Heritage plan will hit property values say worried residents

Residents in one Vancouver neighbourhood are concerned that the city council’s plan to protect heritage homes will lead to lower property values.

The council wants to make the neighbourhood of Shaughnessy a Heritage Conservation Area to stop pre-1940s homes from being torn down. Realtors and residents say that the plan will adversely affect home values.

Realtor Peter Saito told the Vancouver Sun: “The last four sales in Shaughnessy have priced demolish-able lots at $642 per square foot. I truly believe that in order to sell a rundown pre-1940 house today, we would have to sell it for $400 per square foot.”

The plan would mean that homeowners are compensated with permission to add density to homes but that is likely to impact prices. 

Advocates of the scheme include Robert McNutt, who says that the heritage properties are built to high standards and are not teardowns. 

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