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The City issued 350 Laneway permits in 2012, that is a big increase from the average of 146 from 2009-2011! Laneway houses are one of the many ways homewowners help pay for their mortgages. With the new mortgage rules limiting what most people can afford, having a secondary source of income in your property, whether through laneway houses or secondary suites, is a natural move for most families. They can build the laneway house and rent it out until their family grows and needs the extra space. Many families are opting to share land, with one generation in the laneway house and the other inhabiting the main house. Laneway houses aren't costly to build, though the process can be long and quite involved, and you need to have the proper RS-1 or RS-5 Zoning to begin with. 


For more information on the process of building a laneway house, see my Laneway Guide here


If you have any questions, or would like to chat about your possibilities with laneway houses and what you can afford, feel free to contact me


Information taken from News 1130:

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Here is a great article explaining where Canada's Central Bank stands regarding debt levels, interest rates and the general economy. This may help explain some of the new Mortgage rules that took affect earlier this year, which may be preventing some people from diving into the housing market. 


Here is an excerpt: 


“The bank wants to make absolutely clear that it is not contemplating rate cuts at this time,” Jimmy Jean, an economic strategist at Desjardins Capital Markets in Montreal, said in a note to clients. In April, policy makers first introduced language that reminded the public that rates would climb eventually, interpreted widely as a warning against taking on too much debt.

The statement suggests the central bank is resigned to leaving borrowing costs near record-low levels even though cheap money has caused Canadian households to pile on unprecedented levels of debt. The central bank’s decision to single out household “imbalances,” a first, suggests that policy makers could be moved to raise interest rates if Canadians fail to curb their appetites for credit on their own.

You can find the whole article here:
If you have any questions about the Vancouver Housing Market, please don't hesitate to contact me. 
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