Affordability First
Housing prices1 (2021, inclusive of single and multi-family residences) in Canal Flats are 30% lower than the Columbia Valley average, 40% lower than the East Kootenay region average, 235% lower than the B.C. average, 330% lower than metro Vancouver average, 172% lower than the City of Kelowna, and 68% lower than City of Calgary average.
Canal Flats has low municipal costs, with the 40th lowest annual residential property taxes and charges2 ($2870) on a representative house, and 53rd lowest tax burden ($915 municipal taxes per capita) of 161 B.C. municipalities in 2021.
1Src: Canal Flats (https://www2.gov.bc.ca/gov/content/governments/local-governments/facts-framework/statistics/tax-rates-tax-burden), Columbia Valley (https://rockieswest.com/wp-content/uploads/Columbia-Valley-stats_October-2021.pdf), Kootenay Real Estate Board (https://www.kar.realtor/statistics), B.C. Real Estate Association (https://www.bcrea.bc.ca/wp-content/uploads/2021-10.pdf), Vancouver – https://www.rebgv.org/market-watch/monthly-market-report.html, Calgary Real Estate Board (https://www.creb.com/Housing_Statistics/Daily_Housing_Summary/), Kelowna – https://www.kelownanow.com/watercooler/news/news/Real_Estate/House_prices_inch_up_to_set_another_record/
2Src: https://www2.gov.bc.ca/gov/content/governments/local-governments/facts-framework/statistics/tax-rates-tax-burden8
2 FOR 1 (AND MORE)
HOUSING SPECIAL IN CANAL FLATS
Buy 2-4 houses in Canal Flats for the price of 1 in expensive cities. Housing prices1 (2021, inclusive of single and multi-family residences) in Canal Flats are 30% lower than the Columbia Valley average, 40% lower than the East Kootenay region average, 235% lower than the B.C. average, 330% lower than metro Vancouver average, 172% lower than the City of Kelowna, and 68% lower than City of Calgary average.
Canal Flats has low municipal costs, with the 40th lowest annual residential property taxes and charges2 ($2870) on a representative house, and 53rd lowest tax burden ($915 municipal taxes per capita) of 161 B.C. municipalities in 2021.
1Src: Canal Flats - BC Government, Columbia Valley - Rockies West Realty, East Kootenay - Kootenay Real Estate Board, BC - BC Real Estate Association , Vancouver - https://www.rebgv.org/market-watch/monthly-market-report.html">Market Report, Calgary - Calgary Real Estate Board, Kelowna - Kelowna Now
2Src: BC Government
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REALIZE THE POWER OF 3 IN CANAL FLATS
Canal Flats is one of the first communities in BC to permit construction of three residential units on a typical-size property. What does it translate to? We crunched the numbers in Canal Flats1, and they are compelling. Depending on size of residential and accessory dwelling units, THE POWER OF 3 illustrates the transition of housing from unaffordable to “investment return” with transition from 1 through 3 residential units on a property.
Remove the shackles of having a monthly mortgage rule your life. Build a pathway for you as a property owner to become housing investors in long and short-term rentals.
1 At summer, 2022 land costs, $300/sq. ft. single family dwelling and $250/sq. ft. accessory dwelling unit build price, current mortgage rates, current municipal tax and utility rates, and maintenance estimated at 1% of build cost/yr.
HERE’S FOUR INFILL DEVELOPMENT SCENARIOS IN CANAL FLATS
1) R1 Residential Infill – 0.2 Acres (Typical Village Lot Size)
You can build a principal residence as small as 753 sq. ft. You can build a secondary suite attached to principal residence at max. 40% of main floor of principal dwelling with a maximum of 807 sq. ft. You build a third detached accessory dwelling unit of 400-753 sq. ft. Secondary units can be long or short-term rental. The principal dwelling on a property with one or more detached accessory dwelling units must be owner occupied. Secondary units have to connect to municipal water and sewer and one additional off-street parking spot per accessory unit must be provided. Lot coverage up to 60% is permitted. You can re-subdivide as small as 3500 sq. ft. Aggregated property development on a Master Plan basis permits up to 10 units per acre density.
2) R1 Residential Infill – 0.75 Acres (Village Infill Larger Lot Size or Aggregated Lot)
You can build a principal residence as small as 753 sq. ft. You can build a secondary suite attached to principal residence at max. 40% of main floor of principal dwelling with a maximum of 807 sq. ft. You build one detached accessory dwelling unit of 400-753 sq. ft. per 0.2 acres of property size (3 at 0.75 acres). Secondary units can be long or short-term rental. The principal dwelling on a property with one or more detached accessory dwelling units must be owner occupied. Secondary units have to connect to municipal water and sewer and one additional off-street parking spot per accessory unit must be provided. Lot coverage up to 60% is permitted. You can re-subdivide as small as 3500 sq. ft. Aggregated property development on a Master Plan basis permits up to 10 units per acre density.
3) C1 Village Centre Mixed Use
You can build a principal residence as small as 753 sq. ft. You could build a studio/gallery attached to the primary residence. You can build a secondary suite or artist retreat in the rear yard (400-753 sq. ft.). You can build a rear yard detached garage. Secondary units can be long or short-term rental. The principal dwelling on a property with one or more detached accessory dwelling units must be owner occupied. Secondary units have to connect to municipal water and sewer and one additional off-street parking spot per accessory unit must be provided. Lot coverage up to 65% is permitted. You can re-subdivide as small as 3229 sq. ft. There is no off-street parking requirement for the commercial portion of development. One off-street parking space must be provided if an accessory dwelling unit is rented out.
4) C-1 Village Centre Mixed Use
Like Scenario 3, but illustrating a mixed-use building with ability to locate commercial space and an Airbnb unit on a main floor, with residential on a second floor.
