The District of Peachland is taking steps to adapt to the BC government's Homes for People Action Plan, which brings adjustments to housing regulations. Here's a closer look at what this means for Peachland residents and the real estate market:
Changes Driven by Bill 44 - Housing Statutes (Residential Development)
- This bill applies to municipalities exceeding 5,000 residents, including Peachland. By June 30, 2024, zoning bylaws need to be updated.
- The update allows for the possibility of up to four units on single-family lots with existing water and sewer connections.
Implementation Timeline
- Currently, the District is evaluating properties impacted by the new multi-unit housing regulations.
- Anticipated for June 2024, revised zoning bylaws will be presented to council for approval.
- To reflect these adjustments, Peachland's Official Community Plan (OCP) will be updated by the end of 2025.
- To gather resident input, public notice and consultation will happen earlier in the process.
Short-Term Rental Landscape and Bill 35
- Peachland's existing regulations for short-term rentals already comply with provincial standards.
- Effective May 1, 2024, short-term rental properties need a valid business license number and provincial registry inclusion.
- The rentals must be situated within the host's principal residence.
Potential Market Impact
The possibility of increased multi-unit development could influence housing options and affordability in Peachland. Here at Coldwell Banker Horizon Realty, we'll keep a close eye on these developments and provide our clients with ongoing updates.
Considering a Real Estate Move in Peachland?
Coldwell Banker Horizon Realty offers expert guidance to navigate the changing real estate landscape in Peachland, whether you're buying or selling. We're here to help!
