The 1950s ushered in the era when single-family home ownership was the epitome of “making it.” It was during this time that rapid growth occurred, largely in the suburbs. However, since January 2005, Vancouver home prices have skyrocketed by 231%, translating into a cumulative growth rate of 6.5%.

There are many reasons why.

As Greater Vancouver continues to experience a surge in population and an ever-growing demand for housing, the province as a whole faces a critical shortage in land and housing. This has created an evolving housing landscape, where multi-family homes have emerged as a viable alternative. This form of housing, which ranges from a duplex, apartment, condo, townhome or row home – is helping address the need for sustainable, more affordable and community-focussed lifestyles.

Having said that, the dream of owning a single family home is still very attractive. For good reason, it offers more privacy, more square footage, more autonomy and more yard space. However, a single-family home is much more expensive, the upkeep can be pricier and property taxes are often higher.

While you can rent out some or all of a single-family home, multi-family homes have other unique characteristics that a single-family home can’t provide.  

First off, financially multi-family properties can usually withstand economic downturns. Secondly, multi-family homes provide investors with a consistent income stream, as tenants tend to stay longer in multi-family homes than other properties. Third, multi-family properties are less volatile than different types of real estate investments – even in a recession, people will always need a place to live, and central banks respond with easy-money policies. Finally, multi-family real estate is a good source of equity that can help home owners weather a recession.

Putting community into master planned communities

According to many real estate market industry experts across the province, prospective home buyers and investors alike see the many benefits of multi-family properties.

One of its biggest draws for young families to downsizers to seniors is that you aren’t just buying a bright, airy, functional and beautiful new home, you are buying into a fabulous lifestyle.  Life is also about connections – connections to the best of urban amenities at your doorstep.

Jayen Properties’ Park & Maven buyers echoe those sentiments over and over again.

Nestled in Langley’s vibrant Willowbrook neighbourhood, Park & Maven has a lot of momentum going; Phase 1 is nearly completely sold out and Jayen Properties is about to launch Phase 2 of its 15-acre master planned community scheduled for completion in 2024. It can be said that it is due to the company’s ability to tap into the type of lifestyle buyers are looking for.

From its abundance of green space, to its unique streetscapes and thoughtfully curated urban and town homes, to its incredible amenities, the ability to life/work/play within walking distance is a huge draw for buyers and investors.

Park & Maven features shared amenities in each building, a daycare, walking trails, bike paths, picnic areas and three outdoor playgrounds, multiple benches, a gazebo and garden plots throughout the community to fit all lifestyles.

On the heels of Park & Maven’s success, Jayen Properties is soon set to launch its newest project, Level in West Coquitlam – a highly amenities-rich community featuring studio, one, two and three-bedroom homes.

Innovation

Most multi-family homes are now Smart Homes; equipped with products connected by Wifi or Bluetooth that communicate with one another and can be controlled remotely to optimize functions such as lighting, temperature and security and entertainment.

Eco-friendly

Over the last decade, there has also been a huge shift towards eco-friendly living choices. B.C. leads the country in its green initiatives. With CleanBC , the province has raised the bar yet again for higher energy-efficient standards for new construction, as well as improving existing homes eco-green footprint. Multi-family builds today align with those eco-friendly practices, with energy-efficient appliances, heating systems, insulation and more.

Ultimately, the decision between a single-family home versus a multi-family comes down to what type of property you want to invest in.