Earlier this year, we talked about what BC’s new housing rules mean for homeowners. The province has made it much easier to add extra living space (basement suites, garden suites, even multi-unit buildings), to lots that used to only allow a single home. If you missed that article, it’s worth a read. It covers why these changes happened and what they mean for neighbourhoods in the Lower Mainland, Fraser Valley, and Sea-to-Sky.
This time, we’re focusing on the next step: how to turn your BC property into a multi-family investment and make the most of these changes. Whether you’re thinking about creating rental income, increasing your property value, or building something that works better for your family, here’s what to consider.
Start With What’s Possible on Your Lot
Even with the new Small-Scale Multi-Unit Housing (SSMUH) rules, each property is different. Lot size, zoning, and access all matter. Some places benefit from laneway or corner access, while others may need servicing upgrades before adding more units. A quick review with someone who understands the local bylaws can tell you what you’re working with.
Choose the Right Project for Your Goals
For some, a basement suite or garden suite is the right fit. Others might go for a duplex, triplex, or even a fourplex. The choice depends on budget, whether you want rental income, and how you see the property being used over the next decade to two. All of these are key factors if you’re aiming to turn your BC property into a multi-family investment.
Do the Math Before You Build
Look at the full cost to build, including permits, site prep, and any required servicing upgrades. Compare that to rental rates in your area. Think about financing options; whether that’s using home equity, a construction loan, or partnering with someone. The goal is to see if the project makes sense financially and what kind of return you can expect over time.
Don’t Go It Alone
Even though the approval process is smoother now, there’s still a lot to manage. Working with an experienced builder means avoiding costly delays and ensuring the design works for both tenants and future buyers.
Think Beyond the First Tenant
The choices you make during construction will affect your property for years. Durable finishes, flexible layouts, and energy-efficient features not only make the units more appealing but can also keep maintenance costs down and increase resale value.
Why Acting Now Makes Sense
Land prices aren’t dropping, rental demand is strong, and while the current rules are in place, there’s no guarantee they’ll stay the same forever. Starting now means you can take advantage of the opportunity while it’s here.
If you’ve been reading about BC’s housing changes and wondering if your property could be a fit, we can help you figure that out. A quick review will tell you what’s possible, what it might cost, and what kind of return you can expect. From there, you can decide if a multi-family project makes sense for you, and if it does, we’ll be there to guide it from first sketch to final key handover.
