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http://kyegrace.com The City of Vancouver has approved up to 100 Laneway Housing conversions to occur as a 'trial'. Laneway housing is the conversion of a garage at the rear of a property to a residential space. They would be much like a studio apartment but detached from any other structure.
I went to an all Vancouver Mayoral Candidates breakfast function this morning & had the opportunity to hear them speak to various issues including Laneway Housing. I spoke to Peter Ladner one on one about it. He's cautiously optimistic that it will succeed but states if it doesn't he has no qualms about stopping the efforts at the initial 100 units.
A conversion is estimated to cost $150 000 and can only be rented and can not be sub divided or sold. That is a lot of money to pay off based on rental income of likely $500-$700 a month. One option suggested is those looking to downsize could move to the Laneway Housing and rent the main home for substantially more money and fund their retirement.
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