Impacts of the new Vancouver ODP on real estate development.
If you are looking for a new home that is in pre-construction or development phases of the process, any project started after the adoption of the ODP that is more than 50% residential area will not have to undergo public hearings for rezoning. So, this could mean the development you have bought into gets built faster.
If you are an established homeowner, the removal of public hearings for rezonings does mean that you now cannot voice your opinions about a development in your neighbourhood at a hearing. But you may still file written comments online through the Shape Your City platform, on which each rezoning application will have a dedicated page and comment box. Plus, there may be developer open houses if they choose to hold them and other in-person workshops will be held “as needed,” according to the City.
For developers, the removal of public hearings for rezonings on majority-residential developments is likely welcome news. Likewise for agents working in new homes sales, the removal of hearings may speed up the process and allow you to start getting the word out about upcoming projects sooner.
What is changing, and what isn’t, now that the ODP is here.
However, it is important to note that while the ODP is legally binding, it does not automatically rezone any swathes of land per se. Rather, it is intended to guide the City Council on how to handle development and rezoning applications, plus where to plan infrastructure and other amenities in line with the ODP.
The ODP is required by BC provincial law. Since Vancouver is under the Vancouver Charter, it does not use the similarly-named and similarly-intended Official Community Plans (OCPs) that other municipalities do. Broadly, the two types of Plan have the same purpose: to guide what can be built where.
But while OCPs do not have legal weight, Vancouver’s ODP does. Therefore, rezoning applications and zoning by-laws must now be evaluated against the Vancouver ODP to ensure they align with its intentions and guidelines. Property development is likely to change in light of this fact.
Since the Vancouver ODP is so new, it remains to be seen what the full impacts are. The ODP will first be reviewed in 2030, and then every five years thereafter. As new information comes up and the ODP takes shape, we’ll let you know of any changes and impacts – such as its effects on housing costs – it is having on real estate in Vancouver.
