Many municipalities are now actively encouraging the construction of laneway houses – sometimes also known as coach houses – so there’s added incentive for homeowners to build what could become an extra income-generator and increase the value of their property beyond the initial cost of the laneway home, says Rory O’Flynn, owner of Vancouver-based TSL Laneway Homes, which builds mainly on Vancouver’s west side.
“Laneway houses are becoming very mainstream mainly because of the price of real estate. Some new homes are even being built with laneway houses at the outset because of the growing demand for this type of accommodation,” says O’Flynn. “They are one of the ways young families can live in the city of Vancouver, or an extended family can stay together on the same property.
“There are several ways to look at the financial case for building a laneway house and they are all positive,” says O’Flynn. “First, of all, you get a better cap rate than you get on any other investment. So, for example, if your mortgage payment on the laneway house is $1,500 a month and you are getting $3,000 in rent, that’s a 100-per-cent return on your investment and it’s not even your capital, it’s the bank’s.
The City of Vancouver for example has a step-by-step online guide to help homeowners understand the laneway house application and construction process, including how to determine the costs and requirements for sewer and water connections, electrical service, and gas installation, how to submit a site survey and other plans for engineering, design, and landscaping pre-application reviews, and how to submit a permit application and meet related requirements, such as Homeowner Protection Office...
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