The City of North Vancouver issued a disclaimer to REALTORS about land speculation for people involved in the development process in our city. I firmly believe its imperative to have all the facts when you are investing in real estate, so I'm sharing what we know so far and links to find out more below.
Basically the warning is not to over speculate, or to pre-suppose the council's future decsions, until the new Official Community Plan is adopted by bylaw. The city is currently looking into different land uses and densities.Their density bonus policy is also being updated and may have an effect on potential maximum densities. There will be a public hearing.
CNV advises land owners considering selling property or prospective buyers of the following:
1. There is no guarantee that land use changes proposed in the draft OCP will be approved. This includes permitted density on any specific property.
2. An OCP does not create development rights. Development rights are as per the zoning bylaw. If the OCP changes, a subsequent rezoning of the land is required to achieve higher density or different land use as envisioned in the OCP.
3. The CNV is considering a new Density Bonus & Amenity Policy which could seek a financial contribution as part of a significant OCP change, rezoning or density bonus. This contribution could impact the cost of development and
should be considered in determining property values.
Anyone considering land purchases should review all possible development costs, including off-site works, possible
amenity contributions, time and uncertainty related to a rezoning application.
Read the Density Bonus/Amenity Draft at: www.cnv.org/DensityBonusCommunityAmenityPolicyUpdate
To view the land use map go to www.cnv.org/draftOCP
As always I'm here to help you any way I can. Regards, Dodi.