as a homeowner.
Our Process
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5 Steps to a worry free renovation
Some renovations and additions, such as converting a bungalow to a two-story home, will require that you move out during construction. Other projects, such as an addition above an attached garage or a refurbished kitchen, may allow you to live with the building project – but there will be inconvenience and disruption that you’ll have to plan for.
Major projects may require the services of an architect and other professionals such as engineers and heating contractors. Their drawings are not only required to obtain building permits and other municipal approvals, but they provide the basis for your renovation contractor to price the project.
Be realistic about the time a project will take to get started and to complete; its full costs, including at least a 10 per cent contingency for changes and unexpected conditions; and the impact the project will have on the daily operation of your home and family activities.
If your project is likely to last more than a few weeks, it’s wise to discuss your project with neighbours. In addition to unavoidable noise and dirt, there will be vehicles parked on the street, disposal bins in the driveway, and plenty of truck deliveries. Most neighbours will be understanding and accommodating, especially if notified first.
Include a requirement for daily clean-up in your contract, so that your home, your street and nearby lawns don’t end up resembling a construction site.
Look for a RENOMARK renovator as your assurance that you have hired a professional who will provide high quality services.
Ask about the renovator’s experience with projects similar to yours. We recommend that you get the names of homeowners who have had equivalent work done and ask them about their experience.
It’s wise to contact a renovator first. Many RENOMARK renovators have in-house design professionals or relationships with architects and others who specialize in designing residential renovation projects. If you engage a designer first, bring a renovator into the team as early as possible so that the experience and expertise of each party can benefit your project.
At this stage your design professional or your renovator should be able to provide rough sketches satisfactory to give you confidence to proceed or to refine your plans. A preliminary sketch and a general indication of the quality of materials and workmanship you seek (the “specifications”) will allow the renovator to give you a budget estimate and an indication of the time it will take to finalize design, obtain building permits or other approvals, and complete the project.
Your RENOMARK renovator will select and manage experienced trades people for specific elements, such as electricians, plumbers, painters, or those who apply drywall, brick or stucco.
Once you are satisfied with a preliminary design, a preliminary budget and a realistic timetable, you are ready to commit to final drawings. When these are complete you are in a position to get an accurate estimate of the cost and to sign a contract with a renovator to perform the work.
If you decide to ask more than one renovator to submit bids, remember that this can be a time-consuming effort. The renovator has to be very precise in pricing materials according to the specifications… because he will be locked in to the price.
When you make your decision to hire a renovator, get it in writing. Include the precise scope of work; the exact price, including a schedule of payments; a reasonable timetable for completing the work; and any instructions for protecting parts of the house not under construction.
If there is any difference of opinion between your renovator and your design professional about procedures or materials, this is the time to resolve it. It is important to avoid any significant changes during construction because this may cause delays and extra cost.
Avoid renovators who offer to do work without a contract in an attempt to avoid payment of the HST. This type of renovator may also not be paying WorkSafeBC or carrying adequate insurance, leaving you at financial risk.
Regular communication between you and your renovator may avoid problems. During the course of a renovation or addition it is common for the homeowner to request changes or ask for additional work. These requests may affect the cost and time it takes to complete your project. It is important that you have a signed change order for all changes. Make sure that you are aware of additional costs and that these changes are added to the contract. Better still, try to think of these things during the planning stage – you don’t want to be ordering additional flowers on the wedding day!
Raise any concerns you may have without delay. Schedule meetings with your renovator when he or she can address your concerns without distraction.
Your renovator will discuss any concerns that you may have with the project or items that do not meet your expectations. But be flexible when minor changes occur that do not affect either the appearance or function of the job. Note any changes that are made as a result of such conferences, and do so in writing.
