BC's New Multiplex Plan: Real Estate Game Changer or Developer's Dilemma?

Рет қаралды 6,211

Living In Vancouver - Vancouver Life Real Estate

Ай бұрын

In this episode, we delve into the upcoming small-scale multi-unit housing initiative in British Columbia, which automatically rezones single-family lots to allow for multiple units to be built on them. This new policy, set to take effect next month, is sparking interest among both homeowners and investors looking to capitalize on the potential new value of their properties. While the plan could create a surge of "citizen developers" aiming to maximize their land's potential, developing real estate in Vancouver is no simple task and involves navigating numerous complexities.
To shed light on these challenges and opportunities, we have a special guest, Clint Murphy. With 25 years of experience in finance and over 15 years in real estate, Clint has worked with one of Vancouver's largest developers and has built a substantial real estate investment portfolio. He recently founded a development company focused on building the much-needed "missing middle" housing. Clint shares his journey, starting from his first investment in 2004 to his current ventures, providing valuable insights into the real estate market and the nuances of multi-family project development in Vancouver.
Clint discusses the multiplex plan's impact on the housing crisis, highlighting the benefits of increased density and walkable urban areas. However, he also points out that while the initiative is a step in the right direction, it may not go far enough in addressing the need for more substantial densification. Clint emphasizes the importance of thoughtful urban planning that includes a mix of housing types to create vibrant, livable neighborhoods.
We also explore the challenges faced by developers, such as rising construction costs, high interest rates, and regulatory hurdles. Clint provides a candid look at the realities of real estate development, including the financial and logistical obstacles that can make or break a project. He offers advice for potential developers, stressing the importance of understanding market demands, navigating municipal regulations, and planning for long-term success.
If you're curious about how the multiplex plan could affect your property, interested in the broader implications for BC's housing market, or simply want to learn more about the intricacies of real estate development, this episode is a must-watch. Clint's wealth of experience and practical advice make this a valuable resource for anyone considering entering the real estate market or looking to expand their investment portfolio.
Join us for this engaging and informative conversation as we explore the potential and pitfalls of BC's new housing policy and what it means for property owners and developers. Don't miss out on this opportunity to gain deeper insights into one of the most significant changes in BC's real estate landscape.
clint@frame.properties
www.frame.properties.
/ iamclintmurphy
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Пікірлер: 24

@TheVancouverLife Ай бұрын

Connect With Us To Talk Real Estate: 📆 calendly.com/thevancouverlife _________________________________ In this episode, we delve into the upcoming small-scale multi-unit housing initiative in British Columbia, which automatically rezones single-family lots to allow for multiple units to be built on them. This new policy, set to take effect next month, is sparking interest among both homeowners and investors looking to capitalize on the potential new value of their properties. While the plan could create a surge of "citizen developers" aiming to maximize their land's potential, developing real estate in Vancouver is no simple task and involves navigating numerous complexities. To shed light on these challenges and opportunities, we have a special guest, Clint Murphy. With 25 years of experience in finance and over 15 years in real estate, Clint has worked with one of Vancouver's largest developers and has built a substantial real estate investment portfolio. He recently founded a development company focused on building the much-needed "missing middle" housing. Clint shares his journey, starting from his first investment in 2004 to his current ventures, providing valuable insights into the real estate market and the nuances of multi-family project development in Vancouver. Clint discusses the multiplex plan's impact on the housing crisis, highlighting the benefits of increased density and walkable urban areas. However, he also points out that while the initiative is a step in the right direction, it may not go far enough in addressing the need for more substantial densification. Clint emphasizes the importance of thoughtful urban planning that includes a mix of housing types to create vibrant, livable neighborhoods. We also explore the challenges faced by developers, such as rising construction costs, high interest rates, and regulatory hurdles. Clint provides a candid look at the realities of real estate development, including the financial and logistical obstacles that can make or break a project. He offers advice for potential developers, stressing the importance of understanding market demands, navigating municipal regulations, and planning for long-term success. If you're curious about how the multiplex plan could affect your property, interested in the broader implications for BC's housing market, or simply want to learn more about the intricacies of real estate development, this episode is a must-watch. Clint's wealth of experience and practical advice make this a valuable resource for anyone considering entering the real estate market or looking to expand their investment portfolio. Join us for this engaging and informative conversation as we explore the potential and pitfalls of BC's new housing policy and what it means for property owners and developers. Don't miss out on this opportunity to gain deeper insights into one of the most significant changes in BC's real estate landscape. clint@frame.properties www.frame.properties. twitter.com/iamclintmurphy

@suekuan1540 Ай бұрын

For those who live next to a property that will get multiplexed, your property tax will soar as it is based on potential assessment of neighbour ( new muktiplex). Now take into the new capital gains rules, especially if owner of property decides to build multiplex for sale, huge capital gains taxes will now incurr Only government gets rich. Keep your land, pass it on to your kids.

@gcampbell218 Ай бұрын

I am single family home builder who is building the very first approved missing middle project in my City under a zoning change. I feel like that Mike Tyson quote. Getting punched in the face by transportation, parks, engineering etc. Council wants housing but doesn't make it easy for the people who actually want it built. Also for my ten unit townhouse project they are wanting bonding of 700k! Tough when you take risk and the ones you deal with at the city take none!

@navbhangalremax6536 25 күн бұрын

Thanks for sharing your experience. Nice to know. Sorry to hear it has been a tough journey.

@gcampbell218 25 күн бұрын

@HuxtableTV yea its tough. I am risking everything I own as well as my brother. And all I am trying to get it yes from every department doing whatever they want. But then at each step they add new layers. I am realizing infill is more difficult then high density as neighbors and trees mean more then the housing. And also the same amount of consultants with missing middle and high density..risk does not make sense and the difficulty to build family housing doesn't make sense. I was one of the single family mom and pop builders lured into missing middle housing.

@thewildmustangisfast Ай бұрын

I love this podcast as I live in Victoria and closely looking to the housing market here and in Vancouver. Personally, I like the idea of triplexes or fourplex, townhouse and not condos.

@Lululemon2023 16 күн бұрын

Mixing residential and commercial in the same building is a very bad idea because commercial activities such as delivery, kitchen operations, warehousing, traffic.....are value destroyers.

@adall Ай бұрын

Ryan, this was a great and informative episode.

@IamClintMurphy Ай бұрын

Thank you, 🙏

@ryandash3736 Ай бұрын

Thanks A, glad you found it valuable. 🙏

@FamilyCheung-kc1pw Ай бұрын

For the discussion, what is the conclusion? Are you still building ? Or you want city lower the price for builder to earn more profits?

@TheVancouverLife Ай бұрын

It ultimately comes down to the specific city and then lot. As the city's unveil their fees and restrictions, fewer and fewer lots become viable (profitable) to turn into MultiPlex's.

@ryandash3736 Ай бұрын

The discussion points to the multiplex plan and the over regulation in our development process makes it very hard for mom and pop shops to make multiplex designs work. We are encouraging those to work with professionals (assuming they aren't themselves, professional) to minimize the risk and downside potential which comes with thin margins.

@nononsenseBennett 26 күн бұрын

HOW much per square foot are renters (their landlords) charged for property tax and is it more than a single family dwelling (house)? Just curious.

@TheVancouverLife 26 күн бұрын

Renters aren't typically charged for property tax and it's a cost the landlords take on. A 600 sqft condo downtown would run approximately $2,000 per year in property taxes. A 2,000 sqft home across the bridge into Kitsilano on a 3,000 sqft lot will run about $7,000 in annual property taxes.

@nononsenseBennett 26 күн бұрын

@@TheVancouverLife Thanks. What I am trying to get to is that renters/high density occupants pay more in property tax (even if it's bundled in the rent) than single dwelling occupants. High density yields more tax revenue to the municipality and that's one reason high density is being pushed. Or am I mistaken?

@TheVancouverLife 25 күн бұрын

@@nononsenseBennett The tax burden 'shifts' with new property and evaluations, it isn't added. If a city operates on a $1m budget (just for example) that taxation amount is spread over the existing properties. Should 150 new condo units come to market AND if the annual city budget stayed the same, you'd see individual tax burdens reduce as they are spread out amongst more properties. Does that answer your question?

@planesandbikes7353 Ай бұрын

small impact. And yes Missing Middle has to be opened up to recevelop too. But what would have major impact is to finally open up all the richmond delta and up the Valley farmland to sprawl. Cities need to grow, they should grow with population. Canada need single family homes and townhomes not more prison cell apartments (ahem, condos). No reason Vancouver metro can't be 10 million people in 50 years, other than nimbyism and other kinds of regulatory obstructionism

@ryandash3736 Ай бұрын

I think this is well put. Condo's are not the answer but rather a much better mix of dwellings, townhomes, townhomes, stacked townhomes, duplex, triplex options and more creative density options than just a 500 SQFT box. That doesn't do much to help the problem

@trudyedgecomb1045 Ай бұрын

Although I can understand the benefits of high density, I'd much rather live on a single family lot with my own fenced backyard etc. The idea of living in close proximity -sharing walls, whether it be an apartment, 4 plex, duplex etc., is not at all appealing. Furthermore, this rezoning of single family lots IS NOT going to make homes more affordable! End of discussion.

@LawrenceKYHo Ай бұрын

Hopefully single-stairs regulations will pass soon.

@marcberrenson570 Ай бұрын

Where Socialism Meets Capitalism

@user-kv4kp4co1r Ай бұрын

Dan and Ryan gained the moniker ‘Ponzi’ due to their extensive speculation in Canadian real estate. Now, their followers affectionately refer to him as Dan Ponzi and Ryan Ponzi. 🤣🤣🤣

@ryandash3736 Ай бұрын

Your comment is ironically speculative as you don't know who we are or what you're talking about. How about making a constructive comment or question instead of hiding behind your keyboard?