what the “homes for people” plan means for vancouver landowners
If you own land in Vancouver and are wondering what new provincial policies could mean for the value or future of your property, the BC government’s Homes for People plan is worth understanding. Premier David Eby and Minister of Housing Ravi Kahlon announced the plan on April 3, 2023, and while some of the measures reinforce past commitments, others introduce significant changes that could affect zoning, permitting, and development opportunities—especially in urban centres like Vancouver.
Below, we break down the key points, with a focus on what matters most for development landowners.
new zoning rules could add value to your land
The province has committed to introducing new legislation this fall that will allow for more missing middle housing (3–4 units) on standard single-family lots in many areas, including Vancouver. This could include:
Townhouses
Duplexes with suites
Small multiplexes
While details haven’t been released, the government is looking to international examples like New Zealand’s Medium Density Residential Standards and Oregon’s missing middle reforms for guidance.
Also on the horizon: more density near major transit hubs. If your site is near SkyTrain or other frequent transit, you may soon be able to build more units—even if your zoning currently limits you.
Implication for landowners: These changes could make your site more attractive to developers, increase its market value, or open up small-scale development opportunities.
secondary suites legalized province-wide with forgivable loans
By early 2024, secondary suites will be legal in every municipality. More importantly, homeowners may qualify for a forgivable loan covering up to 50% of renovation costs (maximum $40,000), if they rent the unit below market for at least five years.
This could benefit landowners with existing rental units or basement suites not currently approved, or those interested in modest densification of their lots.
Implication for landowners: This policy helps formalize and fund low-density rental housing, which may appeal to smaller sites or phased redevelopment strategies.
provincial housing targets and the supply act
The Housing Supply Act gives the province the authority to set housing targets in high-growth municipalities like Vancouver. Targets will be enforced starting mid-2023 and will work in conjunction with local Housing Needs Reports.
Implication for landowners: If your site is under-utilized, expect increasing pressure on cities to approve new density. Your land may become more favourable for redevelopment—or even prioritized.
streamlined permitting process for new housing
A new single-window application process for housing-related permits will be launched in 2023. This is intended to eliminate duplication across ministries and speed up approvals, especially for:
Indigenous-led housing
BC Housing projects
Multi-unit developments
This complements the Development Approvals Process Review and could reduce red tape for qualifying projects.
Implication for landowners: Faster permitting may improve development timelines and lower risk, increasing your site’s appeal to investors and builders.
new taxes targeting flipping and vacant homes
The province will introduce a flipping tax on properties sold within a short time of purchase. While details are pending, this will likely overlap with the federal anti-flipping rule already in effect.
In addition, the Speculation and Vacancy Tax (SVT) will expand to more areas. Historically, this tax has impacted Metro Vancouver more than any other region but with limited long-term effect on affordability.
Implication for landowners: If you’re planning a quick sale, new taxes may apply. Long-term owners and serious developers should be unaffected—but keep these in mind for financial modelling.
rental housing policies will shape development
New rental-related announcements include:
Permanent $400 renter’s tax credit for households under $60,000
Expanded BC Rent Bank
Greater data-sharing obligations for short-term rental platforms
While these measures focus on affordability, they signal a larger shift: the province wants to protect renters and ensure secure long-term housing.
Implication for landowners: In Vancouver, these policies may shape expectations around tenant relocation, purpose-built rental, and project approvals.
affordable housing investments and transit-oriented priorities
The province will invest $394 million toward creating up to 10,000 new homes near transit over the next 10–15 years. Other key investments include:
Expanding the Community Housing Fund
Doubling the Indigenous and Women’s Transition Housing Funds
Adding student housing and supporting co-ops
Implication for landowners: Sites near transit may qualify for joint ventures or partnerships with government or non-profit housing groups. If you own or control such a site, you could align with these initiatives to unlock value.
final thoughts
While much of the Homes for People plan is still taking shape, the direction is clear: the province is taking a more proactive role in housing supply, affordability, and development regulation.
If you own land in Vancouver that may benefit from increased density, transit proximity, or streamlined approvals, it’s worth watching these policies closely—and speaking with an expert who understands how they apply to your site.
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British Columbia Real Estate Association. (2020). Market intelligence: The impact of the speculation and vacancy tax on home prices and sales. https://www.bcrea.bc.ca/docs/market-intelligence/2020-04-mi-speculation-vacancy-tax.pdf
Canada Revenue Agency. (2023). Residential property flipping rule. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-tax/residential-property-flipping.html
Government of British Columbia. (2023). Homes for people [PDF]. https://news.gov.bc.ca/files/Homes_For_People.pdf
Government of British Columbia. (2023). Homes for people backgrounder [PDF]. https://news.gov.bc.ca/files/Homes4People.pdf
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