Carriage House Advantage Amidst B.C.'s Short-Term Rental Accommodations Act

B.C.'s Short-Term Rental Accommodations Act

With the recent updates in short-term rental regulations, the opportunity to build a carriage home presents key benefits that are worth exploring.

“The Province is implementing a provincial principal residence requirement which will limit short-term rentals to:

• The host’s principal residence

• Plus one secondary suite or accessory dwelling unit”
  

Minimal Competition

Classified as an accessory dwelling unit, carriage homes benefit from an exemption within the framework of new short-term rental regulations, which translates into a distinct competitive advantage. The South Okanagan region currently boasts a limited number of carriage houses listed on popular platforms like Airbnb, and with a higher demand for hotels and motels, this results in a unique market landscape. This scarcity creates an opportunity for homeowners to access a potentially profitable niche.

Financial FREEDOM in Less Time

Carriage homes offer a pathway to financial freedom sooner than larger home builds. Compact, yet versatile, these living spaces provide an excellent opportunity to generate additional income. When you partner with Square Foot Construction you can choose from three ready-made designs or design your own, and we'll work closely with you to ensure the space is optimized for your specific requirements. We collaborate to maximize space utilization, ensure energy efficiency, and craft a design that seamlessly complements your existing property. The outcome is a personalized, functional space that elevates your lifestyle and enhances the overall value of your property.

By leveraging the Short-Term Rental Accommodations Act, you can potentially pay off your initial construction costs in approximately 5 years. The income generated from renting your carriage home through platforms like Airbnb, in combination with the growing property values in South Okanagan, contributes to a substantial ROI.

For more information about building a carriage home in the Okanagan, contact Square Foot Construction here.

CARRIAGE HOUSES ARE MAKING A BIG IMPACT IN THE OKANAGAN

a new take on downsizing

Moving can be an emotional and physical barrier for homeowners needing to downsize. "Carriage houses offer a tremendous opportunity for those wishing to find a balance between preserving their independence and continuing life’s journey without displacement from long-standing communities and resources" says Bryce Goligher, designer/builder of 3 pre-designed carriage homes.

Moving into a 1-storey carriage house requires less upkeep and provides accessibility features like stair-free living and ergonomic fixtures and appliances. Rising real estate prices and cost of living also highlight 2 key benefits of carriage houses:

1.) Building a secondary dwelling increases property value and revenue potential, while

2.) a smaller space, green building design and an energy-efficient heating and cooling system reduces consumption. Carriage homes are a great alternative to moving, as homeowners can age in place while supporting family members and the rental pool.

the little house that could

South Okanagan carriage homes provide an effective solution to reduce the pressure on the local housing supply by providing additional rental units without changing the neighbourhood's character or requiring additional land.

"Spurring new business for local retailers and service providers, and providing housing for their employees is a great reason to support carriage house development" says Bryce Goligher.

Empty nesters wishing to move into their carriage homes can make way for growing families to utilize the entire principal residence. While homeowners wishing to find new revenue streams can contribute to the rental market by building a two-storey carriage house suitable for roommates, couples or a family.